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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LADDER CAPITAL FINANCE HOLDINGS LLLP</name>
        <lei>254900TBF2Z4GR7NSX02</lei>
        <title>LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPI 5.500000% 08/01/2030</title>
        <cusip>505742AS5</cusip>
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          <isin value="US505742AS58"/>
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        <curCd>USD</curCd>
        <valUSD>1630187.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRSTENERGY CORP.</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FIRSTENERGY CORP COMMON STOCK</title>
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          <isin value="US3379321074"/>
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        <curCd>USD</curCd>
        <valUSD>-2810566.14000000</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>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>1988 CLO LTD</name>
        <lei>N/A</lei>
        <title>1988 CLO 5 LTD MUZ88 2024-5A D1</title>
        <cusip>68252PAN6</cusip>
        <identifiers>
          <isin value="US68252PAN69"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>849253.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC FUNDING 2021-VII LTD CIFC 2021-7A ER</title>
        <cusip>12567KAE5</cusip>
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          <isin value="US12567KAE55"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1394722.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-23</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EXETER AUTOMOBILE RECEIVABLES TRUST</name>
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        <title>EXETER AUTOMOBILE RECEIVABLES TRUST 2026-2 EART 2026-2A E</title>
        <cusip>30166WAG1</cusip>
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          <isin value="US30166WAG15"/>
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        <balance>3370000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>ALBEMARLE CORPORATION</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLEXENTIAL LLC</name>
        <lei>N/A</lei>
        <title>FLEXENTIAL ISSUER 2021-1 FLX 2021-1A C</title>
        <cusip>33938MAC3</cusip>
        <identifiers>
          <isin value="US33938MAC38"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4964754.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.93000000</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>TPG RE FINANCE TRUST, INC.</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust Inc PREFERRED STOCK</title>
        <cusip>87266M206</cusip>
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          <isin value="US87266M2061"/>
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        <balance>12403.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>219285.04000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>SIXTH STREET LENDING PARTNERS</name>
        <lei>549300S9P1HMDERGCR64</lei>
        <title>SIXTH STREET LENDING PARTNERS 5.750000% 01/15/2030</title>
        <cusip>829932AD4</cusip>
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          <isin value="US829932AD42"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1576975.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RADNOR RE/ESSENT</name>
        <lei>N/A</lei>
        <title>RADNOR RE 2021-2 LTD RMIR 2021-2 M2</title>
        <cusip>75049GAC3</cusip>
        <identifiers>
          <isin value="US75049GAC33"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6219376.80000000</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>2031-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.66189880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GAMESTOP CORP.</name>
        <lei>549300505KLOET039L77</lei>
        <title>GAMESTOP CORP-CLASS A COMMON STOCK</title>
        <cusip>36467W109</cusip>
        <identifiers>
          <isin value="US36467W1099"/>
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        <balance>-131502.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-3029806.08000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STARZ CAPITAL HOLDINGS 1, INC</name>
        <lei>N/A</lei>
        <title>STARZ CAPITAL HOLDINGS 1 INC 144A 6.000000% 04/15/2030</title>
        <cusip>535939AA0</cusip>
        <identifiers>
          <isin value="US535939AA09"/>
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        <balance>1164000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1067970.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>30576378.35000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2678677.26000000</valUSD>
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        <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>3.33810000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>KAPITUS ASSET SECURITIZATION LLC</name>
        <lei>N/A</lei>
        <title>KAPITUS ASSET SECURITIZATION V LLC KAPT 2025-1A D</title>
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        <identifiers>
          <isin value="US48555NAD93"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550330.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BNP</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>BNP Paribas FX Mean Reversion G10 Selection USD Index TRS</title>
        <cusip>TFXMRGU02</cusip>
        <identifiers>
          <other otherDesc="All Others" value="TFXMRGU02"/>
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        <balance>227073.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>169896.02000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BNP Paribas</counterpartyName>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>169896.02000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nomura</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
        <title>Nomura Interest Rate Volatility Risk Premium USD 3M10Y Index TRS</title>
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        <name>PARK-OHIO INDUSTRIES, INC.</name>
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        <name>Freddie Mac</name>
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        <name>STARWOOD PROPERTY TRUST, INC.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>SUPER MICRO COMPUTER, INC.</name>
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        <name>Freddie Mac</name>
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        <name>NOVANTA INC.</name>
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        <title>Novanta Inc PREFERRED STOCK</title>
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        <name>US 10YR FUT OPTN  May26C   112</name>
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        <title>US 10YR FUT OPTN  May26C   112 LONG</title>
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        <name>Nomura</name>
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        <name>MARLETTE FUNDING TRUST</name>
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        <name>LIBERTY ENERGY INC.</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST</name>
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        <title>GS MORTGAGE-BACKED SECURITIES TRUST 2025-HE2 GSMBS 2025-HE2 B1</title>
        <cusip>362934AE1</cusip>
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          <isin value="US362934AE17"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>971313.92000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2016-77 SC</title>
        <cusip>38379YKE7</cusip>
        <identifiers>
          <isin value="US38379YKE76"/>
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        <balance>11244420.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1216431.52000000</valUSD>
        <pctVal>0.081590171148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.31048000</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>PENNYMAC CORP.</name>
        <lei>EWN0I878407TKQNXZ933</lei>
        <title>PENNYMAC CORP 8.500000% 06/01/2029</title>
        <cusip>70932AAH6</cusip>
        <identifiers>
          <isin value="US70932AAH68"/>
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        <balance>2295000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2382414.97000000</valUSD>
        <pctVal>0.159796619828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>PENNYMAC CORP</name>
              <title>PENNYMAC CORP</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="70932AAH6"/>
                <isin value="US70932AAH68"/>
                <ticker value="PMT"/>
                <other otherDesc="FIGI" value="BBG01N0QMC18"/>
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          <currencyInfos>
            <currencyInfo convRatio="63.33320000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SX5E DIVIDEND FUT DEC26</name>
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        <title>SX5E DIVIDEND FUT DEC26 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FEXDZ6"/>
          <other otherDesc="Bloomberg Ticker" value="DEDZ6"/>
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        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516000"/>
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        <pctVal>-3.92364841243</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SX5E DIVIDEND FUT DEC26</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
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            <expDate>2026-12-21</expDate>
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            <curCd>EUR</curCd>
            <unrealizedAppr>-3907956.77000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ONDECK ASSET SECURITIZATION TRUST LLC</name>
        <lei>N/A</lei>
        <title>ONDECK ASSET SECURITIZATION IV LLC ONDK 2025-1A D</title>
        <cusip>68237DAD5</cusip>
        <identifiers>
          <isin value="US68237DAD57"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101127.97000000</valUSD>
        <pctVal>0.006782994557</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>2032-04-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.77000000</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: 58004JAA0</title>
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        <identifiers>
          <other otherDesc="All Others" value="58004JARG"/>
        </identifiers>
        <balance>-1516000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-1516000.00000000</valUSD>
        <pctVal>-0.10168324104</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="BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>4.22225000</repurchaseRt>
          <maturityDt>2026-04-21</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>3000000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2997502.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREEDOM MORTGAGE CORPORATION</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>FREEDOM MORTGAGE CORP 144A 6.625000% 01/15/2027</title>
        <cusip>35640YAJ6</cusip>
        <identifiers>
          <isin value="US35640YAJ64"/>
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        <balance>1787000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1784594.52000000</valUSD>
        <pctVal>0.119698782811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</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>
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      </invstOrSec>
      <invstOrSec>
        <name>USD-SOFR 4.7475 01/16/2035</name>
        <lei>N/A</lei>
        <title>USD-SOFR 4.7475 01/16/2035 EXPIRATION: 01/16/2035</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Options" value="SOFRC4.75"/>
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        <balance>13000000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>109548.37000000</valUSD>
        <pctVal>0.007347779229</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>USD-SOFR 4.7475 01/16/2035</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
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            <exercisePrice>4.74750000</exercisePrice>
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            <expDt>2035-01-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>98852.47000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KOHL'S CORPORATION</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>KOHL'S CORP 144A 10.000000% 06/01/2030</title>
        <cusip>500255AY0</cusip>
        <identifiers>
          <isin value="US500255AY01"/>
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        <balance>1960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2072547.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLAR LNG LIMITED</name>
        <lei>213800C2VSFZG3EZLO34</lei>
        <title>GOLAR LNG LTD 144A 2.750000% 12/15/2030</title>
        <cusip>38046YAC5</cusip>
        <identifiers>
          <isin value="US38046YAC57"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3262432.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>GOLAR LNG LTD</name>
              <title>GOLAR LNG LTD</title>
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              <identifiers>
                <cusip value="38046YAC5"/>
                <isin value="US38046YAC57"/>
                <ticker value="GLNG"/>
                <other otherDesc="FIGI" value="BBG01VT5M7H9"/>
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          <currencyInfos>
            <currencyInfo convRatio="17.5967" 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>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2012-75 DS</title>
        <cusip>3136A6W83</cusip>
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          <isin value="US3136A6W837"/>
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        <balance>7662550.29600000</balance>
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        <curCd>USD</curCd>
        <valUSD>710060.18000000</valUSD>
        <pctVal>0.047626134853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.17361880</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>NEWDAY FUNDING PLC</name>
        <lei>N/A</lei>
        <title>NEWDAY FUNDING MASTER ISSUER PLC - SERIES 2024-3 NDFT 2024-3A E</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2909753100"/>
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        <balance>780000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75552000"/>
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        <pctVal>0.070427729033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.48121085</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>NORTHWOODS CAPITAL LIMITED</name>
        <lei>N/A</lei>
        <title>NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA BR</title>
        <cusip>66858CAQ0</cusip>
        <identifiers>
          <isin value="US66858CAQ06"/>
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        <balance>10500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10498131.00000000</valUSD>
        <pctVal>0.704145108824</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.37401160</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>HERTZ VEHICLE FINANCING III LLC</name>
        <lei>N/A</lei>
        <title>HERTZ VEHICLE FINANCING III LLC HERTZ 2023-4A D</title>
        <cusip>42806MCH0</cusip>
        <identifiers>
          <isin value="US42806MCH07"/>
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        <curCd>USD</curCd>
        <valUSD>301145.63000000</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>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <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>ALBEMARLE CORPORATION</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>ALBEMARLE CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US0126531013"/>
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        <balance>-8051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1445396.03000000</valUSD>
        <pctVal>-0.09694759427</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <name>CIFC FUNDING LTD</name>
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        <name>SUPER MICRO COMPUTER, INC.</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
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        <curCd>USD</curCd>
        <valUSD>4896285.50000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2024-35 BS</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>REDWOOD TRUST, INC.</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
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          <isin value="US758075AF22"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>Redwood Trust Inc</title>
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      <invstOrSec>
        <name>PRA GROUP, INC.</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA GROUP INC 144A 8.375000% 02/01/2028</title>
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          <isin value="US69354NAE67"/>
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        <balance>1975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1988503.08000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ACHM TRUST</name>
        <lei>N/A</lei>
        <title>ACHM TRUST 2025-HE1 ACHM 2025-HE1 A</title>
        <cusip>00449SAA5</cusip>
        <identifiers>
          <isin value="US00449SAA50"/>
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        <balance>2793358.34500000</balance>
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        <curCd>USD</curCd>
        <valUSD>2826693.17000000</valUSD>
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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>
        <name>DRYDEN CLO LTD</name>
        <lei>N/A</lei>
        <title>DRYDEN 60 CLO LTD DRSLF 2018-60A D</title>
        <cusip>26251NAE0</cusip>
        <identifiers>
          <isin value="US26251NAE04"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>299723.70000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Trivium Packaging Finance B.V.</name>
        <lei>724500GMZWW3PVYET548</lei>
        <title>TRIVIUM PACKAGING FINANCE BV 144A 12.250000% 01/15/2031</title>
        <cusip>89686QAC0</cusip>
        <identifiers>
          <isin value="US89686QAC06"/>
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        <balance>2458000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2661298.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.25000000</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>
        <name>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP COMMON STOCK</title>
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        <identifiers>
          <isin value="US68389X1054"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPM Chase</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>WF-IRS 12YR PAY FIXED 3.966000</title>
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        <identifiers>
          <other otherDesc="All Others" value="SL514BSVU"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Bank of America</counterpartyName>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US TREASURY N/B 4.625000% 06/15/2027</title>
        <cusip>91282CKV2</cusip>
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          <isin value="US91282CKV27"/>
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        <curCd>USD</curCd>
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        <assetCat>SN</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIDIUM FIBER LLC</name>
        <lei>N/A</lei>
        <title>CONSOLIDATED COMMUNICATIONS LLC/FIDIUM FIBER FINAN CNSL 2025-4A C</title>
        <cusip>315961AE2</cusip>
        <identifiers>
          <isin value="US315961AE29"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2545454.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>AVANT LOANS FUNDING TRUST</name>
        <lei>N/A</lei>
        <title>AVANT LOANS FUNDING TRUST 2025-REV1 AVNT 2025-REV1 D</title>
        <cusip>05352BAD0</cusip>
        <identifiers>
          <isin value="US05352BAD01"/>
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        <balance>725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>733933.52000000</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>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JANE STREET GROUP, LLC</name>
        <lei>5493002N1IVX6KHGYO08</lei>
        <title>JANE STREET GROUP / JSG FINANCE INC 144A 6.125000% 11/01/2032</title>
        <cusip>47077WAD0</cusip>
        <identifiers>
          <isin value="US47077WAD02"/>
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        <balance>1341000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1326099.75000000</valUSD>
        <pctVal>0.088945989793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLARIOS GLOBAL LP</name>
        <lei>549300474L1ZLXZY2P98</lei>
        <title>CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750000% 09/15/2032</title>
        <cusip>18060TAE5</cusip>
        <identifiers>
          <isin value="US18060TAE55"/>
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        <balance>2831000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2853648.00000000</valUSD>
        <pctVal>0.191403810974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVANTA INC.</name>
        <lei>N/A</lei>
        <title>NOVANTA INC COMMON STOCK</title>
        <cusip>67000B104</cusip>
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          <isin value="CA67000B1040"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>A10 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>A10 2025-FL6 ISSUER LLC A10 2025-FL6 E</title>
        <cusip>00028AAL9</cusip>
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          <isin value="US00028AAL98"/>
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        <name>ONDECK ASSET SECURITIZATION TRUST LLC</name>
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          <isin value="US67108SAG30"/>
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        <curCd>USD</curCd>
        <valUSD>141005.68000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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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        <balance>945000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>911925.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FORTRESS CREDIT BSL LIMITED</name>
        <lei>N/A</lei>
        <title>FORTRESS CREDIT BSL XX LTD FCBSL 2023-3A DR</title>
        <cusip>349936AS3</cusip>
        <identifiers>
          <isin value="US349936AS32"/>
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        <balance>1080000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1059946.56000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.62101920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RADIAN GUARANTY INC AND EAGLE RE LTD</name>
        <lei>N/A</lei>
        <title>EAGLE RE 2023-1 LTD EMIR 2023-1 M2</title>
        <cusip>26982EAG1</cusip>
        <identifiers>
          <isin value="US26982EAG17"/>
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        <balance>1150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1213563.49000000</valUSD>
        <pctVal>0.081397802688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.86190040</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>ECHOSTAR CORPORATION</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>ECHOSTAR CORP 10.750000% 11/30/2029</title>
        <cusip>278768AC0</cusip>
        <identifiers>
          <isin value="US278768AC00"/>
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        <balance>3567000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3853254.50000000</valUSD>
        <pctVal>0.258450795597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>US 10YR FUT OPTN  May26C 110.5</name>
        <lei>N/A</lei>
        <title>US 10YR FUT OPTN  May26C 110.5 LONG</title>
        <cusip>01Z9WN3W4</cusip>
        <identifiers>
          <ticker value="TYK6C 110.50 Comdty"/>
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        <balance>1693.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1772359.38000000</valUSD>
        <pctVal>0.118878130641</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>N/A</issuerName>
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            <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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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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        <balance>899000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>959038.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>FLAGSTAR BANK, NATIONAL ASSOCIATION</name>
        <lei>SS1TRMSN6BRNMOREEV51</lei>
        <title>FLAGSTAR BANCORP INC VARIABLE RATE 11/01/2030</title>
        <cusip>337930AD3</cusip>
        <identifiers>
          <isin value="US337930AD30"/>
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        <balance>973000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>922057.30000000</valUSD>
        <pctVal>0.061845497817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.57364040</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>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH COL: 66858CAQ0</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="66858CARE"/>
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        <balance>-8010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-8010000.00000000</valUSD>
        <pctVal>-0.53725775775</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="BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH" isCleared="Y"/>
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            <repurchaseCollateral>
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              <invstCat>ABS</invstCat>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>USD-SOFR 4.48% 09/26/2035</name>
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        <title>USD-SOFR 4.48% 09/26/2035 EXPIRATION: 09/26/2035</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Options" value="SOFRP4.48"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-381032.33000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NOMURA COLLATERAL BALANCE FS FUNDS</title>
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          <other otherDesc="All Others" value="FSCOLLNOM"/>
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        <balance>1640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1640000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <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-H11 EI</title>
        <cusip>38383KB50</cusip>
        <identifiers>
          <isin value="US38383KB508"/>
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        <balance>904518.86380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58117.84000000</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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      <invstOrSec>
        <name>REXFORD INDUSTRIAL REALTY, L.P.</name>
        <lei>549300028US163ELJN70</lei>
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          <isin value="US76169XAE40"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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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>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>REXFORD INDUSTRIAL REALT</name>
              <title>REXFORD INDUSTRIAL REALT</title>
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              <identifiers>
                <cusip value="76169XAE4"/>
                <isin value="US76169XAE40"/>
                <ticker value="REXR"/>
                <other otherDesc="FIGI" value="BBG01M66JRQ2"/>
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          <currencyInfos>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE OR FREDDIE MAC 30YR TBA (APRIL)</title>
        <cusip>01F052649</cusip>
        <identifiers>
          <isin value="US01F0526495"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1439993690.00000000</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>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>ELLINGTON FINANCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>EFMT 2025-INV1 EFMT 2025-INV1 B2</title>
        <cusip>26846XAF7</cusip>
        <identifiers>
          <isin value="US26846XAF78"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99368.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.30193040</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>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-21 SE</title>
        <cusip>38383VY93</cusip>
        <identifiers>
          <isin value="US38383VY937"/>
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        <balance>23208446.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>761483.07000000</valUSD>
        <pctVal>0.051075241792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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        <name>AFFIRM MASTER TRUST</name>
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          <isin value="US00833BAE83"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="SRAM28"/>
          <other otherDesc="Bloomberg Ticker" value="SFRM8"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>RJ O'BRIEN</counterpartyName>
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        <name>United States of America</name>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>BLUEPEAK FIBER</name>
        <lei>N/A</lei>
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          <isin value="US09631QAB68"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RENEW FINANCIAL GROUP LLC</name>
        <lei>N/A</lei>
        <title>RENEW 2024-2 RENEW 2024-2A A</title>
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          <isin value="US75975DAA28"/>
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        <balance>7867133.90000000</balance>
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        <curCd>USD</curCd>
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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>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PRA GROUP, INC.</name>
        <lei>549300Q5HW3JSSB86K27</lei>
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        <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>SAIF SECURITIZATION TRUST</name>
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        <title>SAIF SECURITIZATION TRUST 2025-CES1 SAIF 2025-CES1 B1</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>MFA TRUST</name>
        <lei>N/A</lei>
        <title>MFA 2024-NQM2 TRUST MFRA 2024-NQM2 A1</title>
        <cusip>58004JAA0</cusip>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>MOHEGAN ESCROW ISSUER, LLC</name>
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        <title>MOHEGAN TRIBAL GAMING AUTHORITY / MS DIGITAL ENTER 11.875000% 04/15/2031</title>
        <cusip>60832QAB6</cusip>
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        <balance>2148000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <name>MAXIM CRANE WORKS HOLDINGS CAPITAL, LLC</name>
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        <name>PPL CORPORATION</name>
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        <name>VERUS SECURITIZATION TRUST</name>
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        <name>MakeMyTrip Limited</name>
        <lei>529900DNT8HNJ7RYUO60</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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              <title>MAKEMYTRIP LIMITED</title>
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            <currencyInfo convRatio="8.23050000" curCd="USD"/>
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        </debtSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLIANT ENERGY CORPORATION</name>
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          <isin value="US018802AD07"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>ALLIANT ENERGY CORP</name>
              <title>ALLIANT ENERGY CORP</title>
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                <cusip value="018802AD0"/>
                <isin value="US0188021085"/>
                <ticker value="LNT"/>
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          <currencyInfos>
            <currencyInfo convRatio="13.17730000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="All Others" value="403945ACA"/>
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        <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="BRK: CITIGROUP" isCleared="Y"/>
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        <securityLending>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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        <cusip>DC6516678</cusip>
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          <isin value="XS3212596939"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-29</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>GEE AUTOMOTIVE HOLDINGS, L.L.C.</name>
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          <isin value="US36846VAA17"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>QUIKRETE HOLDINGS, INC.</name>
        <lei>5493007KIN86DIZWZT22</lei>
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          <isin value="US74843PAB67"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IREN LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST</name>
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        <title>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2024-INV2 B5</title>
        <cusip>617939BR3</cusip>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AREIT LTD.</name>
        <lei>N/A</lei>
        <title>AREIT 2022-CRE6 TRUST AREIT 2022-CRE6 D</title>
        <cusip>04002VAJ0</cusip>
        <identifiers>
          <isin value="US04002VAJ08"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LINDBLAD EXPEDITIONS, LLC</name>
        <lei>549300MPUWOG67Y2R254</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Alibaba Group Holding Limited</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GROUP HOLDING LTD 0.500000% 06/01/2031</title>
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        <curCd>USD</curCd>
        <valUSD>3431438.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <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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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
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              <title>ALIBABA GROUP HOLDING</title>
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                <isin value="US01609WBG69"/>
                <ticker value="BABA"/>
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        <name>JPM Chase</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>WF-IRS 25YR PAY FIXED 4.209000</title>
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        <identifiers>
          <other otherDesc="All Others" value="SL514BSW3"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC REMICS FHR 5296 ST</title>
        <cusip>3137H9SM2</cusip>
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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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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>RADIOLOGY PARTNERS, INC.</name>
        <lei>549300SFTAG2177WUZ08</lei>
        <title>RADIOLOGY PARTNERS INC 144A 8.500000% 07/15/2032</title>
        <cusip>75041VAE4</cusip>
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        <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>LFS TOPCO LLC</name>
        <lei>N/A</lei>
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        <cusip>50203TAB2</cusip>
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          <isin value="US50203TAB26"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AST SPACEMOBILE, INC.</name>
        <lei>254900MBSC9P2UCI6623</lei>
        <title>AST SPACEMOBILE INC COMMON STOCK</title>
        <cusip>00217D100</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC REMICS FHR 5290 TS</title>
        <cusip>3137H9QC6</cusip>
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          <isin value="US3137H9QC63"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MICROCHIP TECHNOLOGY INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SWITCH ABS ISSUER LLC</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>USD-SOFR 3.65% 03/16/2028</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Options" value="SOFRP3.65"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>ARES MANAGEMENT CORPORATION</name>
        <lei>529900JUV61FH7B8VW38</lei>
        <title>Ares Management Corp PREFERRED STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>THE NASSAU COMPANIES OF NEW YORK</name>
        <lei>549300Q3ENSFI87YLC32</lei>
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        <cusip>63155AAA6</cusip>
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          <isin value="US63155AAA60"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BNP</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>BNP FX STEER TRS</title>
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          <other otherDesc="All Others" value="TFXSTG200"/>
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        <balance>250333.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VERUS SECURITIZATION TRUST</name>
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        <title>VERUS SECURITIZATION TRUST 2025-1 VERUS 2025-1 B2</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COLT MORTGAGE LOAN TRUST</name>
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          <isin value="US196920AH53"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>NEUBERGER BERMAN LOAN ADVISERS LLC</name>
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        <title>NEUBERGER BERMAN LOAN ADVISERS CLO 47 LTD NEUB 2022-47A ER</title>
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        <name>FLATIRON CLO LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>N/A</name>
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        <name>A&amp;D MORTGAGE TRUST</name>
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        <title>A&amp;D MORTGAGE TRUST 2025-NQM5 ADMT 2025-NQM5 B1</title>
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        <name>FEDERAL REALTY OP LP</name>
        <lei>549300LI6XZ51GOCJ427</lei>
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        <cusip>313747BD8</cusip>
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        <balance>1615000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>THE E.W. SCRIPPS COMPANY</name>
        <lei>549300U1OW41QPKYW028</lei>
        <title>EW SCRIPPS CO/THE 144A 9.875000% 08/15/2030</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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      <invstOrSec>
        <name>JPM Chase</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>WF-IRS 4YR PAY FIXED 3.514000</title>
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          <other otherDesc="All Others" value="SL514BSV9"/>
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        <balance>23124340.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US 10YR FUT OPTN  May26P   110</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYK6P 110.00 Comdty"/>
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        <balance>1312.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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      </invstOrSec>
      <invstOrSec>
        <name>U S BANK NATIONAL ASSOCIATION</name>
        <lei>N/A</lei>
        <title>US BANK NA USCLN 2023-1 D</title>
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          <isin value="US90357PAX24"/>
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        <curCd>USD</curCd>
        <valUSD>118630.81000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>13.59700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICAHN ENTERPRISES L.P.</name>
        <lei>549300T0G4GS0SINS786</lei>
        <title>ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FINANCE C 10.000000% 11/15/2029</title>
        <cusip>451102CK1</cusip>
        <identifiers>
          <isin value="US451102CK14"/>
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        <balance>4719000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4648914.36000000</valUSD>
        <pctVal>0.311818390143</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>10.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEXTERA ENERGY, INC.</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NEXTERA ENERGY INC COMMON STOCK</title>
        <cusip>65339F101</cusip>
        <identifiers>
          <isin value="US65339F1012"/>
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        <balance>-26422.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2454075.36000000</valUSD>
        <pctVal>-0.16460312425</pctVal>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BRK: CITIGROUP COL: 95004VAA5</title>
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        <identifiers>
          <other otherDesc="All Others" value="95004VARC"/>
        </identifiers>
        <balance>-1596000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1596000.00000000</valUSD>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="BRK: CITIGROUP" isCleared="Y"/>
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            <repurchaseCollateral>
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              <invstCat>ABS</invstCat>
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        </repurchaseAgrmt>
        <securityLending>
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      <invstOrSec>
        <name>CROSS MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>CROSS 2025-H5 MORTGAGE TRUST CROSS 2025-H5 B1B</title>
        <cusip>227920AH8</cusip>
        <identifiers>
          <isin value="US227920AH80"/>
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        <balance>2585000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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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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        <securityLending>
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      <invstOrSec>
        <name>TRIP.COM GROUP LIMITED</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>TRIP.COM GROUP LTD 0.750000% 06/15/2029</title>
        <cusip>89677QAB3</cusip>
        <identifiers>
          <isin value="US89677QAB32"/>
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        <balance>5884000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6088539.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <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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          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
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              <title>TRIP.COM GROUP LTD</title>
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                <isin value="US89677Q1076"/>
                <ticker value="TCOM"/>
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        <name>PRPM LLC</name>
        <lei>N/A</lei>
        <title>PRPM 2024-RCF3 LLC PRPM 2024-RCF3 M2</title>
        <cusip>74390BAJ7</cusip>
        <identifiers>
          <isin value="US74390BAJ70"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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      <invstOrSec>
        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST</name>
        <lei>N/A</lei>
        <title>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM2 NRZT 2025-NQM2 B1</title>
        <cusip>64831XAG3</cusip>
        <identifiers>
          <isin value="US64831XAG34"/>
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        <balance>590000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>601664.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ROCKET SOFTWARE, INC.</name>
        <lei>549300PVG26ISP5X1556</lei>
        <title>ROCKET SOFTWARE INC 144A 9.000000% 11/28/2028</title>
        <cusip>77314EAB4</cusip>
        <identifiers>
          <isin value="US77314EAB48"/>
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        <balance>5750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5741364.94000000</valUSD>
        <pctVal>0.385092740839</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPM Chase</name>
        <lei>984500653R409CC5AB28</lei>
        <title>TRS on MARKIT IBOXX IG JUN26 TRS</title>
        <cusip>TRS620600</cusip>
        <identifiers>
          <other otherDesc="All Others" value="TRS620600"/>
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        <balance>7400000.08000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-10195.07000000</valUSD>
        <pctVal>-0.00068381778</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP MORGAN CHASE BANK N.A.</counterpartyName>
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              <indexBasketInfo>
                <indexName>iBoxx USD Liquid Investment Grade Index TR</indexName>
                <indexIdentifier>IBOXIG Index</indexIdentifier>
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            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MEACHAM PARK CLO, LTD.</name>
        <lei>N/A</lei>
        <title>MEACHAM PARK CLO LTD MCHPK 2024-1A E</title>
        <cusip>58286RAA1</cusip>
        <identifiers>
          <isin value="US58286RAA14"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1362801.00000000</valUSD>
        <pctVal>0.091407666607</pctVal>
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        <name>BSPDF ISSUER LTD</name>
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        <name>Freddie Mac</name>
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        <name>RADNOR RE/ESSENT</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>GAMESTOP CORP.</name>
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        <name>N/A</name>
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        <name>Government National Mortgage Association</name>
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        <name>CPS AUTO RECEIVABLES TRUST</name>
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        <name>PARK RIVER HOLDINGS, INC.</name>
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        <name>MICROCHIP TECHNOLOGY INCORPORATED</name>
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        <name>ELMWOOD CLO</name>
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        <title>MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C9 E</title>
        <cusip>61762DAJ0</cusip>
        <identifiers>
          <isin value="US61762DAJ00"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>923996.83000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.79222200</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1754457.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.00505280</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ZOOMINFO TECHNOLOGIES LLC</name>
        <lei>254900NOX7TLOJ3WS309</lei>
        <title>ZOOMINFO TECHNOLOGIES LLC/ZOOMINFO FINANCE CORP 14 3.875000% 02/01/2029</title>
        <cusip>98981BAA0</cusip>
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          <isin value="US98981BAA08"/>
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        <curCd>USD</curCd>
        <valUSD>-1065994.19000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nomura</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>Nomura Interest Rate 5Y10Y USD TRS</title>
        <cusip>TMVVU5X00</cusip>
        <identifiers>
          <other otherDesc="All Others" value="TMVVU5X00"/>
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        <balance>205000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>948535.00000000</valUSD>
        <pctVal>0.063621446598</pctVal>
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        <assetCat>DE</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>REF: .MVVU5X INDEX</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Nomura Interest Rate 5Y10Y USD</indexName>
                <indexIdentifier>NMVVU5X Index</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
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                  <component>
                    <othIndName>Waystar Holding Corp</othIndName>
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                      <isin value="US9467841055"/>
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                    <othIndIssCurCd>USD</othIndIssCurCd>
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            <swapFlag>Y</swapFlag>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>948535.00000000</unrealizedAppr>
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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 2024-84 HS</title>
        <cusip>3136BTVQ3</cusip>
        <identifiers>
          <isin value="US3136BTVQ34"/>
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        <balance>39207281.42000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3359075.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.43810080</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>INEOS FINANCE PLC</name>
        <lei>2138002D68XDR4LZCG32</lei>
        <title>INEOS FINANCE PLC 144A 6.750000% 05/15/2028</title>
        <cusip>44984WAH0</cusip>
        <identifiers>
          <isin value="US44984WAH07"/>
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        <balance>-2492000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-2408361.00000000</valUSD>
        <pctVal>-0.16153690770</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXELON CORPORATION</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>EXELON CORP 144A 3.250000% 03/15/2029</title>
        <cusip>30161NBT7</cusip>
        <identifiers>
          <isin value="US30161NBT72"/>
        </identifiers>
        <balance>2444000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2526064.66000000</valUSD>
        <pctVal>0.169431689785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>EXELON CORP</name>
              <title>EXELON CORP</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="30161NBT7"/>
                <isin value="US30161N1019"/>
                <ticker value="EXC"/>
                <other otherDesc="FIGI" value="BBG000J6XT05"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="17.50930000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRA GROUP, INC.</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA GROUP INC 144A 5.000000% 10/01/2029</title>
        <cusip>69354NAD8</cusip>
        <identifiers>
          <isin value="US69354NAD84"/>
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        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1753992.03000000</valUSD>
        <pctVal>0.117646170431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CMS ENERGY CORPORATION</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS ENERGY CORP 144A 3.125000% 05/01/2031</title>
        <cusip>125896BZ2</cusip>
        <identifiers>
          <isin value="US125896BZ26"/>
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        <balance>6496000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6664896.00000000</valUSD>
        <pctVal>0.447037088718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>CMS ENERGY CORP</name>
              <title>CMS ENERGY CORP</title>
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              <identifiers>
                <cusip value="125896BZ2"/>
                <isin value="US125896BZ26"/>
                <ticker value="CMS"/>
                <other otherDesc="FIGI" value="BBG01YC026N9"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="11.03600000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HUDSON PACIFIC PROPERTIES, L.P.</name>
        <lei>5493007NTUGLGZ8T3526</lei>
        <title>HUDSON PACIFIC PROPERTIES LP 5.950000% 02/15/2028</title>
        <cusip>44409MAD8</cusip>
        <identifiers>
          <isin value="US44409MAD83"/>
        </identifiers>
        <balance>-617000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-585136.50000000</valUSD>
        <pctVal>-0.03924708164</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>5.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPSTART SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>UPSTART SECURITIZATION TRUST 2023-2 UPST 2023-2 C</title>
        <cusip>91683VAC8</cusip>
        <identifiers>
          <isin value="US91683VAC81"/>
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        <balance>1134000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1189020.09000000</valUSD>
        <pctVal>0.079751593942</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>2033-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.87000000</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>UPGRADE RECEIVABLES TRUST</name>
        <lei>N/A</lei>
        <title>UPGRADE RECEIVABLES TRUST 2024-1 UPGR 2024-1A E</title>
        <cusip>91533NAE4</cusip>
        <identifiers>
          <isin value="US91533NAE40"/>
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        <balance>2251000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2379240.82000000</valUSD>
        <pctVal>0.159583718865</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>2031-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.53000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>CLNY TRUST</name>
        <lei>N/A</lei>
        <title>CLNY TRUST 2019-IKPR CLNY 2019-IKPR C</title>
        <cusip>12564NAJ1</cusip>
        <identifiers>
          <isin value="US12564NAJ19"/>
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        <balance>2122000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2047730.00000000</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>2038-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.70999960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRIGHTSPIRE CAPITAL</name>
        <lei>N/A</lei>
        <title>BRSP 2024-FL2 LTD BRSP 2024-FL2 D</title>
        <cusip>05613BAJ2</cusip>
        <identifiers>
          <isin value="US05613BAJ26"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1987988.00000000</valUSD>
        <pctVal>0.133341070577</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.51784840</annualizedRt>
          <isDefault>N</isDefault>
          <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>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-193 SA</title>
        <cusip>38383Y7L0</cusip>
        <identifiers>
          <isin value="US38383Y7L05"/>
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        <balance>48238031.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1288461.93000000</valUSD>
        <pctVal>0.086421494065</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.02705840</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>PRPM LLC</name>
        <lei>N/A</lei>
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          <isin value="US69382NAE22"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TKC HOLDINGS, INC.</name>
        <lei>N/A</lei>
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          <isin value="US87256YAE32"/>
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        <balance>2838000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2861654.73000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>A&amp;D MORTGAGE TRUST</name>
        <lei>N/A</lei>
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          <isin value="US00040DAJ28"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VERDANT RECEIVABLES LLC</name>
        <lei>N/A</lei>
        <title>VERDANT RECEIVABLES 2024-1 LLC VERD 2024-1A D</title>
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          <isin value="US92339MAE03"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>R. R. DONNELLEY &amp; SONS COMPANY</name>
        <lei>SU4X0P4WWRGOQDTSV032</lei>
        <title>RR DONNELLEY &amp; SONS CO 144A 9.500000% 08/01/2029</title>
        <cusip>257867BJ9</cusip>
        <identifiers>
          <isin value="US257867BJ97"/>
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        <balance>4266000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>OLYMPIC TOWER MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>OLYMPIC TOWER 2017-OT MORTGAGE TRUST OT 2017-OT C</title>
        <cusip>68162MAJ1</cusip>
        <identifiers>
          <isin value="US68162MAJ18"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2023-11 SA</title>
        <cusip>3136BPU66</cusip>
        <identifiers>
          <isin value="US3136BPU669"/>
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        <balance>40974023.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2845068.18000000</valUSD>
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        <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>
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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>GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST</name>
        <lei>N/A</lei>
        <title>GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST 2024-1 GDLP 2024-1A C</title>
        <cusip>381935AC9</cusip>
        <identifiers>
          <isin value="US381935AC91"/>
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        <balance>794349.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>821729.42000000</valUSD>
        <pctVal>0.055116167998</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>Fixed</couponKind>
          <annualizedRt>8.94000000</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>N/A</name>
        <lei>N/A</lei>
        <title>BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH COL: 50208WAA2</title>
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        <identifiers>
          <other otherDesc="All Others" value="50208WARA"/>
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        <curCd>USD</curCd>
        <valUSD>-3895000.00000000</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="BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH" isCleared="Y"/>
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      <invstOrSec>
        <name>MARINER FINANCE ISSUANCE TRUST</name>
        <lei>N/A</lei>
        <title>MARINER FINANCE ISSUANCE TRUST 2024-A MFIT 2024-AA D</title>
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        <identifiers>
          <isin value="US567928AD85"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FORTRESS CREDIT BSL LIMITED</name>
        <lei>N/A</lei>
        <title>FORTRESS CREDIT BSL VII LTD FCBSL 2019-1A DR</title>
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        <identifiers>
          <isin value="US34956NAU63"/>
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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>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>GESTION D'ASSURANCES JONES DESLAURIERS INC</name>
        <lei>549300JQIWNFU00E5424</lei>
        <title>JONES DESLAURIERS INSURANCE MANAGEMENT INC 144A 8.500000% 03/15/2030</title>
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          <isin value="US48020RAB15"/>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co PREFERRED STOCK</title>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2022-40 PS</title>
        <cusip>3136BNQM1</cusip>
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          <isin value="US3136BNQM15"/>
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        <issuerCat>USGA</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>A&amp;D MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>ADMT 2024-NQM6 ADMT 2024-NQM6 B2</title>
        <cusip>00249YAJ5</cusip>
        <identifiers>
          <isin value="US00249YAJ55"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>BLUE OWL CREDIT INCOME CORP.</name>
        <lei>5493003I42XBWPE05N35</lei>
        <title>BLUE OWL CREDIT INCOME CORP 5.800000% 03/15/2030</title>
        <cusip>09581CAD3</cusip>
        <identifiers>
          <isin value="US09581CAD39"/>
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        <balance>2401000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2315127.54000000</valUSD>
        <pctVal>0.155283424601</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>5.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>N/A</name>
        <lei>N/A</lei>
        <title>BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH COL: 749414AA6</title>
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          <other otherDesc="All Others" value="749414ARE"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-2722000.00000000</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="BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH" isCleared="Y"/>
          <isTriParty>N</isTriParty>
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          <maturityDt>2026-04-15</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>5000000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4993774.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD.COM, INC.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.COM INC 0.250000% 06/01/2029</title>
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        <identifiers>
          <isin value="US47215PAJ57"/>
        </identifiers>
        <balance>7260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7220070.00000000</valUSD>
        <pctVal>0.484274484274</pctVal>
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        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>JD.COM INC</name>
              <title>JD.COM INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="47215PAJ5"/>
                <isin value="US47215P1066"/>
                <ticker value="JD"/>
                <other otherDesc="FIGI" value="BBG005YHY0Q7"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="22.52810000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-DWHP WFCM 2025-DWHP A</title>
        <cusip>95004EAA3</cusip>
        <identifiers>
          <isin value="US95004EAA38"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10046670.00000000</valUSD>
        <pctVal>0.673864094521</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>2038-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.01399080</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>SCG TRUST</name>
        <lei>N/A</lei>
        <title>SCG 2024-MSP MORTGAGE TRUST SCG 2024-MSP E</title>
        <cusip>78436EAJ8</cusip>
        <identifiers>
          <isin value="US78436EAJ82"/>
        </identifiers>
        <balance>3320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3306102.48000000</valUSD>
        <pctVal>0.221751461337</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>2041-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.60951160</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>ADAMAS TRUST, INC.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>Adamas Trust Inc PREFERRED STOCK</title>
        <cusip>649604865</cusip>
        <identifiers>
          <isin value="US6496048652"/>
        </identifiers>
        <balance>34100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>800668.00000000</valUSD>
        <pctVal>0.053703507414</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>N/A</name>
        <lei>N/A</lei>
        <title>BRK: CITIGROUP COL: 95004VAA5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="95004VARA"/>
        </identifiers>
        <balance>-1597600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-1597600.00000000</valUSD>
        <pctVal>-0.10715642868</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="BRK: CITIGROUP" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>4.27000000</repurchaseRt>
          <maturityDt>2026-04-17</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2000000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1994995.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARK RIVER HOLDINGS, INC.</name>
        <lei>254900PGY077KWCROT75</lei>
        <title>PARK RIVER HOLDINGS INC 144A 8.750000% 12/31/2030</title>
        <cusip>70082LAD9</cusip>
        <identifiers>
          <isin value="US70082LAD91"/>
        </identifiers>
        <balance>796000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>733142.43000000</valUSD>
        <pctVal>0.049174339333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</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>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-159 JS</title>
        <cusip>38383YML3</cusip>
        <identifiers>
          <isin value="US38383YML38"/>
        </identifiers>
        <balance>35487700.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1939984.83000000</valUSD>
        <pctVal>0.130121335811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.57705920</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>US 10YR FUT OPTN  May26P   112</name>
        <lei>N/A</lei>
        <title>US 10YR FUT OPTN  May26P   112 LONG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYK6P 112.00 Comdty"/>
        </identifiers>
        <balance>539.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>690593.75000000</valUSD>
        <pctVal>0.046320455636</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">
            <counterparties>
              <counterpartyName>US 10YR FUT OPTN  May26P   112</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>539000.00000000</shareNo>
            <exercisePrice>112.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-27</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>294765.62000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPM Chase</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>WF-IRS 15MTH PAY FIXED 3.517</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="SL514JRTD"/>
        </identifiers>
        <balance>19000000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>28473.77000000</valUSD>
        <pctVal>0.001909831938</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Bank of America</counterpartyName>
              <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="351.70000000"/>
            <terminationDt>2027-06-19</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-19000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>28473.77000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2014-UBS6 MORTGAGE TRUST COMM 2014-UBS6 D</title>
        <cusip>12592PAJ2</cusip>
        <identifiers>
          <isin value="US12592PAJ21"/>
        </identifiers>
        <balance>518686.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500719.31000000</valUSD>
        <pctVal>0.033584935550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.73099320</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>A&amp;D MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>A&amp;D MORTGAGE TRUST 2024-NQM2 ADMT 2024-NQM2 B1</title>
        <cusip>00002NAE7</cusip>
        <identifiers>
          <isin value="US00002NAE76"/>
        </identifiers>
        <balance>1807000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1833949.06000000</valUSD>
        <pctVal>0.123009158528</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>2069-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.37900000</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>MOHEGAN ESCROW ISSUER, LLC</name>
        <lei>N/A</lei>
        <title>MOHEGAN TRIBAL GAMING AUTHORITY / MS DIGITAL ENTER 8.250000% 04/15/2030</title>
        <cusip>60832QAA8</cusip>
        <identifiers>
          <isin value="US60832QAA85"/>
        </identifiers>
        <balance>735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>752441.55000000</valUSD>
        <pctVal>0.050468796503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 LS</title>
        <cusip>38381N5Q7</cusip>
        <identifiers>
          <isin value="US38381N5Q74"/>
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        <balance>59570666.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4338221.89000000</valUSD>
        <pctVal>0.290979196662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.47705920</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>HERA FINANCING DAC</name>
        <lei>N/A</lei>
        <title>HERA FINANCING 2024-1 DAC HRFIN 2024-1A A</title>
        <cusip>HER7UYUZ0</cusip>
        <identifiers>
          <isin value="XS2891740362"/>
        </identifiers>
        <balance>4821701.15000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75552000"/>
        <valUSD>6406157.64000000</valUSD>
        <pctVal>0.429682632896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.63599980</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>CREDIT ACCEPTANCE CORPORATION</name>
        <lei>N/A</lei>
        <title>CREDIT ACCEPTANCE CORP 144A 9.250000% 12/15/2028</title>
        <cusip>225310AQ4</cusip>
        <identifiers>
          <isin value="US225310AQ40"/>
        </identifiers>
        <balance>4512000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4675262.21000000</valUSD>
        <pctVal>0.313585629446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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>ILFC E-CAPITAL TRUST II</name>
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        <name>JPM Chase</name>
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        <name>THE E.W. SCRIPPS COMPANY</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
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          <isin value="US38383YAT91"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MADISON PARK FUNDING, LTD.</name>
        <lei>N/A</lei>
        <title>MADISON PARK FUNDING XXVII LTD MDPK 2018-27A ER</title>
        <cusip>55820XAE9</cusip>
        <identifiers>
          <isin value="US55820XAE94"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION 30YR TBA</title>
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          <isin value="US01F0506505"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <title>HERTZ VEHICLE FINANCING III LLC 2025-2 HERTZ 2025-2A D</title>
        <cusip>42806MDA4</cusip>
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          <isin value="US42806MDA45"/>
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        <balance>1280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1281261.70000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-25</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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          <isin value="US38376WL373"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEPTUNE BIDCO US INC.</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US INC 144A 10.375000% 05/15/2031</title>
        <cusip>640695AC6</cusip>
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          <isin value="US640695AC66"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOMES TRUST</name>
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        <title>HOMES 2025-NQM5 TRUST HOMES 2025-NQM5 B2</title>
        <cusip>43762CAH4</cusip>
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          <isin value="US43762CAH43"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
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        <title>CIFC FUNDING 2017-IV LTD CIFC 2017-4A D</title>
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          <isin value="US12551KAA16"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>ARES MANAGEMENT CORPORATION</name>
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        <title>ARES MANAGEMENT CORP - A COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>JP MORGAN CHASE BANK N.A.</name>
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        <title>Credit Default Swap</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>N/A</counterpartyName>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 ES</title>
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          <isin value="US38381N4K14"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <name>DEEPHAVEN RESIDENTIAL MORTGAGE TRUST</name>
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        <title>DEEPHAVEN RESIDENTIAL MORTGAGE TRUST 2025-INV1 DRMT 2025-INV1 B2</title>
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        <name>APOLLO GLOBAL MANAGEMENT, INC.</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>APOLLO GLOBAL MANAGEMENT INC COMMON STOCK</title>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST</name>
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        <name>HARBOR PARK CLO LTD</name>
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        <title>HARBOR PARK CLO LTD HARB 2018-1A ER2</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>NATIONAL MENTOR HOLDINGS, INC.</name>
        <lei>5493004QULJVJP3CNZ62</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Enpro Inc.</name>
        <lei>549300Y5CFT2LKCFDN54</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>iShares Russell 2000 ETF</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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      <invstOrSec>
        <name>COINBASE GLOBAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <title>COINBASE GLOBAL INC</title>
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                <ticker value="COIN"/>
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        <name>CROSS MORTGAGE TRUST</name>
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      <invstOrSec>
        <name>PRA GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>OLYMPIC TOWER MORTGAGE TRUST</name>
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        <title>OLYMPIC TOWER 2017-OT MORTGAGE TRUST OT 2017-OT D</title>
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        <isRestrictedSec>N</isRestrictedSec>

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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>JPM Chase</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
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        <title>3 MONTH SOFR FUT  JUN26 FINANCIAL COMMODITY FUTURE.</title>
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    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The presentation of the Class A returns in Item B.5.a, includes the sales load associated with the share class. " noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-31</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>
