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            <principalAmt>1340000.00000000</principalAmt>
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            <delta>XXXX</delta>
            <unrealizedAppr>-3243.52000000</unrealizedAppr>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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                    <assetCat>DFE</assetCat>
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                    <invOthCountry>US</invOthCountry>
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                  <amtCurSold>N/A</amtCurSold>
                  <curSold>INR</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>USD</curPur>
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                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>-96000.00000000</principalAmt>
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            <expDt>2026-03-05</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>338.46000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA, NATIONAL ASSOCIATION</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
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        </identifiers>
        <balance>337000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84631008"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                  <derivAddlInfo>
                    <name>BANK OF AMERICA, NATIONAL ASSOCIATION</name>
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            <delta>XXXX</delta>
            <unrealizedAppr>230.18000000</unrealizedAppr>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <amtCurSold>N/A</amtCurSold>
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            <principalAmt>99000.00000000</principalAmt>
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            <delta>XXXX</delta>
            <unrealizedAppr>0.62000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        </derivativeInfo>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>SWOP IRS USD</title>
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        <balance>-286000.00000000</balance>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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            <principalAmt>-144000.00000000</principalAmt>
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            <delta>XXXX</delta>
            <unrealizedAppr>1026.45000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>BANK OF AMERICA, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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            <delta>XXXX</delta>
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      <invstOrSec>
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      <invstOrSec>
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            <principalAmt>-337000.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>53.75000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2026-03-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>104.65000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>119.38000000</valUSD>
        <pctVal>0.000071612627</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>France (Republic Of)</issuerName>
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                  <cusip value="000000000"/>
                  <isin value="FR0000187635"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.25000000"/>
            <otherPmntDesc fixedOrFloating="Other">Default Event</otherPmntDesc>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-533.20000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>90000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>652.58000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="AUUXNRPHHY7TPYMZKZIFMD1BW"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>0.002071109407</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JPMorgan Chase Bank, National Association</counterpartyName>
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            <amtCurSold>-195000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>285655500.00000000</amtCurPur>
            <curPur>KRW</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>3452.59000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>CDS DEUTSCHE TELEKOM AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWB8AF31VJ7"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84631008"/>
        <valUSD>262.64000000</valUSD>
        <pctVal>0.000157550179</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</counterpartyName>
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            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>DEUTSCHE TELEKOM AG</issuerName>
                <issueTitle>DEUTSCHE TELEKOM AG</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="XS2024715794"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="EUR" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Default Event</otherPmntDesc>
            <terminationDt>2026-06-20</terminationDt>
            <upfrontPmnt>161.44000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>47000.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>101.20000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>BRL CALL VERSUS USD PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FXB8AF60050"/>
        </identifiers>
        <balance>-98000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1548.82000000</valUSD>
        <pctVal>-0.00092909255</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
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                    <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
                    <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>MORGAN STANLEY &amp; CO. LLC</name>
                    <lei>9R7GPTSO7KV3UQJZQ078</lei>
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                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="PIE0120_FXB8AF60050_50_S"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="BRL" exchangeRt="0.00000000"/>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>BRL</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>USD</curPur>
                  <settlementDt>2026-03-18</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>-98000.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>5.20000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1076.75000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Euro(FGBL) Bund Futures, EUROBUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="RXH6"/>
          <other otherDesc="FIGI" value="BBG01SWCT5Q4"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84631008"/>
        <valUSD>5254.73000000</valUSD>
        <pctVal>0.003152161344</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EUREX CLEARING AKTIENGESELLSCHAFT</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Germany (Federal Republic Of)</issuerName>
                <issueTitle>2.6% BDS 15/08/2033 EUR</issueTitle>
                <identifiers>
                  <cusip value="91282CMS7"/>
                  <isin value="DE000BU2Z015"/>
                  <other otherDesc="SEDOL" value="BMB3V08"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-06</expDate>
            <notionalAmt>607501.21000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5254.73000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FXB8AF3TJS0"/>
        </identifiers>
        <balance>96000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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                    <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
                    <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>CITIBANK, NATIONAL ASSOCIATION</name>
                    <lei>E57ODZWZ7FF32TWEFA76</lei>
                    <title>INR CALL VERSUS USD PUT</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="PIE0120_FXB8AF3TJS0_908_S"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="INR" exchangeRt="0.00000000"/>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>INR</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>USD</curPur>
                  <settlementDt>2026-03-04</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>96000.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>81.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>CDS KINGDOM OF SPAIN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWB8AEUTNE9"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84631008"/>
        <valUSD>-13.39000000</valUSD>
        <pctVal>-0.00000803227</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>SPAIN GOVERNMENT INTERNATIONAL BOND</issuerName>
                <issueTitle>SPAIN GOVERNMENT INTERNATIONAL BOND</issueTitle>
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                  <cusip value="000000000"/>
                  <isin value="XS1138687592"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="EUR" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Default Event</otherPmntDesc>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-7.24000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>100000.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-6.15000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>SWOP IRS USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWB8AF51935"/>
        </identifiers>
        <balance>286000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>355.26000000</valUSD>
        <pctVal>0.000213110252</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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                  <derivAddlInfo>
                    <name>CITIBANK, NATIONAL ASSOCIATION</name>
                    <lei>E57ODZWZ7FF32TWEFA76</lei>
                    <title>IRS USD</title>
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                    <identifiers>
                      <other otherDesc="INTERNAL" value="SWB8AF51935SO"/>
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                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
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                  <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="THE SECURED OVERNIGHT FINANCING RATE" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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                  <terminationDt>2031-08-13</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>USD</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>0.00000000</notionalAmt>
                  <curCd>USD</curCd>
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              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>286000.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>3.88500000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>355.26000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>USD CALL VERSUS KRW PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FXB8AF50MB4"/>
        </identifiers>
        <balance>194000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>0.01000000</valUSD>
        <pctVal>0.000000005998</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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                <fwdDeriv derivCat="FWD">
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                    <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
                    <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
                    <lei>7LTWFZYICNSX8D621K86</lei>
                    <title>USD CALL VERSUS KRW PUT</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="PIE0120_FXB8AF50MB4_573_S"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>DE</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>USD</curSold>
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        <name>Realty Income Corporation</name>
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        <name>BLP Commercial Mortgage Trust 2025-IND</name>
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        <name>Venture Global Plaquemines Lng LLC</name>
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        <name>AFFIRM MASTER TRUST</name>
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        <name>BX Trust 2018-Bilt</name>
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        <name>Hyatt Hotels Corporation</name>
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        <name>BBCMS MORTGAGE TRUST 2025-5C37</name>
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        <name>Oneok Inc.</name>
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        <name>Altria Group, Inc.</name>
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        <name>BX CML MTG TR 2021-CIP</name>
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        <name>AMERICAN AIRLINES INC</name>
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        <name>Level 3 Financing, Inc.</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>SANTANDER MORTGAGE ASSET RECEIVABLE TRUST 2026-NQM2</name>
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        <name>Ball Corporation</name>
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        <name>PMT CREDIT RISK TRANSFER TRUST</name>
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        <name>BARROW HANLEY CLO I LTD</name>
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        <name>CoreWeave Inc.</name>
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        <name>Apollo Debt Solutions BDC</name>
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        <name>PK ALIFT LOAN FUNDING 8 LP</name>
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        <name>ALBERTSONS COMPANIES INC</name>
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        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
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        <name>Legacy Mortgage Asset Trust 2025-PR1</name>
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        <name>MPH Acquisition Holdings LLC</name>
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        <name>Rckt Mortgage Trust 2025-CES7</name>
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        <name>Bank of America, National Association</name>
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      <invstOrSec>
        <name>Otis Worldwide Corp.</name>
        <lei>549300ZLBKR8VSU25153</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Petroleos Mexicanos Sa De CV</name>
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          <isin value="US71654QAM42"/>
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        <curCd>USD</curCd>
        <valUSD>65134.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HPS LOAN MANAGEMENT 2025-26 LTD</name>
        <lei>52990035KBWSOMZIZ589</lei>
        <title>HLM 2025-26A A1</title>
        <cusip>44333QAA6</cusip>
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          <isin value="US44333QAA67"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ICG Euro Clo 2023-1 DAC</name>
        <lei>635400IDZDV7D9IJ8J46</lei>
        <title>ICGE 2023-1A AR</title>
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          <isin value="XS2999655546"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-19</maturityDt>
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      <invstOrSec>
        <name>Pennsylvania Electric Company</name>
        <lei>N/A</lei>
        <title>FE 5.15 03/30/26 144A</title>
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          <isin value="US708696CA52"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Elevation Clo 2016-5 Ltd</name>
        <lei>549300IH854FT1JLRT08</lei>
        <title>AWPT 2025-18A A1</title>
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          <isin value="US28623JAA43"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <name>Ivory Coast (Republic Of)</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <title>HPE 4.45 09/25/26</title>
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        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <name>Novelis Corporation</name>
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        <title>HNDLIN 4.75 01/30/30 144A</title>
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        <name>Hyundai Capital America</name>
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        <name>Black Pearl Compute LLC</name>
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        <name>Romania (Republic Of)</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>ROMANI 5.75 09/16/30 144A</title>
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      <invstOrSec>
        <name>EMPOWER CLO 2022-1 LTD</name>
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        <title>EMPWR 2025-1A A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Lineage OP LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase Bank, National Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Adapthealth Llc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co LLC</name>
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        <name>Greywolf clo vii ltd/llc</name>
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        <name>OBX 2025-NQM10 TRUST</name>
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        <name>Energy Transfer LP</name>
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        <name>Var Energi ASA</name>
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        <name>PGIM ETF Trust</name>
        <lei>549300OXS91LYTDQF355</lei>
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        <name>HOMES 2026-AFC1 TRUST</name>
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        <name>Regatta VIII Funding Ltd</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>OFSI Fund LTD</name>
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        <name>LifePoint Health, Inc</name>
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        <name>SANTANDER MORTGAGE ASSET RECEIVABLE TRUST 2025-CES1</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.449 07/20/29</title>
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        <name>GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST 2025-1</name>
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        <name>Fifth Third Bancorp</name>
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        <name>Goodleap Home Improvement Solutions Trust 2025-2</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>OCTAGON 68 LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imperial Brands Finance Plc</name>
        <lei>2138008L3B3MCG1DFS50</lei>
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          <isin value="US45262BAJ26"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Carvana Co</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hunt Companies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Five Point Operating Company LP Five Point Capital Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ROCKET MORTGAGE LLC</name>
        <lei>549300FGXN1K3HLB1R50</lei>
        <title>RKT 2.875 10/15/26 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Metronet Infrastructure Issuer LLC.</name>
        <lei>5493000BIROCAEATAQ61</lei>
        <title>MNET 2025-2A A2</title>
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          <isin value="US59170JAX63"/>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>FN MA4357</title>
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        <name>Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC)</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>ACI 5.625 03/31/32 144A</title>
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        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 5.4 05/08/27</title>
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        <name>American Tower Corporation</name>
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        <title>AMT 3.6 01/15/28</title>
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        <name>BENEFIT STREET PARTNERS CLO XXI LTD</name>
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        <title>BSP 2020-21A A1R2</title>
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        <name>Vistra Operations Co LLC</name>
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        <title>VST 5 07/31/27 144A</title>
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        <name>CommonSpirit Health</name>
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        <title>CATMED 4.352 09/01/30</title>
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        <name>NEW YORK N Y CITY HSG DEV CORP</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>NY NYCMFH 5.46 12/15/2031</title>
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        <issuerCat>MUN</issuerCat>
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        <name>Star Leasing Co LLC</name>
        <lei>549300WXKNX4PT3HSN71</lei>
        <title>TRAILR 7.625 02/15/30 144A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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                    <invOthCountry>US</invOthCountry>
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            <principalAmt>81000.00000000</principalAmt>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>Onemain Direct Auto Receivables Trust 2017-1</name>
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        <title>ODART 2025-1A B</title>
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          <isin value="US682684AB13"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>International Flavors &amp; Fragrances Inc.</name>
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        <title>IFF 1.832 10/15/27 144A</title>
        <cusip>459506AP6</cusip>
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          <isin value="US459506AP65"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V6.875 PERP GG</title>
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          <isin value="US17327CBC64"/>
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        <curCd>USD</curCd>
        <valUSD>227886.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CHARTER COMMUNICATIONS OPERATING LLC</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>CHTR 2.25 01/15/29</title>
        <cusip>161175CD4</cusip>
        <identifiers>
          <isin value="US161175CD44"/>
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        <balance>90000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84950.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIFC Funding 2023-1 Ltd.</name>
        <lei>N/A</lei>
        <title>CIFC 2023-1A A1R</title>
        <cusip>12575RAJ9</cusip>
        <identifiers>
          <isin value="US12575RAJ95"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>751634.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.91219000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Transcontinental Gas Pipe Line Company, LLC</name>
        <lei>N/A</lei>
        <title>WMB 3.25 05/15/30</title>
        <cusip>893574AP8</cusip>
        <identifiers>
          <isin value="US893574AP88"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87088.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>CONN AVN SEC TR 2022-R07</name>
        <lei>N/A</lei>
        <title>CAS 2022-R07 1B1</title>
        <cusip>20754MAF4</cusip>
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          <isin value="US20754MAF41"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley Private Bank National Association</name>
        <lei>549300GS0W0TEUQS8571</lei>
        <title>MS V4.734 07/18/31</title>
        <cusip>61776NVG5</cusip>
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          <isin value="US61776NVG59"/>
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        <balance>250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SUNOCO LP</name>
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        <title>SUN 4.5 05/15/29</title>
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        <balance>50000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
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        <cusip>571676AY1</cusip>
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        <invCountry>US</invCountry>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <balance>-142000.00000000</balance>
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        <name>Crescent Energy Finance LLC</name>
        <lei>54930061FUL6DBLFUW14</lei>
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        <name>MFA 2025-NQM4 TRUST</name>
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        <name>Herc Holdings Inc</name>
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        <name>BANK5 2025-5YR13</name>
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        <name>NTT Finance Corp</name>
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        <name>AutoNation, Inc.</name>
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        <name>Synchrony Financial</name>
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        <name>GREENSKY HOME IMPRT TR 2025-1</name>
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        <name>CVS Health Corp</name>
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        <name>Beazer Homes USA Inc.</name>
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        <title>BZH 7.25 10/15/29</title>
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        <name>Oneok Inc.</name>
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        <name>PNC Financial Services Group Inc.</name>
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        <name>BXMT 2025-FL5 LTD</name>
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        <name>Deutsche Bank AG New York Branch</name>
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        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
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        <name>EG Global Finance PLC</name>
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        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
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        <name>Dcli Bidco LLC</name>
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        <name>Comm 2017-Panw Mortgage Trust</name>
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        <name>CommonSpirit Health</name>
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        <name>Hyundai Capital America</name>
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        <name>DISH DBS Corporation</name>
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        <name>BMO 2024-5C4 MORTGAGE TRUST</name>
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        <name>Empire Communities Corp.</name>
        <lei>549300JM1L6KK2QFP273</lei>
        <title>EMPRCC 9.75 05/01/29 144A</title>
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        <invCountry>CA</invCountry>
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        <name>Sun Communities Operating Limited Partnership</name>
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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>Bausch Health Companies Inc.</name>
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        <name>Caesars Entertainment Inc.</name>
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        <name>NORTHWEST PIPELINE GP</name>
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        <name>CITIGROUP GLOBAL MARKETS INC.</name>
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        <name>Vistra Operations Co LLC</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>MENLO CLO I LTD</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Colombia (Republic Of)</name>
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        <name>BBCMS MORTGAGE TRUST 2023-5C23</name>
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        <name>VNDO 2016-350P Mortgage Trust</name>
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        <name>Caesars Entertainment Inc.</name>
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        <name>RCKT MORTGAGE TRUST 2025-CES1</name>
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        <name>PARK INTERMEDIATE HOLDINGS LLC</name>
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        <name>Southern California Edison Company</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>Canadian Natural Resources Limited</name>
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        <name>PARK INTERMEDIATE HOLDINGS LLC</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust 2025-Nqm1</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>Ashton Woods (USA) LLC/Ashton Woods Finance Co.</name>
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          <isin value="US045086AM71"/>
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        <curCd>USD</curCd>
        <valUSD>97456.87000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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          <isin value="US46647PFG63"/>
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        <balance>630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>632921.56000000</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>2032-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.34700000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-3</name>
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        <title>GSKY 2025-3A A3</title>
        <cusip>39571WAC0</cusip>
        <identifiers>
          <isin value="US39571WAC01"/>
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        <balance>183898.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185176.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-12-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.52000000</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>DISH DBS Corporation</name>
        <lei>N/A</lei>
        <title>DISH 7.375 07/01/28</title>
        <cusip>25470XBB0</cusip>
        <identifiers>
          <isin value="US25470XBB01"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24175.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>G2 MA6411</title>
        <cusip>36179VDQ0</cusip>
        <identifiers>
          <isin value="US36179VDQ05"/>
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        <balance>208548.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>203109.63000000</valUSD>
        <pctVal>0.121839623433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SS&amp;C Technologies, Inc.</name>
        <lei>549300KY09TR3J12JU49</lei>
        <title>SSNC 5.5 09/30/27 144A</title>
        <cusip>78466CAC0</cusip>
        <identifiers>
          <isin value="US78466CAC01"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49957.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>ROCK TR 2024-CNTR</name>
        <lei>N/A</lei>
        <title>ROCC 2024-CNTR A</title>
        <cusip>74970WAA8</cusip>
        <identifiers>
          <isin value="US74970WAA80"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103495.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38834000</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>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <title>SWOP IRS USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWB8AE9YD29"/>
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        <balance>645000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>Shea Homes Limited Partnership</name>
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        <title>SHEAHM 4.75 02/15/28</title>
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        <balance>75000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Comstock Resources, Inc.</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>CRK 6.75 03/01/29 144A</title>
        <cusip>205768AS3</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Madison Pk Fdg Xxviii 2018-28</name>
        <lei>N/A</lei>
        <title>MDPK 2018-28A BR</title>
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          <isin value="US55821AAS78"/>
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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>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>TALLGRASS ENERGY PARTNERS LP</name>
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        <title>TEP 7.375 02/15/29 144A</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Mastec, Inc.</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MTZ 5.9 06/15/29</title>
        <cusip>576323AT6</cusip>
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          <isin value="US576323AT63"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PGIM ETF Trust</name>
        <lei>549300OXS91LYTDQF355</lei>
        <title>PGIM Active High Yield Bond ETF - Old IO fund</title>
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          <ticker value="PHYL"/>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA-30YR</title>
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        <balance>-500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA-30YR</title>
        <cusip>01F052631</cusip>
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        <balance>2000000.00000000</balance>
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        <valUSD>2032065.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS MTG SECR CORP TR 2024-RVR</name>
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        <title>GSMS 2024-RVR A</title>
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          <isin value="US36272JAA16"/>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>Barclays PLC</issuerName>
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        <name>Williams Companies Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Braskem Netherlands Finance B V</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Frontier Communications Holdings Llc</name>
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          <isin value="US35906ABG22"/>
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        <balance>400000.00000000</balance>
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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>GS MORTGAGE-BACKED SECURITIES TRUST 2026-CES1</name>
        <lei>2549005U12N6A8G3H936</lei>
        <title>GSMBS 2026-CES1 A1</title>
        <cusip>36277LAA1</cusip>
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          <isin value="US36277LAA17"/>
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        <balance>293126.10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>294615.74000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.89900000</annualizedRt>
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      <invstOrSec>
        <name>M/I Homes Inc.</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>MHO 4.95 02/01/28</title>
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          <isin value="US55305BAS07"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24828.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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        <name>NYC COMMERCIAL MTG TR 2025-3BP</name>
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          <isin value="US67120UAE73"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Hyatt Hotels Corporation</name>
        <lei>T27JQIMTYSH41TCD5186</lei>
        <title>H 5.75 01/30/27</title>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PRPM 2025-RCF2 LLC</name>
        <lei>N/A</lei>
        <title>PRPM 2025-RCF2 A1</title>
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          <isin value="US74448VAA44"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>Vistra Operations Co LLC</name>
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        <title>VST 4.6 10/15/30 144A</title>
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          <isin value="US92840VAV45"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>RXO Inc.</name>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <invCountry>US</invCountry>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 0.75 05/31/26</title>
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        <balance>375000.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <name>Sunoco LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUN 5.875 07/15/27 144A</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Petroleos Mexicanos Sa De CV</name>
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        <name>Ecuador (Republic Of)</name>
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        <name>Mineral Resources Ltd.</name>
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        <name>SG RESIDENTIAL MORTGAGE TRUST 2026-1</name>
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        <name>Rogers Communications Inc.</name>
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        <name>DISH Network Corporation</name>
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        <name>Rockford Tower CLO 2023-1 Ltd.</name>
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        <name>Deutsche Bank AG New York Branch</name>
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        <name>Berry Global Inc</name>
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        <name>Government National Mortgage Association</name>
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        <name>Var Energi ASA</name>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <name>BMO 2024-5C7 MORTGAGE TRUST</name>
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        <name>HSBC BANK PLC</name>
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        <name>GENPACT LUXEMBOURG SARL</name>
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        <name>Fiserv Inc.</name>
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      <invstOrSec>
        <name>ROCK TR 2024-CNTR</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Regatta Xii Funding Ltd/Llc 2019-12</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Coronado Finance Pty Limited</name>
        <lei>549300NS5FS0W548RE27</lei>
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        <name>HILCORP ENERGY I LP</name>
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        <name>Benchmark 2020-B16 Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>U.S. Bancorp.</name>
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        <name>OBX 2025-NQM21 TRUST</name>
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        <name>BARCLAYS PLC</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Kontoor Brands Inc</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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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>-53000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>67976.95000000</amtCurPur>
            <curPur>SGD</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>826.63000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>SWOP IRS USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWB8AF51EF2"/>
        </identifiers>
        <balance>-286000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-2028.25000000</valUSD>
        <pctVal>-0.00121668882</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
                    <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>CITIBANK, NATIONAL ASSOCIATION</name>
                    <lei>E57ODZWZ7FF32TWEFA76</lei>
                    <title>IRS USD</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="SWB8AF51EF2SO"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="THE SECURED OVERNIGHT FINANCING RATE" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Year" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
                    </rtResetTenors>
                  </floatingRecDesc>
                  <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.08500000"/>
                  <terminationDt>2031-08-13</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>USD</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>0.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>-286000.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>3.08500000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1978.20000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>CDS EUROPEAN INVESTMENT BANK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWB8AF5YLJ4"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-101.17000000</valUSD>
        <pctVal>-0.00006068897</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>European Investment Bank</issuerName>
                <issueTitle>EIB 4.75 06/15/29</issueTitle>
                <identifiers>
                  <cusip value="298785KC9"/>
                  <isin value="US298785KC96"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Default Event</otherPmntDesc>
            <terminationDt>2026-12-20</terminationDt>
            <upfrontPmnt>138.80000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>342000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-239.97000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TWD/USD FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="AUUFAR8UG2OSLE2XEXQK3LM2A"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-452.90000000</valUSD>
        <pctVal>-0.00027168167</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>-79000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>2461206.00000000</amtCurPur>
            <curPur>TWD</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>-452.90000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>USD/ZAR FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="MDJ2601140762032"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1879.48000000</valUSD>
        <pctVal>0.001127445978</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>J.P. MORGAN SECURITIES LLC</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <amtCurSold>-59000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>971012.56000000</amtCurPur>
            <curPur>ZAR</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>1879.48000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>USD CALL VERSUS ZAR PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FXB8AF586G4"/>
        </identifiers>
        <balance>-97000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-689.14000000</valUSD>
        <pctVal>-0.00041339525</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <fwdDeriv derivCat="FWD">
                  <counterparties>
                    <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
                    <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
                    <lei>7LTWFZYICNSX8D621K86</lei>
                    <title>USD CALL VERSUS ZAR PUT</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="PIE0120_FXB8AF586G4_573_S"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>DE</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>USD</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>ZAR</curPur>
                  <settlementDt>2026-03-13</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>-97000.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>16.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-13</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>162.95000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>USD/BRL FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="MDJ2601280623888"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1516.29000000</valUSD>
        <pctVal>0.000909578746</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <amtCurSold>-95000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>495339.50000000</amtCurPur>
            <curPur>BRL</curPur>
            <settlementDt>2026-03-03</settlementDt>
            <unrealizedAppr>1516.29000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>MXN/USD FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="AUUOVTDX0LSQES9AZCTYEVR2A"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5196.33000000</valUSD>
        <pctVal>0.003117128865</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <amtCurSold>-107000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>1936017.34000000</amtCurPur>
            <curPur>MXN</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>5196.33000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>CDS WELLS FARGO &amp; COMPANY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWB8AF4N1G7"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1070.20000000</valUSD>
        <pctVal>0.000641982189</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Wells Fargo &amp; Co.</issuerName>
                <issueTitle>WFC V5.198 01/23/30</issueTitle>
                <identifiers>
                  <cusip value="95000U3J0"/>
                  <isin value="US95000U3J01"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Default Event</otherPmntDesc>
            <terminationDt>2026-06-20</terminationDt>
            <upfrontPmnt>634.83000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>244000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>435.37000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-23</ncom:dateSigned>
      <ncom:nameOfApplicant>PGIM ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Christian J. Kelly</ncom:signature>
      <ncom:signerName>Christian J. Kelly</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
