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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US12663DAE40"/>
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        <name>UZBEKISTAN INTL BOND</name>
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        <name>Aqua Finance Trust</name>
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        <name>Snam SpA</name>
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        <name>CALAMOS STRATEGIC TOTAL RETURN</name>
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      <invstOrSec>
        <name>Homeward Opportunities Fund I Trust</name>
        <lei>N/A</lei>
        <title>Homeward Opportunities Fund I Trust 2020-2</title>
        <cusip>43789XAG9</cusip>
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        <name>Sequoia Mortgage Trust</name>
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        <name>BECLE SA DE CV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SKY1 Trust</name>
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        <name>AbbVie Inc</name>
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        <name>Homeward Opportunities Fund I Trust</name>
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        <name>GABELLI DVD &amp; INC TR</name>
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        <name>Wells Fargo Mortgage Backed Securities Trust</name>
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        <name>Wells Fargo Mortgage Backed Securities Trust</name>
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        <name>Mello Mortgage Capital Acceptance Trust</name>
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        <name>Cogent IPv4 LLC</name>
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        <name>Mello Mortgage Capital Acceptance Trust</name>
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        <name>CCO HLDGS LLC/CAP CORP</name>
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        <name>Citigroup Inc</name>
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        <name>Sea Ltd</name>
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        <title>Sea Ltd</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Samsung Electronics Co Ltd</name>
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        <name>CNTL AMR BOTTLING CORP</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>TENET HEALTHCARE CORP</name>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>Goldman Home Improvement Trust Issuer Trust</name>
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        <name>Akzo Nobel NV</name>
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        <name>Orange SA</name>
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        <title>Orange SA</title>
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      <invstOrSec>
        <name>Vend Marketplaces ASA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Medtronic PLC</name>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Continental Finance Credit Credit Card ABS Master Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CME Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CCO HLDGS LLC/CAP CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Telkom Indonesia Persero Tbk PT</name>
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        <invCountry>ID</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Legal &amp; General Group PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Roche Holding AG</name>
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        <title>Roche Holding AG</title>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>COMISION FEDERAL DE ELEC</name>
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        <title>Comision Federal de Electricidad</title>
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        <invCountry>MX</invCountry>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140JP5P6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>TotalEnergies SE</name>
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        <name>IRON MOUNTAIN INFO MGMT</name>
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        <title>Iron Mountain Information Management Services Inc</title>
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        <name>OCI NV</name>
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        <title>OCI NV</title>
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        <name>Mello Mortgage Capital Acceptance Trust</name>
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        <title>Mello Mortgage Capital Acceptance 2021-INV2</title>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140H54H1</cusip>
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        <name>Affirm Inc</name>
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        <name>Upstart Pass Through Trust</name>
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        <name>South Bow Corp</name>
        <lei>2549000XS5TAFA3YF943</lei>
        <title>South Bow Corp</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>UNITED WHOLESALE MTGE LL</name>
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        <name>Microsoft Corp</name>
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      <invstOrSec>
        <name>Enel SpA</name>
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      <invstOrSec>
        <name>Stellantis NV</name>
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      <invstOrSec>
        <name>Mello Mortgage Capital Acceptance Trust</name>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust Inc</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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      <invstOrSec>
        <name>Adyen NV</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Thornburg Capital Management Fund</name>
        <lei>549300GLR0WG6ALV5277</lei>
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        <name>APA CORP</name>
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        <name>CUSHMAN &amp; WAKEFIELD US</name>
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        <name>ANTARES HOLDINGS</name>
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        <name>Citigroup Mortgage Loan Trust Inc</name>
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        <name>LP LMS 2021-2 Asset Securitization Trust</name>
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        <name>Carvana Auto Receivables Trust</name>
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        <name>Upstart Pass Through Trust</name>
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      <invstOrSec>
        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CD&amp;R SMOKEY / RADIO SYS</name>
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        <title>CD&amp;R Smokey Buyer Inc / Radio Systems Corp</title>
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        <curCd>USD</curCd>
        <valUSD>1230090.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Keyence Corp</name>
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        <title>Keyence Corp</title>
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          <isin value="JP3236200006"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2025-LIFE</title>
        <cusip>05616HAA5</cusip>
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          <isin value="US05616HAA59"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2036933.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIRSTCASH INC</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FirstCash Inc</title>
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          <isin value="US33767DAD75"/>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3881700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
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      <invstOrSec>
        <name>BANK OF NY MELLON CORP</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp/The</title>
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          <isin value="US064058AL44"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1953560.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Barclays Mortgage Trust 2021-NPL1</title>
        <cusip>06744JAA4</cusip>
        <identifiers>
          <isin value="US06744JAA43"/>
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        <balance>1804770.82000000</balance>
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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>
          <maturityDt>2051-11-25</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GMK Norilskiy Nickel PAO</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>GMK Norilskiy Nickel PAO</title>
        <cusip>000000000</cusip>
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          <isin value="RU0007288411"/>
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        <balance>3070000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2021-11</title>
        <cusip>46654KCH8</cusip>
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          <isin value="US46654KCH86"/>
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        <balance>814531.72000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.46000000</annualizedRt>
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      <invstOrSec>
        <name>Bacardi Ltd</name>
        <lei>549300R32WTQNHNN5055</lei>
        <title>Bacardi Ltd</title>
        <cusip>067316AG4</cusip>
        <identifiers>
          <isin value="US067316AG42"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2755680.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>COMCAST HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>Comcast Holdings Corp</title>
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        <balance>2100000.00000000</balance>
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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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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>Comcast Corp.</title>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TRISTATE INSURED CASH SWEEP</name>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fertiglobe plc</name>
        <lei>984500A99D1B4CPBF744</lei>
        <title>Fertiglobe plc</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOF URSA FUNDING</name>
        <lei>N/A</lei>
        <title>BOF VII AL Funding Trust I</title>
        <cusip>097093AB4</cusip>
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          <isin value="US097093AB43"/>
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        <balance>752660.99000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SCIENCE APPLICATIONS INT</name>
        <lei>549300LZPNZIXQGZPZ48</lei>
        <title>Science Applications International Corp</title>
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          <isin value="US808625AA58"/>
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        <balance>3000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>Morgan Stanley Capital I Trust 2024-BPR2</title>
        <cusip>61776EAA1</cusip>
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          <isin value="US61776EAA10"/>
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        <balance>1978307.20000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUNOCO LP/FINANCE CORP</name>
        <lei>N/A</lei>
        <title>Sunoco LP / Sunoco Finance Corp</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2003440.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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      <invstOrSec>
        <name>REMIC FUNDING TRUST 98-1</name>
        <lei>N/A</lei>
        <title>RFT 2025-RR1 Trust</title>
        <cusip>749433AA6</cusip>
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          <isin value="US749433AA64"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1999972.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.77000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BASF SE</name>
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      <invstOrSec>
        <name>Carvana Auto Receivables Trust</name>
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        <name>Wells Fargo Mortgage Backed Securities Trust</name>
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      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC</name>
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      <invstOrSec>
        <name>STILLWATER MINING CO</name>
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        <name>ServiceNow Inc</name>
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        <name>Upstart Securitization Trust</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <name>Fannie Mae</name>
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        <name>Wells Fargo Mortgage Backed Securities Trust</name>
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        <name>REMIC FUNDING TRUST 98-1</name>
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        <name>Meta Platforms Inc</name>
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        <name>Pfizer Inc</name>
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        <name>E.ON SE</name>
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        <name>Generali</name>
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        <name>Mondi PLC</name>
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        <name>Kinetic Advantage Master Owner Trust</name>
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        <name>Freddie Mac</name>
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        <name>Eni SpA</name>
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      <invstOrSec>
        <name>Glebe Funding Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLUE OWL TECHNOLOGY FINA</name>
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        <title>Blue Owl Technology Finance Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AES ESPANA BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>POST HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>LyondellBasell Industries NV</name>
        <lei>BN6WCCZ8OVP3ITUUVN49</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SFO Commerical Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SFO Commercial Mortgage Trust 2021-555</title>
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          <isin value="US78432WAA18"/>
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        <balance>1043000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Marlette Funding Trust</name>
        <lei>N/A</lei>
        <title>Marlette Funding Trust 2021-3</title>
        <cusip>57108Q103</cusip>
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          <isin value="US57108Q1031"/>
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        <balance>14510.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>TC Energy Corp</name>
        <lei>549300UGKOFV2IWJJG27</lei>
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        <cusip>87807B107</cusip>
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          <isin value="CA87807B1076"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Open Text Corp</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>Open Text Corp</title>
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          <isin value="CA6837151068"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Non Gold Pool</title>
        <cusip>31288QTU4</cusip>
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          <isin value="US31288QTU49"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2021-11</title>
        <cusip>46654KCG0</cusip>
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          <isin value="US46654KCG04"/>
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        <balance>686520.09000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>GEO GROUP INC/THE</name>
        <lei>54930024XOXET7NQVZ63</lei>
        <title>GEO Group Inc/The</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>MFRA Trust</name>
        <lei>N/A</lei>
        <title>MFA 2024-NPL1 Trust</title>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury STRIPS Coupon</title>
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        <balance>5000000.00000000</balance>
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        <name>B&amp;M European Value Retail SA</name>
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        <invCountry>LU</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
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        <invCountry>GB</invCountry>

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      <invstOrSec>
        <name>Barclays Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Barclays Mortgage Loan Trust 2022-INV1</title>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust 2021-9</title>
        <cusip>81748CAA8</cusip>
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          <isin value="US81748CAA80"/>
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        <balance>2088415.09000000</balance>
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        <name>DOMINICAN REPUBLIC</name>
        <lei>254900EHU7Q8FGVPI369</lei>
        <title>Dominican Republic International Bond</title>
        <cusip>25714PFA1</cusip>
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        <balance>170000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Mello Mortgage Capital Acceptance Trust</name>
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        <name>Alibaba Group Holding Ltd</name>
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        <name>Homeward Opportunities Fund I Trust</name>
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        <name>Shopify Inc</name>
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        <name>MATTHEWS INTERNATIONAL C</name>
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      <invstOrSec>
        <name>Mello Mortgage Capital Acceptance Trust</name>
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        <name>NN Group NV</name>
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        <name>Deutsche Post AG</name>
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        <name>National Collegiate Student Loan Trust</name>
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        <name>Starwood Mortgage Residential Trust</name>
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        <name>Glencore PLC</name>
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        <name>PROSUS NV</name>
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        <name>Petroleos Mexicanos</name>
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        <name>Regions Financial Corp</name>
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        <name>ACCO BRANDS CORP</name>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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        <name>Mosaic Solar Loans LLC</name>
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        <name>Harvest SBA Loan Trust</name>
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        <title>Harvest SBA Loan Trust 2024-1</title>
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        <name>Sony Group Corp</name>
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        <name>GCAT</name>
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        <name>CORECIVIC INC</name>
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      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co Ltd</name>
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        <name>MercadoLibre Inc</name>
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        <name>NRZ Excess Spread Collateralized Notes</name>
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        <name>KKR REIGN I LTD</name>
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        <name>Novartis AG</name>
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        <name>Fannie Mae</name>
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        <name>Tencent Holdings Ltd</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Mosaic Solar Loans LLC</name>
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        <name>Carvana Auto Receivables Trust</name>
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        <name>SIRIUS XM RADIO LLC</name>
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        <name>Mello Mortgage Capital Acceptance Trust</name>
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        <name>Mello Mortgage Capital Acceptance Trust</name>
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        <name>INDUSTRIALIZADORA INTEGRAL DEL</name>
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        <valUSD>6503058.18000000</valUSD>
        <pctVal>0.980856782371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIN DEPT GOVT SHARJAH</name>
        <lei>254900ZNL8O3F1CLJO24</lei>
        <title>Finance Department Government of Sharjah</title>
        <cusip>38381CAB8</cusip>
        <identifiers>
          <isin value="US38381CAB81"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2228415.00000000</valUSD>
        <pctVal>0.336112011639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFRA Trust</name>
        <lei>N/A</lei>
        <title>MFA 2022-INV1 Trust</title>
        <cusip>55284TAC1</cusip>
        <identifiers>
          <isin value="US55284TAC18"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>642342.29000000</valUSD>
        <pctVal>0.096884538675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bristol-Myers Squibb Co</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co</title>
        <cusip>110122108</cusip>
        <identifiers>
          <isin value="US1101221083"/>
        </identifiers>
        <balance>38400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1777536.00000000</valUSD>
        <pctVal>0.268105896218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fat Brands Fazoli's Native I, LLC</name>
        <lei>N/A</lei>
        <title>FAT Brands Fazoli's Native I LLC</title>
        <cusip>31200BAA6</cusip>
        <identifiers>
          <isin value="US31200BAA61"/>
        </identifiers>
        <balance>2412500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2235225.40000000</valUSD>
        <pctVal>0.337139224813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Mercedes-Benz Group AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0007100000"/>
        </identifiers>
        <balance>133563.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893200"/>
        <valUSD>7817758.63000000</valUSD>
        <pctVal>1.179153155782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Barclays Mortgage Trust 2022-RPL1</title>
        <cusip>06745CAA8</cusip>
        <identifiers>
          <isin value="US06745CAA80"/>
        </identifiers>
        <balance>1693651.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1677167.39000000</valUSD>
        <pctVal>0.252967290791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="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>2025-07-22</ncom:dateSigned>
      <ncom:nameOfApplicant>Thornburg Income Builder Opportunities Trust</ncom:nameOfApplicant>
      <ncom:signature>Christopher Luckham</ncom:signature>
      <ncom:signerName>Christopher Luckham</ncom:signerName>
      <ncom:title>Manager - Fund Admin</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
