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        <name>Fannie Mae</name>
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        <name>AG Trust</name>
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        <name>Magnit PJSC</name>
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        <name>MIZUHO MARKETS CAYMAN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricolor Auto Securitization T</name>
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        <name>Fannie Mae - CAS</name>
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        <name>MERNA REINSURANCE II LTD</name>
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        <name>Plains All American Pipeline L</name>
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        <name>Energy Transfer LP</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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      <invstOrSec>
        <name>Bank of Ireland Group PLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MERNA REINSURANCE II LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL AIR LEASE CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
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          <isin value="XS2939381724"/>
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        <curCd>USD</curCd>
        <valUSD>8841857.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-26</maturityDt>
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      <invstOrSec>
        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
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          <isin value="US539439AU36"/>
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        <balance>5857000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage S</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust 2024-C28</title>
        <cusip>07336WBA6</cusip>
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          <isin value="US07336WBA62"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-09-15</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DP5B08"/>
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        <balance>7808297.77000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XMRF5</cusip>
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          <isin value="US3140XMRF53"/>
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        <balance>27975937.25000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>MULTIFAMILY CONNECTICUT AVENUE</name>
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        <title>Multifamily Connecticut Avenue Securities Trust 2020-01</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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          <isin value="US3140MW2K18"/>
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          <couponKind>Fixed</couponKind>
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        <name>Gaming and Leisure Properties</name>
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        <name>ACORN RE LTD</name>
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        <title>Acorn Re Ltd</title>
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        <name>US TREASURY N/B</name>
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        <title>United States Treasury Note/Bond</title>
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        <issuerCat>UST</issuerCat>
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        <name>ROYAL BANK OF CANADA</name>
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        <invCountry>CA</invCountry>
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        <name>SECTOR RE V LTD</name>
        <lei>549300QS6XPZQHTCEJ97</lei>
        <title>Sector Re V Ltd</title>
        <cusip>81369AER9</cusip>
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        <balance>3500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>MERNA REINSURANCE II LTD</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd</title>
        <cusip>59013MAM4</cusip>
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          <other otherDesc="SEDOL" value="BSRK3F4"/>
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        <valUSD>1523400.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUTTER RE LTD</name>
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        <title>Sutter Re Ltd</title>
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        <valUSD>512950.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd</title>
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        <valUSD>259925.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Mitsubishi Electric Corp</name>
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          <ticker value="6503"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOMBARDIER INC</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WELLS FARGO BANK NA</name>
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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>
        <debtSec>
          <maturityDt>2025-06-10</maturityDt>
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      <invstOrSec>
        <name>Kia Corp</name>
        <lei>988400V8MJK9N7OI5X76</lei>
        <title>Kia Corp</title>
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          <ticker value="000270"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3133CE7G13"/>
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        <balance>7017154.18000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7255995.51000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477103</cusip>
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          <isin value="US8574771031"/>
          <ticker value="STT"/>
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        <balance>452793.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39891063.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEAR CHANNEL OUTDOOR HO</name>
        <lei>N/A</lei>
        <title>Clear Channel Outdoor Holdings Inc</title>
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        <identifiers>
          <isin value="US18453HAC07"/>
          <other otherDesc="SEDOL" value="BM9NG16"/>
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        <balance>570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>473100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mizuho Markets Cayman LP</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>MIZUHO MARKETS - ADVANCED MICRO DEVICES</title>
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          <isin value="XS3028115478"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14257588.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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          <isin value="US3140NM6Q58"/>
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        <balance>2826144.18000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US31425W2P55"/>
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        <balance>5743568.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5749906.22000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>PHILIPPINE GOVERNMENT</name>
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        <title>Philippine Government Bond</title>
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          <isin value="PHY6972HMW34"/>
          <other otherDesc="SEDOL" value="BQS7PW1"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <title>Fannie Mae Connecticut Avenue Securities</title>
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        <issuerCat>CORP</issuerCat>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings Inc/United States</title>
        <cusip>000000000</cusip>
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        <balance>368200.00000000</balance>
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        <name>CLEAR CHANNEL OUTDOOR HO</name>
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        <name>TORREY PINES RE LTD</name>
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        <name>Aberdeen Asia-Pacific Income Fund Inc</name>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>Tharaldson Hotel Portfolio Tru</name>
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        <name>Freddie Mac</name>
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        <name>SOLOMON RE LTD</name>
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        <name>CANADIAN IMPERIAL BANK</name>
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        <name>2001 CAT RE LTD</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>7851824.51000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MPLX LP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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          <isin value="US20754CAF68"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cascade Funding Mortgage Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Crown Castle Inc</name>
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        <title>Crown Castle Inc</title>
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          <ticker value="CCI"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MYSTIC RE IV LTD</name>
        <lei>N/A</lei>
        <title>Mystic Re IV Ltd</title>
        <cusip>62865LAF4</cusip>
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          <isin value="US62865LAF40"/>
          <other otherDesc="SEDOL" value="BRT7FF0"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SANDERS RE III LTD</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd</title>
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          <isin value="US80000XAA72"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>788320.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-07</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000ITBQFEOXM0S98</lei>
        <title>Freddie Mac STACR REMIC Trust 2020-DNA6</title>
        <cusip>35566CBE4</cusip>
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          <other otherDesc="SEDOL" value="BPSHQP4"/>
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        <balance>2675000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
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        <title>UBS Group AG</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3133CYVB1</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PANGAEA RE 2025-1</name>
        <lei>N/A</lei>
        <title>PANGAEA RE 2025-1</title>
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          <other otherDesc="INTERNAL" value="XILS00688254"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
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          <ticker value="JNJ"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MERION RE 2025-1</name>
        <lei>N/A</lei>
        <title>MERION RE 2025-1</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="XILS00688253"/>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP</title>
        <cusip>60700V108</cusip>
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          <isin value="XS2939381302"/>
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        <balance>338200.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
        <cusip>780099CK1</cusip>
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          <other otherDesc="SEDOL" value="BYRQWJ1"/>
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        <balance>8125000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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        <name>URSA RE LTD</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re Ltd</title>
        <cusip>90323WAL4</cusip>
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          <isin value="US90323WAL46"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1014700.00000000</valUSD>
        <pctVal>0.021534142011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.77913900</annualizedRt>
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        <name>Fannie Mae</name>
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        <name>Advanced Micro Devices Inc</name>
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        <name>Freddie Mac</name>
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        <name>MYSTIC RE IV LTD</name>
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        <name>Pear LLC</name>
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        <name>Santander Bank Auto Credit-Lin</name>
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        <name>DNB Bank ASA</name>
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        <name>CITIGROUP GLOBAL MARKETS</name>
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        <name>Freddie Mac</name>
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        <name>ALAMO RE LTD</name>
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        <name>Rio Tinto PLC</name>
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        <name>FOUR LAKES RE LTD</name>
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        <name>ABN AMRO Bank NV</name>
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        <name>Angel Oak Mortgage REIT Inc</name>
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        <name>THOPAS RE 2023</name>
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        <name>FLOODSMART RE LTD</name>
        <lei>549300KK1LNVFW95S875</lei>
        <title>FloodSmart Re Ltd</title>
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        <name>ROYAL BANK OF CANADA</name>
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        <name>Walton Health Re 2019, 6/30/22</name>
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        <name>Pfizer Inc</name>
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        <name>ABN AMRO BANK NV</name>
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        <name>Cardinal Health Inc</name>
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        <name>Cisco Systems Inc</name>
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        <name>Freddie Mac</name>
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        <name>MIZUHO MARKETS CAYMAN</name>
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        <name>Toronto-Dominion Bank/The</name>
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        <issuerCat>CORP</issuerCat>
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        <name>Fannie Mae</name>
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        <name>HERBIE RE LTD</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>MERNA REINSURANCE II LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MIZUHO MARKETS CAYMAN</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KENDALL RE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <name>Chevron Lubricants Lanka PLC</name>
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        <name>MIZUHO MARKETS CAYMAN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rosy Blue Carat S.A.</name>
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        <name>KILIMANJARO II RE LTD</name>
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        <name>JP MORGAN STRUCTURED PRO</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <balance>1592473.30000000</balance>
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        <invCountry>US</invCountry>
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        <name>MERNA REINSURANCE II LTD</name>
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        <name>Blackbird Capital Aircraft</name>
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        <name>Freddie Mac</name>
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        <name>Rithm Capital Corp</name>
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        <name>MERRILL LYNCH BV</name>
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        <title>Merrill Lynch BV</title>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>AQUILA RE LTD 2023-1</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>US Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Motor Co</name>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FLOODSMART RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tricolor Auto Securitization T</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN STRUCTURED PRO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
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        <name>JPMorgan Chase Bank, NA - CACL</name>
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        <name>BNP PARIBAS ISSUANCE BV</name>
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        <name>Rosneft Oil Co PJSC</name>
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        <name>CLEAR CHANNEL OUTDOOR HOLDINGS INC</name>
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        <title>CLEAR CHANNEL OUTDOOR HO</title>
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        <name>VITALITY RE XIV LTD</name>
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        <name>HSBC BANK PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>Westgate Resorts</name>
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        <name>MIZUHO MARKETS CAYMAN</name>
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        <name>Fannie Mae</name>
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        <name>Freddie Mac - STACR</name>
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        <name>ALAMO RE LTD</name>
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        <name>Viper Energy Inc</name>
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        <name>Hensoldt AG</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fannie Mae</name>
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        <name>RESIDENTIAL RE 21 LTD</name>
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        <name>Freddie Mac</name>
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        <name>PI0051-CHELTENHAM RE 2024</name>
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        <name>Webuild SpA</name>
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        <name>VITALITY RE XIV LTD</name>
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        <name>INTESA SANPAOLO SPA</name>
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        <name>CLEARWATER RE 2025</name>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
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        <name>MIZUHO MARKETS CAYMAN</name>
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        <name>SANDERS RE II LTD</name>
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        <name>Freddie Mac</name>
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        <name>Civitas Resources Inc</name>
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        <name>SCF Equipment Trust Llc</name>
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        <name>Multifamily Connecticut Avenue</name>
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        <name>LOCKE TAVERN RE LTD</name>
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        <name>HSBC BANK PLC</name>
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        <name>RMF Buyout Issuance Trust</name>
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        <name>Fannie Mae</name>
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        <name>LIGHTNING RE SERIES 2023</name>
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        <name>Freddie Mac</name>
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        <name>GALILEO RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac - STACR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Global Mortgage Securitization</name>
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        <name>MIZUHO MARKETS CAYMAN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ManpowerGroup Inc</name>
        <lei>ERO1WSFOSR0JJ6CRQ987</lei>
        <title>ManpowerGroup Inc</title>
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          <isin value="US56418H1005"/>
          <ticker value="MAN"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP</title>
        <cusip>6068FX466</cusip>
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          <isin value="XS2841163566"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FUCHSIA 2024-1 LONDON BR</name>
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        <title>Fuchsia 2024-1 - London Bridge 2 PCC Ltd</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140A6SQ0</cusip>
        <identifiers>
          <isin value="US3140A6SQ00"/>
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        <balance>1863348.98000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP</title>
        <cusip>60700U860</cusip>
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          <isin value="XS2939375759"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN STRUCTURED PRO</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
        <title>JP Morgan Structured Products BV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CRH PLC</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH PLC</title>
        <cusip>000000000</cusip>
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          <ticker value="CRH"/>
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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>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XNNP5</cusip>
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        <balance>7265937.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6166457.73000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>WELLS FARGO BANK NA</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>Wells Fargo Bank NA</title>
        <cusip>95003X773</cusip>
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          <isin value="US95003X7738"/>
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        <balance>105900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9309669.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>18.88000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>RUSSIA GOVT BOND - OFZ</name>
        <lei>5493004EHVGF71PDBU58</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Reach Financial LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FOUR LAKES RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REPUBLIC OF SOUTH AFRICA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EGYPT TREASURY BILL</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Egypt Treasury Bills</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="EGT998036P15"/>
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        <invCountry>EG</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP PARIBAS ISSUANCE BV</name>
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        <title>BNP Paribas Issuance BV</title>
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          <isin value="XS2984347331"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-30</maturityDt>
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        <name>Sino Land Co Ltd</name>
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        <title>Sino Land Co Ltd</title>
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          <isin value="HK0083000502"/>
          <ticker value="83"/>
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        <assetCat>EC</assetCat>
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        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp</title>
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          <isin value="US7591EP1005"/>
          <ticker value="RF"/>
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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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        <name>MIZUHO MARKETS CAYMAN</name>
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          <isin value="XS2771446031"/>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <title>Lloyds Banking Group PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Viribus Re 2019, 12/31/22</name>
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        <invCountry>BM</invCountry>

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        <name>Multifamily Connecticut Avenue</name>
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        <name>Edenred SE</name>
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        <name>Enact Mortgage Insurance Corpo</name>
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        <name>SANDERS RE III LTD</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>MERRILL LYNCH BV</name>
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        <name>Thopas Re 2021, 12/31/24</name>
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        <name>ALAMO RE LTD</name>
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      <invstOrSec>
        <name>Eastern Power LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIO</name>
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        <name>Fannie Mae</name>
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        <name>Avid Automobile Receivables Tr</name>
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        <name>Freddie Mac</name>
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        <name>WELLS FARGO BANK NA</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VIRIBUS RE 2023</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>

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        <name>Freddie Mac - STACR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FOUR LAKES RE LTD</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Nexi SpA</name>
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        <invCountry>IT</invCountry>
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        <name>BRITISH AIR 20-1 B PTT</name>
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        <title>British Airways 2020-1 Class B Pass Through Trust</title>
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        <name>RESIDENTIAL RE 2023 LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TORRICELLI RE 2023</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <name>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>CAL Receivables LLC</name>
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        <name>BSPRT Issuer, Ltd.</name>
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        <name>Fannie Mae</name>
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        <name>Danske Bank A/S</name>
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        <name>TORONTO-DOMINION BANK</name>
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        <name>Barclays Commercial Mortgage S</name>
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        <name>Anheuser-Busch InBev SA/NV</name>
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        <name>TORONTO-DOMINION BANK</name>
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        <name>Fannie Mae</name>
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        <name>SLG Office Trust</name>
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        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>GULLANE RE 2025</name>
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        <name>Freddie Mac</name>
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        <name>RESIDENTIAL RE 2022 LTD</name>
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        <name>Axcelis Technologies Inc</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Santander Bank Auto Credit-Lin</name>
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        <name>Fannie Mae</name>
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        <name>Alpha Services and Holdings SA</name>
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        <name>INTEGRITY RE LTD</name>
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        <name>Freddie Mac - STACR</name>
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        <name>Logista Integral SA</name>
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        <name>CITIGROUP GLOBAL MARKETS</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>23.44000000</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>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2929358625"/>
        </identifiers>
        <balance>242400.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6875239.68000000</valUSD>
        <pctVal>0.145907546694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>25.83000000</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>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USC798606201"/>
        </identifiers>
        <balance>227900.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8970144.00000000</valUSD>
        <pctVal>0.190365974926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.55000000</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>Home Re Ltd</name>
        <lei>N/A</lei>
        <title>Home RE 2023-1 Ltd</title>
        <cusip>43731BAB7</cusip>
        <identifiers>
          <isin value="US43731BAB71"/>
        </identifiers>
        <balance>1270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1308068.38000000</valUSD>
        <pctVal>0.027760057411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.95369000</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"/>
      <explntrNote note="ISO country code not reported for supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios IV</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
