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        <name>Mutual of Omaha Insurance Co</name>
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        <name>KINETIC ABS ISSUER LLC</name>
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        <name>Level 3</name>
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        <name>Americo Life Inc.</name>
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        <name>Rogers Communications Inc.</name>
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        <name>Dryden 37 Senior Loan Fund</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Vista Point Securitization Trust 2024 CES3</name>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sierra Pacific Power Company</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Triton Container International Ltd.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Reinsurance Group of America, Incorporated</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>RGA 5.75 09/15/34</title>
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          <isin value="US759351AS87"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CSC Holdings, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSCHLD 4.125 12/01/30 144A</title>
        <cusip>126307BB2</cusip>
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          <isin value="US126307BB25"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>120017.72000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CTL - AZ BATTERY PROPERTY LLC</name>
        <lei>N/A</lei>
        <title>CTL - AZ BATTERY PROPERTY LLC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BGH8XGSQ0"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99088.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <balance>173000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                    <invOthCountry>US</invOthCountry>
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        <name>THE TORONTO-DOMINION BANK</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LSTAR SECURITIES INVESTMENT 2024-1 LTD</name>
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        <name>Tennessee Valley Authority</name>
        <lei>549300HE1ISW43LNKM54</lei>
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        <name>MB2 DENTAL SOLUTIONS LLC</name>
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        <name>HIGGINBOTHAM 1L DDTL USD UNFUNDED</name>
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        <name>Global Atlantic Finance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nationwide Building Society</name>
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        <name>Foundry JV Holdco LLC.</name>
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        <name>Liquid Tech</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Westpac Banking Corp.</name>
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        <name>Western &amp; Southern Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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            <writtenOrPur>Written</writtenOrPur>
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      <invstOrSec>
        <name>PRPM 2025-RCF3 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TPG Operating Group II LP</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
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        <name>Rocket Companies Inc</name>
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        <name>DAE Funding LLC</name>
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        <name>FIGRE TRUST 2023-HE1</name>
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        <name>CREDIT AGRICOLE SA</name>
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        <name>SUBWAY FUNDING LLC</name>
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        <name>BARCLAYS BANK PLC</name>
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      <invstOrSec>
        <name>BX Trust 2018-Bilt</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Dryden 37 Senior Loan Fund</name>
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        <name>Federal National Mortgage Association</name>
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        <name>GMAC Commercial Military Housing Trust XVIII</name>
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        <name>TD Synnex Corp</name>
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        <name>Societe Generale S.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Brookfield Finance Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Scientific Games Lottery</name>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BSPRT 2025-FL12 ISSUER LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Copeland (Emerson Electrics climate control business)</name>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V6.875 PERP GG</title>
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          <isin value="US17327CBC64"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CERBERUS LOAN FDG XLIV 2024-44</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Southern Co.</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SO V6 04/01/58</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>SVC ABS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Weir Group PLC</name>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>QTS ISSUER ABS I LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
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        <title>SWOP IRS USD</title>
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        <name>MAST 2026-1 LTD / MAST 2026-1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sirius Xm Radio LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRI 4.125 07/01/30 144A</title>
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        <curCd>USD</curCd>
        <valUSD>168538.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Eisner Advisory Group</name>
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        <name>Dryden 37 Senior Loan Fund</name>
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        <name>Altria Group, Inc.</name>
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        <name>HV STRUCTURED SOLUTIONS IV</name>
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        <name>BLUE OWL IV (FKA DYAL IV) SR SEC B</name>
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        <name>Meiji Yasuda Life Insurance Co.</name>
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        <name>Triton Container International Limited / TAL International Container Corporation</name>
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        <name>Targa Resources Corp.</name>
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        <name>NAVIGATOR 2025-1 AVIATION LTD</name>
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        <name>CrossCountry Intermediate HoldCo LLC</name>
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        <name>Servpro Master Issuer Llc</name>
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        <name>Five Guys Funding LLC</name>
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        <name>British Airways PLC</name>
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        <name>GABX Leasing LLC</name>
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        <name>OWL ROCK CLO III LLC</name>
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        <name>GA Global Funding Trust</name>
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        <name>Altria Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FS RIALTO 2025-FL10 ISSUER LLC</name>
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        <name>Golub Capital Partners Clo 69 (M) -R</name>
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        <name>BNP PARIBAS</name>
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        <name>HarbourVest Partners</name>
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        <name>Symetra Life Insurance Co.</name>
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        <name>Pacific Beacon Llc</name>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PacifiCorp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Corpay (fka FleetCor Technologies)</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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      <invstOrSec>
        <name>MPLX LP</name>
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      <invstOrSec>
        <name>Creative Planning</name>
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        <title>Creative Planning Term Loan B 200 2031-05-05</title>
        <cusip>1261MAAE0</cusip>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-19</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GCAT 2025-NQM4 Trust</name>
        <lei>N/A</lei>
        <title>GCAT 2025-NQM4 A2</title>
        <cusip>367923AD1</cusip>
        <identifiers>
          <isin value="US367923AD10"/>
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        <balance>213730.59000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-06-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Loews Corporation</name>
        <lei>R8V1FN4M5ITGZOG7BS19</lei>
        <title>L 4.94 04/01/36</title>
        <cusip>540424AU2</cusip>
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          <isin value="US540424AU23"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>117432.88000000</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>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LEGACY MORTGAGE ASSET TRUST 2021-GS3</name>
        <lei>N/A</lei>
        <title>LMAT 2021-GS3 A1</title>
        <cusip>52474XAA3</cusip>
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          <isin value="US52474XAA37"/>
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        <balance>290564.26000000</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>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Novartis Capital Corporation</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>NOVNVX 5.7 03/18/56</title>
        <cusip>66989HBL1</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>TransDigm</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <cusip>89364MCG7</cusip>
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          <isin value="US89364MCG78"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Brookfield Finance Inc.</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>BNCN 5.675 01/15/35</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.314 01/18/41</title>
        <cusip>61748UAP7</cusip>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V6.5 PERP OO</title>
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        <balance>110000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>TRGP 5.5 02/15/35</title>
        <cusip>87612GAK7</cusip>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Citadel Enterprise</name>
        <lei>549300NV5RXBUS3X7L47</lei>
        <title>Citadel Enterprise Term Loan B 200 2031-10-01</title>
        <cusip>17288YAN2</cusip>
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          <isin value="US17288YAN22"/>
          <other otherDesc="INTERNAL" value="BL4794030"/>
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        <valUSD>195644.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.69961000</annualizedRt>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIGRE TRUST 2024-HE1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LVNV 6.84 6/12/29</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Safehold GL Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS BANK PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Safehold GL Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2025-RRTL1</name>
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        <name>GXO Logistics Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA-30YR</title>
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      <invstOrSec>
        <name>VFH Parent LLC &amp; Valor Co-Issuer Inc.</name>
        <lei>549300FRO9M476YHHY64</lei>
        <title>VIRT 7.5 06/15/31 144A</title>
        <cusip>91824YAA6</cusip>
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        <name>Liberty Mutual Group, Inc.</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
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        <name>WSP Global Inc</name>
        <lei>549300IQ87LU6X6ERQ78</lei>
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        <cusip>92938WAH6</cusip>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Tennessee Valley Authority</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Match Group Holdings II LLC</name>
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        <name>AS MILEAGE PLAN IP LTD</name>
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        <name>GS Mortgage Securities Trust 2020-GC45</name>
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        <name>Nationwide Mutual Insurance Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>TEXTAINER MARINE CONTAINERS VII LTD</name>
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        <name>Avilease Capital Ltd.</name>
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        <name>Oracle Corp.</name>
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        <name>GLP Capital L.P. and GLP Financing II, Inc.</name>
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        <name>BPCE SA</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Telus Corp.</name>
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        <name>Frem Mil Hse Tr 2015-R1</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>BSPDF 2025-FL2 ISSUER LLC</name>
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        <name>GCAT 2023-NQM3 TRUST</name>
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        <name>Ginkgo Bioworks Holdings Inc</name>
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        <name>CAFL 2025-RRTL2 Issuer LP</name>
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      <invstOrSec>
        <name>Figre Trust 2023-HE1</name>
        <lei>N/A</lei>
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          <isin value="US31684UAA97"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68242.17000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Belrose Funding Trust II</name>
        <lei>N/A</lei>
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          <isin value="US08079KAA25"/>
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        <balance>150000.00000000</balance>
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        <valUSD>150236.69000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hunt Companies, Inc.</name>
        <lei>549300ODPWDNCH5TKM49</lei>
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          <isin value="US445587AE85"/>
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        <curCd>USD</curCd>
        <valUSD>187623.32000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sysco Corporation</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>SYY 4.4 07/25/31</title>
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          <isin value="US871829BW61"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96985.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Greensaif Pipelines Bidco S.a r.l.</name>
        <lei>549300YWDGUXPB8GRP47</lei>
        <title>GASBCM 6.1027 08/23/42 144A</title>
        <cusip>39541EAE3</cusip>
        <identifiers>
          <isin value="US39541EAE32"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>198802.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10270000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LIGHTNING 2022-1 A FUNDED</name>
        <lei>N/A</lei>
        <title>LIGHTNING 2022-1 A FUNDED</title>
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          <other otherDesc="INTERNAL" value="BGH7QHKA1"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>379137.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL PLC</name>
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          <other otherDesc="INTERNAL" value="BGHASJDU2"/>
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        <balance>-2913000.00000000</balance>
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        <valUSD>-11087.69000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                    <invOthCountry>US</invOthCountry>
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      <invstOrSec>
        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
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        <valUSD>94400.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARA 4.9 08/15/44</title>
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          <isin value="US124857AK99"/>
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        <balance>132000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82041.70000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>IHS MARKIT LTD</issuerName>
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        <name>HOTWIRE FUNDING LLC</name>
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      <invstOrSec>
        <name>Galaxy Pipeline Assets Bidco Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DRI HEALTHCARE LP</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>Discovery Global Holdings Inc.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Eagle Funding Luxco S.a.r.l.</name>
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        <title>MEXPCP 5.5 08/17/30 144A</title>
        <cusip>26951TAA8</cusip>
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        <curCd>USD</curCd>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-17</maturityDt>
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        <name>Golub Capital Partners CLO 83 M</name>
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        <title>GOCAP 2025-83A B</title>
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          <couponKind>Floating</couponKind>
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        <name>Copeland (Emerson Electrics climate control business)</name>
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        <title>EMRLD BORROWER LP</title>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Prologis Targeted US Logistics Fund LP</name>
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        <title>PLDTLF 4.625 03/15/33 144A</title>
        <cusip>74350LAF1</cusip>
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        <balance>100000.00000000</balance>
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        <valUSD>97247.07000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Minerals Technologies Inc.</name>
        <lei>549300D3I1QU67GP6403</lei>
        <title>MTX 5 07/01/28 144A</title>
        <cusip>603158AA4</cusip>
        <identifiers>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Viper Energy Partners LLC</name>
        <lei>54930010ZZ02MRGRI973</lei>
        <title>VNOM 5.7 08/01/35</title>
        <cusip>92764MAB0</cusip>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176366.75000000</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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          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OXY 5.375 01/01/32</title>
        <cusip>674599EK7</cusip>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152247.41000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>American National Global Funding</name>
        <lei>63540033TQXTOXKK1L93</lei>
        <title>ANGINC 5.25 06/03/30 144A</title>
        <cusip>02771D2B9</cusip>
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          <isin value="US02771D2B95"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2030-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Prpm 2025-7 LLC</name>
        <lei>N/A</lei>
        <title>PRPM 2025-7 A1</title>
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        <name>Grand River Funding Trust II</name>
        <lei>N/A</lei>
        <title>JXN 7.28 02/15/56 144A</title>
        <cusip>38644CAA3</cusip>
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        <name>Sysco Corporation</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>SYY 4.95 03/25/36</title>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>HNI CORP</name>
        <lei>549300SKRADLC4O5HV93</lei>
        <title>HNI CORP</title>
        <cusip>000000000</cusip>
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        <curCd>USD</curCd>
        <valUSD>200497.50000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-10</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>EQH V6.7 03/28/55</title>
        <cusip>29452EAD3</cusip>
        <identifiers>
          <isin value="US29452EAD31"/>
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        <balance>202000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>203856.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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        <name>Taco Bell Funding Llc</name>
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        <name>CMS Energy Corporation</name>
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        <name>LG Energy Solution Ltd.</name>
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        <name>Nippon Life Insurance Co.</name>
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        <name>HF Sinclair Corp.</name>
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        <name>STWD 2025-FL4 LLC</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Kkr Core Holding Company Llc</name>
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        <name>Telus Corp.</name>
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        <name>Carlyle Group Inc</name>
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        <name>BLACKSTONE STRATEGIC CAP HLDNG II</name>
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        <name>Honeywell Aerospace Inc.</name>
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        <name>SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 2007-NC2</name>
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        <name>Sunoco LP</name>
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        <name>Spire Inc</name>
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        <name>American Electric Power Co, Inc.</name>
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        <name>WEC Energy Group Inc.</name>
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        <name>JEFFERIES CREDIT PARTNERS DIRECT LENDING CLO 2025-1 LTD</name>
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        <name>BNP PARIBAS</name>
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        <name>LOANCORE 2025-CRE9 ISSUER LLC</name>
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        <name>THE TORONTO-DOMINION BANK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Electric Power Co, Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Maple Grove Funding Trust I</name>
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        <name>Bell Canada</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FS KKR Capital Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SWITCH ABS ISSUER LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>THE TORONTO-DOMINION BANK</name>
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        <name>CASTLELAKE AIRCRAFT STRUCTURED TRUST 2025-3</name>
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        <name>Citigroup Inc.</name>
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        <name>Fortitude Group Holdings LLC</name>
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        <name>TRICON RESIDENTIAL 2024-SFR3 TRUST</name>
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        <name>Cushman &amp; Wakefield U S Borrower LLC</name>
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        <title>CWK 6.75 05/15/28 144A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ILLINOIS ST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vontier Corporation</name>
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      <invstOrSec>
        <name>Bombardier Recreational Products</name>
        <lei>549300DZZJW11IMTMJ24</lei>
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        <cusip>09776MAT1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Brooklyn Union Gas Company</name>
        <lei>83BQ1DXS6VA5GZFK8S35</lei>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Altice France SAS</name>
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          <isin value="US02090DAD03"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BDS 2025-FL16 LLC</name>
        <lei>N/A</lei>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUBWAY FUNDING LLC</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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        <name>CVS Health Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Telus Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cox Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD</name>
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        <fairValLevel>3</fairValLevel>
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        <name>FORTRESS CREDIT BSL XV LTD</name>
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        <name>Jane Street Group</name>
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        <name>Tennessee Valley Authority</name>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE T</name>
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        <name>Oneok Inc.</name>
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        <name>United States Treasury Notes</name>
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        <name>IMPERIAL FUND MORTGAGE TRUST 2022-NQM2</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>Greensaif Pipelines Bidco S.a r.l.</name>
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        <name>Plains All American Pipeline L.P.</name>
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        <name>Globe Life Inc</name>
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        <name>United Wholesale Mortgage LLC</name>
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      <invstOrSec>
        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM1</name>
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        <name>TransMontaigne</name>
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        <name>First Franklin Mortgage Loan Trust</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>Station Place Securitization T</name>
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        <name>NYMT Loan Trust 2025-INV2</name>
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        <name>FIGRE TRUST 2025-HE1</name>
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        <name>KREF 2021-Fl2 Ltd.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Nassau Companies Of New York</name>
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        <name>THE TORONTO-DOMINION BANK</name>
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        <name>United States Treasury Notes</name>
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        <name>Selective Insurance Group Inc.</name>
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        <name>Home Eqty Ln Tst</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS BANK PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Stewart Information Services Corporation</name>
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        <name>TRTX 2025-FL6 ISSUER LTD</name>
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        <name>Cheniere Energy Partners Lp</name>
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        <name>Nippon Life Insurance Co.</name>
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          <isin value="US654579AH48"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wilton Re Limited</name>
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          <isin value="US97263CAA99"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CERBERUS LOAN FUNDING 50 LLC</name>
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        <name>McGraw-Hill Education Inc.</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>Alumina Pty Ltd.</name>
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        <name>CASTLELAKE AIRCRAFT STRUCTURED TRUS</name>
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        <name>Westpac Banking Corp.</name>
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        <name>AITX FINCO LLC</name>
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        <name>PetSmart</name>
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        <name>Bcred CLO 2026-1 LLC</name>
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        <name>MIDCAP FUNDING XLVI TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Whirlpool Corp.</name>
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        <name>VANTAGE DATA CENTERS ISSUER LLC</name>
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        <name>Dreyfus Treasury Obligations Cash Management</name>
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        <name>Legacy Mortgage Trust 2018-Rpl5</name>
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        <name>FIGRE TRUST 2023-HE1</name>
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        <name>Citigroup Inc.</name>
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        <name>BXMT 2020-FL2 LTD</name>
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        <name>American National Group Inc.</name>
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        <name>BRSP 2024-FL2 LTD</name>
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        <name>Rogers Communications Inc.</name>
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        <name>Jefferies Financial Group Inc</name>
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        <name>State Street Corp.</name>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>Global Payments Inc</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GPN 5.2 11/15/32</title>
        <cusip>37940XAX0</cusip>
        <identifiers>
          <isin value="US37940XAX03"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58242.39000000</valUSD>
        <pctVal>0.030502812921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</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>AMERIQUEST MORTGAGE SECURITIES SERIES 2006-M3 INC</name>
        <lei>N/A</lei>
        <title>Ameriquest Mortgage Securities Trust 2006-M3</title>
        <cusip>03076MAD6</cusip>
        <identifiers>
          <isin value="US03076MAD65"/>
        </identifiers>
        <balance>1916046.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576559.63000000</valUSD>
        <pctVal>0.301956882813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.95303000</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>FS Investments (Franklin Square Capital)</name>
        <lei>N/A</lei>
        <title>FS Investments (Franklin Square Capital) Term Loan B 225 2031-04-14</title>
        <cusip>30259HAG2</cusip>
        <identifiers>
          <isin value="US30259HAG20"/>
          <other otherDesc="INTERNAL" value="BL4638534"/>
        </identifiers>
        <balance>248734.17720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207693.04000000</valUSD>
        <pctVal>0.108773385574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.91774000</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>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 1.875 02/15/41</title>
        <cusip>912810SW9</cusip>
        <identifiers>
          <isin value="US912810SW99"/>
        </identifiers>
        <balance>2820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1953621.10000000</valUSD>
        <pctVal>1.023154079578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Encore Capital Group Inc.</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>ECPG 6.625 04/15/31 144A</title>
        <cusip>292554AS1</cusip>
        <identifiers>
          <isin value="US292554AS19"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199000.00000000</valUSD>
        <pctVal>0.104220650481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</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>OBRA LONGEVITY RFF CL A NTS FUNDED</name>
        <lei>N/A</lei>
        <title>OBRA LONGEVITY RFF CL A NTS FUNDED</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BGH95HAS2"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>466891.84000000</valUSD>
        <pctVal>0.244521463664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.47800000</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>SERVICEMASTER FUNDING LLC</name>
        <lei>N/A</lei>
        <title>SERV 2020-1 A2II</title>
        <cusip>81761TAC9</cusip>
        <identifiers>
          <isin value="US81761TAC99"/>
        </identifiers>
        <balance>234475.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>208246.47000000</valUSD>
        <pctVal>0.109063228964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.33700000</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>JOL Air Limited</name>
        <lei>549300TS4MUGCDXPW498</lei>
        <title>JOLAR 2019-1 A</title>
        <cusip>46651NAA2</cusip>
        <identifiers>
          <isin value="US46651NAA28"/>
        </identifiers>
        <balance>238089.27000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>237755.95000000</valUSD>
        <pctVal>0.124517988767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.96700000</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>Jefferies Financial Group Inc</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>JEF 6.25 01/15/36</title>
        <cusip>472319AC6</cusip>
        <identifiers>
          <isin value="US472319AC60"/>
        </identifiers>
        <balance>17000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17232.93000000</valUSD>
        <pctVal>0.009025262182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Guggenheim Variable Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
