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      <invstOrSec>
        <name>Essential Utilities, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Matterhorn Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vornado Realty LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Resorts World Las Vegas LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GCAT Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-04-25</maturityDt>
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        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
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        <balance>1710000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <balance>830000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Lending Funding Trust</name>
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          <maturityDt>2031-04-21</maturityDt>
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      <invstOrSec>
        <name>Foundation Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Foundation Re IV Ltd., Series A</title>
        <cusip>349939AB4</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordea Bank Abp</name>
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        <title>Nordea Bank Abp</title>
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        <balance>450000.00000000</balance>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3137H1RQ15"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-25</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Republic of Chile</name>
        <lei>549300FLZTJM5YJF8D34</lei>
        <title>Republic of Chile</title>
        <cusip>N/A</cusip>
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        <balance>2215000.00000000</balance>
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        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Windrose Re Ltd.</name>
        <lei>N/A</lei>
        <title>Windrose Re Ltd., Series A</title>
        <cusip>972917AA6</cusip>
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          <isin value="US972917AA67"/>
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        <balance>500000.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
        <cusip>126307BN6</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>11.75000000</annualizedRt>
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      <invstOrSec>
        <name>ION Platform Finance US, Inc.</name>
        <lei>N/A</lei>
        <title>ION Platform Finance US, Inc.</title>
        <cusip>46206AAF9</cusip>
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        <balance>2485000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Aquila Re I Ltd.</name>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
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        <name>Cousins Properties LP</name>
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        <name>Home Re Ltd.</name>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GreenSky Home Improvement Issuer Trust</name>
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        <name>River Rock Entertainment Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Mexican States</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Lseg US Fin Corp.</name>
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        <name>Mayflower Re Ltd.</name>
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        <name>Republic of Indonesia</name>
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        <name>Columbia Pipelines Holding Co. LLC</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <name>Oracle Corp.</name>
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        <name>Eversource Energy</name>
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        <name>Nippon Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Abbott Laboratories</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eversource Energy</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Borr IHC Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Herbie Re Ltd.</name>
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        <name>Hyundai Capital America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allianz SE</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Blackbird Capital II Aircraft Lease Ltd.</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Vista Point Securitization Trust</name>
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        <name>Mona Lisa Re Ltd.</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Fuchsia - London Bridge 2 PCC Ltd.</name>
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        <name>Solomon Re Ltd.</name>
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        <name>Global Aircraft Leasing Co. Ltd.</name>
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        <title>Global Aircraft Leasing Co. Ltd.</title>
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        <invCountry>KY</invCountry>
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        <name>Octane Receivables Trust</name>
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        <name>Republic of Chile</name>
        <lei>549300FLZTJM5YJF8D34</lei>
        <title>Republic of Chile</title>
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        <name>Sanders Re III Ltd.</name>
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        <name>Avianca Midco 2 plc</name>
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        <name>United Mexican States</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meiji Yasuda Life Insurance Co.</name>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cape Lookout Re Ltd.</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Macquarie Bank Ltd.</name>
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        <name>GNMA</name>
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        <name>GNMA</name>
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        <name>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
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        <name>Towd Point Mortgage Trust</name>
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        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <balance>375000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AREIT</name>
        <lei>N/A</lei>
        <title>AREIT, Series 2025-CRE11, Class A</title>
        <cusip>04002DAA9</cusip>
        <identifiers>
          <isin value="US04002DAA90"/>
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        <balance>2240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2244093.82000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UniCredit SpA</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit SpA</title>
        <cusip>904678AF6</cusip>
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          <isin value="US904678AF64"/>
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        <balance>1760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1770875.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.86100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
        <cusip>639057AQ1</cusip>
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          <isin value="US639057AQ15"/>
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        <balance>595000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>644103.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2023 Ltd.</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2023 Ltd., Series 3</title>
        <cusip>76090WAB6</cusip>
        <identifiers>
          <isin value="US76090WAB63"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>258575.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.26000160</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-140</title>
        <cusip>38382XYK5</cusip>
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          <isin value="US38382XYK52"/>
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        <balance>2104761.34540000</balance>
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        <curCd>USD</curCd>
        <valUSD>207983.47000000</valUSD>
        <pctVal>0.043598859293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Residential Reinsurance 2023 Ltd.</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2023 Ltd., Series 5</title>
        <cusip>76090WAC4</cusip>
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          <isin value="US76090WAC47"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>260075.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.52999920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd., Series AA</title>
        <cusip>36779CAG1</cusip>
        <identifiers>
          <isin value="US36779CAG15"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254050.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.46000080</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
        <lei>5493000PGBS1C22ELQ16</lei>
        <title>Element Fleet Management Corp.</title>
        <cusip>286181AP7</cusip>
        <identifiers>
          <isin value="US286181AP72"/>
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        <balance>1815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1831704.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.03700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Summit Midstream Holdings LLC</name>
        <lei>N/A</lei>
        <title>Summit Midstream Holdings LLC</title>
        <cusip>86614JAA3</cusip>
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          <isin value="US86614JAA34"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1542693.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891AEA1</cusip>
        <identifiers>
          <isin value="US44891AEA16"/>
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        <balance>810000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>796489.38000000</valUSD>
        <pctVal>0.166965328578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="791781.90000000"/>
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      <invstOrSec>
        <name>Verisk Analytics, Inc.</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>Verisk Analytics, Inc.</title>
        <cusip>92345YAP1</cusip>
        <identifiers>
          <isin value="US92345YAP16"/>
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        <balance>545000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535935.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Commercial Metals Co.</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co.</title>
        <cusip>201723AS2</cusip>
        <identifiers>
          <isin value="US201723AS24"/>
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        <balance>465000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>460111.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Research-Driven Pagaya Motor Asset Trust</name>
        <lei>N/A</lei>
        <title>Research-Driven Pagaya Motor Asset Trust, Series 2025-3A, Class A2</title>
        <cusip>76090QAB9</cusip>
        <identifiers>
          <isin value="US76090QAB95"/>
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        <balance>1410000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1417698.04000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.14900000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WOM Mobile SA</name>
        <lei>549300T600VUO0QJ3063</lei>
        <title>WOM Mobile SA</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="AHY9997X9"/>
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        <balance>579.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8685.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SLG Office Trust</name>
        <lei>N/A</lei>
        <title>SLG Office Trust, Series 2026-OMA, Class F</title>
        <cusip>78451FAL0</cusip>
        <identifiers>
          <isin value="US78451FAL04"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>953904.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4791</title>
        <cusip>3137F5A74</cusip>
        <identifiers>
          <isin value="US3137F5A748"/>
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        <balance>328660.11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53721.17000000</valUSD>
        <pctVal>0.011261384050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Petroleum Corp.</name>
        <lei>54930025D80LU0SMR645</lei>
        <title>International Petroleum Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0013671107"/>
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        <balance>720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>730854.17000000</valUSD>
        <pctVal>0.153206445310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd., Series C</title>
        <cusip>096003AE8</cusip>
        <identifiers>
          <isin value="US096003AE82"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>245975.00000000</valUSD>
        <pctVal>0.051562893025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bonanza RE Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-07</maturityDt>
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      <invstOrSec>
        <name>Kendall Re Ltd.</name>
        <lei>N/A</lei>
        <title>Kendall Re Ltd., Series A</title>
        <cusip>48878QAD2</cusip>
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          <isin value="US48878QAD25"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256250.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-30</maturityDt>
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      <invstOrSec>
        <name>HTL Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>HTL Commercial Mortgage Trust, Series 2024-T53, Class D</title>
        <cusip>404300AG0</cusip>
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          <isin value="US404300AG03"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Preference, Series L</title>
        <cusip>14040H758</cusip>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401AAZ4</cusip>
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          <isin value="US05401AAZ49"/>
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        <balance>545000.00000000</balance>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 5141, Class IJ</title>
        <cusip>3137H22E3</cusip>
        <identifiers>
          <isin value="US3137H22E35"/>
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        <balance>521411.80000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59123.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>3264 re Ltd.</name>
        <lei>N/A</lei>
        <title>3264 re Ltd., Series B</title>
        <cusip>88577CAJ0</cusip>
        <identifiers>
          <isin value="US88577CAJ09"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248325.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.54060120</annualizedRt>
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      <invstOrSec>
        <name>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
        <cusip>00973RAQ6</cusip>
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        <balance>2483000.00000000</balance>
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        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>529900FDW9QWEZPAFE21</lei>
        <title>J.P. Morgan Mortgage Trust, Series 2025-HE3, Class A1</title>
        <cusip>46660CAA5</cusip>
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          <isin value="US46660CAA53"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Commonwealth RE Ltd.</name>
        <lei>N/A</lei>
        <title>Commonwealth RE Ltd., Series A</title>
        <cusip>203235AB2</cusip>
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          <isin value="US203235AB20"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>502550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.41700080</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-213, Class EI</title>
        <cusip>38383FMY6</cusip>
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          <isin value="US38383FMY69"/>
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        <balance>372391.56000000</balance>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC STACR Trust</name>
        <lei>5493005RUXPCBST1N217</lei>
        <title>FHLMC STACR Trust, Series 2018-HQA2, Class B2</title>
        <cusip>35563XBE1</cusip>
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        <balance>2800000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BHG Securitization Trust</name>
        <lei>N/A</lei>
        <title>BHG Securitization Trust, Series 2023-B, Class C</title>
        <cusip>08862GAC8</cusip>
        <identifiers>
          <isin value="US08862GAC87"/>
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        <balance>2270000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Borr IHC Ltd.</name>
        <lei>N/A</lei>
        <title>Borr IHC Ltd.</title>
        <cusip>100018AA8</cusip>
        <identifiers>
          <isin value="US100018AA89"/>
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        <balance>362804.86800000</balance>
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        <curCd>USD</curCd>
        <valUSD>371737.56000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust ACES</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Mortgage Trust ACES, Series 2026-ACES1, Class B1</title>
        <cusip>46664MBS9</cusip>
        <identifiers>
          <isin value="US46664MBS98"/>
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        <balance>2200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2189306.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.50300040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Issuer Trust, Series 2021-4A, Class E</title>
        <cusip>36263DAE7</cusip>
        <identifiers>
          <isin value="US36263DAE76"/>
        </identifiers>
        <balance>1640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1637771.73000000</valUSD>
        <pctVal>0.343320453358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.43000000</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>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2024-4A, Class E</title>
        <cusip>30166UAG5</cusip>
        <identifiers>
          <isin value="US30166UAG58"/>
        </identifiers>
        <balance>1480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1518134.12000000</valUSD>
        <pctVal>0.318241232761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.65000000</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>Tricon American Homes</name>
        <lei>N/A</lei>
        <title>Tricon American Homes, Series 2020-SFR1, Class F</title>
        <cusip>89613GAF3</cusip>
        <identifiers>
          <isin value="US89613GAF37"/>
        </identifiers>
        <balance>980000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>976301.58000000</valUSD>
        <pctVal>0.204658741459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88200000</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>HTL Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>HTL Commercial Mortgage Trust, Series 2024-T53, Class C</title>
        <cusip>404300AE5</cusip>
        <identifiers>
          <isin value="US404300AE54"/>
        </identifiers>
        <balance>410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>413721.32000000</valUSD>
        <pctVal>0.086726976992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.08765840</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4988, Class IL</title>
        <cusip>3137FUPG3</cusip>
        <identifiers>
          <isin value="US3137FUPG36"/>
        </identifiers>
        <balance>443094.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81403.82000000</valUSD>
        <pctVal>0.017064402734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STACR Trust</name>
        <lei>549300YG8OJES76WL398</lei>
        <title>STACR Trust, Series 2018-HRP2, Class B2</title>
        <cusip>35564ACC3</cusip>
        <identifiers>
          <isin value="US35564ACC36"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2416293.40000000</valUSD>
        <pctVal>0.506519272703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.27637960</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>FHLMC STACR REMIC Trust</name>
        <lei>5493000ITBQFEOXM0S98</lei>
        <title>FHLMC STACR REMIC Trust, Series 2020-DNA6, Class B2</title>
        <cusip>35566CBE4</cusip>
        <identifiers>
          <isin value="US35566CBE49"/>
        </identifiers>
        <balance>2115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2458838.30000000</valUSD>
        <pctVal>0.515437813724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.31190040</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>Resorts World Las Vegas LLC</name>
        <lei>N/A</lei>
        <title>Resorts World Las Vegas LLC</title>
        <cusip>76120HAC1</cusip>
        <identifiers>
          <isin value="US76120HAC16"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>315354.04000000</valUSD>
        <pctVal>0.066106582497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="320318.99000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797TJ6</cusip>
        <identifiers>
          <isin value="US912797TJ68"/>
        </identifiers>
        <balance>14000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13971782.16000000</valUSD>
        <pctVal>2.928856627287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-21</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>Talen Energy Supply LLC</title>
        <cusip>87422VAN8</cusip>
        <identifiers>
          <isin value="US87422VAN82"/>
        </identifiers>
        <balance>830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>835752.51000000</valUSD>
        <pctVal>0.175195923444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Hundred Acre Wood Trust</name>
        <lei>N/A</lei>
        <title>Hundred Acre Wood Trust, Series 2021-INV1, Class AX1</title>
        <cusip>44590HBJ4</cusip>
        <identifiers>
          <isin value="US44590HBJ41"/>
        </identifiers>
        <balance>23266284.21000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>312819.84000000</valUSD>
        <pctVal>0.065575346869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.23166000</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>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F032641</cusip>
        <identifiers>
          <isin value="US01F0326417"/>
        </identifiers>
        <balance>14400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13199674.03000000</valUSD>
        <pctVal>2.767002256267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Morgan Stanley Bank of America Merrill Lynch Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class D</title>
        <cusip>61690FAB9</cusip>
        <identifiers>
          <isin value="US61690FAB94"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002980.00000000</valUSD>
        <pctVal>0.210251246862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.97005840</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>Woodside Finance Ltd.</name>
        <lei>254900AIZKU6TGRRNZ98</lei>
        <title>Woodside Finance Ltd.</title>
        <cusip>980236AV5</cusip>
        <identifiers>
          <isin value="US980236AV51"/>
        </identifiers>
        <balance>1105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1151524.71000000</valUSD>
        <pctVal>0.241390163384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1171281.44000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
        <lei>N/A</lei>
        <title>Velocity Commercial Capital Loan Trust, Series 2025-5, Class A</title>
        <cusip>92262KAA3</cusip>
        <identifiers>
          <isin value="US92262KAA34"/>
        </identifiers>
        <balance>1654622.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1639551.34000000</valUSD>
        <pctVal>0.343693506880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.32000080</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>Topanga Re Ltd.</name>
        <lei>N/A</lei>
        <title>Topanga Re Ltd., Series A</title>
        <cusip>89055TAD5</cusip>
        <identifiers>
          <isin value="US89055TAD54"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497700.00000000</valUSD>
        <pctVal>0.104331138770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.30999880</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>Minerva Luxembourg SA</name>
        <lei>222100NM3G3RCPGZ2Z17</lei>
        <title>Minerva Luxembourg SA</title>
        <cusip>603374AF6</cusip>
        <identifiers>
          <isin value="US603374AF69"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>565864.56000000</valUSD>
        <pctVal>0.118620240977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967QJ3</cusip>
        <identifiers>
          <isin value="US172967QJ33"/>
        </identifiers>
        <balance>3545000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3547659.57000000</valUSD>
        <pctVal>0.743683670698</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vistra Operations Co. LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co. LLC</title>
        <cusip>92840VAZ5</cusip>
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          <isin value="US92840VAZ58"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>415732.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RCKTL</name>
        <lei>N/A</lei>
        <title>RCKTL, Series 2025-2A, Class D</title>
        <cusip>74939HAD5</cusip>
        <identifiers>
          <isin value="US74939HAD52"/>
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        <balance>1120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1108872.02000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Corp. Nacional del Cobre de Chile</name>
        <lei>549300UVMBCBCIPSUI70</lei>
        <title>Corp. Nacional del Cobre de Chile</title>
        <cusip>21987BBM9</cusip>
        <identifiers>
          <isin value="US21987BBM90"/>
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        <balance>765000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>810150.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.78000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Federative Republic of Brazil</title>
        <cusip>105756CQ1</cusip>
        <identifiers>
          <isin value="US105756CQ19"/>
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        <balance>3945000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3864127.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-213, Class NI</title>
        <cusip>38383FLE1</cusip>
        <identifiers>
          <isin value="US38383FLE15"/>
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        <balance>548692.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67192.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>984500BADC7CFE3B0756</lei>
        <title>Verus Securitization Trust, Series 2023-5, Class B2</title>
        <cusip>924934AF9</cusip>
        <identifiers>
          <isin value="US924934AF96"/>
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        <balance>340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>339404.01000000</valUSD>
        <pctVal>0.071148094969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.96972320</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Old National Bancorp</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>Old National Bancorp</title>
        <cusip>68003DAA3</cusip>
        <identifiers>
          <isin value="US68003DAA37"/>
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        <balance>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>258744.04000000</valUSD>
        <pctVal>0.054239622951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.76800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VRTX Trust</name>
        <lei>N/A</lei>
        <title>VRTX Trust, Series 2025-HQ, Class C</title>
        <cusip>91835XAE7</cusip>
        <identifiers>
          <isin value="US91835XAE76"/>
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        <balance>320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>318845.66000000</valUSD>
        <pctVal>0.066838518785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.92149960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>African Export-Import Bank (The)</name>
        <lei>549300LNCLMO3ITVCU07</lei>
        <title>African Development Bank</title>
        <cusip>008281BK2</cusip>
        <identifiers>
          <isin value="US008281BK24"/>
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        <balance>2366000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2304386.33000000</valUSD>
        <pctVal>0.483060578612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
        <cusip>30303M8Y1</cusip>
        <identifiers>
          <isin value="US30303M8Y18"/>
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        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1161004.64000000</valUSD>
        <pctVal>0.243377408496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1177905.91000000"/>
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      <invstOrSec>
        <name>Avis Budget Rental Car Funding AESOP LLC</name>
        <lei>IHXLB8SL0QWSSG2VG640</lei>
        <title>Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class C</title>
        <cusip>05377RJA3</cusip>
        <identifiers>
          <isin value="US05377RJA32"/>
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        <balance>540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>553752.67000000</valUSD>
        <pctVal>0.116081267145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.48000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series B</title>
        <cusip>011395AP5</cusip>
        <identifiers>
          <isin value="US011395AP50"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>258750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.94400080</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>9845008F97BFO762AF95</lei>
        <title>Verus Securitization Trust, Series 2023-INV3, Class B2</title>
        <cusip>92540CAF4</cusip>
        <identifiers>
          <isin value="US92540CAF41"/>
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        <balance>580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>583689.90000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.16168960</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development, Series A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2799645515"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.85255760</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Flagstar Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Flagstar Mortgage Trust, Series 2021-4, Class AX1</title>
        <cusip>33852FBA3</cusip>
        <identifiers>
          <isin value="US33852FBA30"/>
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        <balance>73671352.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>928494.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.20377080</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd., Series B</title>
        <cusip>57839MAB4</cusip>
        <identifiers>
          <isin value="US57839MAB46"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>505750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.02300120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd., Series A</title>
        <cusip>096003AC2</cusip>
        <identifiers>
          <isin value="US096003AC27"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251150.00000000</valUSD>
        <pctVal>0.052647710472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.00999920</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="TYM6COS"/>
          <other otherDesc="Future Ticker" value="TYM6 Comdty"/>
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        <curCd>USD</curCd>
        <valUSD>119306.81000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="TYM6 Comdty"/>
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            <expDate>2026-06-18</expDate>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2</title>
        <cusip>20754RAJ5</cusip>
        <identifiers>
          <isin value="US20754RAJ59"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1530682.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Farmers Exchange Capital III</name>
        <lei>N/A</lei>
        <title>Farmers Exchange Capital III</title>
        <cusip>30958QAA9</cusip>
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          <isin value="US30958QAA94"/>
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        <balance>2010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1815420.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.45400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Long Point Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Long Point Re IV Ltd., Series 2022</title>
        <cusip>54279PAA3</cusip>
        <identifiers>
          <isin value="US54279PAA30"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>450495.00000000</valUSD>
        <pctVal>0.094435717018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.80999840</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd., Series B</title>
        <cusip>096003AB4</cusip>
        <identifiers>
          <isin value="US096003AB44"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254075.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.49999840</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LoanCore Issuer Ltd.</name>
        <lei>N/A</lei>
        <title>LoanCore Issuer Ltd., Series 2022-CRE7, Class A</title>
        <cusip>53946PAA8</cusip>
        <identifiers>
          <isin value="US53946PAA84"/>
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        <balance>283805.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>283645.85000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.22222840</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OneMain Finance Corp.</title>
        <cusip>682691AM2</cusip>
        <identifiers>
          <isin value="US682691AM29"/>
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        <balance>1975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1887953.81000000</valUSD>
        <pctVal>0.395765262091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BHG Securitization Trust</name>
        <lei>N/A</lei>
        <title>BHG Securitization Trust, Series 2022-C, Class E</title>
        <cusip>08860DAE3</cusip>
        <identifiers>
          <isin value="US08860DAE31"/>
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        <balance>830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>879099.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.73000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Windrose Re Ltd.</name>
        <lei>N/A</lei>
        <title>Windrose Re Ltd., Series B</title>
        <cusip>972917AB4</cusip>
        <identifiers>
          <isin value="US972917AB41"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250650.00000000</valUSD>
        <pctVal>0.052542897192</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.67924960</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLT Mortgage Loan Trust</name>
        <lei>213800S6EGXVNRKXHN58</lei>
        <title>COLT Mortgage Loan Trust, Series 2025-5, Class B1</title>
        <cusip>19689AAE5</cusip>
        <identifiers>
          <isin value="US19689AAE55"/>
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        <balance>470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>477178.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.43900040</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bobl</title>
        <cusip>N/A</cusip>
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          <isin value="DE000F2Y2EZ8"/>
          <other otherDesc="Future Ticker" value="OEM6 Comdty"/>
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        <balance>-11.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Eurex Clearing</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="OEM6 Comdty"/>
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            <expDate>2026-06-08</expDate>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VRTX Trust</name>
        <lei>N/A</lei>
        <title>VRTX Trust, Series 2025-HQ, Class D</title>
        <cusip>91835XAG2</cusip>
        <identifiers>
          <isin value="US91835XAG25"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>321245.02000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-05</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Handshake Re Ltd.</name>
        <lei>N/A</lei>
        <title>Handshake Re Ltd., Series A</title>
        <cusip>410290AA8</cusip>
        <identifiers>
          <isin value="US410290AA81"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>397080.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-08</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC STACR Trust</name>
        <lei>549300KB1O80CETXGJ21</lei>
        <title>FHLMC STACR Trust, Series 2019-DNA3, Class B2</title>
        <cusip>35564TBE9</cusip>
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          <isin value="US35564TBE91"/>
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        <balance>1360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1507782.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.92637880</annualizedRt>
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      <invstOrSec>
        <name>MC Brazil Downstream Trading SARL</name>
        <lei>213800T2A7R9TYNXZI63</lei>
        <title>MC Brazil Downstream Trading SARL</title>
        <cusip>55292WAA8</cusip>
        <identifiers>
          <isin value="US55292WAA80"/>
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        <balance>796522.17300000</balance>
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        <curCd>USD</curCd>
        <valUSD>717905.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re Ltd., Series D-1</title>
        <cusip>49407QAM0</cusip>
        <identifiers>
          <isin value="US49407QAM06"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257000.00000000</valUSD>
        <pctVal>0.053874025846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.04060160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc.</title>
        <cusip>174610BK0</cusip>
        <identifiers>
          <isin value="US174610BK00"/>
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        <balance>175000.00000000</balance>
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        <name>Enbridge, Inc.</name>
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        <name>Danaos Corp.</name>
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        <name>Novartis Capital Corp.</name>
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        <title>Novartis Capital Corp.</title>
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        <name>Home RE Ltd.</name>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <name>WEC Energy Group, Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
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        <name>US Bancorp</name>
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        <name>LoanCore Issuer LLC</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>Oracle Corp.</name>
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        <name>Galileo Re Ltd.</name>
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        <name>Citadel Securities Global Holdings LLC</name>
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        <name>GNMA</name>
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        <name>A&amp;D Mortgage Trust</name>
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        <name>Societe Generale SA</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Bridge Street Re Ltd.</name>
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        <name>Grupo Aeromexico SAB de CV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Saluda Grade Alternative Mortgage Trust</name>
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      <invstOrSec>
        <name>Locke Tavern Re Ltd.</name>
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        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sotera Health Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hanwha Life Insurance Co. Ltd.</name>
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        <name>GNMA</name>
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        <name>Jane Street Group</name>
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        <name>BSPRT Issuer LLC</name>
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        <name>JPMDB Commercial Mortgage Securities Trust</name>
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        <name>Atlas Capital DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
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        <name>Aquila Re I Ltd.</name>
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        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
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        <name>Carnival Corp.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp.</title>
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      </invstOrSec>
      <invstOrSec>
        <name>Kinetic Advantage Master Owner Trust</name>
        <lei>N/A</lei>
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        <cusip>49462DAE9</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Credit Acceptance Receivables Trust</name>
        <lei>N/A</lei>
        <title>American Credit Acceptance Receivables Trust, Series 2025-4, Class D</title>
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          <isin value="US024948AG64"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>254900V4GL9A5JTVB991</lei>
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        <cusip>10568VAA2</cusip>
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          <isin value="US10568VAA26"/>
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        <balance>1634753.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1635459.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2072-09-25</maturityDt>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US89141WAH51"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-07</maturityDt>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2021-SFR8, Class G</title>
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          <isin value="US74333TAQ22"/>
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        <balance>2100000.00000000</balance>
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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>2038-10-17</maturityDt>
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      <invstOrSec>
        <name>Morgan Stanley Bank of America Merrill Lynch Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33, Class D</title>
        <cusip>61767CAC2</cusip>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35600000</annualizedRt>
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      <invstOrSec>
        <name>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>Santander Holdings USA, Inc.</title>
        <cusip>80282KBL9</cusip>
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          <isin value="US80282KBL98"/>
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        <balance>1900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1987196.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.34200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Topanga Re Ltd.</name>
        <lei>N/A</lei>
        <title>Topanga Re Ltd., Series B</title>
        <cusip>89055TAE3</cusip>
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          <isin value="US89055TAE38"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248675.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.30999960</annualizedRt>
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      <invstOrSec>
        <name>Venture Global Plaquemines LNG LLC</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>Venture Global Plaquemines LNG LLC</title>
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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>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
        <cusip>N/A</cusip>
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          <isin value="ES0840609038"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>Brightstar Lottery plc</name>
        <lei>N/A</lei>
        <title>Brightstar Lottery plc</title>
        <cusip>108922AA3</cusip>
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          <isin value="US108922AA38"/>
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        <balance>1115000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>COPT Defense Properties LP</name>
        <lei>H0TWO5VRNEP6CQAWPX27</lei>
        <title>COPT Defense Properties LP</title>
        <cusip>22003BAP1</cusip>
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        <balance>3150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2665309.97000000</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>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Omnicom Group, Inc.</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>Omnicom Group, Inc.</title>
        <cusip>681919BW5</cusip>
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          <isin value="US681919BW57"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2539500.11000000</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>2033-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bayou Re Ltd., Series B</title>
        <cusip>07304LAB7</cusip>
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          <isin value="US07304LAB71"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-26</maturityDt>
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          <annualizedRt>22.60400040</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>549300XWC4JMK6CH6K84</lei>
        <title>FHLMC Multifamily Structured Credit Risk, Series 2021-MN1, Class M2</title>
        <cusip>35563FAB7</cusip>
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        <balance>1275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1322087.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.41189960</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>RCKT Trust</name>
        <lei>N/A</lei>
        <title>RCKT Trust, Series 2025-1A, Class D</title>
        <cusip>74939RAD3</cusip>
        <identifiers>
          <isin value="US74939RAD35"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>224480.63000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.42000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="934846NWS"/>
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        <balance>122900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1555066.29000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>ICE Clear US</counterpartyName>
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              <indexBasketInfo>
                <indexName>Markit CDX North American High Yield Index Series 45-V2</indexName>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D</title>
        <cusip>61766CAV1</cusip>
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          <isin value="US61766CAV19"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-03-15</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>5493000IT2BRJ2Q9YQ96</lei>
        <title>FHLMC STACR REMIC Trust, Series 2020-HQA5, Class B2</title>
        <cusip>35565TBE8</cusip>
        <identifiers>
          <isin value="US35565TBE82"/>
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        <balance>1140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1390469.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
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          <annualizedRt>11.06190000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd., Series A</title>
        <cusip>177510AS3</cusip>
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          <isin value="US177510AS31"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd., Series A</title>
        <cusip>89141WAF9</cusip>
        <identifiers>
          <isin value="US89141WAF95"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>451440.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.86600080</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401AAS0</cusip>
        <identifiers>
          <isin value="US05401AAS06"/>
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        <balance>1665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1713792.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VRTX Trust</name>
        <lei>N/A</lei>
        <title>VRTX Trust, Series 2025-HQ, Class B</title>
        <cusip>91835XAC1</cusip>
        <identifiers>
          <isin value="US91835XAC11"/>
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        <balance>670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>666285.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.48718120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2024-206</title>
        <cusip>38385AKF8</cusip>
        <identifiers>
          <isin value="US38385AKF83"/>
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        <balance>2177075.11200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>218727.04000000</valUSD>
        <pctVal>0.045850996911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>US Acute Care Solutions LLC</name>
        <lei>N/A</lei>
        <title>US Acute Care Solutions LLC</title>
        <cusip>90367UAD3</cusip>
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          <isin value="US90367UAD37"/>
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        <balance>1535000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1482884.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Skyline Re II Ltd.</name>
        <lei>N/A</lei>
        <title>Skyline Re II Ltd., Series A</title>
        <cusip>83087AAA7</cusip>
        <identifiers>
          <isin value="US83087AAA79"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499350.00000000</valUSD>
        <pctVal>0.104677022593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.16102280</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re Ltd., Series A</title>
        <cusip>42703VAG8</cusip>
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          <isin value="US42703VAG86"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250025.00000000</valUSD>
        <pctVal>0.052411880592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.46000160</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Grupo Aeromexico SAB de CV</name>
        <lei>529900BECKHBL62WD126</lei>
        <title>Grupo Aeromexico SAB de CV</title>
        <cusip>N/A</cusip>
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          <isin value="MX01AE040002"/>
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        <balance>437430.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2021-44, Class NI</title>
        <cusip>3136BHF87</cusip>
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          <isin value="US3136BHF873"/>
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        <balance>559987.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106586.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASG Finance DAC</name>
        <lei>5493005UOB0OMEJ4WK10</lei>
        <title>ASG Finance DAC</title>
        <cusip>00217AAB2</cusip>
        <identifiers>
          <isin value="US00217AAB26"/>
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        <balance>1301000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1049785.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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      <invstOrSec>
        <name>Atlas Capital DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC, Series 2024</title>
        <cusip>049207AB9</cusip>
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          <isin value="US049207AB96"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>271150.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-08</maturityDt>
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          <annualizedRt>15.86071440</annualizedRt>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series B</title>
        <cusip>59013MAJ1</cusip>
        <identifiers>
          <isin value="US59013MAJ18"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1227600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.01059880</annualizedRt>
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      <invstOrSec>
        <name>Merchants Fleet Funding LLC</name>
        <lei>254900Z2OOQUA5IN2X83</lei>
        <title>Merchants Fleet Funding LLC, Series 2025-1A, Class E</title>
        <cusip>588926AQ8</cusip>
        <identifiers>
          <isin value="US588926AQ88"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1401853.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.48000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series MM</title>
        <cusip>48128B523</cusip>
        <identifiers>
          <isin value="US48128B5232"/>
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        <balance>55330.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>968275.00000000</valUSD>
        <pctVal>0.202976157108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="784691.60000000"/>
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      <invstOrSec>
        <name>SMRT</name>
        <lei>N/A</lei>
        <title>SMRT, Series 2022-MINI, Class E</title>
        <cusip>78457JAN2</cusip>
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      <invstOrSec>
        <name>COLT Mortgage Loan Trust</name>
        <lei>213800MIPEZY1A8W1N28</lei>
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        <fairValLevel>2</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>Four Lakes Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Darling Global Finance BV</name>
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      <invstOrSec>
        <name>Matterhorn Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imperial Fund Mortgage Trust</name>
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        <cusip>45276QAE4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
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        <title>GLS Auto Receivables Issuer Trust, Series 2025-4A, Class E</title>
        <cusip>36273HAN6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Banque Federative du Credit Mutuel SA</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel SA</title>
        <cusip>06675DCU4</cusip>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Republic of Cote d'Ivoire</name>
        <lei>254900ICW11T82O6H590</lei>
        <title>Republic of Cote d'Ivoire</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CI</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
        <cusip>15089QAY0</cusip>
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        <balance>3790000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Commercial Metals Co.</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co.</title>
        <cusip>201723AV5</cusip>
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        <balance>465000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>BP Capital Markets plc</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets plc</title>
        <cusip>05565QDX3</cusip>
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        <balance>2605000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp., Series G</title>
        <cusip>857477855</cusip>
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          <isin value="US8574778556"/>
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        <balance>10181.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Coast Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>First Coast Re IV Ltd., Series A</title>
        <cusip>31969UAA5</cusip>
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          <isin value="US31969UAA51"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>399600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-07</maturityDt>
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          <annualizedRt>13.50000000</annualizedRt>
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      <invstOrSec>
        <name>Marlon Ltd.</name>
        <lei>98450044CD0YE4DAFC06</lei>
        <title>Marlon Ltd., Series A</title>
        <cusip>571253AA1</cusip>
        <identifiers>
          <isin value="US571253AA10"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>260975.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
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      <invstOrSec>
        <name>Mona Lisa Re Ltd.</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re Ltd., Series B</title>
        <cusip>608800AM0</cusip>
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          <isin value="US608800AM06"/>
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        <curCd>USD</curCd>
        <valUSD>503400.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-08</maturityDt>
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      <invstOrSec>
        <name>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
        <cusip>98313RAL0</cusip>
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          <isin value="US98313RAL06"/>
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        <balance>1220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1190626.74000000</valUSD>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jefferies Financial Group, Inc.</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group, Inc.</title>
        <cusip>47233WEJ4</cusip>
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          <isin value="US47233WEJ45"/>
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        <balance>3465000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
        <cusip>431318BE3</cusip>
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          <isin value="US431318BE31"/>
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        <balance>1930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1885590.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83368RBL5</cusip>
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          <isin value="US83368RBL50"/>
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        <balance>2300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2369121.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.22100000</annualizedRt>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
        <cusip>30303MAE2</cusip>
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          <isin value="US30303MAE21"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class B2</title>
        <cusip>61775VAF3</cusip>
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          <isin value="US61775VAF31"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Airlines Holdings, Inc.</name>
        <lei>98450079DA0B78DD6764</lei>
        <title>United Airlines Holdings, Inc.</title>
        <cusip>910047AL3</cusip>
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          <isin value="US910047AL34"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Mortgage Trust, Series 2021-10, Class AX1</title>
        <cusip>46654ABS7</cusip>
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          <isin value="US46654ABS78"/>
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        <balance>45111077.16140000</balance>
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        <curCd>USD</curCd>
        <valUSD>274027.24000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-25</maturityDt>
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          <annualizedRt>0.11183040</annualizedRt>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65559CAD3</cusip>
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          <isin value="US65559CAD39"/>
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        <balance>1525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1414009.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>ACHM Trust</name>
        <lei>N/A</lei>
        <title>ACHM Trust, Series 2025-HE3, Class A</title>
        <cusip>00449VAA8</cusip>
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          <isin value="US00449VAA89"/>
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        <balance>2290716.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2271992.79000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-25</maturityDt>
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          <annualizedRt>5.20200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dai-ichi Life Insurance Co. Ltd. (The)</name>
        <lei>3538001235ACEIORUV72</lei>
        <title>Dai-ichi Life Insurance Co. Ltd. (The)</title>
        <cusip>23381LAA2</cusip>
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        <balance>3560000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3581185.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd., Series A</title>
        <cusip>096003AA6</cusip>
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          <isin value="US096003AA60"/>
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        <balance>250000.00000000</balance>
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        <valUSD>251975.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75999880</annualizedRt>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F052649</cusip>
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          <isin value="US01F0526495"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10046059.10000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2024-24, Class AI</title>
        <cusip>38384JW83</cusip>
        <identifiers>
          <isin value="US38384JW835"/>
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        <balance>1798311.90190000</balance>
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        <curCd>USD</curCd>
        <valUSD>175843.61000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401ABD2</cusip>
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          <isin value="US05401ABD28"/>
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        <balance>610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>597736.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc., Series D</title>
        <cusip>02557TAF6</cusip>
        <identifiers>
          <isin value="US02557TAF66"/>
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        <balance>1520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1506433.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ball Corp.</name>
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        <title>Ball Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="XS3070629335"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>CPS Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>CPS Auto Receivables Trust, Series 2024-B, Class E</title>
        <cusip>12627SAE6</cusip>
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          <isin value="US12627SAE63"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-17</maturityDt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ACP0</cusip>
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          <isin value="US44891ACP03"/>
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        <balance>770000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.20000000</annualizedRt>
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        <name>ING Groep NV</name>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DataBank Issuer</name>
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        <cusip>23802WAN1</cusip>
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          <isin value="US23802WAN11"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-26</maturityDt>
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          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>Novartis Capital Corp.</name>
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        <title>Novartis Capital Corp.</title>
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          <isin value="US66989HBL15"/>
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        <balance>700000.00000000</balance>
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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>2056-03-18</maturityDt>
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          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>38382UTX9</cusip>
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          <isin value="US38382UTX99"/>
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        <balance>722932.97140000</balance>
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        <valUSD>131626.94000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-20</maturityDt>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
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        <title>Sanders Re III Ltd.</title>
        <cusip>80001QAA1</cusip>
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          <isin value="US80001QAA13"/>
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        <valUSD>459450.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-07</maturityDt>
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      <invstOrSec>
        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
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        <curCd>USD</curCd>
        <valUSD>478518.96000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Highwoods Realty LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
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        <name>Merchants Fleet Funding LLC</name>
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        <name>Uniti Group LP</name>
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        <title>Uniti Group LP</title>
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          <isin value="US91327TAC53"/>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group, Inc.</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders Re IV Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US80001WAB63"/>
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        <name>Spire, Inc.</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire, Inc.</title>
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        <balance>480000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-06-01</maturityDt>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>3618N5JE0</cusip>
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        <balance>402889.80000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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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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        <name>OAK-Eagle Acquireco, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Diamond Sports Group LLC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>3</fairValLevel>
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        <name>Fidelity National Information Services, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>FloodSmart Re Ltd.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Montoya Re Ltd.</name>
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      <invstOrSec>
        <name>APA Corp.</name>
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        <title>APA Corp.</title>
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      <invstOrSec>
        <name>Arbor Realty Commercial Real Estate Notes Ltd.</name>
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        <name>Commercial Mortgage Trust</name>
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        <name>FNMA</name>
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        <name>N/A</name>
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        <name>Galileo Re Ltd.</name>
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        <name>Amentum Holdings, Inc.</name>
        <lei>2549009FJIBLW40CU216</lei>
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      <invstOrSec>
        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd., Series B</title>
        <cusip>36354TAR3</cusip>
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        <invCountry>BM</invCountry>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="TUM6COM"/>
          <other otherDesc="Future Ticker" value="TUM6 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US74639NAA19"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ally Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>High Point Re Ltd.</name>
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          <isin value="US429932AA44"/>
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        <curCd>USD</curCd>
        <valUSD>250925.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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          <isin value="US902613BS60"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
        <cusip>251526DD8</cusip>
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          <isin value="US251526DD89"/>
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        <balance>1265000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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          <isin value="US68389XEB73"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Kendall Re Ltd.</name>
        <lei>N/A</lei>
        <title>Kendall Re Ltd., Series B</title>
        <cusip>48878QAE0</cusip>
        <identifiers>
          <isin value="US48878QAE08"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256500.00000000</valUSD>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-30</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US38384D8H36"/>
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        <curCd>USD</curCd>
        <valUSD>155028.59000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Volkswagen Group of America Finance LLC</name>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="310833"/>
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        <curCd>N/A</curCd>
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        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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      <invstOrSec>
        <name>Locke Tavern Re Ltd.</name>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-09</maturityDt>
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        <name>1261229 BC Ltd.</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-08</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>MKS, Inc.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3281721947"/>
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        <balance>2770000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>4.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Long Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="USM6COS"/>
          <other otherDesc="Future Ticker" value="USM6 Comdty"/>
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        <balance>-94.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <name>Merna Reinsurance II Ltd.</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>Credit Agricole SA</name>
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        <name>San Diego Gas &amp; Electric Co.</name>
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        <name>N/A</name>
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        <name>Aker BP ASA</name>
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        <name>International Petroleum Corp.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Mystic Re IV Ltd.</name>
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        <name>KeyCorp</name>
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        <name>Saudi Arabian Oil Co.</name>
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        <name>Aquila Re I Ltd.</name>
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        <curCd>USD</curCd>
        <valUSD>453150.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Radnor RE Ltd.</name>
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        <title>Radnor RE Ltd., Series 2023-1, Class M1A</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>3264 re Ltd.</name>
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          <isin value="US88577CAH43"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
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          <isin value="US29250NCG88"/>
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        <balance>185000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>Uniti Group LP</name>
        <lei>N/A</lei>
        <title>Uniti Group LP</title>
        <cusip>91327AAB8</cusip>
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          <isin value="US91327AAB89"/>
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        <balance>266000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re Ltd., Series C-1</title>
        <cusip>49407QAL2</cusip>
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          <isin value="US49407QAL23"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-09</maturityDt>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series A</title>
        <cusip>59013MAK8</cusip>
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          <isin value="US59013MAK80"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>258625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.01060000</annualizedRt>
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      <invstOrSec>
        <name>Home Re Ltd.</name>
        <lei>N/A</lei>
        <title>Home Re Ltd., Series 2026-1, Class M2</title>
        <cusip>436956AD8</cusip>
        <identifiers>
          <isin value="US436956AD88"/>
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        <balance>360000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.86189880</annualizedRt>
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      <invstOrSec>
        <name>Directv Financing LLC</name>
        <lei>N/A</lei>
        <title>DIRECTV Financing LLC, First Lien Term Loan B</title>
        <cusip>25460HAD4</cusip>
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          <isin value="US25460HAD44"/>
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        <balance>362862.50000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-02</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.17845000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liberty Mutual Insurance Co.</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
        <title>Liberty Mutual Insurance Co.</title>
        <cusip>53079QAD9</cusip>
        <identifiers>
          <isin value="US53079QAD97"/>
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        <balance>730000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2097-10-15</maturityDt>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37045XED4</cusip>
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          <isin value="US37045XED49"/>
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        <balance>2340000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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      <invstOrSec>
        <name>Avianca Midco 2 plc</name>
        <lei>213800AMPX5VKH9AMX10</lei>
        <title>Avianca Midco 2 plc</title>
        <cusip>05369YAA7</cusip>
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          <isin value="US05369YAA73"/>
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        <balance>1464000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-14</maturityDt>
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          <annualizedRt>9.62500000</annualizedRt>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust, Series 2025-HE8, Class A</title>
        <cusip>30191WAA3</cusip>
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          <isin value="US30191WAA36"/>
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        <balance>706371.72000000</balance>
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        <curCd>USD</curCd>
        <valUSD>701944.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-25</maturityDt>
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          <annualizedRt>5.20599960</annualizedRt>
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      <invstOrSec>
        <name>Sumitomo Life Insurance Co.</name>
        <lei>549300I5OQCDADQSPI57</lei>
        <title>Sumitomo Life Insurance Co.</title>
        <cusip>86564CAF7</cusip>
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          <isin value="US86564CAF77"/>
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        <balance>5545000.00000000</balance>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-10</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP, Series G</title>
        <cusip>29273VAM2</cusip>
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          <isin value="US29273VAM28"/>
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        <balance>620000.00000000</balance>
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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>2030-05-15</maturityDt>
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      <invstOrSec>
        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust, Inc.</title>
        <cusip>85571BBG9</cusip>
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          <isin value="US85571BBG95"/>
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        <balance>330000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2021-SFR9, Class F</title>
        <cusip>74333QAN5</cusip>
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          <isin value="US74333QAN51"/>
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        <balance>780000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-17</maturityDt>
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          <annualizedRt>4.05300000</annualizedRt>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class E</title>
        <cusip>02007G5H2</cusip>
        <identifiers>
          <isin value="US02007G5H23"/>
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        <balance>1004276.85000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1007114.64000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.06600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd., Series A</title>
        <cusip>57839MAC2</cusip>
        <identifiers>
          <isin value="US57839MAC29"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256450.00000000</valUSD>
        <pctVal>0.053758731238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.43500160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Novelis Corp.</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>Novelis Corp.</title>
        <cusip>670001AN6</cusip>
        <identifiers>
          <isin value="US670001AN69"/>
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        <balance>2089000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2049084.85000000</valUSD>
        <pctVal>0.429542607669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc., Series C</title>
        <cusip>02557TAE9</cusip>
        <identifiers>
          <isin value="US02557TAE91"/>
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        <balance>3195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3156068.93000000</valUSD>
        <pctVal>0.661595872019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3032759.40000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="934359NWS"/>
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        <balance>533898.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-3557.72000000</valUSD>
        <pctVal>-0.00074579260</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>ICE Clear US</counterpartyName>
              <counterpartyLei>549300HWWR1D8OTS2G29</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Darden Restaurants, Inc.</issuerName>
                <issueTitle>Darden Restaurants, Inc.</issueTitle>
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                  <cusip value="237194AL9"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receipt of notional amount upon default event with regard to the reference instrument</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>7720.56000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-3557.72000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Darden Restaurants, Inc.</name>
        <lei>CY1NFSCCB5GUXC7WZC70</lei>
        <title>Darden Restaurants, Inc.</title>
        <cusip>237194AN5</cusip>
        <identifiers>
          <isin value="US237194AN56"/>
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        <balance>2593000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2774560.93000000</valUSD>
        <pctVal>0.581621662475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2600879.19000000"/>
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      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
        <lei>N/A</lei>
        <title>A&amp;D Mortgage Trust, Series 2023-NQM3, Class B1</title>
        <cusip>00249FAE7</cusip>
        <identifiers>
          <isin value="US00249FAE79"/>
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        <balance>770000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>773184.64000000</valUSD>
        <pctVal>0.162080036107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.03331360</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PFP Ltd.</name>
        <lei>N/A</lei>
        <title>PFP Ltd., Series 2024-11, Class A</title>
        <cusip>69291WAA0</cusip>
        <identifiers>
          <isin value="US69291WAA09"/>
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        <balance>248275.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248668.25000000</valUSD>
        <pctVal>0.052127469757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.50146960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YES0</cusip>
        <identifiers>
          <isin value="US61747YES00"/>
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        <balance>1310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1306812.94000000</valUSD>
        <pctVal>0.273942700803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.29700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2019-159, Class HI</title>
        <cusip>38382BKH5</cusip>
        <identifiers>
          <isin value="US38382BKH59"/>
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        <balance>1485618.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243502.00000000</valUSD>
        <pctVal>0.051044486543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arivo Acceptance Auto Loan Receivables Trust</name>
        <lei>N/A</lei>
        <title>Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B</title>
        <cusip>039943AB1</cusip>
        <identifiers>
          <isin value="US039943AB13"/>
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        <balance>870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>884444.44000000</valUSD>
        <pctVal>0.185403045216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F022642</cusip>
        <identifiers>
          <isin value="US01F0226427"/>
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        <balance>29000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24378125.00000000</valUSD>
        <pctVal>5.110302476051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2025-173, Class AI</title>
        <cusip>38383BZU9</cusip>
        <identifiers>
          <isin value="US38383BZU96"/>
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        <balance>6988745.43170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>723566.48000000</valUSD>
        <pctVal>0.151678751927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cruise Yacht Upper HoldCo Ltd.</name>
        <lei>984500DE088QEE80G074</lei>
        <title>Cruise Yacht Upper HoldCo Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0013270314"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>710895.34000000</valUSD>
        <pctVal>0.149022544441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citadel Securities Global Holdings LLC</name>
        <lei>549300NV5RXBUS3X7L47</lei>
        <title>Citadel Securities Global Holdings LLC</title>
        <cusip>17289RAB2</cusip>
        <identifiers>
          <isin value="US17289RAB24"/>
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        <balance>2949000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3017038.18000000</valUSD>
        <pctVal>0.632451334202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="103598.67000000"/>
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      <invstOrSec>
        <name>Grupo Aeromexico SAB de CV</name>
        <lei>529900BECKHBL62WD126</lei>
        <title>Grupo Aeromexico SAB de CV</title>
        <cusip>40054JAD1</cusip>
        <identifiers>
          <isin value="US40054JAD19"/>
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        <balance>1235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1185600.00000000</valUSD>
        <pctVal>0.248533249198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YFB6</cusip>
        <identifiers>
          <isin value="US61747YFB65"/>
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        <balance>695000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>711965.89000000</valUSD>
        <pctVal>0.149246960155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.94800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Enerflex, Inc.</name>
        <lei>549300SQCOV1LC1GBK07</lei>
        <title>Enerflex, Inc.</title>
        <cusip>29281WAA6</cusip>
        <identifiers>
          <isin value="US29281WAA62"/>
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        <balance>695000.00000000</balance>
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        <name>Residential Reinsurance 2004 Ltd.</name>
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        <name>Residential Reinsurance 2004 Ltd.</name>
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        <name>Four Lakes Re Ltd.</name>
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        <name>1261229 BC Ltd.</name>
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        <name>United Airlines Holdings, Inc.</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
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        <name>Freedom Mortgage Holdings LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>Freedom Mortgage Holdings LLC</title>
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        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
        <title>Kingdom of Saudi Arabia</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>
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      <invstOrSec>
        <name>GLS Auto Select Receivables Trust</name>
        <lei>N/A</lei>
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        <cusip>37988XAE5</cusip>
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          <isin value="US37988XAE58"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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          <isin value="US06055H2022"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="ISO Currency code" value="EUR"/>
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        <descOthUnits>Currencies</descOthUnits>
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        <pctVal>-0.00000009433</pctVal>
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        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Teva Pharmaceutical Finance Netherlands II BV</name>
        <lei>549300HSQCIKJAOYIT23</lei>
        <title>Teva Pharmaceutical Finance Netherlands II BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2406607171"/>
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        <balance>1598000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>PFP Ltd.</name>
        <lei>N/A</lei>
        <title>PFP Ltd., Series 2026-13, Class AS</title>
        <cusip>716966AC0</cusip>
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          <isin value="US716966AC09"/>
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        <balance>1260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1260695.02000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-18</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XEC5</cusip>
        <identifiers>
          <isin value="US68389XEC56"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>643525.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85000000</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>
      <invstOrSec>
        <name>ABRA Global Finance</name>
        <lei>2549007QS3P0D4KT9G26</lei>
        <title>ABRA Global Finance</title>
        <cusip>000852AC7</cusip>
        <identifiers>
          <isin value="US000852AC70"/>
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        <balance>2773904.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2623697.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2020-34</title>
        <cusip>38382DL31</cusip>
        <identifiers>
          <isin value="US38382DL314"/>
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        <balance>2612447.37000000</balance>
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        <curCd>USD</curCd>
        <valUSD>487895.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Abbott Laboratories</name>
        <lei>HQD377W2YR662HK5JX27</lei>
        <title>Abbott Laboratories</title>
        <cusip>002824BT6</cusip>
        <identifiers>
          <isin value="US002824BT63"/>
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        <balance>2105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2060071.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ursa Re II Ltd.</name>
        <lei>N/A</lei>
        <title>Ursa Re II Ltd., Series FG</title>
        <cusip>91734PAK2</cusip>
        <identifiers>
          <isin value="US91734PAK21"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252050.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.42924865</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2025-120, Class IC</title>
        <cusip>38381N7D4</cusip>
        <identifiers>
          <isin value="US38381N7D44"/>
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        <balance>1807783.17000000</balance>
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        <curCd>USD</curCd>
        <valUSD>404335.11000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARC Falcon I, Inc.</name>
        <lei>N/A</lei>
        <title>ARC Falcon I, Inc.</title>
        <cusip>03881HAA8</cusip>
        <identifiers>
          <isin value="US03881HAA86"/>
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        <balance>3740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3600610.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vitality Re XVII Ltd.</name>
        <lei>N/A</lei>
        <title>Vitality Re XVII Ltd., Series A</title>
        <cusip>92853KAA8</cusip>
        <identifiers>
          <isin value="US92853KAA88"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249650.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.54060160</annualizedRt>
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      <invstOrSec>
        <name>Multifamily Connecticut Avenue Securities Trust</name>
        <lei>549300HG8ZEWVWVSN227</lei>
        <title>Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class CE</title>
        <cusip>62547NAD1</cusip>
        <identifiers>
          <isin value="US62547NAD12"/>
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        <balance>2136000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2173162.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.52638000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kuwait International Government Bond</name>
        <lei>549300FSC1YD0D9XX589</lei>
        <title>State of Kuwait</title>
        <cusip>501499AF4</cusip>
        <identifiers>
          <isin value="US501499AF40"/>
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        <balance>2110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2025970.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Integrity Re Ltd.</name>
        <lei>N/A</lei>
        <title>Integrity Re Ltd., Series B</title>
        <cusip>45833UAK7</cusip>
        <identifiers>
          <isin value="US45833UAK79"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>510000.00000000</valUSD>
        <pctVal>0.106909545454</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.83200160</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tricida, Inc.</name>
        <lei>549300QVPFFJC8SZXG25</lei>
        <title>Tricida, Inc.</title>
        <cusip>896LIQAM6</cusip>
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          <other otherDesc="CINS" value="896LIQAM6"/>
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        <balance>1260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="WNM6COS"/>
          <other otherDesc="Future Ticker" value="WNM6 Comdty"/>
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        <balance>-146.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>542508.11000000</valUSD>
        <pctVal>0.113724108716</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>FARM Mortgage Trust</name>
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        <name>British Pound</name>
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        <name>Morgan Stanley</name>
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        <name>RGA Global Funding</name>
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        <name>Vitality Re XIV Ltd.</name>
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        <name>Sanders Re III Ltd.</name>
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        <name>MetLife, Inc.</name>
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        <name>FNMA</name>
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        <name>American Airlines, Inc.</name>
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        <name>Palm RE Ltd.</name>
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        <name>Ally Financial, Inc.</name>
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        <name>Turris RE Ltd.</name>
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        <title>Turris RE Ltd., Series A</title>
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        <name>Grupo Nutresa SA</name>
        <lei>254900KKAX7B7RJUE255</lei>
        <title>Grupo Nutresa SA</title>
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        <name>Jefferies Financial Group, Inc.</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group, Inc.</title>
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          <isin value="US47233WLL18"/>
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        <balance>355000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>529900ZVQVVVNGMGDO97</lei>
        <title>FHLMC STACR REMIC Trust, Series 2025-DNA4, Class M1</title>
        <cusip>35564UBR7</cusip>
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          <isin value="US35564UBR77"/>
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        <balance>0.00720000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-25</maturityDt>
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      <invstOrSec>
        <name>Windstream Services, LLC</name>
        <lei>N/A</lei>
        <title>Windstream Services LLC, First Lien Term Loan</title>
        <cusip>97381JAK9</cusip>
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          <isin value="US97381JAK97"/>
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        <balance>351120.00000000</balance>
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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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          <maturityDt>2032-10-06</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ursa Re II Ltd.</name>
        <lei>N/A</lei>
        <title>Ursa Re II Ltd., Series E</title>
        <cusip>91734PAJ5</cusip>
        <identifiers>
          <isin value="US91734PAJ57"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>446175.00000000</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>2029-12-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.67924740</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
        <cusip>29250NCF0</cusip>
        <identifiers>
          <isin value="US29250NCF06"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>194576.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.20000000</annualizedRt>
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      <invstOrSec>
        <name>Hypatia Ltd.</name>
        <lei>98450041F85DB4C2C372</lei>
        <title>Hypatia Ltd., Series A</title>
        <cusip>44914CAC0</cusip>
        <identifiers>
          <isin value="US44914CAC01"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450450.00000000</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>2026-04-08</maturityDt>
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          <annualizedRt>14.04060120</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>549300FK6HM4FW58SP67</lei>
        <title>FHLMC Multifamily Structured Credit Risk, Series 2021-MN3, Class M2</title>
        <cusip>35563GAB5</cusip>
        <identifiers>
          <isin value="US35563GAB59"/>
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        <balance>1615000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.66190160</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nexstar Media, Inc.</name>
        <lei>N/A</lei>
        <title>Nexstar Media, Inc., First Lien Term Loan B7</title>
        <cusip>65336RBF4</cusip>
        <identifiers>
          <isin value="US65336RBF47"/>
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        <balance>1506004.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1487811.47000000</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>2033-03-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.22409000</annualizedRt>
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      <invstOrSec>
        <name>Farmers Insurance Exchange</name>
        <lei>549300UWG2TLX1GZVT44</lei>
        <title>Farmers Insurance Exchange</title>
        <cusip>309601AG7</cusip>
        <identifiers>
          <isin value="US309601AG75"/>
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        <balance>410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>409782.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>2549004R1S5HPVOVG278</lei>
        <title>Angel Oak Mortgage Trust, Series 2025-HB2, Class M2</title>
        <cusip>034648AC9</cusip>
        <identifiers>
          <isin value="US034648AC94"/>
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        <balance>2140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2155119.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.11190000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd., Series B</title>
        <cusip>35087TAK4</cusip>
        <identifiers>
          <isin value="US35087TAK43"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>743250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.56000160</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series A</title>
        <cusip>011395AN0</cusip>
        <identifiers>
          <isin value="US011395AN03"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>515000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.05000120</annualizedRt>
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      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd., Series A</title>
        <cusip>35087TAJ7</cusip>
        <identifiers>
          <isin value="US35087TAJ79"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248425.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.81000120</annualizedRt>
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      <invstOrSec>
        <name>Reach ABS Trust</name>
        <lei>N/A</lei>
        <title>Reach ABS Trust, Series 2025-1A, Class C</title>
        <cusip>75525PAC6</cusip>
        <identifiers>
          <isin value="US75525PAC68"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1011866.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.99000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VBK5</cusip>
        <identifiers>
          <isin value="US29273VBK52"/>
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        <balance>835000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>829200.86000000</valUSD>
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        <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>5.35000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bellemeade Re Ltd., Series 2025-1, Class M1B</title>
        <cusip>07876NAB1</cusip>
        <identifiers>
          <isin value="US07876NAB10"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502409.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.16190040</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Home Re Ltd.</name>
        <lei>N/A</lei>
        <title>Home Re Ltd., Series 2026-1, Class B1</title>
        <cusip>436956AE6</cusip>
        <identifiers>
          <isin value="US436956AE61"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>191503.98000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.86189960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arbor Realty Collateralized Loan Obligation Ltd.</name>
        <lei>N/A</lei>
        <title>Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B</title>
        <cusip>03881UAJ0</cusip>
        <identifiers>
          <isin value="US03881UAJ07"/>
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        <balance>1440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1448357.04000000</valUSD>
        <pctVal>0.303614103534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.86203920</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>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust, Series 2025-HE6, Class A</title>
        <cusip>31684NAA5</cusip>
        <identifiers>
          <isin value="US31684NAA54"/>
        </identifiers>
        <balance>1362549.14720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1349641.86000000</valUSD>
        <pctVal>0.282920779959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.04399960</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>Alpha Generation LLC</name>
        <lei>254900K5V62L4YGVKF49</lei>
        <title>Alpha Generation LLC, First Lien Term Loan B</title>
        <cusip>02072UAC6</cusip>
        <identifiers>
          <isin value="US02072UAC62"/>
        </identifiers>
        <balance>829500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>826671.41000000</valUSD>
        <pctVal>0.173292283693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.71610000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
