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      <invstOrSec>
        <name>Sutherland Commercial Mortgage</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Microsoft Corp</name>
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        <title>Microsoft Corp</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dreyfus Government Cash Management</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sociedad Quimica y Minera de C</name>
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          <isin value="US8336351056"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CL</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vertex Pharmaceuticals Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Workday Inc</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>TransUnion</name>
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        <title>TransUnion</title>
        <cusip>89400J107</cusip>
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          <ticker value="TRU"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IIP OPERATING PARTNER</name>
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        <balance>230000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-25</maturityDt>
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        <name>US BANCORP</name>
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        <title>US Bancorp</title>
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        <balance>580000.00000000</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>
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          <maturityDt>2029-02-01</maturityDt>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust 2013-2</title>
        <cusip>81745MAA9</cusip>
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          <isin value="US81745MAA99"/>
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        <balance>906.10000000</balance>
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          <maturityDt>2043-02-25</maturityDt>
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      <invstOrSec>
        <name>MonotaRO Co Ltd</name>
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        <title>MonotaRO Co Ltd</title>
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        <invCountry>JP</invCountry>
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        <name>D.R. HORTON INC</name>
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        <name>Sequoia Mortgage Trust</name>
        <lei>549300EU86QZR1NB5U93</lei>
        <title>Sequoia Mortgage Trust 2013-8</title>
        <cusip>81745EAA7</cusip>
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        <name>West Fraser Timber Co Ltd</name>
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        <name>New Residential Mortgage Loan</name>
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        <name>Rollins Inc</name>
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        <title>Rollins Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Oxford Finance Credit Fund III</name>
        <lei>N/A</lei>
        <title>Oxford Finance Credit Fund III 2024-A LP</title>
        <cusip>69145DAA0</cusip>
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        <balance>49908.90000000</balance>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31417YJC2</cusip>
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        <balance>1682.83000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <name>AERCAP IRELAND CAP/GLOBA</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
        <cusip>00774MAW5</cusip>
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        <name>Lam Research Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mastercard Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hermes International SCA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Weyerhaeuser Co</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EAGLE FUNDING LUXCO SARL</name>
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        <title>Eagle Funding Luxco Sarl</title>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Moody's Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HEICO Corp</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>CIM Trust</name>
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        <name>SAFEHOLD GL HOLDINGS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEWCASTLE COAL INFRASTRU</name>
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        <name>OPEN INFRA US ASSETS AB</name>
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        <name>TSMC</name>
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        <title>Taiwan Semiconductor Manufacturing Co Ltd</title>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>DUKE ENERGY FLORIDA LLC</name>
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        <name>Air Liquide SA</name>
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        <name>180 MEDICAL INC</name>
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        <title>180 Medical Inc</title>
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        <name>ICAHN ENTERPRISES/FIN</name>
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        <title>Icahn Enterprises LP / Icahn Enterprises Finance Corp</title>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Gold Pool</title>
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        <name>Nasdaq Inc</name>
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      <invstOrSec>
        <name>Sherwin-Williams Co/The</name>
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        <name>New Residential Mortgage Loan</name>
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        <name>Freddie Mac</name>
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        <name>US TREASURY N/B</name>
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        <name>United Parcel Service Inc</name>
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        <name>MORGAN STANLEY PVT BANK</name>
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        <name>Persimmon PLC</name>
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        <name>Cadence Design Systems Inc</name>
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        <name>Amazon.com Inc</name>
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        <name>Nelnet Student Loan Trust</name>
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        <name>Tencent Holdings Ltd</name>
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        <name>CITIZENS FINANCIAL GROUP</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Gold Pool</title>
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          <isin value="US3128P76G39"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONSTELLATION SOFTWARE</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>Constellation Software Inc/Canada</title>
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          <isin value="US21037XAD21"/>
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        <curCd>USD</curCd>
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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>2034-02-16</maturityDt>
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      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
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          <isin value="US0463531089"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PALOMINO FUNDING TRUST I</name>
        <lei>N/A</lei>
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        <cusip>69754AAA8</cusip>
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          <isin value="US69754AAA88"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.23300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>91282CFV8</cusip>
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          <isin value="US91282CFV81"/>
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        <balance>15639000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15741630.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange Inc</title>
        <cusip>45866F104</cusip>
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          <isin value="US45866F1049"/>
          <ticker value="ICE"/>
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        <curCd>USD</curCd>
        <valUSD>3110140.66000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NVIDIA Corp</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp</title>
        <cusip>67066G104</cusip>
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          <isin value="US67066G1040"/>
          <ticker value="NVDA"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GSK PLC</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK PLC</title>
        <cusip>37733W204</cusip>
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          <isin value="US37733W2044"/>
          <ticker value="GSK"/>
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        <balance>69795.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3601422.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAMERON LNG LLC</name>
        <lei>549300C39FLHGVD73K22</lei>
        <title>Cameron LNG LLC</title>
        <cusip>133434AB6</cusip>
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          <isin value="US133434AB69"/>
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        <balance>470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>411991.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>APOLLO GLOBAL MANAGEMENT</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>Apollo Global Management Inc</title>
        <cusip>03769MAE6</cusip>
        <identifiers>
          <isin value="US03769MAE66"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>418099.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW FORTRESS ENERGY INC</name>
        <lei>254900EICTYTCHA5X705</lei>
        <title>New Fortress Energy Inc</title>
        <cusip>644393AC4</cusip>
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          <isin value="US644393AC48"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16845.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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      <invstOrSec>
        <name>MercadoLibre Inc</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre Inc</title>
        <cusip>58733R102</cusip>
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          <isin value="US58733R1023"/>
          <ticker value="MELI"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>UY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303M102</cusip>
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          <isin value="US30303M1027"/>
          <ticker value="META"/>
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        <balance>22426.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16068229.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2017-2</title>
        <cusip>46648HAC7</cusip>
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          <isin value="US46648HAC79"/>
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        <balance>4246.94000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3874.71000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>EAGLE MATERIALS INC</name>
        <lei>529900KRXRGXL61SG039</lei>
        <title>Eagle Materials Inc</title>
        <cusip>26969PAC2</cusip>
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          <isin value="US26969PAC23"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411459.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>S&amp;P Global Inc</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global Inc</title>
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          <ticker value="SPGI"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CODELCO INC</name>
        <lei>549300UVMBCBCIPSUI70</lei>
        <title>Corp Nacional del Cobre de Chile</title>
        <cusip>21987BBQ0</cusip>
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          <isin value="US21987BBQ05"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-30</maturityDt>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <curCd>USD</curCd>
        <valUSD>594575.22000000</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>2027-06-09</maturityDt>
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        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc</title>
        <cusip>02079K305</cusip>
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          <ticker value="GOOGL"/>
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        <balance>43006.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14536028.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First American Financial Corp</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corp</title>
        <cusip>31847R102</cusip>
        <identifiers>
          <isin value="US31847R1023"/>
          <ticker value="FAF"/>
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        <balance>57650.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3642327.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Post AG</name>
        <lei>8ER8GIG7CSMVD8VUFE78</lei>
        <title>Deutsche Post AG</title>
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          <isin value="US25157Y2028"/>
          <ticker value="DHLGY"/>
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        <balance>67830.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>549300BV8AJIRLDGMR51</lei>
        <title>JP Morgan Mortgage Trust 2014-2</title>
        <cusip>46641YAA1</cusip>
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          <isin value="US46641YAA10"/>
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        <balance>445.94000000</balance>
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        <curCd>USD</curCd>
        <valUSD>440.68000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-25</maturityDt>
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      <invstOrSec>
        <name>CENOVUS ENERGY INC</name>
        <lei>549300F4XPHJ7NOSP309</lei>
        <title>Cenovus Energy Inc</title>
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          <isin value="US15135UAF66"/>
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        <balance>560000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-15</maturityDt>
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      <invstOrSec>
        <name>PELORUS FUND REIT LLC</name>
        <lei>N/A</lei>
        <title>Pelorus Fund REIT LLC</title>
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          <isin value="US70615PAA21"/>
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        <balance>245000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bentley Systems Inc</name>
        <lei>549300WVEHPGE0Z56F71</lei>
        <title>Bentley Systems Inc</title>
        <cusip>08265T208</cusip>
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          <isin value="US08265T2087"/>
          <ticker value="BSY"/>
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        <balance>131933.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIRIUSPOINT LTD</name>
        <lei>549300OGXFI85N3YZZ51</lei>
        <title>SiriusPoint Ltd</title>
        <cusip>82969BAA0</cusip>
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          <isin value="US82969BAA08"/>
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        <balance>380000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-05</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMONBOND STUDENT LOAN TRUST</name>
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        <title>Commonbond Student Loan Trust 2019-A-GS</title>
        <cusip>20268CAA6</cusip>
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          <isin value="US20268CAA62"/>
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        <balance>3109.73000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-01-25</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALEXANDER FUND TRUST II</name>
        <lei>N/A</lei>
        <title>Alexander Funding Trust II</title>
        <cusip>014916AA8</cusip>
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          <isin value="US014916AA85"/>
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        <balance>370000.00000000</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>
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          <maturityDt>2028-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOLDEN PEAR FUND HOLDCO</name>
        <lei>N/A</lei>
        <title>Golden Pear Funding HoldCo LLC</title>
        <cusip>38116FAB3</cusip>
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          <isin value="US38116FAB31"/>
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        <balance>135000.00000000</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>
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          <maturityDt>2028-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>TJX Cos Inc/The</name>
        <lei>V167QI9I69W364E2DY52</lei>
        <title>TJX Cos Inc/The</title>
        <cusip>872540109</cusip>
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          <isin value="US8725401090"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAE Systems PLC</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BAE Systems PLC</title>
        <cusip>05523R107</cusip>
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          <isin value="US05523R1077"/>
          <ticker value="BAESY"/>
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        <balance>61245.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SAFEHOLD GL HOLDINGS LLC</name>
        <lei>54930012UY5Z4Q8NL108</lei>
        <title>Safehold GL Holdings LLC</title>
        <cusip>78646UAB5</cusip>
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        <balance>330000.00000000</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>
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      <invstOrSec>
        <name>Atlassian Corp</name>
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        <title>Atlassian Corp</title>
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          <ticker value="TEAM"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2014-3</title>
        <cusip>64829DAG1</cusip>
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        <balance>1513.96000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>ATLAS WAREHOUSE LEND</name>
        <lei>25490068J12A1HV7YM70</lei>
        <title>Atlas Warehouse Lending Co LP</title>
        <cusip>049463AG7</cusip>
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        <balance>410000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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        <name>Starwood Retail Property Trust</name>
        <lei>5493007115G809OI4R97</lei>
        <title>Starwood Retail Property Trust 2014-STAR</title>
        <cusip>85571XAA5</cusip>
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        <balance>13769.64000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <name>JEFFERIES FIN GROUP INC</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group Inc</title>
        <cusip>47233WEJ4</cusip>
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        <balance>790000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <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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        <name>SBA TOWER TRUST</name>
        <lei>N/A</lei>
        <title>SBA Tower Trust</title>
        <cusip>78403DAZ3</cusip>
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          <isin value="US78403DAZ33"/>
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        <balance>405000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>414123.56000000</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>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.59900000</annualizedRt>
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        <name>DEPOSITORY TRUST &amp; CLEAR</name>
        <lei>MLDY5N6PZ58ZE60QU102</lei>
        <title>Depository Trust &amp; Clearing Corp/The</title>
        <cusip>249670AB6</cusip>
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          <isin value="US249670AB66"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248171.65000000</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>N/A</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SIMON PROPERTY GROUP LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>Simon Property Group LP</title>
        <cusip>828807DT1</cusip>
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          <isin value="US828807DT11"/>
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        <balance>51000.00000000</balance>
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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>2032-02-01</maturityDt>
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          <annualizedRt>2.65000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VBJ8</cusip>
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          <isin value="US29273VBJ89"/>
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        <balance>390000.00000000</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>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>4.55000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>12648TAA7</cusip>
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          <isin value="US12648TAA79"/>
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        <balance>2026.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1908.48000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Applied Materials Inc</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
        <title>Applied Materials Inc</title>
        <cusip>038222105</cusip>
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          <isin value="US0382221051"/>
          <ticker value="AMAT"/>
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        <balance>15443.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Albemarle Corp</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp</title>
        <cusip>012653101</cusip>
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          <isin value="US0126531013"/>
          <ticker value="ALB"/>
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        <balance>38032.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Cia de Saneamento Basico do Es</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>Cia de Saneamento Basico do Estado de Sao Paulo SABESP</title>
        <cusip>20441A102</cusip>
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          <isin value="US20441A1025"/>
          <ticker value="SBS"/>
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        <balance>146691.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding AG</title>
        <cusip>771195104</cusip>
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          <isin value="US7711951043"/>
          <ticker value="RHHBY"/>
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        <balance>220295.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418MGR7</cusip>
        <identifiers>
          <isin value="US31418MGR79"/>
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        <balance>2516.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2676.36000000</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>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Halma PLC</name>
        <lei>2138007FRGLUR9KGBT40</lei>
        <title>Halma PLC</title>
        <cusip>40637C308</cusip>
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          <isin value="US40637C3088"/>
          <ticker value="HALMY"/>
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        <balance>31811.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PMT Loan Trust</name>
        <lei>549300QFMQR379ND0354</lei>
        <title>PMT Loan Trust 2013-J1</title>
        <cusip>693456AW5</cusip>
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          <isin value="US693456AW52"/>
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        <balance>2696.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2511.99000000</valUSD>
        <pctVal>0.000557964476</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRUIST FINANCIAL CORP</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
        <cusip>89788MAE2</cusip>
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          <isin value="US89788MAE21"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>608950.89000000</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>2029-06-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.88700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Elevance Health Inc</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health Inc</title>
        <cusip>036752103</cusip>
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          <isin value="US0367521038"/>
          <ticker value="ELV"/>
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        <balance>27822.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38379RRX3</cusip>
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          <isin value="US38379RRX34"/>
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        <balance>1516.80000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1433.56000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-12-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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      <invstOrSec>
        <name>ServiceNow Inc</name>
        <lei>549300HJTQM36M0E1G39</lei>
        <title>ServiceNow Inc</title>
        <cusip>81762P102</cusip>
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          <isin value="US81762P1021"/>
          <ticker value="NOW"/>
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        <balance>40825.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NORTHWEST ACQ/DOMINION</name>
        <lei>N/A</lei>
        <title>Northwest Acquisitions ULC / Dominion Finco Inc</title>
        <cusip>66727WAA0</cusip>
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          <isin value="US66727WAA09"/>
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        <balance>220000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RAR0</cusip>
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          <isin value="US29273RAR03"/>
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        <balance>580000.00000000</balance>
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        <valUSD>613144.90000000</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>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>ASML Holding NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding NV</title>
        <cusip>000000000</cusip>
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          <isin value="USN070592100"/>
          <ticker value="ASML"/>
          <other otherDesc="SEDOL" value="B908F01"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CAPITAL ONE FINANCIAL CO</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
        <cusip>14040HDA0</cusip>
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          <isin value="US14040HDA05"/>
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        <balance>830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>890784.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37700000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150AS3</cusip>
        <identifiers>
          <isin value="US446150AS35"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>410478.08000000</valUSD>
        <pctVal>0.091175596661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</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>Amphenol Corp</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>Amphenol Corp</title>
        <cusip>032095101</cusip>
        <identifiers>
          <isin value="US0320951017"/>
          <ticker value="APH"/>
        </identifiers>
        <balance>26642.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3838579.36000000</valUSD>
        <pctVal>0.852627169467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackrock Inc</name>
        <lei>529900VBK42Y5HHRMD23</lei>
        <title>Blackrock Inc</title>
        <cusip>09290D101</cusip>
        <identifiers>
          <isin value="US09290D1019"/>
          <ticker value="BLK"/>
        </identifiers>
        <balance>6582.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7364863.08000000</valUSD>
        <pctVal>1.635887075007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WALT DISNEY COMPANY/THE</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co/The</title>
        <cusip>254687EH5</cusip>
        <identifiers>
          <isin value="US254687EH59"/>
        </identifiers>
        <balance>315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>358148.22000000</valUSD>
        <pctVal>0.079552061955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.65000000</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>CORNELL UNIVERSITY</name>
        <lei>549300ZZIJPNT0RZWP17</lei>
        <title>Cornell University</title>
        <cusip>219207AD9</cusip>
        <identifiers>
          <isin value="US219207AD93"/>
        </identifiers>
        <balance>820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>822309.63000000</valUSD>
        <pctVal>0.182651826756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.16900000</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>2026-03-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Manning &amp; Napier Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Jill Peeper</ncom:signature>
      <ncom:signerName>Jill Peeper</ncom:signerName>
      <ncom:title>Principal Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
