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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN TRANSMISSION SY</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>254900Q2UY574S9NQF08</lei>
        <title>Angel Oak Mortgage Trust 2024-7</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>254900O3R79X1AD55F36</lei>
        <title>Angel Oak Mortgage Trust 2024-9</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ANGLO AMERICAN CAPITAL</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>254900CFOEUA52TRVZ51</lei>
        <title>Angel Oak Mortgage Trust 2025-10</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELEVANCE HEALTH INC</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health Inc</title>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ELEVANCE HEALTH INC</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health Inc</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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      <invstOrSec>
        <name>Arbor Realty Collateralized Loan Obligation Ltd</name>
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        <title>Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd</title>
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          <isin value="US03880RAC34"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Arbor Realty Collateralized Loan Obligation Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Arbor Realty Collateralized Loan Obligation Ltd</name>
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        <name>Arbor Realty Collateralized Loan Obligation Ltd</name>
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        <title>Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd</title>
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        <name>ARDN 2025-ARCP Mortgage Trust</name>
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        <name>AREIT CRE Trust</name>
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        <name>AREIT CRE Trust</name>
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        <name>ARI Fleet Lease Trust</name>
        <lei>N/A</lei>
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        <lei>549300YNNLBXT8N8R512</lei>
        <title>Arrow Electronics Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>549300YNNLBXT8N8R512</lei>
        <title>Arrow Electronics Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <title>Arthur J Gallagher &amp; Co</title>
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          <isin value="US04316JAK51"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US04316JAL35"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital Inc</title>
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          <isin value="US045054AL70"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AUTONATION INC</name>
        <lei>N/A</lei>
        <title>AutoNation Inc</title>
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          <isin value="US05329RAA14"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AUTONATION INC</name>
        <lei>N/A</lei>
        <title>AutoNation Inc</title>
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          <isin value="US05329WAU62"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AutoNation Finance Trust 2025-1</name>
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          <isin value="US05330QAB86"/>
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      <invstOrSec>
        <name>AVIATION CAPITAL GROUP</name>
        <lei>549300ODEK8HY3445C77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AVOLON HOLDINGS FNDG LTD</name>
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        <name>Barclays Commercial Mortgage Securities LLC</name>
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        <name>Barclays Commercial Mortgage Securities LLC</name>
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        <name>Barclays Commercial Mortgage Securities LLC</name>
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        <name>BAT INTL FINANCE PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>BAT International Finance PLC</title>
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        <name>Barclays Commercial Mortgage Securities LLC</name>
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        <name>BDS Ltd</name>
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      <invstOrSec>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <name>BACARDI LTD</name>
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        <name>BARCLAYS PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BDS Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>BENCHMARK Mortgage Trust</name>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
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          <isin value="US08164EAC84"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BIOGEN INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOEING CO</name>
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        <title>Boeing Co/The</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BOEING CO/THE</name>
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        <name>BROADCOM INC</name>
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        <title>Broadcom Inc</title>
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        <name>BROADCOM INC</name>
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        <name>BROADCOM INC</name>
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        <title>Broadcom Inc</title>
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        <name>BROADCOM INC</name>
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        <title>Broadcom Inc</title>
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        <name>BROOKFIELD FINANCE INC</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>Brookfield Finance Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BROWN &amp; BROWN INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Business Jet Securities, LLC</name>
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        <name>Business Jet Securities, LLC</name>
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        <name>Business Jet Securities, LLC</name>
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      <invstOrSec>
        <name>BXMT Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BXMT Ltd</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CBRE SERVICES INC</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE Services Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CBRE SERVICES INC</name>
        <lei>549300CTE3HOMEUMM603</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CD Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CD 2017-CD4 Mortgage Trust</title>
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        <name>CF Hippolyta Issuer LLC</name>
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        <name>CF Hippolyta Issuer LLC</name>
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      <invstOrSec>
        <name>COOPR Residential Mortgage Trust</name>
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        <title>COOPR Residential Mortgage Trust 2025-CES1</title>
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          <isin value="US12596SAA15"/>
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        <name>COLT Funding LLC</name>
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        <name>CAIXABANK SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
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      <invstOrSec>
        <name>CAIXABANK SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
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        <balance>970000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CarMax Select Receivables Trust</name>
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          <isin value="US14320BAB53"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Chesapeake Funding II LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <title>COPT Defense Properties LP</title>
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        <name>COPT DEFENSE PROP LP</name>
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      <invstOrSec>
        <name>Credit Acceptance Auto Loan Trust</name>
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        <name>CROWN CASTLE INC</name>
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        <name>DCP MIDSTREAM OPERATING</name>
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        <name>DLLST LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DANSKE BANK A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Dell Equipment Finance Trust</name>
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          <isin value="US24704EAC21"/>
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        <balance>514603.57000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-22</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE BANK NY</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <lei>7LTWFZYICNSX8D621K86</lei>
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        <name>DEUTSCHE BANK NY</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <lei>7LTWFZYICNSX8D621K86</lei>
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        <name>DIAMONDBACK ENERGY INC</name>
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        <name>Dryden Senior Loan Fund</name>
        <lei>549300VCB8LYR1RGV869</lei>
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        <name>Dryden Senior Loan Fund</name>
        <lei>254900JFO9XUH2EREJ70</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>EQT CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EAGLE FUNDING LUXCO SARL</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EBAY INC</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELEMENT FLEET MANAGEMENT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELEMENT FLEET MANAGEMENT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EMPIRE DISTRICT BONDCO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENBRIDGE INC</name>
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        <title>Enbridge Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ENBRIDGE INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>FED CAISSES DESJARDINS</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FIRST CITIZENS BANCSHARE</name>
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        <name>FLUTTER TREASURY DAC</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>GXO LOGISTICS INC</name>
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        <name>GENUINE PARTS CO</name>
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        <title>Genuine Parts Co</title>
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        <name>HSBC HOLDINGS PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harbor Park CLO Ltd</name>
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        <name>Home Owner Mortgage Enhanced Securuties Limited</name>
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        <name>HUNTINGTON BANCSHARES</name>
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        <name>Invesco CLO LTD</name>
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      <invstOrSec>
        <name>IQVIA INC</name>
        <lei>549300PLWY28YB00C717</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JBS NV/USA FOODS/FOOD CO</name>
        <lei>N/A</lei>
        <title>JBS NV/JBS USA Foods Group Holdings Inc/JBS USA Food Co Holdings</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JPMCC Commercial Mortgage Securities Trust 2017-JP7</title>
        <cusip>465968AG0</cusip>
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          <isin value="US465968AG07"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-09-15</maturityDt>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900371ZWA9WXVGB88</lei>
        <title>JP Morgan Mortgage Trust Series 2024-NQM1</title>
        <cusip>465983AA2</cusip>
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          <isin value="US465983AA20"/>
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        <balance>832456.80000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-02-25</maturityDt>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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          <isin value="US46647PBW59"/>
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        <curCd>USD</curCd>
        <valUSD>2760554.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust Series 2026-NQM1</title>
        <cusip>46660DAE5</cusip>
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          <isin value="US46660DAE58"/>
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        <balance>575008.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>575154.05000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>JAPAN TOBACCO INC</name>
        <lei>353800Z0ENYBQO0XRJ31</lei>
        <title>Japan Tobacco Inc</title>
        <cusip>471105AC0</cusip>
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          <isin value="US471105AC03"/>
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        <balance>2340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2382430.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JDE PEET'S NV</name>
        <lei>724500EHG519SE5ZRT89</lei>
        <title>JDE Peet's NV</title>
        <cusip>47216QAB9</cusip>
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          <isin value="US47216QAB95"/>
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        <balance>1537000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1498230.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.38000000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky Higher Education Student Loan Corp</name>
        <lei>N/A</lei>
        <title>KENTUCKY ST HGR EDU STUDENT LOAN CORP</title>
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          <isin value="US49130NGL73"/>
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        <curCd>USD</curCd>
        <valUSD>1215277.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>LKQ CORP</name>
        <lei>DS830JTTZQN6GK0I2E41</lei>
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        <balance>2976000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>LPL HOLDINGS INC</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
        <title>LPL Holdings Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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        <name>LPL HOLDINGS INC</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
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        <name>LPL HOLDINGS INC</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
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        <name>LPL HOLDINGS INC</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
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        <name>LPL HOLDINGS INC</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
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        <name>LAD Auto Receivables Trust</name>
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        <title>LAD Auto Receivables Trust 2024-3</title>
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        <name>LAS VEGAS SANDS CORP</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp</title>
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        <name>LAS VEGAS SANDS CORP</name>
        <lei>549300DUOO1KXOHPM605</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>OneMain Financial Issuance Trust</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <cusip>682696AA7</cusip>
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          <isin value="US682696AA77"/>
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        <balance>1286776.11000000</balance>
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        <name>OneMain Financial Issuance Trust</name>
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        <name>OneMain Financial Issuance Trust</name>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PSEG POWER LLC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <name>PFP III</name>
        <lei>N/A</lei>
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        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <title>Pacific Gas and Electric Co</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PACIFIC GAS &amp; ELECTRIC</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co</title>
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        <name>Palmer Square Loan Funding Ltd</name>
        <lei>N/A</lei>
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        <name>Palmer Square Loan Funding Ltd</name>
        <lei>N/A</lei>
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        <name>PAYCHEX INC</name>
        <lei>529900K900DW6SUBM174</lei>
        <title>Paychex Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PENSKE TRUCK LEASING/PTL</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-12</maturityDt>
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      <invstOrSec>
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      <invstOrSec>
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        <name>PFP III</name>
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        <name>PHILIP MORRIS INTL INC</name>
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        <name>PIONEER NATURAL RESOURCE</name>
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        <title>Pioneer Natural Resources Co</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PLAINS ALL AMER PIPELINE</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Planet Fitness Master Issuer LLC</name>
        <lei>549300NX9W3U2DO53T22</lei>
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        <name>Provident Funding Mortgage Trust</name>
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        <name>Rate Mortgage Trust</name>
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        <name>RENTOKIL TERMINIX LLC</name>
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        <name>RIO TINTO FIN USA PLC</name>
        <lei>2138006TSNBEUA761G16</lei>
        <title>RIO TINTO FIN USA PLC</title>
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        <name>RIO TINTO FIN USA PLC</name>
        <lei>2138006TSNBEUA761G16</lei>
        <title>Rio Tinto Finance USA PLC</title>
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        <name>ROGERS COMMUNICATIONS IN</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc</title>
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        <name>Shackleton CLO LTD</name>
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      </invstOrSec>
      <invstOrSec>
        <name>SYNCHRONY FINANCIAL</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TCW Gem Ltd</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TPG Real Estate Finance</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TPG Real Estate Finance</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-06-18</maturityDt>
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      <invstOrSec>
        <name>Taco Bell Funding, LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TAPESTRY INC</name>
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        <title>Tapestry Inc</title>
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        <balance>1939000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-11</maturityDt>
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      <invstOrSec>
        <name>3650R Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>3650R 2021-PF1 Commercial Mortgage Trust</title>
        <cusip>88581EAF8</cusip>
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          <isin value="US88581EAF88"/>
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        <balance>19417479.59000000</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>2054-11-15</maturityDt>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <balance>4257000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TRANS-ALLEGHENY INTERSTA</name>
        <lei>N/A</lei>
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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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      <invstOrSec>
        <name>Trinitas CLO Ltd</name>
        <lei>254900ZVDNHQAUJNHH42</lei>
        <title>Trinitas CLO XV Ltd</title>
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        <balance>3427373.00000000</balance>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-22</maturityDt>
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      <invstOrSec>
        <name>TRITON CONTAINER/TAL INT</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TRUIST FINANCIAL CORP</name>
        <lei>549300DRQQI75D2JP341</lei>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>902613AS7</cusip>
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        <invCountry>CH</invCountry>
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        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <name>UBS Commercial Mortgage Trust</name>
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          <maturityDt>2051-12-15</maturityDt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CHM6</cusip>
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        <name>LCH Ltd.</name>
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        <name>Goldman Sachs &amp; Co. LLC</name>
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        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Long: TR11750   TRS USD R E TR11750R / Short: TR11750   TRS USD P V 03MTBILL TR11750P/USB3MTA + 7.00 BP</title>
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      <invstOrSec>
        <name>Merrill Lynch &amp; Co., Inc.</name>
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        <title>Long: TR11753   TRS USD R E TR11753R / Short: TR11753   TRS USD P V 03MTBILL TR11753P/USB3MTA+11.00BPS</title>
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        <name>JPMorgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>Long: TR11758   TRS USD R E TR11758R / Short: TR11758   TRS USD P V 03MTBILL TR11758P/USB3MTA+10.5BPS</title>
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        <name>JPMorgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>Long: TR11796   TRS USD R E TR11796R / Short: TR11796   TRS USD P V 03MTBILL TR11796P/USB3MTA+7.00BPS</title>
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        <name>Citibank NA</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <title>Long: TR11846   TRS USD R V 03MTBILL TR11846R/USB3MTA-5.00BPS / Short: TR11846   TRS USD P E TR11846P</title>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>Long: TR11849   TRS USD R V 03MTBILL TR11849R/USB3MTA-6.00BPS / Short: TR11849   TRS USD P E TR11849P</title>
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        <name>Goldman Sachs &amp; Co. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <name>Goldman Sachs &amp; Co. LLC</name>
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        <name>Goldman Sachs &amp; Co. LLC</name>
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        <name>Merrill Lynch &amp; Co., Inc.</name>
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        <name>JPMorgan Securities LLC</name>
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        <name>Merrill Lynch &amp; Co., Inc.</name>
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        <title>Long: TR11866   TRS USD R E TR11866R / Short: TR11866   TRS USD P V 03MTBILL TR11866P/USB3MTA+8.00BPS</title>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>Long: TR11871   TRS USD R E TR11871R / Short: TR11871   TRS USD P V 03MTBILL TR11871P/USB3MTA+8.00BPS</title>
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      <invstOrSec>
        <name>JPMorgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>Long: TR11872   TRS USD R E TR11872R / Short: TR11872   TRS USD P V 03MTBILL TR11872P/USB3MTA+8.00BPS</title>
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        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Long: TR11873   TRS USD R E TR11873R / Short: TR11873   TRS USD P V 03MTBILL TR11873P/USB3MTA+8.00BPS</title>
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        <name>JPMorgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>Long: TR11876   TRS USD R E TR11876R / Short: TR11876   TRS USD P V 03MTBILL TR11876P/USB3MTA+7.00BPS</title>
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        <name>JPMorgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <name>Merrill Lynch &amp; Co., Inc.</name>
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        <lei>ZBUT11V806EZRVTWT807</lei>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Long: TR11999   TRS USD R E TR11999R / Short: TR11999   TRS USD P V 03MTBILL TR11999P/USB3MTA+10.00</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="TR11999"/>
        </identifiers>
        <balance>38000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-1057670.37000000</valUSD>
        <pctVal>-0.11010719651</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Citibank NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Bloomberg Commodity Index 6 Month Forward Total Return Index</indexName>
                <indexIdentifier>BCOMF6TZ Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="3 mo. U.S. T-Bill Rate" floatingRtSpread="0.00000000" pmntAmt="-11653.33000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2027-03-01</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>38000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1057670.37000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 2YR NOTE (CBT) MAR26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01VRQRXY4"/>
        </identifiers>
        <balance>31.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-13972.19000000</valUSD>
        <pctVal>-0.00145455400</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT 2 Year U.S. Treasury Notes Futures</indexName>
                <indexIdentifier>TUH6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-03-31</expDate>
            <notionalAmt>6477230.02000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-13972.19000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS SERIES TRUST XV</ncom:nameOfApplicant>
      <ncom:signature>James Byrne</ncom:signature>
      <ncom:signerName>James Byrne</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
