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        <name>FHLMC Stacr Trust</name>
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        <name>Toll Brothers Finance Corp.</name>
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        <name>VEON Holdings BV</name>
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        <name>Santander Holdings USA, Inc.</name>
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        <name>FNMA</name>
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        <name>GNMA</name>
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        <name>FHLMC</name>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <name>Cablevision Lightpath LLC</name>
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        <name>Performance Food Group, Inc.</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>Performance Food Group, Inc.</title>
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      <invstOrSec>
        <name>NCR Corp.</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR Corp.</title>
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        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
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        <name>Flex Intermediate Holdco LLC</name>
        <lei>549300290TQIGM30A243</lei>
        <title>Flex Intermediate Holdco LLC</title>
        <cusip>33939HAA7</cusip>
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        <balance>1540000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust, Series 2019-OC11, Class C</title>
        <cusip>05606FAJ2</cusip>
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        <balance>1265000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2041-12-09</maturityDt>
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          <annualizedRt>3.85600000</annualizedRt>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust, Series 2021-MFM1, Class C</title>
        <cusip>05608VAG1</cusip>
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          <isin value="US05608VAG14"/>
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        <balance>2695000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.29025080</annualizedRt>
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      <invstOrSec>
        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government Bond</title>
        <cusip>91087BAM2</cusip>
        <identifiers>
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        <balance>2802000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2704210.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Hertz Vehicle Financing LLC</name>
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        <name>Delta Air Lines, Inc.</name>
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        <name>NMI Holdings, Inc.</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Match Group Holdings II LLC</name>
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        <name>FNMA</name>
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        <name>SBA Senior Finance II LLC</name>
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        <name>FNMA</name>
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        <name>Citigroup Commercial Mortgage Trust</name>
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        <name>FREMF Mortgage Trust</name>
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        <name>Sierra Timeshare Receivables Funding LLC</name>
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        <name>New Economy Assets Phase 1 Sponsor LLC</name>
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        <name>FHLMC STACR REMIC Trust</name>
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        <name>Taco Bell Funding LLC</name>
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        <name>Comision Federal de Electricidad</name>
        <lei>4469000001BFPONMPF32</lei>
        <title>Comision Federal de Electricidad</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust, Series 2020-VIVA, Class D</title>
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          <isin value="US12433XAG43"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>758892.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Carrington Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Carrington Mortgage Loan Trust, Series 2007-HE1, Class A3</title>
        <cusip>14454EAC5</cusip>
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          <isin value="US14454EAC57"/>
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        <balance>2452879.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2430114.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.27924840</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Notes</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="FVZ1COS"/>
          <other otherDesc="Future Ticker" value="FVZ1 Comdty"/>
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        <balance>-515.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>635502.36000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>United States of America</issuerName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37045XDL7</cusip>
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          <isin value="US37045XDL73"/>
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        <balance>1525000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hilton Domestic Operating Co., Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>Hilton Domestic Operating Co., Inc.</title>
        <cusip>432833AF8</cusip>
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          <isin value="US432833AF84"/>
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        <balance>1930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2060236.40000000</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>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government Bond</title>
        <cusip>91087BAP5</cusip>
        <identifiers>
          <isin value="XS2280637039"/>
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        <balance>1480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1325695.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-04-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ACE3</cusip>
        <identifiers>
          <isin value="US87264ACE38"/>
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        <balance>885000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>915886.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Regents of the University of California Medical Center</name>
        <lei>N/A</lei>
        <title>Regents of the University of California Medical Center</title>
        <cusip>913366KB5</cusip>
        <identifiers>
          <isin value="US913366KB56"/>
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        <balance>2760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2867557.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Navient Private Education Refi Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Private Education Refi Loan Trust, Series 2020-GA, Class B</title>
        <cusip>63941UAB9</cusip>
        <identifiers>
          <isin value="US63941UAB98"/>
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        <balance>1145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1152237.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Industrias Penoles SAB de CV</name>
        <lei>549300WA2HB7776CB324</lei>
        <title>Industrias Penoles SAB de CV</title>
        <cusip>456472AD1</cusip>
        <identifiers>
          <isin value="US456472AD16"/>
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        <balance>1962000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2128770.00000000</valUSD>
        <pctVal>0.299983127034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IHS Markit Ltd.</name>
        <lei>549300HLPTRASHS0E726</lei>
        <title>IHS Markit Ltd.</title>
        <cusip>44962LAH0</cusip>
        <identifiers>
          <isin value="US44962LAH06"/>
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        <balance>3710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3914050.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust, Series 2021-VOLT, Class E</title>
        <cusip>05609VAN5</cusip>
        <identifiers>
          <isin value="US05609VAN55"/>
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        <balance>2125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2124998.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.09025000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BXHPP Trust</name>
        <lei>N/A</lei>
        <title>BXHPP Trust, Series 2021-FILM, Class C</title>
        <cusip>05609JAL6</cusip>
        <identifiers>
          <isin value="US05609JAL61"/>
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        <balance>1090000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1087268.68000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.19000160</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC STACR Trust</name>
        <lei>N/A</lei>
        <title>FHLMC STACR Trust, Series 2021-DNA5, Class B1</title>
        <cusip>35564KJA8</cusip>
        <identifiers>
          <isin value="US35564KJA88"/>
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        <balance>1840000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1860698.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.09867120</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sprint Corp.</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>Sprint Corp.</title>
        <cusip>85207UAF2</cusip>
        <identifiers>
          <isin value="US85207UAF21"/>
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        <balance>3620000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4013675.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series Y</title>
        <cusip>172967NB3</cusip>
        <identifiers>
          <isin value="US172967NB34"/>
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        <balance>1590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1595565.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FirstKey Homes Trust</name>
        <lei>N/A</lei>
        <title>FirstKey Homes Trust, Series 2021-SFR1, Class C</title>
        <cusip>33767WAE3</cusip>
        <identifiers>
          <isin value="US33767WAE30"/>
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        <balance>2650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2615074.06000000</valUSD>
        <pctVal>0.368512377544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.88800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Ohio Power Co.</name>
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        <name>Iron Mountain, Inc.</name>
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        <name>Cheniere Corpus Christi Holdings LLC</name>
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        <name>GNMA</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>WELLS FARGO GOVT FD LEX</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Lincoln National Corp.</name>
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        <name>Howmet Aerospace, Inc.</name>
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        <name>CyrusOne LP</name>
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        <name>Match Group Holdings II LLC</name>
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        <name>MSCI, Inc.</name>
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        <name>FHLMC</name>
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        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <name>FREMF Mortgage Trust</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>Alternative Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JBS USA Food Co.</name>
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        <name>Stericycle, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-16</maturityDt>
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      <invstOrSec>
        <name>NYU Langone Hospitals</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-01</maturityDt>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <maturityDt>2036-06-15</maturityDt>
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      <invstOrSec>
        <name>Delta Air Lines, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Crown Castle Towers LLC</name>
        <lei>N/A</lei>
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        <balance>3825000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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        <name>Nordstrom, Inc.</name>
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        <name>N/A</name>
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        <title>Forward Foreign Currency Contract</title>
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        <name>Biogen, Inc.</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>Biogen, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Protective Life Corp.</name>
        <lei>549300ZWIT8J8Y2EXL07</lei>
        <title>Protective Life Corp.</title>
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        <name>MVW LLC</name>
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      <invstOrSec>
        <name>Domino's Pizza Master Issuer LLC</name>
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        <name>BAE Systems plc</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
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        <invCountry>GB</invCountry>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-25, Class LI</title>
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        <issuerCat>USGA</issuerCat>
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      <invstOrSec>
        <name>Smithfield Foods, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Airlines Pass-Through Trust</name>
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      <invstOrSec>
        <name>NewRez Warehouse Securitization Trust</name>
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      <invstOrSec>
        <name>Office Properties Income Trust</name>
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        <name>American Airlines Pass-Through Trust</name>
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      <invstOrSec>
        <name>CVS Pass-Through Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Macquarie Group Ltd.</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>Macquarie Group Ltd.</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>Time Warner Entertainment Co. LP</name>
        <lei>N/A</lei>
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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>FNMA</name>
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        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>05608EAA2</cusip>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <name>Kronos Acquisition Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Kronos Acquisition Holdings, Inc.</title>
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        <name>US Airways Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>US Airways Pass-Through Trust, Series 2010-1, Class A</title>
        <cusip>90345KAA8</cusip>
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          <isin value="US90345KAA88"/>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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      <invstOrSec>
        <name>Bayview Commercial Asset Trust</name>
        <lei>N/A</lei>
        <title>Bayview Commercial Asset Trust, Series 2005-3A, Class A1</title>
        <cusip>07324SCB6</cusip>
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          <isin value="US07324SCB60"/>
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        <balance>856263.30000000</balance>
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        <curCd>USD</curCd>
        <valUSD>818542.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>0.56925000</annualizedRt>
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      <invstOrSec>
        <name>DROP Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DROP Mortgage Trust, Series 2021-FILE, Class A</title>
        <cusip>26210YAA4</cusip>
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          <isin value="US26210YAA47"/>
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        <balance>1065000.00000000</balance>
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      <invstOrSec>
        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DB Master Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sierra Timeshare Receivables Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Darden Restaurants, Inc.</name>
        <lei>CY1NFSCCB5GUXC7WZC70</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CommScope Technologies LLC</name>
        <lei>M4TWC4QDOKW45N7T6Y12</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
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      <invstOrSec>
        <name>Navient Private Education Refi Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Private Education Refi Loan Trust, Series 2020-HA, Class B</title>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.78000000</annualizedRt>
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      <invstOrSec>
        <name>Drive Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Drive Auto Receivables Trust, Series 2021-1, Class D</title>
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          <isin value="US262108AF00"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Galton Funding Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Galton Funding Mortgage Trust, Series 2018-2, Class A51</title>
        <cusip>36418GBA1</cusip>
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          <isin value="US36418GBA13"/>
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        <balance>1293897.33000000</balance>
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        <curCd>USD</curCd>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>Mauser Packaging Solutions Holding Co., Term Loan</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF Mortgage Trust, Series 2018-K154, Class B</title>
        <cusip>302968AE2</cusip>
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          <isin value="US302968AE20"/>
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        <balance>1750000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-25</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
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        <balance>2350000.00000000</balance>
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        <invCountry>IT</invCountry>
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        <name>N/A</name>
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        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Issuer Trust, Series 2021-3A, Class D</title>
        <cusip>36263LAG4</cusip>
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        <balance>2455000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-07-15</maturityDt>
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      <invstOrSec>
        <name>Ford Credit Floorplan Master Owner Trust</name>
        <lei>5493001DTG5N7T8BG747</lei>
        <title>Ford Credit Floorplan Master Owner Trust, Series 2019-4, Class A</title>
        <cusip>34528QHF4</cusip>
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        <balance>1465000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Altice France SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC STACR Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Victoria's Secret &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley ABS Capital I, Inc. Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aircastle Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alliant Holdings Intermediate LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-09</maturityDt>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust, Series 2019-C53, Class A4</title>
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        <balance>3100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>American Credit Acceptance Receivables Trust</name>
        <lei>N/A</lei>
        <title>American Credit Acceptance Receivables Trust, Series 2021-4, Class D</title>
        <cusip>02530TAG6</cusip>
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          <isin value="US02530TAG67"/>
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        <balance>1520000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-14</maturityDt>
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        <name>Braskem Netherlands Finance BV</name>
        <lei>2549000TLMHFQ74DS330</lei>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-10</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>30711XBF0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Host Hotels &amp; Resorts LP</name>
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        <title>Host Hotels &amp; Resorts LP, Series D</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-15</maturityDt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2013-105, Class KO</title>
        <cusip>3136AGQC9</cusip>
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        <balance>453046.30000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-25</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
        <cusip>345370CW8</cusip>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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        <name>WEC Energy Group, Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC Energy Group, Inc.</title>
        <cusip>976657AH9</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Mileage Plus Holdings LLC</name>
        <lei>N/A</lei>
        <title>Mileage Plus Holdings LLC</title>
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        <name>Owens-Brockway Glass Container, Inc.</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
        <title>Owens-Brockway Glass Container, Inc.</title>
        <cusip>69073TAT0</cusip>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>549300C72XVZH4MIKU63</lei>
        <title>Commercial Mortgage Trust, Series 2013-CR9, Class B</title>
        <cusip>12625UAE3</cusip>
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          <isin value="US12625UAE38"/>
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        <balance>1020000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>California Institute of Technology</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Starbucks Corp.</name>
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        <name>Republic of Colombia</name>
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        <name>CF Hippolyta LLC</name>
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        <name>Societe Generale SA</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>Toll Brothers Finance Corp.</name>
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        <name>CNX Midstream Partners LP</name>
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        <name>Reliance Standard Life Global Funding II</name>
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        <name>FNMA</name>
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        <name>Bank of America Corp.</name>
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        <name>Credit Suisse Group AG</name>
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        <name>American Airlines Pass-Through Trust</name>
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        <name>Federative Republic of Brazil</name>
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        <name>Nissan Motor Acceptance Co. LLC</name>
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        <name>Progress Residential Trust</name>
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        <name>Teva Pharmaceutical Finance Netherlands III BV</name>
        <lei>5493004T21MOAFINJP35</lei>
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        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
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        <name>Athene Global Funding</name>
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        <name>BX Commercial Mortgage Trust</name>
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        <name>American Airlines, Inc.</name>
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        <name>Broadcom, Inc.</name>
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        <name>BX Trust</name>
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        <name>FHLMC</name>
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        <name>American Airlines Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GSAA Home Equity Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MainStay U.S. Government Liquidity Fund</name>
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          <isin value="US56064L4885"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Ford Credit Floorplan Master Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Grand Vacations Trust</name>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <valUSD>2832744.93000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.94800000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2020-91, Class MI</title>
        <cusip>3136BC6M7</cusip>
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          <isin value="US3136BC6M72"/>
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        <balance>4859113.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>526152.64000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>Appalachian Power Co.</name>
        <lei>3SCHO1ABYYIG382BEI70</lei>
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        <cusip>037735CW5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA4, Class M3</title>
        <cusip>3137G0LJ6</cusip>
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        <balance>1482293.09620000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.88924920</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2017-C02, Class 2M2</title>
        <cusip>30711XGP3</cusip>
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        <balance>1768011.17000000</balance>
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        <valUSD>1830010.37000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.73925160</annualizedRt>
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        <name>Delta Air Lines, Inc.</name>
        <lei>N/A</lei>
        <title>Delta Air Lines, Inc.</title>
        <cusip>830867AA5</cusip>
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        <balance>845000.00000000</balance>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Textron Financial Corp.</name>
        <lei>4E8B2CNXPE5P5AY03O18</lei>
        <title>Textron Financial Corp.</title>
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        <balance>4350000.00000000</balance>
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        <valUSD>3828000.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <annualizedRt>1.85974920</annualizedRt>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37045XDE3</cusip>
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        <balance>708000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>2.35000000</annualizedRt>
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        <name>Expedia Group, Inc.</name>
        <lei>N/A</lei>
        <title>Expedia Group, Inc.</title>
        <cusip>30212PAR6</cusip>
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        <balance>3920000.00000000</balance>
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        <valUSD>4030156.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VBW2</cusip>
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          <isin value="US29379VBW28"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>595202.28000000</valUSD>
        <pctVal>0.083875026974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <name>GNMA</name>
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        <name>Willis North America, Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Vodafone Group plc</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>X-Caliber Funding LLC</name>
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        <name>Empresa Nacional del Petroleo</name>
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        <name>Bayview Commercial Asset Trust</name>
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        <name>Deutsche Bank AG</name>
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        <name>Change Healthcare Holdings, Inc.</name>
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        <name>FNMA</name>
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        <name>Vale Overseas Ltd.</name>
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        <title>Vale Overseas Ltd.</title>
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        <name>Morgan Stanley ABS Capital I, Inc. Trust</name>
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        <name>United States of America</name>
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        <name>Vale Overseas Ltd.</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M2</title>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Clark Equipment Co.</name>
        <lei>549300X1FKNY520VPF71</lei>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp. Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
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      <invstOrSec>
        <name>Level 3 Financing, Inc.</name>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
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      <invstOrSec>
        <name>Empower Finance 2020 LP</name>
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        <name>Turning Point Brands, Inc.</name>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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        <name>Marathon Petroleum Corp.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Lloyds Banking Group plc</name>
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        <name>BX Trust</name>
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        <name>FREMF Mortgage Trust</name>
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        <name>Mello Warehouse Securitization Trust</name>
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        <name>Gazprom PJSC Via Gaz Capital SA</name>
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        <name>N/A</name>
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        <title>U.S. Treasury 10 Year Notes</title>
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        <name>Navient Private Education Refi Loan Trust</name>
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        <name>Sabine Pass Liquefaction LLC</name>
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        <name>FHLMC STACR Trust</name>
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        <name>Domino's Pizza Master Issuer LLC</name>
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        <name>TruGreen LP</name>
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        <name>COMM Mortgage Trust</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <name>Sprint Spectrum Co. LLC</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Dell International LLC</name>
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      <invstOrSec>
        <name>Hudson Yards Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US44421GAA13"/>
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      <invstOrSec>
        <name>United Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
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        <name>One Bryant Park Trust</name>
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        <name>Banc of America Alternative Loan Trust</name>
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        <name>NXP BV</name>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>CF Hippolyta LLC</name>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Expedia Group, Inc.</name>
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        <title>Expedia Group, Inc.</title>
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      <invstOrSec>
        <name>Teledyne FLIR LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Flagship Credit Auto Trust</name>
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      <invstOrSec>
        <name>Orbia Advance Corp. SAB de CV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GreenPoint Mortgage Funding Trust</name>
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      <invstOrSec>
        <name>CSMC Trust</name>
        <lei>N/A</lei>
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        <balance>2250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tyson Foods, Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
        <title>Tyson Foods, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLS Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Trust, Series 2021-2A, Class D</title>
        <cusip>36261XAG0</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
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      <invstOrSec>
        <name>TruGreen LP</name>
        <lei>549300QNRP2MNHR3QM19</lei>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series DD</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust, Series 2021-LBA, Class DV</title>
        <cusip>05609BBF5</cusip>
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          <isin value="US05609BBF58"/>
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        <balance>1270000.00000000</balance>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>General Motors Co.</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co.</title>
        <cusip>37045VAV2</cusip>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>54930012YCNUERXJ1I74</lei>
        <title>Wells Fargo Commercial Mortgage Trust, Series 2018-AUS, Class A</title>
        <cusip>94990EAA2</cusip>
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          <isLoanByFund>N</isLoanByFund>
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        <name>STACR Trust</name>
        <lei>549300D2VO9JVX6KU482</lei>
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        <cusip>3137G0VA4</cusip>
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        <balance>1785000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 2 Year Notes</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Future Ticker" value="TUZ1 Comdty"/>
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        <balance>60.00000000</balance>
        <units>NC</units>
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        <payoffProfile>N/A</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>Continental Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US30711XWX82"/>
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        <balance>3329484.85000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Quad/Graphics, Inc.</name>
        <lei>W2D68G5NJH4X0NW8PT65</lei>
        <title>Quad/Graphics, Inc.</title>
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          <isin value="US7473011093"/>
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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>Freedom Mortgage Corp.</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>Freedom Mortgage Corp.</title>
        <cusip>35640YAF4</cusip>
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          <isin value="US35640YAF43"/>
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        <balance>1955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1906125.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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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>JPMorgan Chase Commercial Mortgage Securities Corp.</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Corp., Series 2018-AON, Class B</title>
        <cusip>46649XAG2</cusip>
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          <isin value="US46649XAG25"/>
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        <balance>1330000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Long Bonds</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="USZ1COM"/>
          <other otherDesc="Future Ticker" value="USZ1 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>QVC, Inc.</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC, Inc.</title>
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          <isin value="US747262AZ65"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
        <lei>N/A</lei>
        <title>Allied Universal Holdco LLC</title>
        <cusip>019576AA5</cusip>
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          <isin value="US019576AA51"/>
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        <balance>2130000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Santander Revolving Auto Loan Trust</name>
        <lei>N/A</lei>
        <title>Santander Revolving Auto Loan Trust, Series 2019-A, Class A</title>
        <cusip>80286JAA3</cusip>
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          <isin value="US80286JAA34"/>
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        <balance>675000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-26</maturityDt>
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      <invstOrSec>
        <name>STACR Trust</name>
        <lei>549300BL200YC56BUV20</lei>
        <title>STACR Trust, Series 2018-DNA3, Class M2</title>
        <cusip>35563WAH7</cusip>
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          <isin value="US35563WAH79"/>
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        <balance>1425000.00000000</balance>
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        <name>GLP Capital LP</name>
        <lei>N/A</lei>
        <title>GLP Capital LP</title>
        <cusip>361841AN9</cusip>
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          <isin value="US361841AN93"/>
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        <balance>1535000.00000000</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>2024-09-01</maturityDt>
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      <invstOrSec>
        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>Glencore Funding LLC</title>
        <cusip>378272AX6</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Grupo Televisa SAB</name>
        <lei>549300O4AF0C816ILN62</lei>
        <title>Grupo Televisa SAB</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust, Series 2019-2A, Class B6</title>
        <cusip>64830DCF8</cusip>
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          <isin value="US64830DCF87"/>
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        <balance>845163.98000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-12-25</maturityDt>
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      <invstOrSec>
        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc.</title>
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        <balance>4253000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc., Series X</title>
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          <isin value="US571903AY99"/>
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        <balance>605000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2017-GS7, Class A4</title>
        <cusip>36254CAV2</cusip>
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          <isin value="US36254CAV28"/>
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        <balance>2720000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.43000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TFDXX LEX BLACKROCK FED FUND</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United Airlines Pass-Through Trust</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>Progress Residential</name>
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        <name>Republic of Chile</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sequoia Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>National Fuel Gas Co.</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>National Fuel Gas Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MASTR Asset-Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>MASTR Asset-Backed Securities Trust, Series 2006-HE4, Class A1</title>
        <cusip>576449AA0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
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      <invstOrSec>
        <name>GS Mortgage-Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A2</title>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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      <invstOrSec>
        <name>Potomac Electric Power Co.</name>
        <lei>549300BXF2DWUNN57U06</lei>
        <title>Potomac Electric Power Co.</title>
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        <name>1011778 BC ULC</name>
        <lei>549300RHSHNRWI5LLA86</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-19</maturityDt>
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        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-22</maturityDt>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <balance>2135000.00000000</balance>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Nordstrom, Inc.</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>Nordstrom, Inc.</title>
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          <isin value="US655664AY65"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Plains All American Pipeline LP</name>
        <lei>N/A</lei>
        <title>Plains All American Pipeline LP</title>
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          <isin value="US72650RBN17"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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      <invstOrSec>
        <name>Hertz Vehicle Financing III LP</name>
        <lei>N/A</lei>
        <title>Hertz Vehicle Financing III LP, Series 2021-2A, Class C</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-27</maturityDt>
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      <invstOrSec>
        <name>DB Master Finance LLC</name>
        <lei>549300F17UZJL70BPB08</lei>
        <title>DB Master Finance LLC, Series 2021-1A, Class A23</title>
        <cusip>233046AS0</cusip>
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          <isin value="US233046AS01"/>
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        <balance>1780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1787548.98000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-20</maturityDt>
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      <invstOrSec>
        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp.</title>
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          <isin value="US00914AAF93"/>
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        <balance>3275000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series S</title>
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          <isin value="US949746RG83"/>
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        <balance>3295000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VAR1</cusip>
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          <isin value="US55336VAR15"/>
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        <balance>560000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>615939.67000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Manhattan West Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Manhattan West Mortgage Trust, Series 2020-1MW, Class A</title>
        <cusip>563136AA8</cusip>
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          <isin value="US563136AA85"/>
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        <balance>1260000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.13000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2021-13, Class BI</title>
        <cusip>3136BFPZ0</cusip>
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          <isin value="US3136BFPZ03"/>
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        <balance>2441100.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>254183.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP, Series H</title>
        <cusip>29273VAN0</cusip>
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          <isin value="US29273VAN01"/>
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        <balance>1395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1443825.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="75091"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>Thor Industries, Inc.</name>
        <lei>254900XZO1228PDSG060</lei>
        <title>Thor Industries, Inc.</title>
        <cusip>885160AA9</cusip>
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          <isin value="US885160AA99"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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          <isin value="US00206RKA94"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-01</maturityDt>
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          <annualizedRt>3.65000000</annualizedRt>
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      <invstOrSec>
        <name>Sierra Timeshare Receivables Funding LLC</name>
        <lei>N/A</lei>
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        <cusip>82652QAC5</cusip>
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          <isin value="US82652QAC50"/>
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        <balance>516656.08000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-20</maturityDt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
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      <invstOrSec>
        <name>American Credit Acceptance Receivables Trust</name>
        <lei>N/A</lei>
        <title>American Credit Acceptance Receivables Trust, Series 2020-2, Class C</title>
        <cusip>02529WAC1</cusip>
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          <isin value="US02529WAC10"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2020-10, Class DA</title>
        <cusip>3136B9BV8</cusip>
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          <isin value="US3136B9BV88"/>
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        <balance>2315732.72990000</balance>
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        <curCd>USD</curCd>
        <valUSD>2482997.87000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Home Partners of America Trust</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Hess Midstream Operations LP</name>
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        <name>Air Lease Corp.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Ashtead Capital, Inc.</name>
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        <name>STACR Trust</name>
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        <name>FNMA</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>WFRBS Commercial Mortgage Trust</name>
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        <name>FirstKey Homes Trust</name>
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        <name>AutoNation, Inc.</name>
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        <name>FHLMC</name>
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        <name>Expedia Group, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <name>AerCap Ireland Capital DAC</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC</title>
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        <invCountry>IE</invCountry>
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        <name>Standard Chartered plc</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered plc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Future Ticker" value="WNZ1 Comdty"/>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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      <invstOrSec>
        <name>Health Care Service Corp.</name>
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      <invstOrSec>
        <name>Macy's Retail Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco BTG Pactual SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WaMu Mortgage Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kraft Heinz Foods Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander Drive Auto Receivables Trust</name>
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        <name>Corp. Nacional del Cobre de Chile</name>
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        <name>Deutsche Bank AG</name>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <name>Alpek SAB de CV</name>
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        <name>SLG Office Trust</name>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <title>Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A</title>
        <cusip>05377RDU5</cusip>
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        <name>American Airlines, Inc.</name>
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        <name>BX Trust</name>
        <lei>N/A</lei>
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        <cusip>05608RAL9</cusip>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 4908, Class BD</title>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
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      <invstOrSec>
        <name>Hyatt Hotels Corp.</name>
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        <name>First NLC Trust</name>
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          <isin value="US32115BAA89"/>
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      <invstOrSec>
        <name>JPMorgan Mortgage Acquisition Trust</name>
        <lei>N/A</lei>
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          <isin value="US46630KAA43"/>
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          <maturityDt>2047-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.18924840</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
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          <isin value="US9128285W63"/>
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      <invstOrSec>
        <name>NCR Corp.</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR Corp.</title>
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          <isin value="US62886EAV02"/>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="73756"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <name>Petrobras Global Finance BV</name>
        <lei>549300FNENFFSMO3GT38</lei>
        <title>Petrobras Global Finance BV</title>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
        <lei>IHXLB8SL0QWSSG2VG640</lei>
        <title>Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>STACR Trust</name>
        <lei>549300YG8OJES76WL398</lei>
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          <isin value="US35564ABF75"/>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <name>Corp. Nacional del Cobre de Chile</name>
        <lei>549300UVMBCBCIPSUI70</lei>
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        <invCountry>CL</invCountry>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <name>Hess Midstream Operations LP</name>
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        <name>Hertz Vehicle Financing III LP</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate." noteItem="C.11.f.i.2"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MAINSTAY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Jack Benintende</ncom:signature>
      <ncom:signerName>Jack Benintende</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
