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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIGROUP GLOBAL MARKETS LIMITED</counterpartyName>
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                <indexName>CMBX AAA CDSI S17 PRC CORP</indexName>
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      </invstOrSec>
      <invstOrSec>
        <name>VCAT 2021-NPL5 LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FORD CR FLOORPLN MAST OWN TR A</name>
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        <cusip>34528QJA3</cusip>
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          <isin value="US34528QJA31"/>
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        <balance>400000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DELL EQUIP FIN TR 2024-2</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
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          <other otherDesc="Bloomberg" value="COSLAP8IC1"/>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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                    <balance>N/A</balance>
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      <invstOrSec>
        <name>BANK 2017-BNKS</name>
        <lei>N/A</lei>
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        <cusip>06541WAW2</cusip>
        <identifiers>
          <isin value="US06541WAW29"/>
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        <balance>24324.09800000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GS MTG SECS TR 2015-GC30</name>
        <lei>N/A</lei>
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        <identifiers>
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        <balance>199595.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>197918.14000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FED HOME LOAN MTG CORP - GOLD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3133GAS72</cusip>
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        <balance>18974.15400000</balance>
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        <curCd>USD</curCd>
        <valUSD>16680.39000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01500000</annualizedRt>
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      <invstOrSec>
        <name>FNMA GTD MTG PASS THRU CTF</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA 15YR 1.5% 06/01/2036#BR2059</title>
        <cusip>3140L0JD0</cusip>
        <identifiers>
          <isin value="US3140L0JD09"/>
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        <balance>17310.93600000</balance>
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        <curCd>USD</curCd>
        <valUSD>15131.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01500000</annualizedRt>
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      <invstOrSec>
        <name>DLLAD 2023-1A</name>
        <lei>N/A</lei>
        <title>DLLAD 2023-1A 4.79% 01/20/2028 144A</title>
        <cusip>233258AC6</cusip>
        <identifiers>
          <isin value="US233258AC69"/>
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        <balance>285000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA/FHLG TBA ISSUER</name>
        <lei>N/A</lei>
        <title>UMBS 15YR 2% 12/01/2039 #TBA</title>
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        <identifiers>
          <isin value="US01F0204C04"/>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK NA NEW YORK NY</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>JPSW SWAP REC 3.92 11/20/29</title>
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          <other otherDesc="Bloomberg" value="COSLAP8JDI"/>
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        <isRestrictedSec>N</isRestrictedSec>

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                    <name>JPMORGAN CHASE BANK NA NEW YORK NY</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FED HOME LOAN MTG CORP - GOLD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLG 15YR 1.5% 02/01/2036#SB8088</title>
        <cusip>3132D56Z0</cusip>
        <identifiers>
          <isin value="US3132D56Z04"/>
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        <balance>14872.15800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13074.28000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS BANK USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
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          <other otherDesc="Bloomberg" value="COSLAP88P8"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Put</putOrCall>
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                    <name>GOLDMAN SACHS BANK USA</name>
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                      <other otherDesc="Internal" value="KPW584000"/>
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                    <balance>N/A</balance>
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            <delta>XXXX</delta>
            <unrealizedAppr>-2027.71000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK 2017-BNK8</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK8 A3 3.229% 11/15/2050</title>
        <cusip>06650AAD9</cusip>
        <identifiers>
          <isin value="US06650AAD90"/>
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        <balance>147579.81600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141834.70000000</valUSD>
        <pctVal>0.475904735578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03229000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CFMT 2024-HB15 LLC</name>
        <lei>N/A</lei>
        <title>CFMT 2024-HB15 LLC VAR 08/25/2034 144A</title>
        <cusip>15723AAA9</cusip>
        <identifiers>
          <isin value="US15723AAA97"/>
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        <balance>87852.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86235.94000000</valUSD>
        <pctVal>0.289351563637</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BX 2021-LBA</name>
        <lei>N/A</lei>
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        <cusip>05609BCD9</cusip>
        <identifiers>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199940.46000000</valUSD>
        <pctVal>0.670869764223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.05524480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA, N.A.</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>BOAM SWAP REC 3.805 11/05/29</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Bloomberg" value="COSLAP8HGW"/>
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        <balance>300000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>12761.88000000</valUSD>
        <pctVal>0.042820544809</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>BANK OF AMERICA, N.A.</counterpartyName>
              <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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                    <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
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                  <derivAddlInfo>
                    <name>BANK OF AMERICA, N.A.</name>
                    <lei>B4TYDEB6GKMZO031MB27</lei>
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                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal" value="KSG242000"/>
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                    <balance>N/A</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>N/A</valUSD>
                    <pctVal>N/A</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
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                  <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.03805000"/>
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                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>300000.00000000</notionalAmt>
                  <curCd>USD</curCd>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>3.80500000</exercisePrice>
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            <expDt>2029-11-05</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>688.38000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIBANK, N.A.</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>CITI SWAP REC 3.79 11/05/29</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Bloomberg" value="COSLAP8HYC"/>
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        <balance>200000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>8430.17000000</valUSD>
        <pctVal>0.028286151588</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>CITIBANK, N.A.</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                  <derivAddlInfo>
                    <name>CITIBANK, N.A.</name>
                    <lei>E57ODZWZ7FF32TWEFA76</lei>
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                    <identifiers>
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                    <balance>N/A</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
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                    <assetCat>DIR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
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                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>3.79000000</exercisePrice>
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            <expDt>2029-11-05</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>445.17000000</unrealizedAppr>
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      <invstOrSec>
        <name>ENTERPRISE FLEET FINANCING 2024-4 LLC</name>
        <lei>N/A</lei>
        <title>ENTERPRISE FLEET FINANCING 2024-4 LLC 4.56% 11/20/2028 144A</title>
        <cusip>29374MAC2</cusip>
        <identifiers>
          <isin value="US29374MAC29"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49972.00000000</valUSD>
        <pctVal>0.167673435670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04560000</annualizedRt>
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      <invstOrSec>
        <name>CHASE ISSUANCE TR</name>
        <lei>5493008SHVCX2Y068L12</lei>
        <title>CHASE ISSUANCE TR 5.16% 09/15/2028</title>
        <cusip>161571HT4</cusip>
        <identifiers>
          <isin value="US161571HT41"/>
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        <balance>374000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>378638.01000000</valUSD>
        <pctVal>1.270462179065</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05160000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UST NOTES</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UST NOTES 4.125% 10/31/2029</title>
        <cusip>91282CLR0</cusip>
        <identifiers>
          <isin value="US91282CLR06"/>
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        <balance>280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>280415.63000000</valUSD>
        <pctVal>0.940891941444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>ENTERPRISE FLEET FINANCING 2024-2</name>
        <lei>N/A</lei>
        <title>ENTERPRISE FLEET FINANCING 2024-2 5.74% 12/20/2026 144A</title>
        <cusip>29375RAB2</cusip>
        <identifiers>
          <isin value="US29375RAB24"/>
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        <balance>144000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145241.71000000</valUSD>
        <pctVal>0.487336438773</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WELLS FARGO CARD ISSUANCE TRUST</name>
        <lei>N/A</lei>
        <title>WELLS FARGO CARD ISSUANCE TRUST 4.29% 10/15/2029</title>
        <cusip>92970QAE5</cusip>
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        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04290000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2024-V9 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2024-V9 MORTGAGE TRUST 5.6019% 08/15/2057</title>
        <cusip>081919AN2</cusip>
        <identifiers>
          <isin value="US081919AN29"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102521.26000000</valUSD>
        <pctVal>0.343994474775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
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      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2018-C46</name>
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      <invstOrSec>
        <name>UBS COML MTG TR 2017-C5</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>ILPT TRUST 2019-SURF</name>
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        <name>ENTERPRISE FLEET FINANCING 2024-3 LLC</name>
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          <isin value="US29375QAC24"/>
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        <name>GOLDMAN SACHS and CO LLC (GOV REPO)</name>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2018-H4</name>
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        <cusip>61691RAE6</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>GMF FLOORPLAN OWNER REVOLVING TR</name>
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        <title>GMF FLOORPLAN OWNER REVOLVING TR 5.13% 03/15/2029 144A</title>
        <cusip>361886DA9</cusip>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>AMERICAN EXPRESS CR ACC MST TR</name>
        <lei>N/A</lei>
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        <cusip>02582JJZ4</cusip>
        <identifiers>
          <isin value="US02582JJZ49"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>CITIGROUP GLOBAL MARKETS LIMITED</name>
        <lei>XKZZ2JZF41MRHTR1V493</lei>
        <title>SBLOFI SWAP CY873245 04/17/65 S</title>
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          <other otherDesc="Bloomberg" value="COSPGK0SBS"/>
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        <name>SBNA AUTO LEASE TRUST 2024-C</name>
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        <name>FNMA GTD MTG PASS THRU CTF</name>
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      <invstOrSec>
        <name>DTP COML MTG TR 2023-STE2</name>
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          <isin value="US23346GAA76"/>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>LONDON CLEARING HOUSE</name>
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        <title>LCH OIS SOFRV3.75% MAC 12/18/27</title>
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          <other otherDesc="Bloomberg" value="COSLRA1EFG"/>
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        <name>DLLAD 2024-1 LLC</name>
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        <name>FED HOME LOAN MTG CORP - GOLD</name>
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        <name>VERIZON MASTER TRUST</name>
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        <name>FNMA GTD MTG PASS THRU CTF</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>OPG TR 2021-PORT</name>
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        <name>SREIT TR 2021-MFP</name>
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          <couponKind>Variable</couponKind>
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        <name>BANK 2020-BNK26</name>
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        <name>FNMA/FHLG TBA ISSUER</name>
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        <name>AMERICAN EXPRESS CR ACC MST TR</name>
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        <name>BANK OF AMERICA, N.A.</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
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        <name>VOLVO FINANCIAL EQUIPMENT LLC SERIES 2024-1</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>CITIGROUP GLOBAL MARKETS LIMITED</name>
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        <name>GOLDMAN SACHS BANK USA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UST NOTES</name>
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      <invstOrSec>
        <name>JPMCC COML MTG SECS TR 2016-JP4</name>
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        <name>FNMA GTD MTG PASS THRU CTF</name>
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      <invstOrSec>
        <name>BX COML MTG TR 2024-MDHS</name>
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      <invstOrSec>
        <name>FED HOME LOAN MTG CORP - GOLD</name>
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        <name>FED HOME LOAN MTG CORP - GOLD</name>
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      <invstOrSec>
        <name>FNMA GTD MTG PASS THRU CTF</name>
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      <invstOrSec>
        <name>FED HOME LOAN MTG CORP - GOLD</name>
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        <name>CITIBANK CR CARD ISSUANCE TR</name>
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        <name>CITIBANK, N.A.</name>
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        <name>GS MTG SECS TR 2018-GS9</name>
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        <name>BENCHMARK 2019-B12 MTG TR</name>
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        <name>GREENSKY HOME IMPROVEMENT TRUST 2024-2</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>GS MTG SECS TR 2018-GS10</name>
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        <valUSD>144046.71000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Laura M. Del Prato</ncom:nameOfApplicant>
      <ncom:signature>Laura M. Del Prato</ncom:signature>
      <ncom:signerName>Laura M. Del Prato</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
