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        <name>Royal Caribbean Cruises Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prosper Pass-Thru Trust III</name>
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          <isin value="US74360NAB47"/>
          <other otherDesc="Inhouse Asset ID" value="1049666"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oriental Republic of Uruguay</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Oriental Republic of Uruguay</title>
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          <isin value="US760942AV45"/>
          <other otherDesc="Inhouse Asset ID" value="562933"/>
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        <currencyConditional curCd="UYU" exchangeRt="43.97000000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3</title>
        <cusip>3137G0GW3</cusip>
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          <isin value="US3137G0GW39"/>
          <other otherDesc="Inhouse Asset ID" value="658709"/>
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        <curCd>USD</curCd>
        <valUSD>2291950.62000000</valUSD>
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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>2028-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.78924920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STERIS Irish FinCo. UnLtd Co.</name>
        <lei>N/A</lei>
        <title>STERIS Irish FinCo. UnLtd Co.</title>
        <cusip>85917PAA5</cusip>
        <identifiers>
          <isin value="US85917PAA57"/>
          <other otherDesc="Inhouse Asset ID" value="1139838"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2434224.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>FNMA or FHLMC, Single Family, 15 Year</title>
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          <isin value="US01F0204B21"/>
          <other otherDesc="Inhouse Asset ID" value="561808"/>
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        <balance>145190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148998400.49000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31390N6W7</cusip>
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          <isin value="US31390N6W73"/>
          <other otherDesc="Inhouse Asset ID" value="256232"/>
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        <balance>8229.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9268.32000000</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>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TCI-Flatiron CLO Ltd.</name>
        <lei>N/A</lei>
        <title>TCI-Flatiron CLO Ltd., Series 2017-1A, Class C</title>
        <cusip>87231BAG8</cusip>
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          <isin value="US87231BAG86"/>
          <other otherDesc="Inhouse Asset ID" value="676716"/>
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        <balance>2800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2800907.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.97425080</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31413BJ77</cusip>
        <identifiers>
          <isin value="US31413BJ775"/>
          <other otherDesc="Inhouse Asset ID" value="404876"/>
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        <balance>8969.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10065.20000000</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>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Suzano Austria GmbH</name>
        <lei>254900287ZNSGVP1R341</lei>
        <title>Suzano Austria GmbH</title>
        <cusip>86964WAJ1</cusip>
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          <isin value="US86964WAJ18"/>
          <other otherDesc="Inhouse Asset ID" value="1106945"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5013550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31407PYK8</cusip>
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          <isin value="US31407PYK82"/>
          <other otherDesc="Inhouse Asset ID" value="367807"/>
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        <balance>302137.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>343012.00000000</valUSD>
        <pctVal>0.007052445819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <title>Consumer Loan Underlying Bond Certificate Issuer Trust I, Series 2019-S1, Class PT</title>
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          <isin value="US21053KAA51"/>
          <other otherDesc="Inhouse Asset ID" value="965665"/>
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        <balance>1026666.27000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006536.53000000</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>2044-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>15.63321960</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
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          <other otherDesc="Inhouse Asset ID" value="698793"/>
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        <balance>171400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>701580.69000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>DEUTSCHE BANK AG</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Upstart, Inc.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Mill City Mortgage Loan Trust</name>
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      <invstOrSec>
        <name>Electricite de France SA</name>
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        <name>N/A</name>
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        <cusip>N/A</cusip>
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        <curCd>N/A</curCd>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDIT</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <title>CCO Holdings LLC / CCO Holdings Capital Corp.</title>
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      <invstOrSec>
        <name>FHLMC</name>
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        <title>FHLMC Gold Pools, 30 Year</title>
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      <invstOrSec>
        <name>Royalty Pharma plc</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma plc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
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        <invCountry>IE</invCountry>
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        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
        <lei>5493007ASGBOUR3XJY69</lei>
        <title>Voya CLO Ltd., Series 2013-2A, Class CR</title>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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        <name>FNMA</name>
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        <name>Flex Ltd.</name>
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        <name>FNMA</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>N/A</name>
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        <name>Republic of Peru</name>
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        <name>Kazakhstan Temir Zholy Finance BV</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>LCM XXII Ltd.</name>
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        <name>Berkshire Hathaway Energy Co.</name>
        <lei>549300JD0S5IZJE9LY15</lei>
        <title>Berkshire Hathaway Energy Co.</title>
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        <name>Voya CLO Ltd.</name>
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        <name>FHLMC</name>
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        <name>Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Highbridge Loan Management Ltd.</name>
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        <name>Allison Transmission, Inc.</name>
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        <name>GNMA</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Mohawk Industries, Inc.</name>
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        <name>FR Franklin LLC</name>
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        <title>FFRMT- Franklin Floating Rate Income Fund</title>
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        <name>CLUB Certificate Issuer Trust 1</name>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31411XZL2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ukraine</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</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>Provident Funding Mortgage Trust</name>
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          <isin value="US74387LAC54"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Suzano Austria GmbH</name>
        <lei>254900287ZNSGVP1R341</lei>
        <title>Suzano Austria GmbH</title>
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          <isin value="US86964WAK80"/>
          <other otherDesc="Inhouse Asset ID" value="1152818"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BCC Middle Market CLO LLC</name>
        <lei>N/A</lei>
        <title>BCC Middle Market CLO LLC, Series 2018-1A, Class A2</title>
        <cusip>055328AC2</cusip>
        <identifiers>
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          <other otherDesc="Inhouse Asset ID" value="931163"/>
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        <curCd>USD</curCd>
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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>Floating</couponKind>
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      <invstOrSec>
        <name>FHLMC Stacr Remic Trust</name>
        <lei>5493003FQV7GR462GO02</lei>
        <title>FHLMC Stacr Remic Trust, Series 2020-DNA1, Class M2</title>
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          <isin value="US35565HAH84"/>
          <other otherDesc="Inhouse Asset ID" value="1142110"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Franklin Liberty Senior Loan ETF</name>
        <lei>549300I3TND36ZL4CK30</lei>
        <title>Franklin Liberty Senior Loan ETF</title>
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          <isin value="US35473P5952"/>
          <other otherDesc="Inhouse Asset ID" value="871491"/>
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        <curCd>USD</curCd>
        <valUSD>43391565.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31384VZD7</cusip>
        <identifiers>
          <isin value="US31384VZD71"/>
          <other otherDesc="Inhouse Asset ID" value="448633"/>
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        <balance>3269.14000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3900.25000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMMC CLO 21 Ltd.</name>
        <lei>549300DYK366J47FIO80</lei>
        <title>AMMC CLO 21 Ltd., Series 2017-21A, Class C</title>
        <cusip>00178LAD1</cusip>
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          <other otherDesc="Inhouse Asset ID" value="674536"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31400WGZ7</cusip>
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          <isin value="US31400WGZ77"/>
          <other otherDesc="Inhouse Asset ID" value="290710"/>
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        <curCd>USD</curCd>
        <valUSD>18540.89000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>LCM 26 Ltd.</name>
        <lei>N/A</lei>
        <title>LCM 26 Ltd., Series 26A, Class B</title>
        <cusip>50200FAE9</cusip>
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          <isin value="US50200FAE97"/>
          <other otherDesc="Inhouse Asset ID" value="681262"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1995699.06000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>31292GYH3</cusip>
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          <other otherDesc="Inhouse Asset ID" value="274860"/>
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        <balance>3651.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4113.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Galaxy XXVII CLO Ltd.</name>
        <lei>549300GJYHKO4BDEN716</lei>
        <title>Galaxy XXVII CLO Ltd., Series 2018-27A, Class A</title>
        <cusip>36320UAC4</cusip>
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          <isin value="US36320UAC45"/>
          <other otherDesc="Inhouse Asset ID" value="687872"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001247.69000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.14474960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banque Centrale de Tunisie International Bond</name>
        <lei>254900B5LFB16S9T2T11</lei>
        <title>Banque Centrale de Tunisie</title>
        <cusip>066716AH4</cusip>
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          <isin value="US066716AH49"/>
          <other otherDesc="Inhouse Asset ID" value="1131064"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6431216.00000000</valUSD>
        <pctVal>0.132228033991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-30</maturityDt>
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        <name>FHLMC</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>FNMA</name>
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        <name>GNMA</name>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Gilroy Unified School District</name>
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        <name>N/A</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Exelon Corp.</name>
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        <title>Exelon Corp.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Octagon Investment Partners 35 Ltd.</name>
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        <name>Ecopetrol SA</name>
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        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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      <invstOrSec>
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        <name>Provident Funding Associates LLP</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp.</title>
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          <isin value="US131347CN48"/>
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        <fairValLevel>2</fairValLevel>
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        <name>America Movil SAB de CV</name>
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        <invCountry>MX</invCountry>
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        <name>N/A</name>
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        <title>CES</title>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois</title>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Unifrax Escrow Issuer Corp.</name>
        <lei>N/A</lei>
        <title>Unifrax Escrow Issuer Corp.</title>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Equinix, Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc.</title>
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      <invstOrSec>
        <name>Dryden 45 Senior Loan Fund</name>
        <lei>54930046L20VLJKPVV31</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>3128MJJJ0</cusip>
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          <isin value="US3128MJJJ04"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The)</title>
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        <curCd>USD</curCd>
        <valUSD>2386754.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>Ecopetrol SA</name>
        <lei>254900IDGKCJICKBPA66</lei>
        <title>Ecopetrol SA</title>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Sunoco LP / Sunoco Finance Corp.</name>
        <lei>N/A</lei>
        <title>Sunoco LP / Sunoco Finance Corp.</title>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>State Grid Overseas Investment BVI Ltd.</name>
        <lei>3003006V8BHG5158QO96</lei>
        <title>State Grid Overseas Investment BVI Ltd.</title>
        <cusip>857006AG5</cusip>
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          <isin value="US857006AG58"/>
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        <balance>10700000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31400PWD3</cusip>
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          <isin value="US31400PWD31"/>
          <other otherDesc="Inhouse Asset ID" value="281877"/>
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        <balance>5062.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5081.27000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SN9</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Lending Club Corp. LCX</name>
        <lei>549300YC50YO7Y1OJR92</lei>
        <title>Lending Club Corp. LCX, Marketplace Loan</title>
        <cusip>N/A</cusip>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.10854643</annualizedRt>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
        <cusip>903724AU6</cusip>
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          <isin value="US903724AU61"/>
          <other otherDesc="Inhouse Asset ID" value="617108"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Enel Finance International NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
        <cusip>29268BAC5</cusip>
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          <isin value="US29268BAC54"/>
          <other otherDesc="Inhouse Asset ID" value="399158"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
        <cusip>35137LAJ4</cusip>
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          <isin value="US35137LAJ44"/>
          <other otherDesc="Inhouse Asset ID" value="1058433"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31407YGF0</cusip>
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          <isin value="US31407YGF07"/>
          <other otherDesc="Inhouse Asset ID" value="350874"/>
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        <balance>68450.41000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77940.68000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CARLYLE US CLO Ltd.</name>
        <lei>N/A</lei>
        <title>CARLYLE US CLO Ltd., Series 2017-4A, Class C</title>
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        <balance>545000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2016-C07, Class 2M2</title>
        <cusip>30711XEC4</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1000941"/>
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        <balance>7607361.40600000</balance>
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        <curCd>USD</curCd>
        <valUSD>7940049.58000000</valUSD>
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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>2029-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.43925000</annualizedRt>
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        <name>Tullow Oil plc</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>FHLMC</name>
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        <name>FedEx Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ares XLVIII CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TransCanada PipeLines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TransCanada PipeLines Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Millennium Ltd.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Oriflame Investment Holding plc</name>
        <lei>549300LGP4VBCHWQTD80</lei>
        <title>Oriflame Investment Holding plc</title>
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          <isin value="US68621CAA71"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Battalion Oil Corp.</name>
        <lei>3XHTN2NNIMMPORDAMJ28</lei>
        <title>Battalion Oil Corp.</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XDCE4</cusip>
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          <isin value="US3140XDCE45"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Romania</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>Romania Government Bond</title>
        <cusip>77586RAC4</cusip>
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          <isin value="US77586RAC43"/>
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        <balance>9500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12405366.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-22</maturityDt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>3132FCBN4</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CommScope Technologies LLC</name>
        <lei>M4TWC4QDOKW45N7T6Y12</lei>
        <title>CommScope Technologies LLC</title>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2789563.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>36179WLP1</cusip>
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          <isin value="US36179WLP13"/>
          <other otherDesc="Inhouse Asset ID" value="1159904"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Pikes Peak CLO 6</name>
        <lei>635400BKNXKWEO3G2J74</lei>
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        <cusip>72132YAL9</cusip>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Gabonese Republic</name>
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        <title>Gabonese Republic</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GA</invCountry>
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      <invstOrSec>
        <name>William Morris Endeavor Entertainment LLC / IMG Worldwide Holdings LLC</name>
        <lei>5493008R7J9HEQ30DZ33</lei>
        <title>William Morris Endeavor Entertainment LLC / IMG Worldwide Holdings LLC, First Lien Term Loan B1</title>
        <cusip>96925HAF9</cusip>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CAM3</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1112251"/>
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        <balance>150000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP MORGAN CHASE BANK NA</counterpartyName>
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                <issuerName>Air France-KLM</issuerName>
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      <invstOrSec>
        <name>Sound Point CLO V-R Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCM 26 Ltd.</name>
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        <name>N/A</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US31407X4T55"/>
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      <invstOrSec>
        <name>Edwards Lifesciences Corp.</name>
        <lei>YA13X31F3V31L8TMPR58</lei>
        <title>Edwards Lifesciences Corp.</title>
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        <name>DAE Funding LLC</name>
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        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
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      <invstOrSec>
        <name>TCI-Flatiron CLO Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Bimbo Bakeries USA, Inc.</name>
        <lei>549300HOXXHHT7926W92</lei>
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        <name>N/A</name>
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        <balance>10500000.00000000</balance>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>San Jose Redevelopment Agency Successor Agency</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KUEHG Corp. / KC MergerSub, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US89173FAB67"/>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 15 Year</title>
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          <isin value="US3128PHC414"/>
          <other otherDesc="Inhouse Asset ID" value="405653"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA2, Class M3</title>
        <cusip>3137G0JU4</cusip>
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          <isin value="US3137G0JU46"/>
          <other otherDesc="Inhouse Asset ID" value="688721"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.73924880</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Shell International Finance BV</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance BV</title>
        <cusip>822582AY8</cusip>
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          <isin value="US822582AY86"/>
          <other otherDesc="Inhouse Asset ID" value="563743"/>
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        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2148217.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Octagon Investment Partners 37 Ltd.</name>
        <lei>N/A</lei>
        <title>Octagon Investment Partners 37 Ltd., Series 2018-2A, Class C</title>
        <cusip>67591VAJ4</cusip>
        <identifiers>
          <isin value="US67591VAJ44"/>
          <other otherDesc="Inhouse Asset ID" value="689268"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1985919.47000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.97388080</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Madison Park Funding XLII LTD.</name>
        <lei>549300BF3YFW8EHN6F75</lei>
        <title>Madison Park Funding XLII LTD., Series 13A, Class C</title>
        <cusip>04966HAG1</cusip>
        <identifiers>
          <isin value="US04966HAG11"/>
          <other otherDesc="Inhouse Asset ID" value="677147"/>
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        <balance>3753500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-21</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Voya CLO Ltd., Series 2018-2A, Class A2</title>
        <cusip>92917JAC1</cusip>
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          <isin value="US92917JAC18"/>
          <other otherDesc="Inhouse Asset ID" value="688864"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1495875.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.37374920</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QLYS9</cusip>
        <identifiers>
          <isin value="US3140QLYS91"/>
          <other otherDesc="Inhouse Asset ID" value="1165410"/>
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        <balance>997289.36700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>998167.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
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        <balance>2325000.00000000</balance>
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        <assetCat>DCR</assetCat>
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        <invCountry>US</invCountry>
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                <indexName>MCDX North American MAIN Index Series 31-V1</indexName>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
        <cusip>36296QN54</cusip>
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          <other otherDesc="Inhouse Asset ID" value="441772"/>
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        <curCd>USD</curCd>
        <valUSD>81883.44000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 15 Year</title>
        <cusip>3128PHHN4</cusip>
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          <other otherDesc="Inhouse Asset ID" value="405652"/>
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        <balance>2040.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2047.47000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Union Pacific Railroad Co. Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>Union Pacific Railroad Co. Pass-Through Trust, Series 2005</title>
        <cusip>90783VAA3</cusip>
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          <isin value="US90783VAA35"/>
          <other otherDesc="Inhouse Asset ID" value="445993"/>
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        <balance>69358.11000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76274.65000000</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>2029-01-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.08200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK NA</counterpartyName>
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                <issuerName>Nabors Industries, Inc.</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>Madison Park Funding XXXI Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US55819DAG16"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Race Point X CLO Ltd.</name>
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          <isin value="US74983DAS62"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-25</maturityDt>
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      <invstOrSec>
        <name>Gilbert Park CLO Ltd.</name>
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        <title>Gilbert Park CLO Ltd., Series 2017-1A, Class B</title>
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          <isin value="US375415AC01"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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          <isin value="US29273RAT68"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
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        <title>U.S. Treasury Notes</title>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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      <invstOrSec>
        <name>Prosper Marketplace, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2025-09-19</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FirstKey Homes Trust</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-19</maturityDt>
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      <invstOrSec>
        <name>HPS Loan Management Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US40437LAJ17"/>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>31292HQE7</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Air Canada</name>
        <lei>N/A</lei>
        <title>Air Canada, Term Loan</title>
        <cusip>C0102MAP0</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1156270"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Octagon Investment Partners 33 Ltd.</name>
        <lei>549300IDWDG12HO3TO90</lei>
        <title>Octagon Investment Partners 33 Ltd., Series 2017-1A, Class A2</title>
        <cusip>675711AC9</cusip>
        <identifiers>
          <isin value="US675711AC96"/>
          <other otherDesc="Inhouse Asset ID" value="676714"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400699.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.63149840</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31415VBZ7</cusip>
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        <name>FHLMC</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>FNMA</name>
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        <name>Madison Park Funding XXXI Ltd.</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Madison Park Funding XXIX Ltd.</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>FHLMC</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Massachusetts State College Building Authority</name>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Continental Resources, Inc.</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
        <title>Continental Resources, Inc.</title>
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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 2015-HQ2, Class M3</title>
        <cusip>3137G0FJ3</cusip>
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          <isin value="US3137G0FJ37"/>
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        <curCd>USD</curCd>
        <valUSD>1929222.06000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <isin value="US31405RRN88"/>
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        <curCd>USD</curCd>
        <valUSD>33601.61000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>United Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
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          <isin value="US90932VAA35"/>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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        <name>Holland Park CLO DAC</name>
        <lei>549300DH041IB658HY57</lei>
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        <invCountry>IE</invCountry>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>31292GT71</cusip>
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          <isin value="US31292GT714"/>
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        <valUSD>5541.22000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
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        <name>Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu</name>
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        <cusip>76174LAA1</cusip>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <other otherDesc="Inhouse Asset ID" value="256213"/>
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        <curCd>USD</curCd>
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        <name>BlueMountain CLO Ltd.</name>
        <lei>549300NUS8PQQUZMPR50</lei>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
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        <balance>7380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-76351.17000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Voya CLO Ltd.</name>
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        <name>FHLMC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
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        <name>Anthem, Inc.</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Dryden 55 CLO Ltd.</name>
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        <name>Virginia Electric &amp; Power Co.</name>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
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        <name>Five Point Operating Co. LP / Five Point Capital Corp.</name>
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        <title>Five Point Operating Co. LP / Five Point Capital Corp.</title>
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        <name>GNMA</name>
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        <name>Providence St Joseph Health Obligated Group</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Octagon Investment Partners 33 Ltd.</name>
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        <name>Republic of Panama</name>
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        <name>BX 2021-LBA3 Mortgage Trust</name>
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        <name>Madison Park Funding XIII Ltd.</name>
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      <invstOrSec>
        <name>Ahern Rentals, Inc.</name>
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        <name>FHLMC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LCM 26 Ltd.</name>
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        <balance>9600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9563673.32000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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          <isin value="US31412DNF14"/>
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        <balance>36485.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36616.54000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.72000080</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>Weatherford International Ltd.</title>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130513.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts School Building Authority</name>
        <lei>N/A</lei>
        <title>Massachusetts School Building Authority</title>
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          <isin value="US576000XQ10"/>
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        <balance>6760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7152216.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CWABS Asset-Backed Certificates Trust</name>
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        <curCd>USD</curCd>
        <valUSD>194805.51000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.83925000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
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          <isin value="US195325CU73"/>
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        <balance>8800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8699064.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital</title>
        <cusip>161175BU7</cusip>
        <identifiers>
          <isin value="US161175BU77"/>
          <other otherDesc="Inhouse Asset ID" value="1061186"/>
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        <balance>18200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18114578.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Ares European CLO VIII DAC</name>
        <lei>635400YZA9JLL9KZ2M47</lei>
        <title>Ares European CLO VIII DAC, Series 8A, Class BR</title>
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        <identifiers>
          <isin value="XS2060909368"/>
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        <balance>2900000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86512676"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-17</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <identifiers>
          <isin value="US87264ABN46"/>
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        <balance>5700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5600744.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>Ashton Woods USA LLC / Ashton Woods Finance Co.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31412BW24</cusip>
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          <isin value="US31412BW242"/>
          <other otherDesc="Inhouse Asset ID" value="395788"/>
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        <balance>114430.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>131465.63000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>3128M7NJ1</cusip>
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          <isin value="US3128M7NJ11"/>
          <other otherDesc="Inhouse Asset ID" value="451069"/>
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        <curCd>USD</curCd>
        <valUSD>21723.08000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Pilgrim's Pride Corp.</name>
        <lei>549300ZSLGV64ZL3HD75</lei>
        <title>Pilgrim's Pride Corp.</title>
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          <isin value="US72147KAG31"/>
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        <curCd>USD</curCd>
        <valUSD>1706375.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <isin value="US31384WKZ22"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <balance>39000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>Dynasty Acquisition Co., Inc.</name>
        <lei>N/A</lei>
        <title>Dynasty Acquisition Co., Inc., Term Loan B1</title>
        <cusip>26812CAE6</cusip>
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          <isin value="US26812CAE66"/>
          <other otherDesc="Inhouse Asset ID" value="1042242"/>
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        <balance>5138658.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5028125.90000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.63150000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
        <name>FHLMC</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
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          <isin value="US05609VAG05"/>
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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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      <invstOrSec>
        <name>DBCG Mortgage Trust</name>
        <lei>N/A</lei>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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      <invstOrSec>
        <name>Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.</name>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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      <invstOrSec>
        <name>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

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      <invstOrSec>
        <name>Colbun SA</name>
        <lei>5493003VQJLE2QB8IF36</lei>
        <title>Colbun SA</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>31376JNW5</cusip>
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        <balance>24353.86000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Neuberger Berman CLO XVI-S Ltd.</name>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <name>Party City Holdco, Inc.</name>
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      <invstOrSec>
        <name>Motion Acquisition Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Corp.</name>
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      <invstOrSec>
        <name>FHLMC</name>
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        <name>SK Hynix, Inc.</name>
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        <invCountry>KR</invCountry>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
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        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Webster Park CLO Ltd.</name>
        <lei>N/A</lei>
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        <name>Buttermilk Park CLO Ltd.</name>
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        <name>FNMA</name>
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        <name>Harvest Operations Corp.</name>
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        <name>Aker BP ASA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>Duke Energy Florida LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>First Student Bidco, Inc. / First Transit Parent, Inc.</name>
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        <name>N/A</name>
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        <name>Melco Resorts Finance Ltd.</name>
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        <name>Franklin Liberty Investment Grade Corporate ETF</name>
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        <name>FNMA</name>
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        <name>Commercial Mortgage Trust</name>
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        <name>Carlyle Global Market Strategies CLO Ltd.</name>
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        <name>Sanchez Energy Corp.</name>
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        <name>FHLMC</name>
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        <name>FNMA</name>
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        <name>Carnival Corp.</name>
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        <title>Carnival Corp.</title>
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        <name>GNMA</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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      <invstOrSec>
        <name>FHLMC</name>
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      <invstOrSec>
        <name>Cenovus Energy, Inc.</name>
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      <invstOrSec>
        <name>Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc.</name>
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        <name>Cengage Learning, Inc.</name>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31404TQ55</cusip>
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          <isin value="US31404TQ557"/>
          <other otherDesc="Inhouse Asset ID" value="312154"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>31411HN97</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>N/A</name>
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        <curCd>N/A</curCd>
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        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
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        <name>Voya CLO Ltd.</name>
        <lei>549300ITL5IR423IJ183</lei>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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        <name>United States of America</name>
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        <name>TotalEnergies Capital International SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International SA</title>
        <cusip>89153VAQ2</cusip>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Chicago Transit Authority</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31410FFF7</cusip>
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          <isin value="US31410FFF71"/>
          <other otherDesc="Inhouse Asset ID" value="395728"/>
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        <balance>98293.32000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108877.80000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31390LWE2</cusip>
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          <isin value="US31390LWE28"/>
          <other otherDesc="Inhouse Asset ID" value="256214"/>
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        <balance>5908.51000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6703.70000000</valUSD>
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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>6.50000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cheniere Energy Partners LP</name>
        <lei>5493005UEC8AZ34LDV29</lei>
        <title>Cheniere Energy Partners LP</title>
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          <isin value="US16411QAL59"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-31</maturityDt>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
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          <isin value="US903724AW28"/>
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        <curCd>USD</curCd>
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        <assetCat>DO</assetCat>
        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-25</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31403AN35</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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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>
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          <other otherDesc="Inhouse Asset ID" value="1158642"/>
          <other otherDesc="Future Ticker" value="USZ1 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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          <isin value="US36213VMK16"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.</name>
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        <name>Provident Funding Mortgage Trust</name>
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      <invstOrSec>
        <name>Port Authority of New York &amp; New Jersey</name>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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      <invstOrSec>
        <name>GNMA</name>
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        <name>United States of America</name>
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        <name>Roller Bearing Co. of America, Inc.</name>
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        <name>Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Upgrade, Inc.</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Eleven Madison Mortgage Trust</name>
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        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp.</title>
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        <name>Upgrade Master Pass-Thru Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Madison Park Funding XLII LTD.</name>
        <lei>549300BF3YFW8EHN6F75</lei>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Utah Transit Authority</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TICP CLO VI Ltd.</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Strata CLO I Ltd.</name>
        <lei>N/A</lei>
        <title>Strata CLO I Ltd., Series 2018-1A, Class B</title>
        <cusip>86268HAC2</cusip>
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        <balance>11000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd.</title>
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        <balance>14700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15616062.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Madison Park Funding XXVII Ltd.</name>
        <lei>N/A</lei>
        <title>Madison Park Funding XXVII Ltd., Series 2018-27A, Class C</title>
        <cusip>55820YAE7</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1126035"/>
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        <balance>2125000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <name>Braskem Idesa SAPI</name>
        <lei>YH0V7ZHY352ITDGEYB83</lei>
        <title>Braskem Idesa SAPI</title>
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        <balance>9300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9532500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-20</maturityDt>
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        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
        <cusip>903724AR3</cusip>
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          <other otherDesc="Inhouse Asset ID" value="617117"/>
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        <curCd>USD</curCd>
        <valUSD>247438.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>BRAVO Residential Funding Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>7014449.28000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.49999920</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31379MEJ4</cusip>
        <identifiers>
          <isin value="US31379MEJ45"/>
          <other otherDesc="Inhouse Asset ID" value="266046"/>
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        <balance>6366.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7169.06000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31413B4V0</cusip>
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          <isin value="US31413B4V06"/>
          <other otherDesc="Inhouse Asset ID" value="395789"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31383JQK9</cusip>
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          <isin value="US31383JQK96"/>
          <other otherDesc="Inhouse Asset ID" value="266047"/>
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        <balance>7556.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8509.15000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>3128KVRB3</cusip>
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          <isin value="US3128KVRB32"/>
          <other otherDesc="Inhouse Asset ID" value="451057"/>
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        <balance>7095.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7990.32000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Cheniere Corpus Christi Holdings LLC</name>
        <lei>549300I7CIEWU1BBLQ53</lei>
        <title>Cheniere Corpus Christi Holdings LLC</title>
        <cusip>16412XAC9</cusip>
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          <isin value="US16412XAC92"/>
          <other otherDesc="Inhouse Asset ID" value="665728"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1791562.08000000</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>2025-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Palmer Square CLO Ltd.</name>
        <lei>N/A</lei>
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        <name>FNMA</name>
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        <name>AbbVie, Inc.</name>
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        <name>Carlyle GMS Finance MM CLO LLC</name>
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        <name>WESCO Distribution, Inc.</name>
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        <name>Ellington CLO III Ltd.</name>
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        <name>Battalion Oil Corp.</name>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
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        <name>BlueMountain CLO Ltd.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>AutoNation, Inc.</name>
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          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neuberger Berman CLO XVI-S Ltd.</name>
        <lei>549300UHUHCR3388B324</lei>
        <title>Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class CR</title>
        <cusip>64131TAS3</cusip>
        <identifiers>
          <isin value="US64131TAS33"/>
          <other otherDesc="Inhouse Asset ID" value="1136601"/>
        </identifiers>
        <balance>2350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2350373.87000000</valUSD>
        <pctVal>0.048324502858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.02375080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weatherford International plc</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
        <title>Weatherford International plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BLNN3691"/>
          <other otherDesc="Inhouse Asset ID" value="1033528"/>
        </identifiers>
        <balance>34108.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>991178.48000000</valUSD>
        <pctVal>0.020378973703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Braskem Netherlands Finance BV</name>
        <lei>2549000TLMHFQ74DS330</lei>
        <title>Braskem Netherlands Finance BV</title>
        <cusip>10554TAD7</cusip>
        <identifiers>
          <isin value="US10554TAD72"/>
          <other otherDesc="Inhouse Asset ID" value="1025403"/>
        </identifiers>
        <balance>11800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11989154.00000000</valUSD>
        <pctVal>0.246501169086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2014-C03, Class 2M2</title>
        <cusip>30711XAM6</cusip>
        <identifiers>
          <isin value="US30711XAM65"/>
          <other otherDesc="Inhouse Asset ID" value="663191"/>
        </identifiers>
        <balance>964826.99600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>983168.74000000</valUSD>
        <pctVal>0.020214290667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.98924920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cheniere Energy, Inc.</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>Cheniere Energy, Inc.</title>
        <cusip>16411RAK5</cusip>
        <identifiers>
          <isin value="US16411RAK59"/>
          <other otherDesc="Inhouse Asset ID" value="1155198"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1784915.00000000</valUSD>
        <pctVal>0.036698472154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967MS7</cusip>
        <identifiers>
          <isin value="US172967MS77"/>
          <other otherDesc="Inhouse Asset ID" value="1074091"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8071701.12000000</valUSD>
        <pctVal>0.165956977664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.57200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>University of Pittsburgh-of the Commonwealth System of Higher Education</name>
        <lei>5493002C83QSGL8ETT42</lei>
        <title>University of Pittsburgh-of the Commonwealth System of Higher Education</title>
        <cusip>91335VKU9</cusip>
        <identifiers>
          <isin value="US91335VKU97"/>
          <other otherDesc="Inhouse Asset ID" value="1024785"/>
        </identifiers>
        <balance>6315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6649805.51000000</valUSD>
        <pctVal>0.136722310215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Battalion Oil Corp.</name>
        <lei>3XHTN2NNIMMPORDAMJ28</lei>
        <title>Battalion Oil Corp.</title>
        <cusip>07134L123</cusip>
        <identifiers>
          <isin value="US07134L1237"/>
          <other otherDesc="Inhouse Asset ID" value="1014174"/>
        </identifiers>
        <balance>2551.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.52000000</valUSD>
        <pctVal>0.000000010691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackrock European CLO IX DAC</name>
        <lei>549300CTNII509TFCV23</lei>
        <title>Blackrock European CLO IX DAC, Series 9A, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2062959700"/>
          <other otherDesc="Inhouse Asset ID" value="1013848"/>
        </identifiers>
        <balance>17350000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86512676"/>
        <valUSD>20070080.48000000</valUSD>
        <pctVal>0.412647823355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>FNMA or FHLMC, Single Family, 30 Year</title>
        <cusip>01F0226B6</cusip>
        <identifiers>
          <isin value="US01F0226B66"/>
          <other otherDesc="Inhouse Asset ID" value="1167548"/>
        </identifiers>
        <balance>357349000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>367029530.81000000</valUSD>
        <pctVal>7.546254592590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RT7</cusip>
        <identifiers>
          <isin value="US912810RT79"/>
          <other otherDesc="Inhouse Asset ID" value="643848"/>
        </identifiers>
        <balance>28800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30387375.07000000</valUSD>
        <pctVal>0.624774982472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="693003"/>
        </identifiers>
        <balance>7800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52193.94000000</valUSD>
        <pctVal>0.001073125529</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Citi 693003 Dec 2021</issuerName>
                <issueTitle>Citi 693003 Dec 2021</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.90000000"/>
            <otherPmntDesc fixedOrFloating="Other">Payout of notional amount upon default event with regard to the reference instrument</otherPmntDesc>
            <terminationDt>2021-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7800000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>52193.94000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807BU5</cusip>
        <identifiers>
          <isin value="US666807BU55"/>
          <other otherDesc="Inhouse Asset ID" value="1057172"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4987437.74000000</valUSD>
        <pctVal>0.102543451660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bain Capital Credit CLO</name>
        <lei>N/A</lei>
        <title>Bain Capital Credit CLO, Series 2018-1A, Class A2</title>
        <cusip>05683LAC0</cusip>
        <identifiers>
          <isin value="US05683LAC00"/>
          <other otherDesc="Inhouse Asset ID" value="686478"/>
        </identifiers>
        <balance>5100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5102545.77000000</valUSD>
        <pctVal>0.104910112725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.27388160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMMC CLO 15 Ltd.</name>
        <lei>549300D0GYBG49KJD582</lei>
        <title>AMMC CLO 15 Ltd., Series 2014-15A, Class BRR</title>
        <cusip>00175MBH2</cusip>
        <identifiers>
          <isin value="US00175MBH25"/>
          <other otherDesc="Inhouse Asset ID" value="946799"/>
        </identifiers>
        <balance>922984.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>921089.44000000</valUSD>
        <pctVal>0.018937918704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.92375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
        <cusip>903724AS1</cusip>
        <identifiers>
          <isin value="US903724AS16"/>
          <other otherDesc="Inhouse Asset ID" value="617119"/>
        </identifiers>
        <balance>229000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247650.91000000</valUSD>
        <pctVal>0.005091788698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Comerica, Inc.</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>Comerica, Inc.</title>
        <cusip>200340AU1</cusip>
        <identifiers>
          <isin value="US200340AU17"/>
          <other otherDesc="Inhouse Asset ID" value="1073280"/>
        </identifiers>
        <balance>3800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4203750.00000000</valUSD>
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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>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>31404JLV5</cusip>
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          <isin value="US31404JLV51"/>
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        <balance>147066.16000000</balance>
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        <curCd>USD</curCd>
        <valUSD>154984.84000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.05400160</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
        <cusip>36206FRH7</cusip>
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          <isin value="US36206FRH72"/>
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        <curCd>USD</curCd>
        <valUSD>122.99000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Rattler Midstream LP</name>
        <lei>549300I45NRVEEN9M219</lei>
        <title>Rattler Midstream LP</title>
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          <isin value="US75419TAA16"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>941625.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Diamond Sports Group LLC / Diamond Sports Finance Co.</name>
        <lei>N/A</lei>
        <title>Diamond Sports Group LLC / Diamond Sports Finance Co.</title>
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          <isin value="US25277LAA44"/>
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        <balance>3200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1814416.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
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      <invstOrSec>
        <name>CARLYLE US CLO Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US14316AAG22"/>
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        <balance>7000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cook Park CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Cook Park CLO Ltd., Series 2018-1A, Class A2</title>
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          <isin value="US21623PAC14"/>
          <other otherDesc="Inhouse Asset ID" value="686410"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-17</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Long Point Park CLO Ltd.</name>
        <lei>549300639DPKTBUSCC77</lei>
        <title>Long Point Park CLO Ltd., Series 2017-1A, Class C</title>
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          <isin value="US542798AJ22"/>
          <other otherDesc="Inhouse Asset ID" value="679890"/>
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        <balance>3100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3036498.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-17</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bain Capital Credit CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Bain Capital Credit CLO Ltd., Series 2020-4A, Class B</title>
        <cusip>05684KAN7</cusip>
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          <isin value="US05684KAN72"/>
          <other otherDesc="Inhouse Asset ID" value="1120843"/>
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        <balance>8350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8364296.03000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
        <cusip>715638AU6</cusip>
        <identifiers>
          <isin value="US715638AU64"/>
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        <balance>2900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3958456.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810TA60"/>
          <other otherDesc="Inhouse Asset ID" value="1160269"/>
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        <balance>14700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14155640.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>312931PG7</cusip>
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          <isin value="US312931PG73"/>
          <other otherDesc="Inhouse Asset ID" value="441545"/>
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        <balance>759449.04000000</balance>
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        <curCd>USD</curCd>
        <valUSD>849622.15000000</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>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31402YRF3</cusip>
        <identifiers>
          <isin value="US31402YRF33"/>
          <other otherDesc="Inhouse Asset ID" value="290713"/>
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        <curCd>USD</curCd>
        <valUSD>24271.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Dominican Republic</name>
        <lei>N/A</lei>
        <title>Dominican Republic Government Bond</title>
        <cusip>25714PDX3</cusip>
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          <isin value="US25714PDX33"/>
          <other otherDesc="Inhouse Asset ID" value="684492"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.90000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31407NQ22</cusip>
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          <isin value="US31407NQ223"/>
          <other otherDesc="Inhouse Asset ID" value="404945"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>San Bernardino Community College District</name>
        <lei>549300Y4FPTEP3EQZ007</lei>
        <title>San Bernardino Community College District</title>
        <cusip>796720PQ7</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1155743"/>
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        <balance>11465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11470217.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85600000</annualizedRt>
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      <invstOrSec>
        <name>Weyerhaeuser Mortgage Co. of Texas</name>
        <lei>N/A</lei>
        <title>Weyerhaeuser Mortgage Co. of Texas</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="449774"/>
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        <balance>5378.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5378.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.43000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Salt Lake City Corp.</name>
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        <name>Texas State University System</name>
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        <name>FNMA</name>
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        <name>Israel Electric Corp. Ltd.</name>
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        <name>FHLMC</name>
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        <name>Verso Corp.</name>
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        <name>Dynasty Acquisition Co., Inc.</name>
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        <name>Williams Cos., Inc. (The)</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>United States of America</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
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        <name>N/A</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>LCM XXII Ltd.</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>Octagon Loan Funding Ltd.</name>
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        <name>Alpek SAB de CV</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>American Airlines Inc/AAdvantage Loyalty IP Ltd.</name>
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        <name>Consumer Loan Underlying Bond Club Certificate Issuer Trust I</name>
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        <name>Octagon Investment Partners 38 Ltd.</name>
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        <name>Neuberger Berman CLO XVIII Ltd.</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>Consumer Loan Underlying Bond Credit Trust</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth Financing Authority</name>
        <lei>N/A</lei>
        <title>Commonwealth Financing Authority</title>
        <cusip>20281PNE8</cusip>
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          <isin value="US20281PNE87"/>
          <other otherDesc="Inhouse Asset ID" value="1151008"/>
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        <balance>25050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25920372.27000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.99100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bain Capital Credit CLO</name>
        <lei>N/A</lei>
        <title>Bain Capital Credit CLO, Series 2018-1A, Class A1</title>
        <cusip>05683LAA4</cusip>
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          <isin value="US05683LAA44"/>
          <other otherDesc="Inhouse Asset ID" value="686479"/>
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        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11999400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.08388080</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
        <cusip>36206FAB8</cusip>
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          <isin value="US36206FAB85"/>
          <other otherDesc="Inhouse Asset ID" value="282697"/>
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        <balance>305.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>310.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="693794"/>
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        <balance>4400000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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                <issuerName>Avon Products, Inc.</issuerName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Valaris Ltd.</name>
        <lei>N/A</lei>
        <title>Valaris Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="BMG9460G1015"/>
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        <balance>2435.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UniCredit SpA</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit SpA</title>
        <cusip>904678AW9</cusip>
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          <isin value="US904678AW97"/>
          <other otherDesc="Inhouse Asset ID" value="1148612"/>
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        <balance>7300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7179188.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.98200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIM Trust</name>
        <lei>N/A</lei>
        <title>CIM Trust, Series 2018-INV1, Class A4</title>
        <cusip>12553XAD5</cusip>
        <identifiers>
          <isin value="US12553XAD57"/>
          <other otherDesc="Inhouse Asset ID" value="933930"/>
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        <balance>2479533.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2534784.45000000</valUSD>
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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>2048-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.99999960</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="691338"/>
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        <balance>4725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38946.57000000</valUSD>
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        <assetCat>DCR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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                <issuerName>Nabors Industries, Inc.</issuerName>
                <issueTitle>Nabors Industries, Inc.</issueTitle>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31371JPX6</cusip>
        <identifiers>
          <isin value="US31371JPX62"/>
          <other otherDesc="Inhouse Asset ID" value="447348"/>
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        <balance>1755.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1971.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Martin Midstream Partners LP / Martin Midstream Finance Corp.</name>
        <lei>N/A</lei>
        <title>Martin Midstream Partners LP / Martin Midstream Finance Corp.</title>
        <cusip>573334AF6</cusip>
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          <isin value="US573334AF63"/>
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        <balance>151936.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>156121.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Radian Group, Inc.</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group, Inc.</title>
        <cusip>750236AW1</cusip>
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          <isin value="US750236AW16"/>
          <other otherDesc="Inhouse Asset ID" value="991757"/>
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        <balance>16800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18354756.00000000</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>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Ultra Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1160813"/>
          <other otherDesc="Future Ticker" value="UXYZ1 Comdty"/>
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        <balance>-253.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>560403.39000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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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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      <invstOrSec>
        <name>Antares CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Antares CLO Ltd., Series 2018-1A, Class B</title>
        <cusip>03665MAC5</cusip>
        <identifiers>
          <isin value="US03665MAC55"/>
          <other otherDesc="Inhouse Asset ID" value="687904"/>
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        <balance>12900000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Octagon Investment Partners 36 Ltd.</name>
        <lei>549300S890TBOLY1D042</lei>
        <title>Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A1</title>
        <cusip>67591UAC1</cusip>
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          <isin value="US67591UAC18"/>
          <other otherDesc="Inhouse Asset ID" value="686314"/>
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        <balance>18000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17997276.04000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Corp. Nacional del Cobre de Chile</name>
        <lei>549300UVMBCBCIPSUI70</lei>
        <title>Corp. Nacional del Cobre de Chile</title>
        <cusip>21987BBC1</cusip>
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          <isin value="US21987BBC19"/>
          <other otherDesc="Inhouse Asset ID" value="1158155"/>
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        <balance>12200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12945218.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CARLYLE US CLO Ltd.</name>
        <lei>N/A</lei>
        <title>CARLYLE US CLO Ltd., Series 2017-5A, Class A2</title>
        <cusip>14316AAE7</cusip>
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          <isin value="US14316AAE73"/>
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        <balance>2740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2736976.93000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.53150120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR Blackstone Senior Loan ETF</name>
        <lei>549300ME4SR63Y3TRD06</lei>
        <title>SPDR Blackstone Senior Loan ETF</title>
        <cusip>78467V608</cusip>
        <identifiers>
          <isin value="US78467V6083"/>
          <other otherDesc="Inhouse Asset ID" value="568439"/>
        </identifiers>
        <balance>1725000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79177500.00000000</valUSD>
        <pctVal>1.627916891826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Octagon Investment Partners 36 Ltd.</name>
        <lei>549300S890TBOLY1D042</lei>
        <title>Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A2</title>
        <cusip>67591UAE7</cusip>
        <identifiers>
          <isin value="US67591UAE73"/>
          <other otherDesc="Inhouse Asset ID" value="686313"/>
        </identifiers>
        <balance>8500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8444696.39000000</valUSD>
        <pctVal>0.173625889926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.32374880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carlyle Global Market Strategies CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class DR</title>
        <cusip>14310MBE6</cusip>
        <identifiers>
          <isin value="US14310MBE66"/>
          <other otherDesc="Inhouse Asset ID" value="1024641"/>
        </identifiers>
        <balance>3175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3049574.27000000</valUSD>
        <pctVal>0.062700305857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.72225160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Logan CLO I Ltd.</name>
        <lei>N/A</lei>
        <title>Logan CLO I Ltd., Series 2021-1A, Class A</title>
        <cusip>540543AA3</cusip>
        <identifiers>
          <isin value="US540543AA31"/>
          <other otherDesc="Inhouse Asset ID" value="1152064"/>
        </identifiers>
        <balance>4750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4752930.92000000</valUSD>
        <pctVal>0.097721910016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.31244840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Investors Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Jeffrey W. White</ncom:signature>
      <ncom:signerName>Jeffrey W. White</ncom:signerName>
      <ncom:title>Interim Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
