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        <name>GNR 2024-H01 FB V/R 01/20/74</name>
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        <name>FHR 4344 FA V/R 12/15/37</name>
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        <name>FNR 2025-40 FP V/R 10/25/54</name>
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        <name>BANCO BILBAO VIZC V/R 09/14/26</name>
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        <name>VALET 2023-1 A2 5.5% 12/21/26</name>
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        <name>GUGG 2022-2A A1R V/R 01/15/35</name>
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        <name>CREDIT AGRICOLE L V/R 06/16/26</name>
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        <name>DANSKE BANK A/S V/R 09/11/26</name>
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        <name>ING GROEP NV V/R 09/11/27</name>
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        <name>ROYAL BANK OF CAN V/R 07/20/26</name>
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        <name>FHR 5532 FA V/R 04/25/55</name>
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      <invstOrSec>
        <name>AVOLON HOLDINGS 4.25% 04/15/26</name>
        <lei>N/A</lei>
        <title>AVOLON HOLDINGS FNDG LTD REGD 144A P/P 4.25000000</title>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC 5.375% 09/01/26</name>
        <lei>N/A</lei>
        <title>HCA INC REGD 5.37500000</title>
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        <identifiers>
          <isin value="US404121AH82"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>502199.66000000</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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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#SD8012 4% 09/01/49</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC POOL UMBS P#SD8012 4.00000000</title>
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        <curCd>USD</curCd>
        <valUSD>270679.65000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>TCCT 2023-3A A V/R 08/26/25</name>
        <lei>N/A</lei>
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        <cusip>89621ABT5</cusip>
        <identifiers>
          <isin value="US89621ABT51"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3002719.20000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.14003100</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GENERAL MOTORS  6.05% 10/10/25</name>
        <lei>N/A</lei>
        <title>GENERAL MOTORS FINL CO REGD 6.05000000</title>
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        <identifiers>
          <isin value="US37045XDZ69"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301117.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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      <invstOrSec>
        <name>ENBRIDGE (US)  DISC 06/18/25</name>
        <lei>N/A</lei>
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          <other otherDesc="CUSIP" value="29251UTJ7"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1197536.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>OCTR 2021-11A AR V/R 07/20/34</name>
        <lei>N/A</lei>
        <title>OCEAN TRAILS CLO XI SER 2021-11A CL AR V/R REGD 144A P/P 5.29947000</title>
        <cusip>67514VAL3</cusip>
        <identifiers>
          <isin value="US67514VAL36"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>994344.00000000</valUSD>
        <pctVal>0.241404969018</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-20</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COM V/R 04/22/28</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <cusip>95000U3M3</cusip>
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          <isin value="US95000U3M30"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1505807.66000000</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>2028-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.41383300</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TPMT 2018-3 A1 V/R 05/25/58</name>
        <lei>N/A</lei>
        <title>TOWD POINT MORTGAGE TRUST 2018-3 SER 2018-3 CL A1 V/R REGD 144A P/P 3.75000000</title>
        <cusip>89175MAA1</cusip>
        <identifiers>
          <isin value="US89175MAA18"/>
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        <balance>231653.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>226677.78000000</valUSD>
        <pctVal>0.055032405745</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#SD0251 4% 06/01/49</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC POOL UMBS P#SD0251 4.00000000</title>
        <cusip>3132DMH40</cusip>
        <identifiers>
          <isin value="US3132DMH403"/>
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        <balance>51148.13000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47600.83000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>BAXTER INTERNATI 2.6% 08/15/26</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>BAXTER INTERNATIONAL INC REGD 2.60000000</title>
        <cusip>071813BQ1</cusip>
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          <isin value="US071813BQ15"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195398.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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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>BARCLAYS PLC V/R 03/12/28</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC REGD V/R 5.83627400</title>
        <cusip>06738ECQ6</cusip>
        <identifiers>
          <isin value="US06738ECQ61"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1511477.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.83627400</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>MERCEDES-BENZ FIN V/R 08/01/25</name>
        <lei>N/A</lei>
        <title>MERCEDES-BENZ FIN NA REGD V/R 144A P/P 4.91527900</title>
        <cusip>58769JAH0</cusip>
        <identifiers>
          <isin value="US58769JAH05"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>700170.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>ILLUMINA INC 4.65% 09/09/26</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>ILLUMINA INC REGD 4.65000000</title>
        <cusip>452327AQ2</cusip>
        <identifiers>
          <isin value="US452327AQ25"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>299687.02000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SMB 2021-D A1A 1.34% 08/15/30</name>
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        <cusip>78449MAA4</cusip>
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          <isin value="US78449MAA45"/>
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        <balance>144746.68000000</balance>
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        <curCd>USD</curCd>
        <valUSD>131470.47000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.34000000</annualizedRt>
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      <invstOrSec>
        <name>THE CAMPBELLS CO 5.3% 03/20/26</name>
        <lei>5493007JDSMX8Z5Z1902</lei>
        <title>THE CAMPBELLS COMPANY REGD 5.30000000</title>
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          <isin value="US134429BL20"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1807805.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</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>
        <name>US T BILL ZCP 09/23/25</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY BILL ZCP 0.00000000</title>
        <cusip>912797QV2</cusip>
        <identifiers>
          <isin value="US912797QV24"/>
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        <balance>7100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7005878.14000000</valUSD>
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        <name>GNR 2016-H06 FD V/R 07/20/65</name>
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        <name>SUMITOMO MITSUI F V/R 01/14/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS BAN V/R 03/18/27</name>
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        <name>FORD MOTOR CRE 3.375% 11/13/25</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LLOYDS BANKING GR V/R 11/26/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHR 5508 QF V/R 02/25/55</name>
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        <name>CARMX 2024-3 A2B V/R 05/15/26</name>
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      <invstOrSec>
        <name>FHR 5511 FG V/R 03/25/55</name>
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          <isin value="US3137HKKP89"/>
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        <name>PACIFIC LIFE GF I V/R 02/04/27</name>
        <lei>6354003EUPCHXTWUU869</lei>
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        <cusip>6944PL3G2</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>BMWLT 2023-2 A 5.99% 12/26/25</name>
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        <cusip>055979AC2</cusip>
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          <isin value="US055979AC23"/>
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        <name>NSLT 2017-3A A V/R 06/25/37</name>
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        <title>NELNET STUDENT LOAN TRUST 2017-3 SER 2017-3A CL A V/R 144A P/P 5.28645000</title>
        <cusip>64032KAA1</cusip>
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          <isin value="US64032KAA16"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CGMS 2018-2A A1R V/R 10/15/31</name>
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        <title>CARLYLE US CLO 2018-2 LTD SER 2018-2A CL A1R V/R REGD 144A P/P 5.40610000</title>
        <cusip>14317PAJ2</cusip>
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          <isin value="US14317PAJ21"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CRVNA 2023-P2  5.42% 07/10/26</name>
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          <isin value="US14686TAC27"/>
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        <name>HALST 2024-A A2B V/R 09/15/25</name>
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        <name>ANCHC 2015-6A AR V/R 04/22/34</name>
        <lei>N/A</lei>
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        <cusip>03328QBL4</cusip>
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          <isin value="US03328QBL41"/>
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        <name>ROGERS COMMUNI 3.625% 12/15/25</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>ROGERS COMMUNICATIONS IN REGD 3.62500000</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>EDISON INTERNATI 4.7% 08/15/25</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>EDISON INTERNATIONAL REGD 4.70000000</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHARTER COMM O 4.908% 07/23/25</name>
        <lei>N/A</lei>
        <title>CHARTER COMM OPT LLC/CAP REGD SER WI 4.90800000</title>
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          <isin value="US161175AY09"/>
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        <valUSD>199975.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>TRNTS 2020-12A A V/R 04/25/33</name>
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        <name>FNR 2024-103 FC V/R 01/25/55</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.09681300</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FNR 2025-19 FC V/R 03/25/55</name>
        <lei>N/A</lei>
        <title>FANNIE MAE REMICS SER 2025-19 CL FC V/R 5.48197000</title>
        <cusip>3136BVBY3</cusip>
        <identifiers>
          <isin value="US3136BVBY34"/>
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        <balance>482822.11000000</balance>
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        <curCd>USD</curCd>
        <valUSD>481797.61000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.48197000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNR 2024-103 FJ V/R 01/25/55</name>
        <lei>N/A</lei>
        <title>FANNIE MAE REMICS SER 2024-103 CL FJ V/R 5.52197000</title>
        <cusip>3136BUPN4</cusip>
        <identifiers>
          <isin value="US3136BUPN40"/>
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        <balance>664542.14000000</balance>
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        <curCd>USD</curCd>
        <valUSD>664876.40000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.52197000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>FHR 5513 MF V/R 11/25/54</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC REMICS SER 5513 CL MF V/R 5.26197000</title>
        <cusip>3137HKEX8</cusip>
        <identifiers>
          <isin value="US3137HKEX87"/>
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        <balance>3640612.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3631306.21000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.26197000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MMAF 2023-A A2 5.79% 12/13/25</name>
        <lei>N/A</lei>
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        <cusip>55317WAB7</cusip>
        <identifiers>
          <isin value="US55317WAB72"/>
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        <balance>153062.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>153583.34000000</valUSD>
        <pctVal>0.037286674867</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.79000000</annualizedRt>
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      <invstOrSec>
        <name>DLLAA 2023-1A  5.93% 07/20/26</name>
        <lei>N/A</lei>
        <title>DLLAA 2023-1 LLC SER 2023-1A CL A2 REGD 144A P/P 5.93000000</title>
        <cusip>23292HAB7</cusip>
        <identifiers>
          <isin value="US23292HAB78"/>
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        <balance>51753.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51837.66000000</valUSD>
        <pctVal>0.012585049747</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.93000000</annualizedRt>
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      <invstOrSec>
        <name>BANK OF MONTREAL V/R 06/05/26</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL REGD V/R 5.67693400</title>
        <cusip>06368LNU6</cusip>
        <identifiers>
          <isin value="US06368LNU60"/>
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        <balance>3100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3128770.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.67693400</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FNR 2025-16 FA V/R 03/25/55</name>
        <lei>N/A</lei>
        <title>FANNIE MAE REMICS SER 2025-16 CL FA V/R 5.47197000</title>
        <cusip>3136BU5D8</cusip>
        <identifiers>
          <isin value="US3136BU5D84"/>
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        <balance>477527.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>476827.78000000</valUSD>
        <pctVal>0.115763352982</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.47197000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>UNITED AIRLINE 4.375% 04/15/26</name>
        <lei>N/A</lei>
        <title>UNITED AIRLINES INC REGD 144A P/P 4.37500000</title>
        <cusip>90932LAG2</cusip>
        <identifiers>
          <isin value="US90932LAG23"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1977605.50000000</valUSD>
        <pctVal>0.480119349499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>
        <name>CRVNA 2023-P4  6.16% 10/10/28</name>
        <lei>N/A</lei>
        <title>CARVANA AUTO RECEIVABLES TRUST 2023-P4 SER 2023-P4 CL A3 REGD 144A P/P 6.16000000</title>
        <cusip>14687NAC4</cusip>
        <identifiers>
          <isin value="US14687NAC48"/>
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        <balance>1765489.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1784106.64000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.16000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>MABS 2004-OPT2 A V/R 09/25/34</name>
        <lei>N/A</lei>
        <title>MASTR ASSET BACKED SECURITIES TRUST 2004-OPT2 SER 2004-OPT2 CL A1 V/R REGD 5.13920000</title>
        <cusip>57643LFG6</cusip>
        <identifiers>
          <isin value="US57643LFG68"/>
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        <balance>126424.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>115167.68000000</valUSD>
        <pctVal>0.027960193074</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.13920000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VOLKSWAGEN GROUP  V/R 09/12/25</name>
        <lei>N/A</lei>
        <title>VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.27627400</title>
        <cusip>928668BY7</cusip>
        <identifiers>
          <isin value="US928668BY79"/>
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        <balance>725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>725653.78000000</valUSD>
        <pctVal>0.176172861986</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.27627400</annualizedRt>
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        <name>PACIFIC GAS &amp; E 3.45% 07/01/25</name>
        <lei>N/A</lei>
        <title>PACIFIC GAS &amp; ELECTRIC REGD 3.45000000</title>
        <cusip>694308JL2</cusip>
        <identifiers>
          <isin value="US694308JL21"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1397550.27000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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      <invstOrSec>
        <name>BANQUE FED CRED M V/R 07/13/26</name>
        <lei>N/A</lei>
        <title>BANQUE FED CRED MUTUEL REGD V/R 144A P/P 5.74401700</title>
        <cusip>06675DCG5</cusip>
        <identifiers>
          <isin value="US06675DCG51"/>
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        <balance>875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>884242.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.74401700</annualizedRt>
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      <invstOrSec>
        <name>IMPERIAL BRANDS  3.5% 07/26/26</name>
        <lei>N/A</lei>
        <title>IMPERIAL BRANDS FIN PLC REGD REG S 3.50000000</title>
        <cusip>G471ABNV8</cusip>
        <identifiers>
          <isin value="USG471ABNV88"/>
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        <balance>1445000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1424073.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHR 4906 WF V/R 12/15/38</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC REMICS SER 4906 CL WF V/R 4.85016000</title>
        <cusip>3137FNWL0</cusip>
        <identifiers>
          <isin value="US3137FNWL05"/>
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        <balance>891965.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>881407.31000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.85016000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>7-ELEVEN INC 0.95% 02/10/26</name>
        <lei>N/A</lei>
        <title>7-ELEVEN INC REGD 144A P/P 0.95000000</title>
        <cusip>817826AC4</cusip>
        <identifiers>
          <isin value="US817826AC47"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>583969.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</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>TPMT 2021-SJ2 A1 V/R 12/25/61</name>
        <lei>N/A</lei>
        <title>TOWD POINT MORTGAGE TRUST 2021-SJ2 SER 2021-SJ2 CL A1A V/R REGD 144A P/P 2.25000000</title>
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        <name>BLUEM 2018-3A A1 V/R 10/25/30</name>
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        <name>MF1 2020-FL4 A V/R 10/15/25</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CONAGRA BRANDS 7.125% 10/01/26</name>
        <lei>54930035UDEIH090K650</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTHERN CAL EDI 3.7% 08/01/25</name>
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        <name>TAOT 2025-B A2 4.46% 03/15/28</name>
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        <name>NOMURA HOLDING 5.709% 01/09/26</name>
        <lei>549300B3CEAHYG7K8164</lei>
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        <cusip>65535HBG3</cusip>
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          <isin value="US65535HBG39"/>
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        <fairValLevel>2</fairValLevel>
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        <name>T-MOBILE USA IN 2.25% 02/15/26</name>
        <lei>N/A</lei>
        <title>T-MOBILE USA INC REGD 2.25000000</title>
        <cusip>87264ABR5</cusip>
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          <isin value="US87264ABR59"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US842400HP13"/>
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        <name>PROTECTIVE LIFE G V/R 07/22/26</name>
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        <cusip>743672AG2</cusip>
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        <name>OSCAR 2023-1A  5.81% 11/10/26</name>
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        <name>NATWEST MARKETS P V/R 05/17/27</name>
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        <name>SNDPT 2020-3A A1 V/R 01/25/32</name>
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        <name>GNR 2023-H24 FA V/R 10/20/73</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITZN 2024-1 A2B V/R 07/15/25</name>
        <lei>N/A</lei>
        <title>CITIZENS AUTO RECEIVABLES TRUST 2024-1 SER 2024-1 CL A2B V/R REGD 144A P/P 4.93228000</title>
        <cusip>17331QAC0</cusip>
        <identifiers>
          <isin value="US17331QAC06"/>
        </identifiers>
        <balance>620283.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>620478.85000000</valUSD>
        <pctVal>0.150638689991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.93228000</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>CRVNA 2023-P5  5.77% 09/10/25</name>
        <lei>N/A</lei>
        <title>CARVANA AUTO RECEIVABLES TRUST 2023-P5 SER 2023-P5 CL A2 REGD 144A P/P 5.77000000</title>
        <cusip>14687RAB7</cusip>
        <identifiers>
          <isin value="US14687RAB78"/>
        </identifiers>
        <balance>127832.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127922.00000000</valUSD>
        <pctVal>0.031056662932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.77000000</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>PACIFIC GAS &amp; E 4.95% 06/08/25</name>
        <lei>N/A</lei>
        <title>PACIFIC GAS &amp; ELECTRIC REGD 4.95000000</title>
        <cusip>694308KE6</cusip>
        <identifiers>
          <isin value="US694308KE68"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>399966.05000000</valUSD>
        <pctVal>0.097103006513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</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>NAVSL 2020-GA  1.17% 02/15/28</name>
        <lei>N/A</lei>
        <title>NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2020-G SER 2020-GA CL A REGD 144A P/P 1.17000000</title>
        <cusip>63941UAA1</cusip>
        <identifiers>
          <isin value="US63941UAA16"/>
        </identifiers>
        <balance>121745.66000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>112349.52000000</valUSD>
        <pctVal>0.027276005481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.17000000</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>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley Pathway Funds</ncom:nameOfApplicant>
      <ncom:signature>Francis Smith</ncom:signature>
      <ncom:signerName>Francis Smith</ncom:signerName>
      <ncom:title>Chief Financial Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
