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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 10 09/30/30</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Nomura America Finance LLC</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-28</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 04/30/30</title>
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          <isin value="US61760QFX79"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Natixis US Medium Term Note Program LLC</name>
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        <title>KNFP Float 03/31/36</title>
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          <isin value="US63873HEZ38"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-31</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Morgan Stanley ABS Capital I Inc</name>
        <lei>549300RLSHIMYD3FZB52</lei>
        <title>MSAC 2003-SD1 M2</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bear Stearns Alternative A Trust</name>
        <lei>N/A</lei>
        <title>BALTA 2004-11 2A1</title>
        <cusip>07386HMV0</cusip>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>1ST Horizon 06-Ar3</name>
        <lei>N/A</lei>
        <title>FHASI 2006-AR3 1A1</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US576434HH09"/>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CSMC Mortgage-Backed Trust</name>
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        <title>CSFB 2005-10 2A1</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Wf-Rbs Commercial Mtg Tst 2012-C7</name>
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        <title>WFRBS 2012-C7 C</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 9 11/30/35</title>
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        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
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        <name>Financial Asset Securities Corp.</name>
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        <title>AAA 2005-1A 1A3A</title>
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        <name>Aspen Funding I Ltd/(Delaware)Corp</name>
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        <name>ARBOR MULTIFAMILY MORTGAGE SECURITIES  TRUST</name>
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        <title>AMMST 2020-MF1 E</title>
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        <name>Morgan Stanley Finance LLC.</name>
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        <name>Morgan Stanley</name>
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      <invstOrSec>
        <name>First Franklin Mortgage Loan Trust</name>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
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          <isin value="US12624UAC80"/>
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        <assetCat>ABS-O</assetCat>
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      <invstOrSec>
        <name>Homebanc Mtg Trust</name>
        <lei>N/A</lei>
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          <isin value="US43739EBN67"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.89500000</annualizedRt>
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      <invstOrSec>
        <name>CWMBS Inc</name>
        <lei>N/A</lei>
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          <isin value="US12669GW314"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2005-12R A3</title>
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          <isin value="US12667GAR48"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LMT 2006-2 2A3</title>
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          <isin value="US52520MGL19"/>
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        <balance>325427.47460000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Lloyds Bank plc</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
        <title>LLOYDS FLOAT 11/27/33</title>
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        <identifiers>
          <isin value="US5394E8CE78"/>
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        <balance>655000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.67199900</annualizedRt>
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      <invstOrSec>
        <name>Washington Mut Mtg</name>
        <lei>N/A</lei>
        <title>WAMMS 2003-MS2 1A1</title>
        <cusip>939336QL0</cusip>
        <identifiers>
          <isin value="US939336QL01"/>
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        <balance>107681.94720000</balance>
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        <curCd>USD</curCd>
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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>2033-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>C 10 03/29/34</title>
        <cusip>17326YL95</cusip>
        <identifiers>
          <isin value="US17326YL957"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>145500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>LONGTRAIN LEASING III LLC</name>
        <lei>N/A</lei>
        <title>LTRAN 2015-1A A2</title>
        <cusip>543190AB8</cusip>
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          <isin value="US543190AB89"/>
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        <balance>98019.02800000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.06000000</annualizedRt>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2005-54CB 1A11</title>
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          <isin value="US12668APD18"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley ML</name>
        <lei>N/A</lei>
        <title>MSM 2006-8AR 4A2</title>
        <cusip>61749LAK7</cusip>
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          <isin value="US61749LAK70"/>
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        <balance>36410.22780000</balance>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Credit Suisse, Nassau Branch</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>CS Float 02/27/30</title>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Dreyfus Instl Resv</name>
        <lei>549300E6YYE1FQWV1O19</lei>
        <title>DREYFUS-INS-IS</title>
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          <isin value="US26200X1000"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Impac Secured Assets Corp</name>
        <lei>N/A</lei>
        <title>IMSA 2006-1 2A1</title>
        <cusip>45254TTN4</cusip>
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          <isin value="US45254TTN45"/>
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        <balance>334543.27210000</balance>
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        <curCd>USD</curCd>
        <valUSD>316841.92000000</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>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Cendant Mortgage Capital Llc</name>
        <lei>N/A</lei>
        <title>CDMC 2004-4 A8</title>
        <cusip>15132EJW9</cusip>
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          <isin value="US15132EJW93"/>
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        <balance>119326.41960000</balance>
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        <curCd>USD</curCd>
        <valUSD>120840.02000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Obx Tr 2018-1</name>
        <lei>N/A</lei>
        <title>OBX 2018-EXP1 1A6</title>
        <cusip>67097VAM6</cusip>
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          <isin value="US67097VAM63"/>
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        <balance>75861.92610000</balance>
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        <curCd>USD</curCd>
        <valUSD>76703.42000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2002-9 1A2</title>
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          <isin value="US22540VG713"/>
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        <balance>425827.72840000</balance>
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        <curCd>USD</curCd>
        <valUSD>437575.97000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Bayview Cml Asst T</name>
        <lei>N/A</lei>
        <title>BAYC 2007-3 M4</title>
        <cusip>07325YAF5</cusip>
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          <isin value="US07325YAF51"/>
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        <balance>1492052.08810000</balance>
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        <curCd>USD</curCd>
        <valUSD>1339785.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.63000000</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>Citigroup Global Markets Holdings Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>C Float 12/26/28</title>
        <cusip>17326YBV7</cusip>
        <identifiers>
          <isin value="US17326YBV74"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>158800.00000000</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>2028-12-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.00000100</annualizedRt>
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      <invstOrSec>
        <name>SOUTHERN PACIFIC SECD ASSETS CORP</name>
        <lei>N/A</lei>
        <title>SPSAC 1997-2 M1F</title>
        <cusip>843590BQ2</cusip>
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          <isin value="US843590BQ24"/>
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        <balance>213328.13950000</balance>
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        <curCd>USD</curCd>
        <valUSD>222128.33000000</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>2027-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.32000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wamu Mortgage Pass-Through CTFS TR</name>
        <lei>N/A</lei>
        <title>WAMU 2003-S4 CB1</title>
        <cusip>9292275Q5</cusip>
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          <isin value="US9292275Q59"/>
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        <balance>608184.62000000</balance>
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        <curCd>USD</curCd>
        <valUSD>628225.52000000</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>2033-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.63341300</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
        <title>GSR 2005-AR3 2A1</title>
        <cusip>36242D4S9</cusip>
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          <isin value="US36242D4S96"/>
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        <balance>15053.71680000</balance>
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        <curCd>USD</curCd>
        <valUSD>14351.96000000</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>2035-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.56999900</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2003-25 1A8</title>
        <cusip>22541QYL0</cusip>
        <identifiers>
          <isin value="US22541QYL03"/>
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        <balance>119948.75900000</balance>
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        <curCd>USD</curCd>
        <valUSD>126509.27000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Morgan Stanley Finance LLC.</name>
        <lei>549300YTG00DJS1TOQ38</lei>
        <title>MS 9 09/30/36</title>
        <cusip>61766YAP6</cusip>
        <identifiers>
          <isin value="US61766YAP60"/>
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        <balance>289000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>312120.00000000</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>2036-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Morgan Stanley ML</name>
        <lei>N/A</lei>
        <title>MSM 2004-8AR 2A</title>
        <cusip>61748HED9</cusip>
        <identifiers>
          <isin value="US61748HED98"/>
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        <balance>39410.01940000</balance>
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        <curCd>USD</curCd>
        <valUSD>36495.42000000</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>2034-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.34750900</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 10/30/30</title>
        <cusip>61760QHW7</cusip>
        <identifiers>
          <isin value="US61760QHW78"/>
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        <balance>151000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152321.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.59599900</annualizedRt>
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      <invstOrSec>
        <name>Lehman Abs Corp</name>
        <lei>N/A</lei>
        <title>MSDWC 2003-HYB1 A3</title>
        <cusip>61746WB90</cusip>
        <identifiers>
          <isin value="US61746WB907"/>
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        <balance>31482.89500000</balance>
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        <curCd>USD</curCd>
        <valUSD>32275.47000000</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>2033-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.69446200</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 02/27/35</title>
        <cusip>61760QFS8</cusip>
        <identifiers>
          <isin value="US61760QFS84"/>
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        <balance>778000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>736182.50000000</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>2035-02-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.14999800</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCGEN 21 10/29/32</title>
        <cusip>83369EE55</cusip>
        <identifiers>
          <isin value="US83369EE557"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49250.00000000</valUSD>
        <pctVal>0.022188658460</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.03000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust 2015-Ms1</name>
        <lei>N/A</lei>
        <title>MSC 2015-MS1 D</title>
        <cusip>61765DAC2</cusip>
        <identifiers>
          <isin value="US61765DAC20"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>178394.74000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.03124400</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 10 10/30/30</title>
        <cusip>61760QHY3</cusip>
        <identifiers>
          <isin value="US61760QHY35"/>
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        <balance>171000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127379.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.36000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bear Stearns Asset Backed Securities I Trust</name>
        <lei>N/A</lei>
        <title>BSABS 2006-AC2 21A6</title>
        <cusip>07387UGU9</cusip>
        <identifiers>
          <isin value="US07387UGU97"/>
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        <balance>606905.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296335.79000000</valUSD>
        <pctVal>0.133508500181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>
        <name>Impac CMB Trust</name>
        <lei>N/A</lei>
        <title>IMM 2004-7 M4</title>
        <cusip>45254NKN6</cusip>
        <identifiers>
          <isin value="US45254NKN65"/>
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        <balance>54761.36050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57350.26000000</valUSD>
        <pctVal>0.025838077802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.93000000</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 10/31/34</title>
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        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
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        <name>Cwalt Incorporation</name>
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        <name>Deutsche Bank AG London Branch</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <name>Z CAPITAL CREDIT PARTNERS</name>
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        <name>Citigroup Global Markets Holdings Inc.</name>
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        <name>Interstar Millennium 2004-4E Trust</name>
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        <name>Csmc Coml Mtg Tr 2016-Nxsr</name>
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        <name>Hudson's Bay Simon JV Trust</name>
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        <name>Morgan Stanley ML</name>
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        <name>ARBOR MULTIFAMILY MORTGAGE SECURITIES  TRUST</name>
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        <name>Master Asset Securitization Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-25</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>Morgan Stanley Dean Witter Discover</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 01/21/26</title>
        <cusip>61745E2K6</cusip>
        <identifiers>
          <isin value="US61745E2K60"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Washington Mut Mtg</name>
        <lei>N/A</lei>
        <title>WAMMS 2005-RA1 3B4</title>
        <cusip>9393364V2</cusip>
        <identifiers>
          <isin value="US9393364V27"/>
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        <balance>16866.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14644.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.87227100</annualizedRt>
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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>
      <invstOrSec>
        <name>Indymac MBS Inc</name>
        <lei>N/A</lei>
        <title>INDX 2004-AR11 2A</title>
        <cusip>45660N6S9</cusip>
        <identifiers>
          <isin value="US45660N6S95"/>
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        <balance>12529.04800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12983.16000000</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>2034-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.90868800</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley Dean Witter Discover</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 03/31/31</title>
        <cusip>61745E6X4</cusip>
        <identifiers>
          <isin value="US61745E6X46"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.99999900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Deutsche Bank AG London Branch</name>
        <lei>N/A</lei>
        <title>DB 7 1/2 01/31/33</title>
        <cusip>25152RUV3</cusip>
        <identifiers>
          <isin value="US25152RUV31"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.94000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ZAIS CLO 11 LTD</name>
        <lei>N/A</lei>
        <title>ZAIS 2018-11A C</title>
        <cusip>98887YAG2</cusip>
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          <isin value="US98887YAG26"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>961771.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.12400100</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>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JPMMT 2004-S2 4A5</title>
        <cusip>466247JV6</cusip>
        <identifiers>
          <isin value="US466247JV67"/>
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        <balance>38465.78180000</balance>
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        <curCd>USD</curCd>
        <valUSD>38840.54000000</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>2034-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bear Stearns Arm Trust</name>
        <lei>N/A</lei>
        <title>BSARM 2003-5 1A1</title>
        <cusip>07384MWF5</cusip>
        <identifiers>
          <isin value="US07384MWF57"/>
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        <balance>81058.25300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80792.20000000</valUSD>
        <pctVal>0.036399401666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.82739700</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>Bayview Cml Asst T</name>
        <lei>N/A</lei>
        <title>BAYC 2007-3 M2</title>
        <cusip>07325YAD0</cusip>
        <identifiers>
          <isin value="US07325YAD04"/>
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        <balance>612464.25380000</balance>
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        <curCd>USD</curCd>
        <valUSD>554541.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.47000200</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>DEERPATH CAPITAL CLO LTD</name>
        <lei>N/A</lei>
        <title>DPATH 2018-1A C</title>
        <cusip>244608AE5</cusip>
        <identifiers>
          <isin value="US244608AE53"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1006270.00000000</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>2031-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.74125000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Delta Funding Series 2000-2</name>
        <lei>N/A</lei>
        <title>DELHE 1999-3 A2F</title>
        <cusip>24763LFV7</cusip>
        <identifiers>
          <isin value="US24763LFV71"/>
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        <balance>181905.49760000</balance>
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        <curCd>USD</curCd>
        <valUSD>185273.04000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.06100100</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SLM Student Loan Trust</name>
        <lei>549300H0EHPP0GTD9V95</lei>
        <title>SLMA 2005-8 B</title>
        <cusip>78442GQT6</cusip>
        <identifiers>
          <isin value="US78442GQT66"/>
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        <balance>39064.36370000</balance>
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        <curCd>USD</curCd>
        <valUSD>36712.78000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.52774900</annualizedRt>
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        <name>CWMBS Inc</name>
        <lei>549300430UQIJMFG3R47</lei>
        <title>CWHL 2004-J9 2A6</title>
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          <isin value="US12669GFL05"/>
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        <balance>94872.72400000</balance>
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        <valUSD>97503.20000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>CASCADE MH ASSET TRUST</name>
        <lei>N/A</lei>
        <title>CMHAT 2019-MH1 M</title>
        <cusip>14732FAC6</cusip>
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          <isin value="US14732FAC68"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>997233.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.98500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nomura Asset Acceptance Corp Alt Ln tr</name>
        <lei>N/A</lei>
        <title>NAA 2007-1 1A3</title>
        <cusip>65538PAD0</cusip>
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          <isin value="US65538PAD06"/>
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        <balance>124462.31410000</balance>
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        <curCd>USD</curCd>
        <valUSD>128664.88000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.95699900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bear Stearns Arm Trust</name>
        <lei>N/A</lei>
        <title>BSARM 2004-6 3A</title>
        <cusip>07384MW81</cusip>
        <identifiers>
          <isin value="US07384MW810"/>
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        <balance>153052.82450000</balance>
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        <curCd>USD</curCd>
        <valUSD>141680.88000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.69841200</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 10 08/29/34</title>
        <cusip>61760QES9</cusip>
        <identifiers>
          <isin value="US61760QES93"/>
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        <balance>121000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94246.54000000</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>2034-08-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.03000100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ryland Mortgage Se</name>
        <lei>N/A</lei>
        <title>RYMS 1994-1 B</title>
        <cusip>783766QB7</cusip>
        <identifiers>
          <isin value="US783766QB79"/>
        </identifiers>
        <balance>5632.77900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5662.69000000</valUSD>
        <pctVal>0.002551218159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00010100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citicorp Mortgage Securities Trust</name>
        <lei>549300ISEJNGWSXAKR30</lei>
        <title>CMSI 2007-4 1A5</title>
        <cusip>17312XAE4</cusip>
        <identifiers>
          <isin value="US17312XAE40"/>
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        <balance>281204.96580000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>283318.56000000</valUSD>
        <pctVal>0.127643832758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Financial Asset Securities Corp.</name>
        <lei>N/A</lei>
        <title>AAA 2005-1A 1A3B</title>
        <cusip>31738PAV0</cusip>
        <identifiers>
          <isin value="US31738PAV04"/>
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        <balance>287527.15980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>264097.15000000</valUSD>
        <pctVal>0.118983989071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.53750200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wamu Mortgage Pass-Through CTFS TR</name>
        <lei>N/A</lei>
        <title>WAMU 2003-S3 1A4</title>
        <cusip>929227T30</cusip>
        <identifiers>
          <isin value="US929227T301"/>
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        <balance>53420.61480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55174.14000000</valUSD>
        <pctVal>0.024857667986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Agate Bay Mortgage Trust 2014-3</name>
        <lei>N/A</lei>
        <title>ABMT 2014-3 B2</title>
        <cusip>00841LAW6</cusip>
        <identifiers>
          <isin value="US00841LAW63"/>
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        <balance>140767.11360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144470.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.82024100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
        <title>GSAMP 2002-WF A2B</title>
        <cusip>36228FJP2</cusip>
        <identifiers>
          <isin value="US36228FJP27"/>
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        <balance>106658.83500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>106840.94000000</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>2032-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.21113000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2004-J11 3A1</title>
        <cusip>12667FXN0</cusip>
        <identifiers>
          <isin value="US12667FXN04"/>
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        <balance>81400.25630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>87780.69000000</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>2032-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWRS 2016-1</name>
        <lei>N/A</lei>
        <title>DWRS 2016-1A UCF</title>
        <cusip>23341DAA9</cusip>
        <identifiers>
          <isin value="US23341DAA90"/>
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        <balance>7949692.00200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2623398.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.04380000</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>NASSAU 2018-I LTD / LLC</name>
        <lei>N/A</lei>
        <title>NCC 2018-IA E</title>
        <cusip>63170NAA9</cusip>
        <identifiers>
          <isin value="US63170NAA90"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>209017.50000000</valUSD>
        <pctVal>0.094168891772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.09125000</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>BELLEMEADE RE LTD</name>
        <lei>N/A</lei>
        <title>BMIR 2019-4A M1C</title>
        <cusip>07876LAC3</cusip>
        <identifiers>
          <isin value="US07876LAC37"/>
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        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227958.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.63000200</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>Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ARMT 2005-6A 2A2</title>
        <cusip>007036PH3</cusip>
        <identifiers>
          <isin value="US007036PH31"/>
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        <balance>658412.14890000</balance>
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        <curCd>USD</curCd>
        <valUSD>257001.96000000</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>2035-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.96999800</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Finance LLC.</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>MS 8 09/29/37</title>
        <cusip>61766YBY6</cusip>
        <identifiers>
          <isin value="US61766YBY68"/>
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        <balance>158000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>169060.00000000</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>2037-09-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.00000100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lending Club Corporation</name>
        <lei>549300YC50YO7Y1OJR92</lei>
        <title>LCIT 2016-NP1 CERT</title>
        <cusip>52603TAD0</cusip>
        <identifiers>
          <isin value="US52603TAD00"/>
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        <balance>5423999.99240000</balance>
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        <curCd>USD</curCd>
        <valUSD>8678.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sequoia Mtg Trust</name>
        <lei>N/A</lei>
        <title>SEMT 2004-8 A1</title>
        <cusip>81744FDJ3</cusip>
        <identifiers>
          <isin value="US81744FDJ30"/>
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        <balance>26815.59520000</balance>
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        <curCd>USD</curCd>
        <valUSD>26912.28000000</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>2034-09-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.46113100</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PHH Mtg Cap Llc</name>
        <lei>N/A</lei>
        <title>PHHMC 2005-4 A8</title>
        <cusip>69336RBN9</cusip>
        <identifiers>
          <isin value="US69336RBN98"/>
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        <balance>689916.45970000</balance>
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        <curCd>USD</curCd>
        <valUSD>702134.26000000</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>2035-07-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.31590800</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banc America Mortgage Securitites Inc</name>
        <lei>549300IE5TDZLY0T0V30</lei>
        <title>BOAA 2003-8 1CB1</title>
        <cusip>05948XTV3</cusip>
        <identifiers>
          <isin value="US05948XTV37"/>
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        <balance>26185.57350000</balance>
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        <curCd>USD</curCd>
        <valUSD>26347.97000000</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>2033-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Meritage Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>MMLT 2003-1 M1</title>
        <cusip>59001FAC5</cusip>
        <identifiers>
          <isin value="US59001FAC59"/>
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        <balance>2164484.12050000</balance>
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        <curCd>USD</curCd>
        <valUSD>2126359.76000000</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>2033-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.18000100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS Float 06/27/33</title>
        <cusip>064159CK0</cusip>
        <identifiers>
          <isin value="US064159CK09"/>
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        <balance>190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>161500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>31371NQR9</cusip>
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          <isin value="US31371NQR97"/>
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        <curCd>USD</curCd>
        <valUSD>41268.04000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Commercial Mortgage 2012-Lc4</name>
        <lei>N/A</lei>
        <title>COMM 2012-LC4 B</title>
        <cusip>126192AF0</cusip>
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          <isin value="US126192AF04"/>
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        <balance>175000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS-Barclays Commercial Mortgage Trust 2012-C4</name>
        <lei>N/A</lei>
        <title>UBSBB 2012-C4 D</title>
        <cusip>90270RAL8</cusip>
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          <isin value="US90270RAL87"/>
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        <balance>171000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-12-10</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>NatWest Group plc</name>
        <lei>RR3QWICWWIPCS8A4S074</lei>
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          <isin value="US78009PBE07"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-18</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Chase Fdg Mtg Ln</name>
        <lei>N/A</lei>
        <title>CFAB 2002-4 2A1</title>
        <cusip>161546DQ6</cusip>
        <identifiers>
          <isin value="US161546DQ65"/>
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        <balance>11361.94820000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>CWALT 2006-40T1 2A1</title>
        <cusip>02148KAQ7</cusip>
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          <isin value="US02148KAQ76"/>
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        <balance>107723.59470000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>READY CAPITAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>RCMT 2019-6 D</title>
        <cusip>75575QAL3</cusip>
        <identifiers>
          <isin value="US75575QAL32"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75290000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Csmc Tr</name>
        <lei>N/A</lei>
        <title>CSMC 2007-5R A5</title>
        <cusip>12640QAE3</cusip>
        <identifiers>
          <isin value="US12640QAE35"/>
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        <balance>313721.84230000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Access Group Inc</name>
        <lei>N/A</lei>
        <title>ACCSS 2004-2 B</title>
        <cusip>00432CBZ3</cusip>
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          <isin value="US00432CBZ32"/>
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        <balance>40622.56020000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.91775200</annualizedRt>
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      <invstOrSec>
        <name>Impac CMB Trust</name>
        <lei>N/A</lei>
        <title>IMM 2003-2F M2</title>
        <cusip>45254NDT1</cusip>
        <identifiers>
          <isin value="US45254NDT19"/>
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        <balance>110567.47950000</balance>
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        <curCd>USD</curCd>
        <valUSD>112994.40000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.57000000</annualizedRt>
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      <invstOrSec>
        <name>PEAKS CLO 2 LTD</name>
        <lei>549300BU7U9SZMLBY924</lei>
        <title>PEAKS 2017-2A CR</title>
        <cusip>70469XAS3</cusip>
        <identifiers>
          <isin value="US70469XAS36"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500374.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WFRBS Commercial Mortgage Trust 2011-C2</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C5 B</title>
        <cusip>92936JAG9</cusip>
        <identifiers>
          <isin value="US92936JAG94"/>
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        <balance>260000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bayview Commercial Asset Trust 2006-SP2</name>
        <lei>N/A</lei>
        <title>BAYC 2007-2A M1</title>
        <cusip>07325XAC4</cusip>
        <identifiers>
          <isin value="US07325XAC48"/>
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        <balance>1453443.72000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>HALCYON LOAN ADVISORS FUNDING LTD</name>
        <lei>549300SU2HGHNRLL0O32</lei>
        <title>HLA 2013-1A C</title>
        <cusip>40537XAG0</cusip>
        <identifiers>
          <isin value="US40537XAG07"/>
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        <balance>750000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.74125000</annualizedRt>
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      <invstOrSec>
        <name>Nomura America Finance LLC</name>
        <lei>549300U646RSSKIVOJ29</lei>
        <title>NOMURA Float 12/31/33</title>
        <cusip>655365AA2</cusip>
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          <isin value="US655365AA24"/>
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        <balance>195000.00000000</balance>
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        <valUSD>193050.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Ready Capital Mortgage Trust 2015-2</name>
        <lei>N/A</lei>
        <title>RCMT 2015-2 E</title>
        <cusip>75574QAN0</cusip>
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          <isin value="US75574QAN07"/>
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        <balance>2000000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Cutwater 2014-I Ltd/Llc</name>
        <lei>254900Z407FNBKBWKE10</lei>
        <title>CTWTR 2014-1A A2R</title>
        <cusip>23222TAQ3</cusip>
        <identifiers>
          <isin value="US23222TAQ31"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1502652.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bancorp Commercial Mortgag</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Home Mortgage Investment Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
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      <invstOrSec>
        <name>CSFB Mtg Accep Corp</name>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>CWMBS Inc</name>
        <lei>N/A</lei>
        <title>CWHL 2004-23 A</title>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Collegiate Fdg Svcs Ed Ln Tr</name>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Natixis US Medium Term Note Program LLC</name>
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        <title>KNFP FLOAT 07/31/34</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>PHEAA STUDENT LOAN TRUST</name>
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        <title>PHEAA 2015-1A A</title>
        <cusip>69340QAA4</cusip>
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          <isin value="US69340QAA40"/>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Lloyds Bank plc</name>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2001-33 3B1</title>
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          <isin value="US22540VRV61"/>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>Raac Ser 2007 Rp3</name>
        <lei>N/A</lei>
        <title>RAAC 2007-RP3 A</title>
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          <isin value="US74978BAA61"/>
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        <balance>806756.27140000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Rbsgc Structured T</name>
        <lei>N/A</lei>
        <title>RBSGC 2008-A A1</title>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>CWMBS Inc</name>
        <lei>N/A</lei>
        <title>CWHL 2004-9 A7</title>
        <cusip>12669FUC5</cusip>
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          <isin value="US12669FUC57"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Mastr Adjustable Rate Mortgages Trust</name>
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        <cusip>576433DJ2</cusip>
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          <isin value="US576433DJ28"/>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2003-11 1A31</title>
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        <balance>117967.22120000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Argentina (Republic of)</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>ARGENT 0 1/8 07/09/35</title>
        <cusip>040114HT0</cusip>
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        <balance>485000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.12499900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bayview Financial Revolving Asset Trust</name>
        <lei>N/A</lei>
        <title>BAYV 2004-B A1</title>
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        <balance>638912.66070000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CSFB Mtg Accep Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2004-7 6A1</title>
        <cusip>2254W0KD6</cusip>
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          <isin value="US2254W0KD60"/>
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        <balance>35970.95040000</balance>
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        <curCd>USD</curCd>
        <valUSD>37885.67000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2007-HF1 4PO</title>
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          <isin value="US55291YAN76"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Halcyon Loan Advisors Funding Ltd</name>
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        <title>HLA 2014-2A BR</title>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4000960.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.91849800</annualizedRt>
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      <invstOrSec>
        <name>Gmacm Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>GMACM 2004-J2 A8</title>
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          <isin value="US36185N2E94"/>
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        <balance>141815.21710000</balance>
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        <curCd>USD</curCd>
        <valUSD>144934.23000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CWMBS Inc</name>
        <lei>549300430UQIJMFG3R47</lei>
        <title>CWALT 1998-4 IIA3</title>
        <cusip>12669ATG9</cusip>
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          <isin value="US12669ATG93"/>
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        <balance>64045.04000000</balance>
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        <curCd>USD</curCd>
        <valUSD>66972.47000000</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>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>GSMPS 2004-4 1A2</title>
        <cusip>36242DJS3</cusip>
        <identifiers>
          <isin value="US36242DJS36"/>
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        <balance>223282.88990000</balance>
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        <curCd>USD</curCd>
        <valUSD>238727.86000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2004-24CB 1A1</title>
        <cusip>12667FVN2</cusip>
        <identifiers>
          <isin value="US12667FVN22"/>
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        <balance>1429778.74850000</balance>
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        <curCd>USD</curCd>
        <valUSD>1487927.85000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 10 01/30/35</title>
        <cusip>61760QFQ2</cusip>
        <identifiers>
          <isin value="US61760QFQ29"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>657281.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.16500000</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>Business Loan 07-A</name>
        <lei>N/A</lei>
        <title>BLX 2007-AA A</title>
        <cusip>12328RAA8</cusip>
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          <isin value="US12328RAA86"/>
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        <balance>195146.10840000</balance>
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        <curCd>USD</curCd>
        <valUSD>185440.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.51113200</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>GC FTPYME Pastor 4 FTA</name>
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        <title>PAST 4 E</title>
        <cusip>E5650RAB3</cusip>
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          <isin value="ES0332233065"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>CMLTI 2004-NCM2 1CB2</title>
        <cusip>17307GGY8</cusip>
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          <isin value="US17307GGY89"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FINANCE OF AMERICA HECM BUYOUT 2021-HB1</name>
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        <title>FAHB 2021-HB1 M3</title>
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        <identifiers>
          <isin value="US31735RAD98"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2003-AR24 3A1</title>
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          <isin value="US22541QUP52"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.12232200</annualizedRt>
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      <invstOrSec>
        <name>Bayview Financial Revolving Asset Trust</name>
        <lei>N/A</lei>
        <title>BAYV 2005-A M1</title>
        <cusip>073250BQ4</cusip>
        <identifiers>
          <isin value="US073250BQ45"/>
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        <balance>2119592.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1936228.74000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>1.62249800</annualizedRt>
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      <invstOrSec>
        <name>Z Capital Credit Partners CLO 2019-1 Ltd</name>
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        <title>ZCCP 2019-1A C</title>
        <cusip>98877GAL2</cusip>
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          <isin value="US98877GAL23"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>803188.80000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Multi Sec Asset Trust</name>
        <lei>N/A</lei>
        <title>MSAT 2005-RR4A N</title>
        <cusip>62544HAS4</cusip>
        <identifiers>
          <isin value="US62544HAS40"/>
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        <balance>49423.97940000</balance>
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        <curCd>USD</curCd>
        <valUSD>15625.29000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.78000100</annualizedRt>
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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>Citigroup Global Markets Holdings Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>C 12 11/21/38</title>
        <cusip>17326YRN8</cusip>
        <identifiers>
          <isin value="US17326YRN84"/>
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        <balance>615000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>610387.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Bills</name>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MortgageIT Trust</name>
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          <isin value="US61913PAL67"/>
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        <assetCat>ABS-O</assetCat>
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        <name>RBSSP RESECURITIZATION TRUST</name>
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        <title>RBSSP 2009-10 2A1</title>
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          <isin value="US74928RAC88"/>
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        <balance>91676.85530000</balance>
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      <invstOrSec>
        <name>Wamu Mortgage Pass-Through CTFS TR</name>
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          <isin value="US929227LE40"/>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>Morgan Stanley Dean Witter Discover</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <cusip>61745EX63</cusip>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>HARVEST COMMERCIAL CAPITAL LOAN TRUST 2019-1</name>
        <lei>N/A</lei>
        <title>HCCLT 2019-1 M5</title>
        <cusip>41753CAF3</cusip>
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          <isin value="US41753CAF32"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Merrill Lynch Mtg Inv Trust</name>
        <lei>N/A</lei>
        <title>MLCC 2006-2 4A</title>
        <cusip>590219AG6</cusip>
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          <isin value="US590219AG66"/>
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        <balance>95858.20220000</balance>
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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>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.52972700</annualizedRt>
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      <invstOrSec>
        <name>Mastr Reperforming</name>
        <lei>N/A</lei>
        <title>MARP 2006-2 2A1</title>
        <cusip>57645LAB0</cusip>
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          <isin value="US57645LAB09"/>
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        <balance>272179.13710000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.73014400</annualizedRt>
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        <name>Zais CLO 1 Limited</name>
        <lei>549300IMLXMSJ6QFY388</lei>
        <title>ZAIS2 2014-2A CR</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>CWMBS Inc</name>
        <lei>N/A</lei>
        <title>CWHL 2004-HYB2 2A</title>
        <cusip>12669FTH6</cusip>
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          <isin value="US12669FTH63"/>
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        <balance>111944.06250000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Structured Asset Securities Corp.</name>
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        <title>SASC 2003-37A B1I</title>
        <cusip>86359BCP4</cusip>
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          <isin value="US86359BCP40"/>
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        <balance>27730.58060000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Delta Funding Series 2000-2</name>
        <lei>N/A</lei>
        <title>DELHE 1999-2 A1A</title>
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          <isin value="US24763LFS43"/>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Tropic Cdo IV Ltd / Tropic Cdo Corp</name>
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        <title>TROPC 2004-4A A3L</title>
        <cusip>89707YAC8</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>1.24125100</annualizedRt>
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        <name>Washington Mut Mtg</name>
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        <title>WAMU 2005-AR1 A1A</title>
        <cusip>939336X40</cusip>
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          <isin value="US939336X409"/>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>0.77000000</annualizedRt>
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        <name>CSMC 2018-SITE</name>
        <lei>N/A</lei>
        <title>CSMC 2018-SITE B</title>
        <cusip>12690CAE3</cusip>
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          <isin value="US12690CAE30"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99331.16000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc America Funding Trust</name>
        <lei>N/A</lei>
        <title>BAFC 2007-2 1A8</title>
        <cusip>05951GAW2</cusip>
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          <isin value="US05951GAW24"/>
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        <balance>133975.58980000</balance>
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        <curCd>USD</curCd>
        <valUSD>27342.21000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Z Capital Credit Partners CLO 2019-1 Ltd</name>
        <lei>N/A</lei>
        <title>ZCCP 2019-1A D</title>
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          <isin value="US98877GAN88"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
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          <isin value="US38147QST49"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>362262.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CWMBS Inc</name>
        <lei>N/A</lei>
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          <isin value="US12669FPC13"/>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 10 11/30/30</title>
        <cusip>61760QJC9</cusip>
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          <isin value="US61760QJC96"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49250.00000000</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>2030-11-30</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GSAA Home Equity Trust</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
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          <isin value="US362334AN46"/>
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        <balance>165801.14710000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>PRETIUM MORTGAGE CREDIT PARTNERS I</name>
        <lei>N/A</lei>
        <title>PRET 2020-NPL1 A1</title>
        <cusip>74142DAA3</cusip>
        <identifiers>
          <isin value="US74142DAA37"/>
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        <balance>755951.47700000</balance>
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        <curCd>USD</curCd>
        <valUSD>759710.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-05-27</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
        <title>GSR 2005-6F 1A7</title>
        <cusip>362341DR7</cusip>
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          <isin value="US362341DR73"/>
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        <balance>14912.65320000</balance>
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        <curCd>USD</curCd>
        <valUSD>15240.94000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>International Bank for Reconstruction and Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>IBRD Float 06/30/34</title>
        <cusip>45905UPL2</cusip>
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          <isin value="US45905UPL25"/>
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        <balance>964000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.93200100</annualizedRt>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2004-28CB 2A4</title>
        <cusip>12667FYL3</cusip>
        <identifiers>
          <isin value="US12667FYL39"/>
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        <balance>606163.10440000</balance>
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        <curCd>USD</curCd>
        <valUSD>618075.66000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Structured Asset Securities Corp.</name>
        <lei>N/A</lei>
        <title>SASC 2003-40A 3A2</title>
        <cusip>86359BEK3</cusip>
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          <isin value="US86359BEK35"/>
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        <balance>62480.25340000</balance>
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        <curCd>USD</curCd>
        <valUSD>63625.68000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.71106300</annualizedRt>
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      <invstOrSec>
        <name>Banc of America Funding Corporation</name>
        <lei>54930023UHZHF7UJ8596</lei>
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          <isin value="US05946XXW81"/>
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        <balance>53380.75650000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 07/31/35</title>
        <cusip>61760QGS7</cusip>
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          <isin value="US61760QGS75"/>
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        <balance>268000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2004-6 6A1</title>
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          <isin value="US576434SJ46"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Cwalt Incorporation</name>
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        <title>CWALT 2005-6CB 1A6</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JPMMT 2005-A7 1A4</title>
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          <isin value="US466247WL39"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2004-15 1A2</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Saxon Asset Securities Trust</name>
        <lei>N/A</lei>
        <title>SAST 2003-3 M2</title>
        <cusip>805564PF2</cusip>
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          <isin value="US805564PF22"/>
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        <balance>66980.75610000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.53000100</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 08/19/30</title>
        <cusip>61760QGY4</cusip>
        <identifiers>
          <isin value="US61760QGY44"/>
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        <balance>290000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296887.50000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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          <isin value="US61760QHH02"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-30</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Renaissance Mtg Ac</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.67999800</annualizedRt>
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      <invstOrSec>
        <name>Bayview Commercial Asset Trust 2006-SP2</name>
        <lei>N/A</lei>
        <title>BAYC 2004-1 A</title>
        <cusip>07324SAL6</cusip>
        <identifiers>
          <isin value="US07324SAL60"/>
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        <balance>350099.25000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350386.33000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.67000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GSR Mtg Ln 07-Ar2</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
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          <isin value="US3622N6AC30"/>
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        <balance>105412.78710000</balance>
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        <curCd>USD</curCd>
        <valUSD>85951.19000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.05817100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2005-J8 1A5</title>
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          <isin value="US12667GJ463"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley Finance LLC.</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>MS Float 11/29/36</title>
        <cusip>61766YAV3</cusip>
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          <isin value="US61766YAV39"/>
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        <balance>1941000.00000000</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>2036-11-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.32000100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley ML</name>
        <lei>N/A</lei>
        <title>MSM 2004-8AR 4A1</title>
        <cusip>61748HEF4</cusip>
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          <isin value="US61748HEF47"/>
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        <balance>49945.42790000</balance>
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        <curCd>USD</curCd>
        <valUSD>53704.79000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.69754500</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FREMF MTG TR 2015-KF12</name>
        <lei>N/A</lei>
        <title>FREMF 2015-KF12 B</title>
        <cusip>30293RAC7</cusip>
        <identifiers>
          <isin value="US30293RAC79"/>
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        <balance>2608299.41460000</balance>
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        <curCd>USD</curCd>
        <valUSD>2430848.98000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.24388000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BEAR STEARNS ASSET BACKED SECU</name>
        <lei>N/A</lei>
        <title>BSABS 2001-A B</title>
        <cusip>07384JAA7</cusip>
        <identifiers>
          <isin value="US07384JAA79"/>
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        <balance>293374.64730000</balance>
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        <curCd>USD</curCd>
        <valUSD>306514.90000000</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>2031-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.50000100</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Halcyon Loan Advisors Funding 2013-2 Ltd./LLC</name>
        <lei>5493007BSG4LRQVLD578</lei>
        <title>HLA 2013-2A D</title>
        <cusip>40537YAN3</cusip>
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          <isin value="US40537YAN31"/>
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        <balance>3210000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Argentina (Republic of)</name>
        <lei>549300KPBYGYF7HCHO27</lei>
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          <isin value="US040114HX11"/>
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        <balance>24086.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bluemountain CLO 2013-2 Ltd.</name>
        <lei>549300KGXMRFX2DKIX03</lei>
        <title>BLUEM 2013-2A A2R</title>
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          <isin value="US09626YAQ35"/>
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        <balance>750000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-22</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Csail Commercial Mortagage Trust</name>
        <lei>N/A</lei>
        <title>CSAIL 2017-CX10 STNA</title>
        <cusip>12652DAN7</cusip>
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          <isin value="US12652DAN75"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.94450000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 06/30/30</title>
        <cusip>61760QGJ7</cusip>
        <identifiers>
          <isin value="US61760QGJ76"/>
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        <balance>363000.00000000</balance>
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        <valUSD>370260.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.54000100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Deutsche Bank AG London Branch</name>
        <lei>N/A</lei>
        <title>DB Float 12/23/35</title>
        <cusip>25152R2W2</cusip>
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          <isin value="US25152R2W21"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.89999900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indymac MBS Inc</name>
        <lei>N/A</lei>
        <title>INDX 2005-AR15 A2</title>
        <cusip>45660LVM8</cusip>
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          <isin value="US45660LVM89"/>
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        <balance>59419.38330000</balance>
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        <curCd>USD</curCd>
        <valUSD>57254.65000000</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>2035-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.15623200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CWMBS Inc</name>
        <lei>N/A</lei>
        <title>CWHL 2004-14 4A1</title>
        <cusip>12669FT52</cusip>
        <identifiers>
          <isin value="US12669FT528"/>
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        <balance>57931.39430000</balance>
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        <curCd>USD</curCd>
        <valUSD>56556.09000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Trapeza Cdo Xii Ltd / Inc</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Finance LLC.</name>
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          <isin value="US61766YBS90"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Saxon Asset Securities Trust</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>TRIP Rail Master Funding LLC</name>
        <lei>5493004VSVYOZVEYVJ29</lei>
        <title>TRMF 2011-1A A2</title>
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          <isin value="US89690EAC12"/>
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        <balance>474284.79650000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <title>MS Float 02/29/36</title>
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          <isin value="US61760QJN51"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Indymac MBS Inc</name>
        <lei>N/A</lei>
        <title>RAST 2003-A15 B1</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
        <title>GSR 2004-13F 2A1</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CWMBS Inc</name>
        <lei>N/A</lei>
        <title>CWHL 2004-6 2A1</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Textainer Marine Containers Ltd</name>
        <lei>549300X48KLHDDGPK024</lei>
        <title>TMCL 2019-1A A</title>
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          <isin value="US88315LAC28"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Bills</name>
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        <title>B 05/20/21</title>
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          <isin value="US9127962Y48"/>
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        <balance>4000000.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 05/27/21</title>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
        <title>GSMPS 2005-RP3 1AF</title>
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          <isin value="US362341LL12"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Washington Mut Mtg</name>
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        <name>Citigroup Global Markets Holdings Inc.</name>
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        <title>C Float 07/29/32</title>
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          <isin value="US17324CL610"/>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
        <title>GSMPS 2000-1 A</title>
        <cusip>36228FCQ7</cusip>
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          <isin value="US36228FCQ72"/>
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      <invstOrSec>
        <name>Residential Accredit Loans Inc</name>
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        <title>RALI 2005-QA12 CB1</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-25</maturityDt>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>CMLTI 2004-RR1 2A1</title>
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          <isin value="US17307GDX34"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-25</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <name>Wamu Mortgage Pass-Through CTFS TR</name>
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        <name>Cwalt Incorporation</name>
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        <name>Morgan Stanley</name>
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        <name>Master Asset Securitization Trust</name>
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        <name>Morgan Stanley</name>
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        <name>Federal National Mortgage Association</name>
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        <name>United States Treasury Notes</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREMF 2018-KF46 Mortgage Trust</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREMF 2018-KF46 B</title>
        <cusip>302955AC3</cusip>
        <identifiers>
          <isin value="US302955AC35"/>
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        <balance>192785.68520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190664.97000000</valUSD>
        <pctVal>0.085900505577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.06950000</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>Rbsgc Mtg Loan Tst</name>
        <lei>N/A</lei>
        <title>RBSGC 2007-B 3B1</title>
        <cusip>74927XAR3</cusip>
        <identifiers>
          <isin value="US74927XAR35"/>
        </identifiers>
        <balance>34716.02310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31730.40000000</valUSD>
        <pctVal>0.014295533165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.17100000</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>GS Mortgage Securities Corp</name>
        <lei>CU46ESEFJB81SUVBJO28</lei>
        <title>GSR 2005-AR6 3A1</title>
        <cusip>362341RZ4</cusip>
        <identifiers>
          <isin value="US362341RZ44"/>
        </identifiers>
        <balance>36950.70840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38177.50000000</valUSD>
        <pctVal>0.017200152454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.63136000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2007-1 30PO</title>
        <cusip>55275SAW0</cusip>
        <identifiers>
          <isin value="US55275SAW08"/>
        </identifiers>
        <balance>56505.12490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36706.97000000</valUSD>
        <pctVal>0.016537632902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>Indymac MBS Inc</name>
        <lei>N/A</lei>
        <title>RAST 2003-A10 A2</title>
        <cusip>45660NUE3</cusip>
        <identifiers>
          <isin value="US45660NUE39"/>
        </identifiers>
        <balance>204000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207792.83000000</valUSD>
        <pctVal>0.093617139805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>SCRT 2020-2 M</title>
        <cusip>35563PRE1</cusip>
        <identifiers>
          <isin value="US35563PRE15"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249706.25000000</valUSD>
        <pctVal>0.112500440542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.25000200</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>CWMBS Inc</name>
        <lei>549300430UQIJMFG3R47</lei>
        <title>CWHL 2004-J5 A4</title>
        <cusip>12669FF24</cusip>
        <identifiers>
          <isin value="US12669FF246"/>
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        <balance>292119.32070000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>294465.39000000</valUSD>
        <pctVal>0.132665826744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Argent Secs Inc</name>
        <lei>N/A</lei>
        <title>ARSI 2004-W2 AF</title>
        <cusip>040104FL0</cusip>
        <identifiers>
          <isin value="US040104FL01"/>
        </identifiers>
        <balance>40263.19790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42225.25000000</valUSD>
        <pctVal>0.019023789861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.40300200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COMMERCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>WFRBS 2014-C24 B</title>
        <cusip>92939KBR8</cusip>
        <identifiers>
          <isin value="US92939KBR86"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100667.98000000</valUSD>
        <pctVal>0.045354059413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.20400100</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>CHL Mortgage Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>CWHL 2007-15 2A2</title>
        <cusip>17025TBJ9</cusip>
        <identifiers>
          <isin value="US17025TBJ97"/>
        </identifiers>
        <balance>55814.79880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33368.22000000</valUSD>
        <pctVal>0.015033422071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2003-19 1A19</title>
        <cusip>22541QMR0</cusip>
        <identifiers>
          <isin value="US22541QMR01"/>
        </identifiers>
        <balance>1086734.39800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1129076.94000000</valUSD>
        <pctVal>0.508684316696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C Float 06/11/33</title>
        <cusip>1730T0TQ2</cusip>
        <identifiers>
          <isin value="US1730T0TQ21"/>
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        <balance>430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>378400.00000000</valUSD>
        <pctVal>0.170480981958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.82800200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GE WMC Mortgage Securities LLC</name>
        <lei>N/A</lei>
        <title>GEWMC 2005-2 M1</title>
        <cusip>367910AW6</cusip>
        <identifiers>
          <isin value="US367910AW61"/>
        </identifiers>
        <balance>81145.32830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79038.72000000</valUSD>
        <pctVal>0.035609404329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.78999800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Finance LLC.</name>
        <lei>549300YTG00DJS1TOQ38</lei>
        <title>MS 9 08/31/36</title>
        <cusip>61766YAM3</cusip>
        <identifiers>
          <isin value="US61766YAM30"/>
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        <balance>1212000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1308960.00000000</valUSD>
        <pctVal>0.589727236111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.99999800</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>Csail Commercial Mortgage Trust</name>
        <lei>549300UFJ8EKD81Y8R30</lei>
        <title>CSAIL 2015-C1 D</title>
        <cusip>126281AL8</cusip>
        <identifiers>
          <isin value="US126281AL81"/>
        </identifiers>
        <balance>421600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>294588.32000000</valUSD>
        <pctVal>0.132721210536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.76377100</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 10 05/29/30</title>
        <cusip>61760QGC2</cusip>
        <identifiers>
          <isin value="US61760QGC24"/>
        </identifiers>
        <balance>1388000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1414025.00000000</valUSD>
        <pctVal>0.637062289941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.71999800</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>PHH Mortgage</name>
        <lei>N/A</lei>
        <title>PHHMC 2008-CIM1 11A1</title>
        <cusip>69337LAA0</cusip>
        <identifiers>
          <isin value="US69337LAA08"/>
        </identifiers>
        <balance>3011.79600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3052.47000000</valUSD>
        <pctVal>0.001375232777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.37287900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National City Mtg</name>
        <lei>N/A</lei>
        <title>NATCM 2008-1 2A1</title>
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          <isin value="US635419AE44"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Dsla Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>DSLA 2004-AR4 2A1A</title>
        <cusip>23332UBV5</cusip>
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          <isin value="US23332UBV52"/>
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        <balance>70565.06750000</balance>
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        <curCd>USD</curCd>
        <valUSD>64320.64000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.47099900</annualizedRt>
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      <invstOrSec>
        <name>Credit Agricole Corporate and Investment Bank</name>
        <lei>1VUV7VQFKUOQSJ21A208</lei>
        <title>ACAFP Float 09/29/32</title>
        <cusip>22533A5K9</cusip>
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          <isin value="US22533A5K97"/>
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        <balance>49000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45159.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.29000100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>N/A</lei>
        <title>FHMS K092 X3</title>
        <cusip>3137FLYY4</cusip>
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          <isin value="US3137FLYY42"/>
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        <balance>847054.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.24652200</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 03/21/27</title>
        <cusip>61760QAJ3</cusip>
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          <isin value="US61760QAJ31"/>
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        <balance>115000.00000000</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>2027-03-21</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mastr Reperforming</name>
        <lei>N/A</lei>
        <title>MARP 2005-2 1A4</title>
        <cusip>57643QAJ4</cusip>
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          <isin value="US57643QAJ40"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Steele Creek Clo 2018-2</name>
        <lei>N/A</lei>
        <title>STCR 2018-2A D</title>
        <cusip>85816LAG3</cusip>
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          <isin value="US85816LAG32"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.58863100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2005-1 5A1</title>
        <cusip>576434E34</cusip>
        <identifiers>
          <isin value="US576434E343"/>
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        <balance>2387.60430000</balance>
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        <curCd>USD</curCd>
        <valUSD>2297.62000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Deutsche Bank AG London Branch</name>
        <lei>N/A</lei>
        <title>DB Float 03/27/35</title>
        <cusip>25152RYF4</cusip>
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          <isin value="US25152RYF45"/>
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        <balance>633000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>569700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.66000100</annualizedRt>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FSPC T-61 1A1</title>
        <cusip>31395A3J2</cusip>
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        <curCd>USD</curCd>
        <valUSD>33337.74000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>1.77838900</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>SCRT 2017-3 B</title>
        <cusip>35563PCG2</cusip>
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          <isin value="US35563PCG28"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bear Stearns Arm Trust</name>
        <lei>N/A</lei>
        <title>BSARM 2004-10 12A5</title>
        <cusip>07384M5Y4</cusip>
        <identifiers>
          <isin value="US07384M5Y44"/>
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        <balance>70720.77850000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMCC 2011-C4 C</title>
        <cusip>46636DAU0</cusip>
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          <isin value="US46636DAU00"/>
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        <balance>174000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MortgageIT Trust</name>
        <lei>N/A</lei>
        <title>MHL 2005-3 M2</title>
        <cusip>61915RAN6</cusip>
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          <isin value="US61915RAN61"/>
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        <balance>566192.82900000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.92499800</annualizedRt>
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      <invstOrSec>
        <name>CWMBS Inc</name>
        <lei>N/A</lei>
        <title>CWHL 2004-HYB5 6A2</title>
        <cusip>12669F3H4</cusip>
        <identifiers>
          <isin value="US12669F3H48"/>
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        <balance>90146.87990000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.74004600</annualizedRt>
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      <invstOrSec>
        <name>SLM STUDENT LOAN TRUST</name>
        <lei>N/A</lei>
        <title>SLMA 2010-C A5</title>
        <cusip>78445QAE1</cusip>
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          <isin value="US78445QAE17"/>
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        <balance>215000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.86225000</annualizedRt>
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      <invstOrSec>
        <name>American Residential Helt 98-1</name>
        <lei>N/A</lei>
        <title>AMHEL 1998-1 B</title>
        <cusip>02926WAD8</cusip>
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          <isin value="US02926WAD83"/>
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        <balance>109572.46980000</balance>
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        <curCd>USD</curCd>
        <valUSD>111190.39000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.30500100</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jefferies Group LLC/Jefferies Group Capital Finance Inc</name>
        <lei>NY9Q8VBNB6D1L6YV0J84</lei>
        <title>JEF Float 01/31/38</title>
        <cusip>47233JBG2</cusip>
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          <isin value="US47233JBG22"/>
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        <balance>110000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MASTR Specialized Loan Trust</name>
        <lei>N/A</lei>
        <title>MASD 2005-3 A2</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>C 8 07/01/32</title>
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          <isin value="US17324CJX56"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Chase Mtg 2007-S3</name>
        <lei>N/A</lei>
        <title>CHASE 2007-S3 AP</title>
        <cusip>16163HBE0</cusip>
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          <isin value="US16163HBE09"/>
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        <balance>572408.36980000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Float 04/30/33</title>
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          <isin value="US05574LHR24"/>
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        <balance>177000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-30</maturityDt>
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      <invstOrSec>
        <name>Bear Stearns Asset Backed Securities I Trust</name>
        <lei>N/A</lei>
        <title>BSABS 2004-FR2 M4</title>
        <cusip>073879FJ2</cusip>
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          <isin value="US073879FJ25"/>
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        <balance>177898.06790000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.22999800</annualizedRt>
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      <invstOrSec>
        <name>GS MORTGAGE SECURITIES TRUST</name>
        <lei>N/A</lei>
        <title>GSMS 2014-GC20 C</title>
        <cusip>36252WBE7</cusip>
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          <isin value="US36252WBE75"/>
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        <balance>26000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-10</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2005-3 7A5</title>
        <cusip>225458LM8</cusip>
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          <isin value="US225458LM84"/>
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        <balance>43829.29180000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Gmacm Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>GMACM 2005-AR3 5A2</title>
        <cusip>36185N7M6</cusip>
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          <isin value="US36185N7M65"/>
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        <balance>23018.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22416.27000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.50570500</annualizedRt>
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      <invstOrSec>
        <name>Residential Asset Securities Corp.</name>
        <lei>N/A</lei>
        <title>RASC 2005-EMX1 M6</title>
        <cusip>76110WR24</cusip>
        <identifiers>
          <isin value="US76110WR244"/>
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        <balance>414778.85590000</balance>
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        <curCd>USD</curCd>
        <valUSD>398401.31000000</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>2035-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.34000100</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>C FLOAT 04/25/32</title>
        <cusip>17324CHH2</cusip>
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          <isin value="US17324CHH25"/>
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        <balance>41000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.10399800</annualizedRt>
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      <invstOrSec>
        <name>CWMBS Inc</name>
        <lei>N/A</lei>
        <title>CWHL 2003-60 2A1</title>
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          <isin value="US12669FJD69"/>
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        <balance>49584.08910000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.24101100</annualizedRt>
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      <invstOrSec>
        <name>Ellington Clo I Limted</name>
        <lei>254900V20GCNJI0I7591</lei>
        <title>ECLO 2018-3A D</title>
        <cusip>28852LAL7</cusip>
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          <isin value="US28852LAL71"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-20</maturityDt>
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      <invstOrSec>
        <name>Impac Secured Assets Corp</name>
        <lei>N/A</lei>
        <title>IMSA 2003-2 A2</title>
        <cusip>45254TMT8</cusip>
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          <isin value="US45254TMT87"/>
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        <balance>311444.87610000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCGEN 12 1/2 01/31/35</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Chase Mtg 2007-S3</name>
        <lei>N/A</lei>
        <title>CHASE 2007-S3 1A17</title>
        <cusip>16163HAS0</cusip>
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          <isin value="US16163HAS04"/>
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        <balance>319566.20600000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 09/30/34</title>
        <cusip>61760QEW0</cusip>
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          <isin value="US61760QEW06"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.14000100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust 2020-1</name>
        <lei>N/A</lei>
        <title>NRZT 2020-1A A1B</title>
        <cusip>64830TAD0</cusip>
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          <isin value="US64830TAD00"/>
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        <balance>154908.72810000</balance>
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        <curCd>USD</curCd>
        <valUSD>166578.34000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Bmd 2 Re-Remic Tr 2019-Frr1</name>
        <lei>N/A</lei>
        <title>BMD2 2019-FRR1 5A1</title>
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          <isin value="US055631BQ75"/>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>339517.20000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>CBASS 2004-CB3 B1</title>
        <cusip>17307GES3</cusip>
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          <isin value="US17307GES30"/>
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        <curCd>USD</curCd>
        <valUSD>144268.77000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Asset Backed Funding Corp</name>
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          <isin value="US04542BFV99"/>
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        <balance>68105.80400000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.69000100</annualizedRt>
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      <invstOrSec>
        <name>Structured Adj Rate Mtg Loan Trust</name>
        <lei>N/A</lei>
        <title>SARM 2005-15 1A1</title>
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          <isin value="US863579UL03"/>
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        <balance>464346.87860000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.99843300</annualizedRt>
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      <invstOrSec>
        <name>Credit Suisse AG London Branch</name>
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        <title>CS 10 04/29/31</title>
        <cusip>22548Q2R5</cusip>
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          <isin value="US22548Q2R55"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-29</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LOAN T</name>
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          <isin value="US12667FVD40"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Security National Mortgage Loan Tst</name>
        <lei>N/A</lei>
        <title>SNMLT 2006-3A A2</title>
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          <isin value="US81441WAB28"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bear Stearns Arm Trust</name>
        <lei>N/A</lei>
        <title>BSARM 2004-1 124M</title>
        <cusip>07384MG89</cusip>
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          <isin value="US07384MG896"/>
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        <balance>179855.93940000</balance>
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        <curCd>USD</curCd>
        <valUSD>177789.63000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.11872700</annualizedRt>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2003-AR18 3A1</title>
        <cusip>22541QFE7</cusip>
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          <isin value="US22541QFE70"/>
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        <balance>263966.31360000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CWMBS Inc</name>
        <lei>N/A</lei>
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          <isin value="US12669FEZ27"/>
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        <balance>187159.81890000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CWMBS Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Wachovia Bank Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>WBCMT 2004-C12 IO</title>
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      <invstOrSec>
        <name>Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ARMT 2005-10 1A1</title>
        <cusip>007036TA4</cusip>
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          <isin value="US007036TA42"/>
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        <balance>44563.00850000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FSPC T-62 1A1</title>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>J P Morgan Tax Exempt Pass Thru Tr Ser 2012-3</name>
        <lei>N/A</lei>
        <title>JPTEP 2012-3 A</title>
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          <isin value="US46637UAA51"/>
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      <invstOrSec>
        <name>Jefferies Group LLC/Jefferies Group Capital Finance Inc</name>
        <lei>NY9Q8VBNB6D1L6YV0J84</lei>
        <title>JEF 9 08/31/37</title>
        <cusip>47233JAX6</cusip>
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          <isin value="US47233JAX63"/>
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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>2037-08-31</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Argent Secs Inc</name>
        <lei>N/A</lei>
        <title>ARSI 2003-W3 M5</title>
        <cusip>040104BK6</cusip>
        <identifiers>
          <isin value="US040104BK63"/>
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        <balance>571947.84000000</balance>
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        <curCd>USD</curCd>
        <valUSD>568701.86000000</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>2033-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.53037300</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Halcyon Loan Advisors Funding Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Mortgage Securities Inc Mortgage Loan Trust</name>
        <lei>529900RSBMUF46QF5O69</lei>
        <title>DMSI 2004-1 1A1</title>
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          <isin value="US251563CG57"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-25</maturityDt>
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      <invstOrSec>
        <name>Wamu Mortgage Pass-Through CTFS TR</name>
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          <isin value="US9292272R69"/>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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          <isin value="US61760QHC15"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-31</maturityDt>
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      <invstOrSec>
        <name>Residential Asset Mortgage Products, Inc.</name>
        <lei>N/A</lei>
        <title>GMACM 2005-AR4 3A1</title>
        <cusip>76112BUG3</cusip>
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          <isin value="US76112BUG30"/>
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        <assetCat>ABS-O</assetCat>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>GSR 2005-8F 3A4</title>
        <cusip>362341WA3</cusip>
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          <isin value="US362341WA38"/>
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        <assetCat>ABS-O</assetCat>
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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>Naac Reperforming</name>
        <lei>N/A</lei>
        <title>NAA 2004-R1 A2</title>
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          <isin value="US62951MAB63"/>
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        <balance>209920.01150000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Credit Suisse, Nassau Branch</name>
        <lei>N/A</lei>
        <title>CS Float 09/30/30</title>
        <cusip>22546VMD5</cusip>
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          <isin value="US22546VMD54"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-30</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>RADNOR RE LTD</name>
        <lei>254900JBDDKUTX6TX151</lei>
        <title>RMIR 2019-1 M1B</title>
        <cusip>75049SAB9</cusip>
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          <isin value="US75049SAB97"/>
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        <balance>223484.93830000</balance>
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        <curCd>USD</curCd>
        <valUSD>224186.82000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.08000100</annualizedRt>
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      <invstOrSec>
        <name>Residential Asset Mortgage Products, Inc.</name>
        <lei>N/A</lei>
        <title>RAAC 2005-SP1 4A1</title>
        <cusip>76112BQY9</cusip>
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          <isin value="US76112BQY91"/>
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        <balance>53566.75340000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>549300NHEJTDVQUV3M53</lei>
        <title>CWALT 2004-J10 5CB1</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Jefferies Group LLC/Jefferies Group Capital Finance Inc</name>
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        <title>JEF 8 09/30/37</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-30</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Saxon Asset Securities Trust</name>
        <lei>N/A</lei>
        <title>SAST 2003-3 AF5</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley BAML Trust</name>
        <lei>N/A</lei>
        <title>MSBAM 2013-C11 AS</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Bear Stearns Arm Trust</name>
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        <title>BSARM 2003-7 6A</title>
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          <isin value="US07384MYW62"/>
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        <assetCat>ABS-O</assetCat>
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          <couponKind>Floating</couponKind>
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        <name>Lloyds Bank plc</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
        <title>LLOYDS 10 10/25/33</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>First Horizon Alt</name>
        <lei>N/A</lei>
        <title>FHAMS 2007-FA4 1A8</title>
        <cusip>32052WAH2</cusip>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ZAIS CLO 13 LTD</name>
        <lei>549300GODB02F7ODZK39</lei>
        <title>ZAIS 2019-13A D1</title>
        <cusip>98876NAL8</cusip>
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          <isin value="US98876NAL82"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500705.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.76124800</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>CDC Mortgage Capital Trust</name>
        <lei>N/A</lei>
        <title>CDCMC 2004-HE1 M1</title>
        <cusip>12506YCL1</cusip>
        <identifiers>
          <isin value="US12506YCL11"/>
        </identifiers>
        <balance>797310.85650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>878934.92000000</valUSD>
        <pctVal>0.395987548201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.98500000</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>New Century Home Equity Loan Trust 2005-1</name>
        <lei>N/A</lei>
        <title>NCHET 2003-B M1</title>
        <cusip>64352VES6</cusip>
        <identifiers>
          <isin value="US64352VES60"/>
        </identifiers>
        <balance>332616.50780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>313551.93000000</valUSD>
        <pctVal>0.141264907297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.10499800</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>HSI Asset Loan Obligation Trust</name>
        <lei>N/A</lei>
        <title>HALO 2007-1 2A12</title>
        <cusip>40431TAP6</cusip>
        <identifiers>
          <isin value="US40431TAP66"/>
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        <balance>239704.26940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>130757.91000000</valUSD>
        <pctVal>0.058910509766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Morgan Stanley ML</name>
        <lei>N/A</lei>
        <title>MSM 2005-10 5A1</title>
        <cusip>61748HSL6</cusip>
        <identifiers>
          <isin value="US61748HSL68"/>
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        <balance>98148.08140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64919.49000000</valUSD>
        <pctVal>0.029248251594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JFIN CLO 2014-II Ltd./LLC</name>
        <lei>254900EDKPQVHB85JR43</lei>
        <title>JFIN 2014-2A C</title>
        <cusip>46617NAG2</cusip>
        <identifiers>
          <isin value="US46617NAG25"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001278.00000000</valUSD>
        <pctVal>0.451106915046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.47400000</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>Salomon Brothers Mtg Secs VII Inc</name>
        <lei>N/A</lei>
        <title>SBM7 1997-HUD2 B2</title>
        <cusip>79548KXR4</cusip>
        <identifiers>
          <isin value="US79548KXR49"/>
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        <balance>121130.53490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81836.03000000</valUSD>
        <pctVal>0.036869679582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.94799900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Strctrd Asset Invt</name>
        <lei>N/A</lei>
        <title>SAIL 2003-BC9 M3</title>
        <cusip>86358EDM5</cusip>
        <identifiers>
          <isin value="US86358EDM57"/>
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        <balance>527272.94750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>545311.90000000</valUSD>
        <pctVal>0.245679989919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.28000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISTA POINT SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VSTA 2020-1 M1</title>
        <cusip>92838WAD6</cusip>
        <identifiers>
          <isin value="US92838WAD65"/>
        </identifiers>
        <balance>538000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>565830.90000000</valUSD>
        <pctVal>0.254924438304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.15100200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DLJ Mortgage Acceptance Corportion</name>
        <lei>N/A</lei>
        <title>DLJMA 1993-19 B2</title>
        <cusip>23321PGH5</cusip>
        <identifiers>
          <isin value="US23321PGH55"/>
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        <balance>2939.63440000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2551.45000000</valUSD>
        <pctVal>0.001149507667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Option One Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>OOMLT 2002-3 A1</title>
        <cusip>68389FCF9</cusip>
        <identifiers>
          <isin value="US68389FCF99"/>
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        <balance>49425.07800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48726.18000000</valUSD>
        <pctVal>0.021952661240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN COMMERCIAL MORTGAGE-BACKED SECURITIES TRUST</name>
        <lei>N/A</lei>
        <title>JPMCC 2011-RR1 A4A</title>
        <cusip>46635WAA3</cusip>
        <identifiers>
          <isin value="US46635WAA36"/>
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        <balance>172784.13860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>172613.69000000</valUSD>
        <pctVal>0.077767841888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.71710200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2005-72 A3</title>
        <cusip>12668A3Q6</cusip>
        <identifiers>
          <isin value="US12668A3Q65"/>
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        <balance>229125.53190000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>189750.77000000</valUSD>
        <pctVal>0.085488630013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.73000100</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 09/30/34</title>
        <cusip>61760QFA7</cusip>
        <identifiers>
          <isin value="US61760QFA76"/>
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        <balance>417000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402926.25000000</valUSD>
        <pctVal>0.181530821239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.59599900</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>Mastr Adjustable Rate Mortgages Trust</name>
        <lei>N/A</lei>
        <title>MARM 2003-6 7A1</title>
        <cusip>576433GN0</cusip>
        <identifiers>
          <isin value="US576433GN03"/>
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        <balance>25191.57940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24765.02000000</valUSD>
        <pctVal>0.011157412599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.24998900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LB-UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LBUBS 2007-C6 C</title>
        <cusip>52109PAK1</cusip>
        <identifiers>
          <isin value="US52109PAK12"/>
        </identifiers>
        <balance>177000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128236.50000000</valUSD>
        <pctVal>0.057774536054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.26830900</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>CWMBS Inc</name>
        <lei>549300430UQIJMFG3R47</lei>
        <title>CWHL 2005-8R A5</title>
        <cusip>12669GQJ3</cusip>
        <identifiers>
          <isin value="US12669GQJ30"/>
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        <balance>220227.55830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223940.11000000</valUSD>
        <pctVal>0.100891992211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>Security National Mortgage Loan Tst</name>
        <lei>N/A</lei>
        <title>SNMLT 2005-2A A3</title>
        <cusip>81441PCP4</cusip>
        <identifiers>
          <isin value="US81441PCP45"/>
        </identifiers>
        <balance>585707.40670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>613139.83000000</valUSD>
        <pctVal>0.276238584292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.21299900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>CMLTI 2010-7 11A2</title>
        <cusip>17317EBY6</cusip>
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          <isin value="US17317EBY68"/>
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        <balance>393196.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>390645.87000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.90717100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Commercial Mortgage Finance Corp</name>
        <lei>N/A</lei>
        <title>JPMCC 2006-LDP9 AMS</title>
        <cusip>46629PAQ1</cusip>
        <identifiers>
          <isin value="US46629PAQ19"/>
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        <balance>1193585.06880000</balance>
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        <curCd>USD</curCd>
        <valUSD>897934.05000000</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>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.33700000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lehman Abs Corp</name>
        <lei>N/A</lei>
        <title>MSDWC 2001-AM1 M1</title>
        <cusip>61746WJD3</cusip>
        <identifiers>
          <isin value="US61746WJD39"/>
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        <balance>35187.71290000</balance>
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        <curCd>USD</curCd>
        <valUSD>36629.85000000</valUSD>
        <pctVal>0.016502887941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.40500100</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>Sequoia Mtg Trust</name>
        <lei>N/A</lei>
        <title>SEMT 2004-10 A1A</title>
        <cusip>81744FET0</cusip>
        <identifiers>
          <isin value="US81744FET03"/>
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        <balance>58548.84770000</balance>
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        <curCd>USD</curCd>
        <valUSD>57894.97000000</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>2034-11-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.42113200</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>Sequoia Mtg Trust</name>
        <lei>N/A</lei>
        <title>SEMT 2005-2 A1</title>
        <cusip>81744FGY7</cusip>
        <identifiers>
          <isin value="US81744FGY79"/>
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        <balance>89848.58780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88915.77000000</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>2035-03-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.33113200</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Master Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>MASTR 2003-12 6A1</title>
        <cusip>55265K3Z0</cusip>
        <identifiers>
          <isin value="US55265K3Z09"/>
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        <balance>25674.88470000</balance>
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        <curCd>USD</curCd>
        <valUSD>26149.28000000</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>2033-12-25</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>
      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>CSFB 2003-21 1A4</title>
        <cusip>22541QPB2</cusip>
        <identifiers>
          <isin value="US22541QPB22"/>
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        <balance>29786.53030000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30860.06000000</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>2033-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bayview Financial Revolving Mtg Ln</name>
        <lei>N/A</lei>
        <title>BFAT 2007-SR1A A</title>
        <cusip>07325QAA3</cusip>
        <identifiers>
          <isin value="US07325QAA31"/>
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        <balance>716848.31540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>681780.10000000</valUSD>
        <pctVal>0.307163163128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.58000000</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>CFMT 2020-HB3 LLC</name>
        <lei>N/A</lei>
        <title>CFMT 2020-HB3 M3</title>
        <cusip>12529FAD5</cusip>
        <identifiers>
          <isin value="US12529FAD50"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>303150.00000000</valUSD>
        <pctVal>0.136578513955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.28440100</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bayview Commercial Asset Trust 2006-SP2</name>
        <lei>N/A</lei>
        <title>BAYC 2004-2 M2</title>
        <cusip>07324SAT9</cusip>
        <identifiers>
          <isin value="US07324SAT96"/>
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        <balance>201081.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200405.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.90000100</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 09/30/34</title>
        <cusip>61760QEV2</cusip>
        <identifiers>
          <isin value="US61760QEV23"/>
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        <balance>385000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>315720.02000000</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>2034-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.39799900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Wamu Mortgage Pass-Through CTFS TR</name>
        <lei>N/A</lei>
        <title>WAMU 2006-AR8 1A1</title>
        <cusip>93362FAA1</cusip>
        <identifiers>
          <isin value="US93362FAA12"/>
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        <balance>182520.61120000</balance>
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        <curCd>USD</curCd>
        <valUSD>132869.35000000</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>2046-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.11575700</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sequoia Mortgage Trust 2013-12</name>
        <lei>N/A</lei>
        <title>SEMT 2013-12 A1</title>
        <cusip>81745YAA3</cusip>
        <identifiers>
          <isin value="US81745YAA38"/>
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        <balance>73155.33250000</balance>
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        <curCd>USD</curCd>
        <valUSD>74058.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>C Float 07/31/34</title>
        <cusip>17327TKL9</cusip>
        <identifiers>
          <isin value="US17327TKL97"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>778000.00000000</valUSD>
        <pctVal>0.350513224005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.49999900</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MASTR Specialized Loan Trust</name>
        <lei>N/A</lei>
        <title>MASD 2005-3 M1</title>
        <cusip>576436CP2</cusip>
        <identifiers>
          <isin value="US576436CP28"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99736.77000000</valUSD>
        <pctVal>0.044934520314</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.87999800</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 01/30/34</title>
        <cusip>61760QDW1</cusip>
        <identifiers>
          <isin value="US61760QDW15"/>
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        <balance>117000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>112320.00000000</valUSD>
        <pctVal>0.050603657224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.39800000</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>Bear Stearns Structured Prods Inc</name>
        <lei>N/A</lei>
        <title>BSSP 2007-R6 1A1</title>
        <cusip>07402FAA3</cusip>
        <identifiers>
          <isin value="US07402FAA30"/>
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        <balance>71715.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>60842.67000000</valUSD>
        <pctVal>0.027411517247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.79810000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C FLOAT 11/26/33</title>
        <cusip>1730T0C56</cusip>
        <identifiers>
          <isin value="US1730T0C561"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG London Branch</name>
        <lei>N/A</lei>
        <title>DB Float 08/28/34</title>
        <cusip>25152RXC2</cusip>
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          <isin value="US25152RXC23"/>
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        <balance>1163000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>997272.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.12000000</annualizedRt>
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      <invstOrSec>
        <name>Bayview Commercial Asset Trust 2006-SP2</name>
        <lei>N/A</lei>
        <title>BAYC 2005-2A B1</title>
        <cusip>07324SBW1</cusip>
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          <isin value="US07324SBW17"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-25</maturityDt>
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          <annualizedRt>1.85500100</annualizedRt>
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      <invstOrSec>
        <name>GS MORTGAGE SECURITIES TRUST</name>
        <lei>N/A</lei>
        <title>GSMS 2014-GC20 D</title>
        <cusip>36252WAE8</cusip>
        <identifiers>
          <isin value="US36252WAE84"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>313948.25000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.95790600</annualizedRt>
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      <invstOrSec>
        <name>Mastr Adjustable Rate Mortgages Trust</name>
        <lei>N/A</lei>
        <title>MARM 2003-1 2A1</title>
        <cusip>576433DA1</cusip>
        <identifiers>
          <isin value="US576433DA19"/>
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        <balance>40339.51830000</balance>
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        <curCd>USD</curCd>
        <valUSD>37587.72000000</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>2032-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.75002600</annualizedRt>
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      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2004-3 6A1</title>
        <cusip>576434NZ3</cusip>
        <identifiers>
          <isin value="US576434NZ33"/>
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        <balance>553891.55360000</balance>
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        <curCd>USD</curCd>
        <valUSD>585156.18000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Jp Morgan Chase Cmbs 2015-Fl7</name>
        <lei>N/A</lei>
        <title>JPMCC 2015-FL7 D</title>
        <cusip>46644PAG4</cusip>
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          <isin value="US46644PAG46"/>
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        <balance>128833.02120000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.86224900</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>549300R1KUK063S4I339</lei>
        <title>CMLTI 2010-9 5A3</title>
        <cusip>17317JBJ8</cusip>
        <identifiers>
          <isin value="US17317JBJ88"/>
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        <balance>41835.70110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41384.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.70200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jefferies Group LLC/Jefferies Group Capital Finance Inc</name>
        <lei>NY9Q8VBNB6D1L6YV0J84</lei>
        <title>JEF 5 03/20/40</title>
        <cusip>47233JDA3</cusip>
        <identifiers>
          <isin value="US47233JDA34"/>
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        <balance>280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>282210.36000000</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>2040-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CWMBS Inc</name>
        <lei>N/A</lei>
        <title>CWHL 2003-HYB1 1A1</title>
        <cusip>12669DC89</cusip>
        <identifiers>
          <isin value="US12669DC891"/>
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        <balance>174816.43460000</balance>
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        <curCd>USD</curCd>
        <valUSD>168907.27000000</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>2033-05-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.27482300</annualizedRt>
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      <invstOrSec>
        <name>DEERPATH CAPITAL CLO 2020-1</name>
        <lei>N/A</lei>
        <title>DPATH 2020-1A C1</title>
        <cusip>24460RAG8</cusip>
        <identifiers>
          <isin value="US24460RAG83"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>996549.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.12337900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 1 5/8 11/15/50</title>
        <cusip>912810SS8</cusip>
        <identifiers>
          <isin value="US912810SS87"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2626406.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 11/28/34</title>
        <cusip>61760QFL3</cusip>
        <identifiers>
          <isin value="US61760QFL32"/>
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        <balance>1761000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1666346.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.40500000</annualizedRt>
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      <invstOrSec>
        <name>Bella Vista Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BVMBS 2004-1 1A</title>
        <cusip>07820QAA3</cusip>
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          <isin value="US07820QAA31"/>
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        <balance>64432.19300000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.81100100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2004-1 4A1</title>
        <cusip>576434LV4</cusip>
        <identifiers>
          <isin value="US576434LV47"/>
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        <balance>242157.14300000</balance>
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        <curCd>USD</curCd>
        <valUSD>252167.31000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2003-3 B2</title>
        <cusip>576434ED2</cusip>
        <identifiers>
          <isin value="US576434ED22"/>
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        <balance>240976.39060000</balance>
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        <curCd>USD</curCd>
        <valUSD>236238.84000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.14463500</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wamu Mortgage Pass-Through CTFS TR</name>
        <lei>N/A</lei>
        <title>WAMU 2006-AR11 2A</title>
        <cusip>93363TAB8</cusip>
        <identifiers>
          <isin value="US93363TAB89"/>
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        <balance>65790.08000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68264.81000000</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>2046-09-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.95999800</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>Indymac MBS Inc</name>
        <lei>N/A</lei>
        <title>RAST 2002-A12 A4</title>
        <cusip>45660NHW8</cusip>
        <identifiers>
          <isin value="US45660NHW83"/>
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        <balance>11000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11090.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>LEGACY MORTGAGE ASSET TRUST</name>
        <lei>N/A</lei>
        <title>LMAT 2019-SL3 A</title>
        <cusip>52475TAA1</cusip>
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          <isin value="US52475TAA16"/>
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        <balance>1337698.61390000</balance>
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        <curCd>USD</curCd>
        <valUSD>1345861.25000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.47400000</annualizedRt>
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      <invstOrSec>
        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS Float 08/28/34</title>
        <cusip>064159FM3</cusip>
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          <isin value="US064159FM38"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-28</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Novastar Home Equity Loan</name>
        <lei>N/A</lei>
        <title>NHEL 2003-2 B1</title>
        <cusip>66987WAU1</cusip>
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          <isin value="US66987WAU18"/>
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        <balance>106056.88400000</balance>
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        <curCd>USD</curCd>
        <valUSD>110578.34000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.85500000</annualizedRt>
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      <invstOrSec>
        <name>Assured Guaranty US Holdings Inc.</name>
        <lei>5493007YCE0652G9TZ64</lei>
        <title>AGO Float 12/15/66</title>
        <cusip>04622DAA9</cusip>
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          <isin value="US04622DAA90"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>367200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-12-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>C 10 01/31/34</title>
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          <isin value="US17326YDG89"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.00000100</annualizedRt>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2005-27 2A1</title>
        <cusip>12667GN33</cusip>
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          <isin value="US12667GN333"/>
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        <balance>263332.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243056.76000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.72838900</annualizedRt>
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      <invstOrSec>
        <name>MASTR Specialized Loan Trust</name>
        <lei>N/A</lei>
        <title>MARP 2005-1 1A5</title>
        <cusip>576436AV1</cusip>
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          <isin value="US576436AV14"/>
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        <balance>58287.27900000</balance>
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        <curCd>USD</curCd>
        <valUSD>55283.30000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citicorp Mortgage Securities</name>
        <lei>549300ISEJNGWSXAKR30</lei>
        <title>CMSI 2005-7 2A1</title>
        <cusip>1729733N7</cusip>
        <identifiers>
          <isin value="US1729733N73"/>
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        <balance>41533.17680000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cwalt Incorporation</name>
        <lei>N/A</lei>
        <title>CWALT 2005-14 2A1</title>
        <cusip>12667GCB7</cusip>
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          <isin value="US12667GCB77"/>
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        <balance>75330.22250000</balance>
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        <curCd>USD</curCd>
        <valUSD>73140.21000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.55000100</annualizedRt>
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      <invstOrSec>
        <name>EdLinc Student Loan Funding Trust 2012-1</name>
        <lei>N/A</lei>
        <title>ESLFT 2012-1 B</title>
        <cusip>28108QAB0</cusip>
        <identifiers>
          <isin value="US28108QAB05"/>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>880064.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.37000000</annualizedRt>
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      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2004-4 1A1</title>
        <cusip>576434PX6</cusip>
        <identifiers>
          <isin value="US576434PX66"/>
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        <balance>53258.67890000</balance>
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        <curCd>USD</curCd>
        <valUSD>55384.80000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10</name>
        <lei>549300P1YQ48837ZOI22</lei>
        <title>MSBAM 2013-C10 C</title>
        <cusip>61762MCB5</cusip>
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          <isin value="US61762MCB54"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1553974.38000000</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>2046-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.08125200</annualizedRt>
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      <invstOrSec>
        <name>Trapeza Cdo VII Ltd/Inc</name>
        <lei>549300RCEBS0NU2XTB74</lei>
        <title>TRAP 2007-13A A3</title>
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          <isin value="US894135AE24"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2340000.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.62088100</annualizedRt>
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      <invstOrSec>
        <name>CitiMortgage Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>CMALT 2007-A6 1A5</title>
        <cusip>18976GAE6</cusip>
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          <isin value="US18976GAE61"/>
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        <balance>87970.66740000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bamll Re-Remic Trust 2016-Frr1</name>
        <lei>N/A</lei>
        <title>BAMLL 2016-FR13 A</title>
        <cusip>05491HAA5</cusip>
        <identifiers>
          <isin value="US05491HAA59"/>
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        <balance>381000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>373019.65000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.56365600</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Finance LLC.</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>MS 9 04/28/37</title>
        <cusip>61766YBH3</cusip>
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          <isin value="US61766YBH36"/>
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        <balance>199000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209945.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.16920200</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WFRBS Commercial Mortgage Trust 2011-C2</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C3 B</title>
        <cusip>92935VAN8</cusip>
        <identifiers>
          <isin value="US92935VAN82"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99994.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.74000000</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>
        <name>Salomon Brothers Mtg Secs VII Inc</name>
        <lei>N/A</lei>
        <title>SBM7 2002-HYB1 B2</title>
        <cusip>79549ARL5</cusip>
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          <isin value="US79549ARL51"/>
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        <balance>4855.43760000</balance>
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        <curCd>USD</curCd>
        <valUSD>4326.81000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.48199800</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2004-7 10A1</title>
        <cusip>576434TN4</cusip>
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          <isin value="US576434TN49"/>
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        <balance>63158.78650000</balance>
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        <curCd>USD</curCd>
        <valUSD>67109.34000000</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>2034-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>1ST Horizon Mtg</name>
        <lei>N/A</lei>
        <title>FHASI 2005-AR5 3A1</title>
        <cusip>32051GXT7</cusip>
        <identifiers>
          <isin value="US32051GXT74"/>
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        <balance>85146.67230000</balance>
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        <curCd>USD</curCd>
        <valUSD>50964.42000000</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>2035-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.62500100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Ubs-Barclays Commercial Mortgage Trust 2012-C2</name>
        <lei>N/A</lei>
        <title>UBSBB 2012-C2 D</title>
        <cusip>90269CAR1</cusip>
        <identifiers>
          <isin value="US90269CAR16"/>
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        <balance>445000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253458.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-05-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.88883600</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New Orleans Hotel Trust</name>
        <lei>N/A</lei>
        <title>NOHT 2019-HNLA A</title>
        <cusip>647622AA7</cusip>
        <identifiers>
          <isin value="US647622AA79"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1993060.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.10071100</annualizedRt>
          <isDefault>N</isDefault>
          <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>VERUS SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VERUS 2020-INV1 M1</title>
        <cusip>92537TAF2</cusip>
        <identifiers>
          <isin value="US92537TAF21"/>
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        <balance>593000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>643831.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CWMBS Inc</name>
        <lei>549300430UQIJMFG3R47</lei>
        <title>CWHL 2006-J1 3A1</title>
        <cusip>126694XX1</cusip>
        <identifiers>
          <isin value="US126694XX16"/>
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        <balance>146056.34100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97418.47000000</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>2036-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Morgan Stanley Finance LLC.</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>MS FLOAT 09/29/37</title>
        <cusip>61766YBX8</cusip>
        <identifiers>
          <isin value="US61766YBX85"/>
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        <balance>996000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>996000.00000000</valUSD>
        <pctVal>0.448729011709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.18920100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mastr Adjustable Rate Mortgages Trust</name>
        <lei>N/A</lei>
        <title>MARM 2003-6 2A1</title>
        <cusip>576433GC4</cusip>
        <identifiers>
          <isin value="US576433GC48"/>
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        <balance>124203.22040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>123490.62000000</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>2033-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.42566600</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>549300R1KUK063S4I339</lei>
        <title>CMLTI 2009-4 7A5</title>
        <cusip>17315EAU7</cusip>
        <identifiers>
          <isin value="US17315EAU73"/>
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        <balance>553243.65200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>554317.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.45665000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST</name>
        <lei>N/A</lei>
        <title>FCRT 2020-1 F</title>
        <cusip>35105FAH9</cusip>
        <identifiers>
          <isin value="US35105FAH91"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1428524.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62000000</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>Morgan Stanley Dean Witter Discover</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 07/29/31</title>
        <cusip>61745E3S8</cusip>
        <identifiers>
          <isin value="US61745E3S87"/>
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        <balance>114000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>121980.00000000</valUSD>
        <pctVal>0.054955788000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.50000000</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>Long Beach Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>LBMLT 2003-2 M2</title>
        <cusip>542514DV3</cusip>
        <identifiers>
          <isin value="US542514DV34"/>
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        <balance>193464.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>198007.16000000</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>2033-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.98000100</annualizedRt>
          <isDefault>N</isDefault>
          <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>Wamu Mortgage Pass-Through CTFS TR</name>
        <lei>N/A</lei>
        <title>WAMU 2006-AR2 1A1</title>
        <cusip>92925CDQ2</cusip>
        <identifiers>
          <isin value="US92925CDQ24"/>
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        <balance>79078.28020000</balance>
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        <curCd>USD</curCd>
        <valUSD>79375.39000000</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>2036-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.88531400</annualizedRt>
          <isDefault>N</isDefault>
          <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>Merrill Lynch Mortgage Investors, Inc.</name>
        <lei>N/A</lei>
        <title>MLMI 2003-A6 1A</title>
        <cusip>5899294G0</cusip>
        <identifiers>
          <isin value="US5899294G05"/>
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        <balance>40051.50750000</balance>
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        <curCd>USD</curCd>
        <valUSD>39865.48000000</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>2033-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.66014400</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>Banc America Funding Trust</name>
        <lei>N/A</lei>
        <title>BAFC 2006-I 4A1</title>
        <cusip>05951VAH2</cusip>
        <identifiers>
          <isin value="US05951VAH24"/>
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        <balance>1091079.21760000</balance>
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        <curCd>USD</curCd>
        <valUSD>951888.71000000</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>2046-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.11436400</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Residential Fdg I</name>
        <lei>N/A</lei>
        <title>RFMSI 2005-SA4 1A1</title>
        <cusip>76111XYC1</cusip>
        <identifiers>
          <isin value="US76111XYC19"/>
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        <balance>36444.60110000</balance>
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        <curCd>USD</curCd>
        <valUSD>33092.93000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.95238200</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>CSMC TRUST</name>
        <lei>549300818AKCJ4Q9TD76</lei>
        <title>CSMC 2014-USA D</title>
        <cusip>12649AAN9</cusip>
        <identifiers>
          <isin value="US12649AAN90"/>
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        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>111832.27000000</valUSD>
        <pctVal>0.050383919672</pctVal>
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        <name>Morgan Stanley</name>
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        <name>ANGEL OAK FDS TR</name>
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        <name>CWMBS Inc</name>
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        <name>Deutsche Bank AG London Branch</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage Securities Corp</name>
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        <name>Bcap Llc Tr 07-Aa1</name>
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        <name>Morgan Stanley</name>
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        <name>CWMBS Inc</name>
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      <invstOrSec>
        <name>First Alliance Mtg Loan Trust</name>
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          <couponKind>Floating</couponKind>
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        <name>MASTR Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>MABS 2005-NC1 M2</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-25</maturityDt>
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        <name>Federal National Mortgage Association</name>
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        <title>MCAS 2019-01 M10</title>
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        <name>SILVER HILL TRUST 2019-SBC1</name>
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        <name>EDLINC STUDENT LOAN FUNDING TRUST</name>
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        <title>ESLFT 2017-A A</title>
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        <name>Banc America Mortgage Securitites Inc</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BOAMS 2002-L 1A1</title>
        <cusip>05948JAA0</cusip>
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          <isin value="US05948JAA07"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Citicorp Mortgage Securities Trust</name>
        <lei>549300ISEJNGWSXAKR30</lei>
        <title>CMSI 2007-2 APO</title>
        <cusip>173107AP8</cusip>
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          <isin value="US173107AP81"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Morgan Stanley Dean Witter Discover</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 05/31/31</title>
        <cusip>61745ER60</cusip>
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          <isin value="US61745ER606"/>
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        <balance>89000.00000000</balance>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-31</maturityDt>
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        <name>Z Capital Credit Partners CLO 2015-1 Ltd./Z Capital Credit Partners CLO 2015-1 LLC</name>
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        <title>ZCCP 2015-1A BR</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc America Mortgage Securitites Inc</name>
        <lei>549300IE5TDZLY0T0V30</lei>
        <title>BOAMS 2005-F 3A1</title>
        <cusip>05949CCD6</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-25</maturityDt>
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      <invstOrSec>
        <name>Structured Adj Rate Mtg Loan Trust</name>
        <lei>N/A</lei>
        <title>SARM 2006-8 3AF</title>
        <cusip>86361JAT7</cusip>
        <identifiers>
          <isin value="US86361JAT79"/>
        </identifiers>
        <balance>11754.20130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10876.35000000</valUSD>
        <pctVal>0.004900134323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.51000100</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>Rmf Buyout Issuance Trust 2020-1</name>
        <lei>N/A</lei>
        <title>RBIT 2020-1 M4</title>
        <cusip>74968QAE7</cusip>
        <identifiers>
          <isin value="US74968QAE70"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>183180.00000000</valUSD>
        <pctVal>0.082528293539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.19119900</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="ISO country code is not applicable for supra/multinational securities." noteItem="C.5.a"/>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-03-26</ncom:dateSigned>
      <ncom:nameOfApplicant>SARATOGA ADVANTAGE TRUST</ncom:nameOfApplicant>
      <ncom:signature>Aaron Smith</ncom:signature>
      <ncom:signerName>Aaron Smith</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
