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        <name>Dick's Sporting Goods, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Oaktree CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bellemeade Re Ltd.</name>
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        <name>Morgan Stanley</name>
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        <name>Corporate One Auto Receivables Trust</name>
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        <name>Federation des Caisses Desjardins du Quebec</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Regal Rexnord Corp.</name>
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        <name>Bain Capital Credit CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSAIL Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ally Financial, Inc.</name>
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        <name>Bayer Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Toyota Auto Receivables Owner Trust</name>
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        <name>Icon Investments Six DAC</name>
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        <name>Morgan Stanley Resecuritization Trust</name>
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        <name>UBS Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Mortgage Loan Trust, Inc.</name>
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        <name>Wachovia Bank Commercial Mortgage Trust</name>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <name>Hyatt Hotels Corp.</name>
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        <name>WFRBS Commercial Mortgage Trust</name>
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        <name>WFRBS Commercial Mortgage Trust</name>
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        <name>Banco Santander SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Pacific Gas and Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AIMCO CLO 17 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JDE Peet's NV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>American Tower Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Macquarie Group Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300W6NRTMFPYUPG47</lei>
        <title>Wells Fargo Commercial Mortgage Trust, Series 2015-LC20, Class XB</title>
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        <name>Oracle Corp.</name>
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        <name>Meta Platforms, Inc.</name>
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      <invstOrSec>
        <name>Morgan Stanley Bank of America Merrill Lynch Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CFCRE Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vistra Corp.</name>
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        <title>Vistra Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Extra Space Storage LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA Connecticut Avenue Securities Trust, Series 2016-C07, Class 2M2</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sound Point CLO XXXII Ltd.</name>
        <lei>N/A</lei>
        <title>Sound Point CLO XXXII Ltd., Series 2021-4A, Class A</title>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>Medline Borrower LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Franklin Ultra Short Bond ETF</name>
        <lei>549300C2WYDHE3Y9X469</lei>
        <title>Franklin Ultra Short Bond ETF</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GM Financial Revolving Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <title>Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class XA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust, Series 2019-B13, Class A2</title>
        <cusip>08162DAB4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allegro CLO XII Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AptarGroup, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WEC Energy Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CaixaBank SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wise CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GSAA Home Equity Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LPL Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CD Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Illumina, Inc.</name>
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        <title>Illumina, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays plc</name>
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        <title>Barclays plc</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CIFC Funding Ltd.</name>
        <lei>54930089HD7KU5NUS092</lei>
        <title>CIFC Funding Ltd., Series 2021-7A, Class AR</title>
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        <name>Volkswagen Auto Loan Enhanced Trust</name>
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        <name>FHLMC</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VICI Properties LP / VICI Note Co., Inc.</name>
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        <name>Honda Auto Receivables Owner Trust</name>
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        <name>CarMax Auto Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom, Inc.</name>
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        <name>Carnival Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSAIL Commercial Mortgage Trust</name>
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        <name>Nassau Ltd.</name>
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        <name>Nationwide Building Society</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Toyota Auto Receivables Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PK Alift Loan Funding 7 LP</name>
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        <name>Oracle Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Las Vegas Sands Corp.</name>
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        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Southern Power Co.</name>
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        <name>Wise CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Neuberger Berman Loan Advisers CLO 25 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Boardwalk Pipelines LP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Hyundai Auto Receivables Trust</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Legacy Mortgage Asset Trust</name>
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        <name>Barclays plc</name>
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        <name>Penske Truck Leasing Co. LP</name>
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        <name>Royalty Pharma plc</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>Brown &amp; Brown, Inc.</name>
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        <name>Intercontinental Exchange, Inc.</name>
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        <name>CGMS Commercial Mortgage Trust</name>
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        <name>Amazon.com, Inc.</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>A&amp;D Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SMBC Aviation Capital Finance DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Synopsys, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CIFC Funding Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Diamond CLO Ltd.</name>
        <lei>549300IEWA7GZ3ECTT90</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ERAC USA Finance LLC</name>
        <lei>LTKX5ODQW6Z7BQ2K1V47</lei>
        <title>ERAC USA Finance LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>F&amp;G Annuities &amp; Life, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Elevation CLO Ltd.</name>
        <lei>5493005Q4N14IP6ASK07</lei>
        <title>Elevation CLO Ltd., Series 2018-10A, Class AR</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Macquarie Airfinance Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Berry Global, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cipher Compute LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Targa Resources Corp.</name>
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        <name>Agree LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>WFRBS Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marvell Technology, Inc.</name>
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        <name>Cheniere Energy Partners LP</name>
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        <name>ONEOK, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cross Mortgage Trust</name>
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        <name>CVS Health Corp.</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Viper Energy Partners LLC</name>
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        <name>FNMA</name>
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        <name>Berry Global, Inc.</name>
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        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>Republic Services, Inc.</title>
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        <name>Morgan Stanley Bank of America Merrill Lynch Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Philip Morris International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage-Backed Securities Trust</name>
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        <name>DBUBS Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hyundai Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ford Credit Auto Owner Trust</name>
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        <name>GE HealthCare Technologies, Inc.</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>South Bow USA Infrastructure Holdings LLC</name>
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      <invstOrSec>
        <name>Blackstone Private Credit Fund</name>
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        <title>Blackstone Private Credit Fund</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MFA Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Signal Peak CLO 5 Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, Class C</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000IRODEKU3J3Q16</lei>
        <title>FHLMC STACR REMIC Trust, Series 2022-HQA1, Class M1A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>3140NUCB3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>Sumitomo Mitsui Trust Bank Ltd.</title>
        <cusip>86564XC93</cusip>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>AEGON Funding Co. LLC</name>
        <lei>KEIOKM01PSK5VZ5CCI74</lei>
        <title>AEGON Funding Co. LLC</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Citizens Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Citizens Auto Receivables Trust, Series 2024-1, Class A3</title>
        <cusip>17331QAD8</cusip>
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          <isin value="US17331QAD88"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Bunge Ltd. Finance Corp.</name>
        <lei>549300QHC068L40NNM71</lei>
        <title>Bunge Ltd. Finance Corp.</title>
        <cusip>12057BB35</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Georgia-Pacific LLC</name>
        <lei>L2EVHWFHVAQK72TMH265</lei>
        <title>Georgia-Pacific LLC</title>
        <cusip>37331NAR2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Elmwood CLO I Ltd.</name>
        <lei>N/A</lei>
        <title>Elmwood CLO I Ltd., Series 2019-1A, Class A1RR</title>
        <cusip>290015AW6</cusip>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A3</title>
        <cusip>64828EAC9</cusip>
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          <isin value="US64828EAC93"/>
          <other otherDesc="Inhouse Asset ID" value="1293003"/>
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        <balance>977500.93000000</balance>
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        <curCd>USD</curCd>
        <valUSD>946863.61000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.79681840</annualizedRt>
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      <invstOrSec>
        <name>Plains All American Pipeline LP</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline LP</title>
        <cusip>72650XBA6</cusip>
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          <isin value="US72650XBA63"/>
          <other otherDesc="Inhouse Asset ID" value="1568550"/>
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        <balance>3205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3201292.78000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
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        <name>JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>GM Financial Consumer Automobile Receivables Trust</name>
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        <name>CD Mortgage Trust</name>
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        <name>Harley-Davidson Motorcycle Trust</name>
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        <name>VICI Properties LP / VICI Note Co., Inc.</name>
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        <name>BRAVO Residential Funding Trust</name>
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        <name>Boeing Co. (The)</name>
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        <name>Ares Capital Corp.</name>
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        <name>Foundry JV Holdco LLC</name>
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        <name>FNMA</name>
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        <name>Hyundai Capital America</name>
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        <name>Imperial Fund Mortgage Trust</name>
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        <name>Duke Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Station Place Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ING Groep NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ashtead Capital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mid-America Apartments LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WFRBS Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avolon Holdings Funding Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Southern Co. Gas Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Legacy Mortgage Asset Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Station Place Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>7-Eleven, Inc.</name>
        <lei>549300K23JPL0SS3LB18</lei>
        <title>7-Eleven, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Boeing Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MSCI, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AvalonBay Communities, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Electricite de France SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mid-America Apartments LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prodigy Finance DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>VICI Properties LP / VICI Note Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Madison Park Funding XXX Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Willis North America, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AutoNation, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMBB Commercial Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marvell Technology, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Canadian Natural Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WEC Energy Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bunge Ltd. Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ares Capital Corp.</name>
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        <title>Ares Capital Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Jane Street Group / JSG Finance, Inc.</name>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3450969.90000000</valUSD>
        <pctVal>0.252556768471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
