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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>A+D MORTGAGE TRUST ADMT 2026 NQM1 A2</name>
        <lei>N/A</lei>
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          <ticker value="ADMT"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>AMSR 2024-SFR1 TRUST AMSR 2024 SFR1 D 144A</name>
        <lei>N/A</lei>
        <title>AMSR 2024-SFR1 TRUST AMSR 2024 SFR1 D 144A</title>
        <cusip>00179CAG3</cusip>
        <identifiers>
          <isin value="US00179CAG33"/>
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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>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>AMSR 2025-SFR1 TRUST AMSR 2025 SFR1 D 144A</name>
        <lei>N/A</lei>
        <title>AMSR 2025-SFR1 TRUST AMSR 2025 SFR1 D 144A</title>
        <cusip>00182MAG6</cusip>
        <identifiers>
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          <ticker value="AMSR"/>
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        <curCd>USD</curCd>
        <valUSD>841302.9</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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>ARZ TRUST 2024-BILT ARZ 2024 BILT C 144A</name>
        <lei>N/A</lei>
        <title>ARZ TRUST 2024-BILT ARZ 2024 BILT C 144A</title>
        <cusip>00218TAG9</cusip>
        <identifiers>
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          <ticker value="ARZ"/>
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        <curCd>USD</curCd>
        <valUSD>715597.47</valUSD>
        <pctVal>0.3457992616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.361000000000</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>FREDDIE MAC POOL FR 07/53 FIXED 5</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL FR 07/53 FIXED 5</title>
        <cusip>3132DQ3C8</cusip>
        <identifiers>
          <isin value="US3132DQ3C80"/>
          <ticker value="FR"/>
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        <curCd>USD</curCd>
        <valUSD>173045.75</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 09/51 FIXED VAR</title>
        <cusip>3140XLNJ3</cusip>
        <identifiers>
          <isin value="US3140XLNJ39"/>
          <ticker value="FN"/>
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        <balance>549943.58</balance>
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        <curCd>USD</curCd>
        <valUSD>449410.65</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</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>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 06/53 FIXED VAR</title>
        <cusip>3140XLXH6</cusip>
        <identifiers>
          <isin value="US3140XLXH62"/>
          <ticker value="FN"/>
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        <balance>144498.97</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 06/53 FIXED VAR</title>
        <cusip>3140XMGW0</cusip>
        <identifiers>
          <isin value="US3140XMGW06"/>
          <ticker value="FN"/>
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        <balance>63990.57</balance>
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        <curCd>USD</curCd>
        <valUSD>62891.9</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 06/52 FIXED VAR</title>
        <cusip>3140XMKD7</cusip>
        <identifiers>
          <isin value="US3140XMKD78"/>
          <ticker value="FN"/>
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        <balance>236979.13</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 12/51 FIXED VAR</title>
        <cusip>3140XMLF1</cusip>
        <identifiers>
          <isin value="US3140XMLF18"/>
          <ticker value="FN"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 07/51 FIXED VAR</title>
        <cusip>3140XN5B6</cusip>
        <identifiers>
          <isin value="US3140XN5B61"/>
          <ticker value="FN"/>
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        <curCd>USD</curCd>
        <valUSD>134587</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>BUSINESS JET SECURITIES 2024-2 BJETS 2024 2A A 144A</name>
        <lei>N/A</lei>
        <title>BUSINESS JET SECURITIES 2024-2 BJETS 2024 2A A 144A</title>
        <cusip>12326TAA6</cusip>
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          <isin value="US12326TAA60"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CARS-DB4 L.P.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CARS-DB4 L.P.</name>
        <lei>N/A</lei>
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          <isin value="US12510HAJ95"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CARS-DB6 LP CAUTO 2022 1A B 144A</name>
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        <title>CARS-DB6 LP CAUTO 2022 1A B 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC POOL FR 03/52 FIXED 2</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL FR 03/52 FIXED 2</title>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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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>TOWD POINT MORTGAGE TRUST 2019 TPMT 2019 4 B1B 144A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONCORD MUSIC ROYALTIES LLC TUNES 2025 2A A 144A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONNECTICUT AVENUE SECURITIES CAS 2023 R06 1B1 144A</name>
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          <isin value="US20754EAF25"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CONNECTICUT AVENUE SECURITIES CAS 2023 R04 1B1 144A</name>
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          <isin value="US20754QAF54"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CONSOLIDATED COMMUNICATIONS LL CNSL 2025 1A A2 144A</name>
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        <cusip>209031AA1</cusip>
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          <isin value="US209031AA16"/>
          <ticker value="CNSL"/>
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        <balance>475000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>CROSS MORTGAGE TRUST CROSS 2024 H2 A3 144A</name>
        <lei>N/A</lei>
        <title>CROSS MORTGAGE TRUST CROSS 2024 H2 A3 144A</title>
        <cusip>22757BAC8</cusip>
        <identifiers>
          <isin value="US22757BAC81"/>
          <ticker value="CROSS"/>
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        <curCd>USD</curCd>
        <valUSD>121537.97</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CROSS 2024-H7 MORTGAGE TRUST CROSS 2024 H7 B1A 144A</name>
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        <title>CROSS 2024-H7 MORTGAGE TRUST CROSS 2024 H7 B1A 144A</title>
        <cusip>22757CAG7</cusip>
        <identifiers>
          <isin value="US22757CAG78"/>
          <ticker value="CROSS"/>
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        <valUSD>203238.2</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Agate Bay Mortgage Trust 2013-1</name>
        <lei>N/A</lei>
        <title>AGATE BAY MORTGAGE TRUST 2013- ABMT 2013 1 A1 144A</title>
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          <isin value="US008414AA27"/>
          <ticker value="ABMT"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
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        <name>FANNIE MAE OR FREDDIE MAC MBS 30YR TBA</name>
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        <identifiers>
          <isin value="US01F0206205"/>
          <ticker value="FNCL"/>
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        <balance>475000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CROSS 2024-H5 MORTGAGE TRUST CROSS 2024 H5 A3 144A</name>
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          <isin value="US22757HAC51"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CROSS 2025-H1 MORTGAGE TRUST CROSS 2025 H1 B1A 144A</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CYRUSONE DATA CENTERS ISSUER I CYRUS 2024 3A A2 144A</name>
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        <cusip>23284BAH7</cusip>
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          <isin value="US23284BAH78"/>
          <ticker value="CYRUS"/>
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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>
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      <invstOrSec>
        <name>DATABANK ISSUER COLO 2026 1A A2 144A</name>
        <lei>N/A</lei>
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        <cusip>23802WAQ4</cusip>
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          <isin value="US23802WAQ42"/>
          <ticker value="COLO"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEEPHAVEN RESIDENTIAL MORTGAGE DRMT 2025 INV1 M1 144A</name>
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        <cusip>24382EAF4</cusip>
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          <isin value="US24382EAF43"/>
          <ticker value="DRMT"/>
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        <curCd>USD</curCd>
        <valUSD>501633.5</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.733000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEXT ABS 2023-2 LLC DEXT 2023 2 D 144A</name>
        <lei>N/A</lei>
        <title>DEXT ABS 2023-2 LLC DEXT 2023 2 D 144A</title>
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        <identifiers>
          <isin value="US25216CAE03"/>
          <ticker value="DEXT"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>529249.7</valUSD>
        <pctVal>0.2557501433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
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        <name>Fannie Mae Pool</name>
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        <name>CCG RECEIVABLES TRUST 2025-2 CCG 2025 2 D 144A</name>
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        <name>COLT 2024-5 MORTGAGE LOAN TRUS COLT 2024 5 M1 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
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        <name>COLT 2021-4 MORTGAGE LOAN TRUS COLT 2021 4 B1 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC POOL FR 08/50 FIXED 3</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC POOL FR 12/51 FIXED 2</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XH3L9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XHJL2</cusip>
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          <ticker value="FN"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FANNIE MAE OR FREDDIE MAC MBS 30YR TBA</name>
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        <valUSD>691724.67</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE OR FREDDIE MAC MBS 30YR TBA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 07/52 FIXED VAR</title>
        <cusip>3140XHVU8</cusip>
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          <ticker value="FN"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XHWZ6</cusip>
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          <ticker value="FN"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC POOL FR 12/51 FIXED 2</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL FR 12/51 FIXED 2</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC POOL FR 02/52 FIXED 2</name>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <ticker value="FN"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XJM91</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC POOL FR 06/53 FIXED 5</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL FR 06/53 FIXED 5</title>
        <cusip>3132DQWL6</cusip>
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        <name>FREDDIE MAC POOL FR 03/54 FIXED 5</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC POOL FR 03/52 FIXED 3.5</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HUDSON YARDS 2025-SPRL MORTGAG HY 2025 SPRL C 144A</name>
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          <ticker value="HY"/>
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        <curCd>USD</curCd>
        <valUSD>570100.63</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 06/52 FIXED VAR</title>
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        <valUSD>592677.63</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 06/52 FIXED VAR</title>
        <cusip>3140XHLW5</cusip>
        <identifiers>
          <isin value="US3140XHLW55"/>
          <ticker value="FN"/>
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        <curCd>USD</curCd>
        <valUSD>371698.14</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VB-S1 ISSUER LLC - VBTEL VBTEL 2022 1A F 144A</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC - VBTEL VBTEL 2022 1A F 144A</title>
        <cusip>91823ABA8</cusip>
        <identifiers>
          <isin value="US91823ABA88"/>
          <ticker value="VBTEL"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247093.3</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VDCM COMMERCIAL MORTGAGE TRUST VDCM 2025 AZ B 144A</name>
        <lei>N/A</lei>
        <title>VDCM COMMERCIAL MORTGAGE TRUST VDCM 2025 AZ B 144A</title>
        <cusip>91825CAC9</cusip>
        <identifiers>
          <isin value="US91825CAC91"/>
          <ticker value="VDCM"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>303366.54</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.480779000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRV TRUST 2025-200P IRV 2025 200P B 144A</name>
        <lei>N/A</lei>
        <title>IRV TRUST 2025-200P IRV 2025 200P B 144A</title>
        <cusip>45006HAC5</cusip>
        <identifiers>
          <isin value="US45006HAC51"/>
          <ticker value="IRV"/>
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        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>556671.06</valUSD>
        <pctVal>0.2690010091</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.439930000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>IMPERIAL FUND MORTGAGE TRUST 2 IMPRL 2022 NQM5 A3 144A</name>
        <lei>N/A</lei>
        <title>IMPERIAL FUND MORTGAGE TRUST 2 IMPRL 2022 NQM5 A3 144A</title>
        <cusip>45276QAC8</cusip>
        <identifiers>
          <isin value="US45276QAC87"/>
          <ticker value="IMPRL"/>
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        <balance>62825.2</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62753.1</valUSD>
        <pctVal>0.0303242766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust 2019-Inv1</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST 2019- JPMMT 2019 INV1 B3 144A</title>
        <cusip>46591DAZ2</cusip>
        <identifiers>
          <isin value="US46591DAZ24"/>
          <ticker value="JPMMT"/>
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        <balance>576795.11</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>567681.34</valUSD>
        <pctVal>0.2743215235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.939611000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust 2019-Inv1</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST 2019- JPMMT 2019 INV1 B5 144A</title>
        <cusip>46591DBB4</cusip>
        <identifiers>
          <isin value="US46591DBB47"/>
          <ticker value="JPMMT"/>
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        <balance>337837.15</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>299368.38</valUSD>
        <pctVal>0.1446642409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.939611000000</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>FREDDIE MAC POOL FR 08/53 FIXED 4.5</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL FR 08/53 FIXED 4.5</title>
        <cusip>3132DT2M1</cusip>
        <identifiers>
          <isin value="US3132DT2M18"/>
          <ticker value="FR"/>
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        <balance>274425.65</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>270828.84</valUSD>
        <pctVal>0.1308730352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FREDDIE MAC POOL FR 08/52 FIXED 3.5</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL FR 08/52 FIXED 3.5</title>
        <cusip>3132DTDL1</cusip>
        <identifiers>
          <isin value="US3132DTDL17"/>
          <ticker value="FR"/>
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        <curCd>USD</curCd>
        <valUSD>962848.13</valUSD>
        <pctVal>0.4652785768</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANNIE MAE OR FREDDIE MAC MBS 30YR TBA</name>
        <lei>N/A</lei>
        <title>FANNIE MAE OR FREDDIE MAC MBS 30YR TBA</title>
        <cusip>01F042624</cusip>
        <identifiers>
          <isin value="US01F0426241"/>
          <ticker value="FNCL"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195882.82</valUSD>
        <pctVal>0.0946567552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANNIE MAE OR FREDDIE MAC MBS 30YR TBA</name>
        <lei>N/A</lei>
        <title>FANNIE MAE OR FREDDIE MAC MBS 30YR TBA</title>
        <cusip>01F050627</cusip>
        <identifiers>
          <isin value="US01F0506273"/>
          <ticker value="FNCL"/>
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        <balance>2796000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2795453.94</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VENTURE XXX CLO LTD VENTR 2017 30A C 144A</name>
        <lei>N/A</lei>
        <title>VENTURE XXX CLO LTD VENTR 2017 30A C 144A</title>
        <cusip>92331NAG1</cusip>
        <identifiers>
          <isin value="US92331NAG16"/>
          <ticker value="VENTR"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99951.3</valUSD>
        <pctVal>0.0482996198</pctVal>
        <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>5.883800000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VISIO 2019-2 TRUST VISIO 2019 2 A1 144A</name>
        <lei>N/A</lei>
        <title>VISIO 2019-2 TRUST VISIO 2019 2 A1 144A</title>
        <cusip>92837DAA5</cusip>
        <identifiers>
          <isin value="US92837DAA54"/>
          <ticker value="VISIO"/>
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        <balance>2199.28</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2190.35</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.722000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC POOL FR 04/53 FIXED 4</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL FR 04/53 FIXED 4</title>
        <cusip>3132DTER7</cusip>
        <identifiers>
          <isin value="US3132DTER77"/>
          <ticker value="FR"/>
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        <balance>579969.85</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>559458.64</valUSD>
        <pctVal>0.2703480556</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>FREDDIE MAC POOL FR 09/52 FIXED 3.5</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL FR 09/52 FIXED 3.5</title>
        <cusip>3132DTLY4</cusip>
        <identifiers>
          <isin value="US3132DTLY46"/>
          <ticker value="FR"/>
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        <balance>322411.3</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>299586.22</valUSD>
        <pctVal>0.1447695080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>J.P. Morgan Mortgage Trust 2019-INV3</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust 2019-INV3</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ANGEL OAK MORTGAGE TRUST 2024- AOMT 2024 3 A1 144A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST 2021- JPMMT 2021 12 A12 144A</name>
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        <name>JG WENTWORTH XXXV LLC HENDR 2015 2A A 144A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC POOL FR 11/52 FIXED 4</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC POOL FR 11/54 FIXED 5</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140XHMF14"/>
          <ticker value="FN"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN MORTGAGE TRUST 2021- JPMMT 2021 6 A12 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Mortgage Trust 2019-INV2</name>
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        <title>JP MORGAN MORTGAGE TRUST 2019- JPMMT 2019 INV2 B4 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Metronet Infrastructure Issuer LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. MORGAN MORTGAGE TRUST 202 JPMMT 2021 14 A12 144A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. MORGAN MORTGAGE TRUST 202 JPMMT 2023 4 2A6 144A</name>
        <lei>N/A</lei>
        <title>J.P. MORGAN MORTGAGE TRUST 202 JPMMT 2023 4 2A6 144A</title>
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        <name>New Residential Mortgage Loan Trust 2024-Nqm3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NYMT Loan Trust 2025-CP1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC POOL FR 12/54 FIXED 5</name>
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        <name>ELLINGTON FINANCIAL MORTGAGE T EFMT 2022 3 A1 144A</name>
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        <name>CONSOLIDATED COMMUNICATIONS LL CNSL 2025 4A A2 144A</name>
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        <name>Government National Mortgage Association</name>
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        <name>TOWD POINT MORTGAGE TRUST 2024 TPMT 2024 4 A1A 144A</name>
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        <name>Fannie Mae Pool</name>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC POOL FR 05/51 FIXED 3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TRICON RESIDENTIAL 2024-SFR4 T TCN 2024 SFR4 D 144A</name>
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        <name>TRICON RESIDENTIAL 2024-SFR3 T TCN 2024 SFR3 C 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
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        <name>Fannie Mae Pool</name>
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        <name>Fannie Mae Pool</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>Verus Securitization Trust 2024-7</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae Pool</name>
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        <name>Fannie Mae Pool</name>
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        <name>SERVPRO Master Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SIERRA TIMESHARE 2025-3 RECEIV SRFC 2025 3A C 144A</name>
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        <name>Verus Securitization Trust 2021-3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verus Securitization Trust 2024-2</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sierra Timeshare 2025-1 Receivables Funding LLC</name>
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        <title>SIERRA TIMESHARE 2025-1 RECEIV SRFC 2025 1A D 144A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sonic Capital LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verus Securitization Trust 2024-4</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST 202 VERUS 2024 4 M1 144A</title>
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          <isin value="US92540GAD07"/>
          <ticker value="VERUS"/>
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        <curCd>USD</curCd>
        <valUSD>202870</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>VISIO 2020-1 TRUST VISIO 2020 1 A3 144A</name>
        <lei>N/A</lei>
        <title>VISIO 2020-1 TRUST VISIO 2020 1 A3 144A</title>
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          <isin value="US92837KAC53"/>
          <ticker value="VISIO"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VTR COMMERCIAL MORTGAGE TRUST VTR 2025 STEM D 144A</name>
        <lei>N/A</lei>
        <title>VTR COMMERCIAL MORTGAGE TRUST VTR 2025 STEM D 144A</title>
        <cusip>92890YAG0</cusip>
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          <isin value="US92890YAG08"/>
          <ticker value="VTR"/>
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        <curCd>USD</curCd>
        <valUSD>501405.1</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>WHARF COMMERCIAL MORTGAGE TRUS WHARF 2025 DC D 144A</name>
        <lei>N/A</lei>
        <title>WHARF COMMERCIAL MORTGAGE TRUS WHARF 2025 DC D 144A</title>
        <cusip>92987LAJ6</cusip>
        <identifiers>
          <isin value="US92987LAJ61"/>
          <ticker value="WHARF"/>
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        <curCd>USD</curCd>
        <valUSD>364439.95</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAG WFCM 2024 C63 A5</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAG WFCM 2024 C63 A5</title>
        <cusip>94990FAE1</cusip>
        <identifiers>
          <isin value="US94990FAE16"/>
          <ticker value="WFCM"/>
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        <curCd>USD</curCd>
        <valUSD>851903.36</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.309000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Willis Engine Structured Trust V</name>
        <lei>N/A</lei>
        <title>WILLIS ENGINE STRUCTURED TRUST WESTF 2020 A C 144A</title>
        <cusip>97064FAC9</cusip>
        <identifiers>
          <isin value="US97064FAC95"/>
          <ticker value="WESTF"/>
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        <balance>138963.65</balance>
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        <curCd>USD</curCd>
        <valUSD>137409.81</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>Fixed</couponKind>
          <annualizedRt>6.657000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WILLIS ENGINE STRUCTURED TRUST WESTF 2025 B A 144A</name>
        <lei>N/A</lei>
        <title>WILLIS ENGINE STRUCTURED TRUST WESTF 2025 B A 144A</title>
        <cusip>970910AA3</cusip>
        <identifiers>
          <isin value="US970910AA35"/>
          <ticker value="WESTF"/>
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        <curCd>USD</curCd>
        <valUSD>299203.43</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.159000000000</annualizedRt>
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      <invstOrSec>
        <name>Wingstop Funding LLC</name>
        <lei>N/A</lei>
        <title>WINGSTOP FUNDING LLC WSTOP 2024 1A A2 144A</title>
        <cusip>974153AE8</cusip>
        <identifiers>
          <isin value="US974153AE88"/>
          <ticker value="WSTOP"/>
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        <balance>440000</balance>
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        <curCd>USD</curCd>
        <valUSD>452084.38</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>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ANGEL OAK MORTGAGE TRUST 2022- AOMT 2022 3 A1 144A</name>
        <lei>N/A</lei>
        <title>ANGEL OAK MORTGAGE TRUST 2022- AOMT 2022 3 A1 144A</title>
        <cusip>03464TAA7</cusip>
        <identifiers>
          <isin value="US03464TAA79"/>
          <ticker value="AOMT"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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      <invstOrSec>
        <name>ANGEL OAK MORTGAGE TRUST 2022- AOMT 2022 6 A1 144A</name>
        <lei>N/A</lei>
        <title>ANGEL OAK MORTGAGE TRUST 2022- AOMT 2022 6 A1 144A</title>
        <cusip>03465VAA1</cusip>
        <identifiers>
          <isin value="US03465VAA17"/>
          <ticker value="AOMT"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.300000000000</annualizedRt>
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      <invstOrSec>
        <name>BRAVO RESIDENTIAL FUNDING TRUS BRAVO 2021 NQM1 M1 144A</name>
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        <title>BRAVO RESIDENTIAL FUNDING TRUS BRAVO 2021 NQM1 M1 144A</title>
        <cusip>10569TAD0</cusip>
        <identifiers>
          <isin value="US10569TAD00"/>
          <ticker value="BRAVO"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 07/52 FIXED 4</title>
        <cusip>3140QPRK5</cusip>
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          <isin value="US3140QPRK52"/>
          <ticker value="FN"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 09/52 FIXED 4</title>
        <cusip>3140QQDH5</cusip>
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          <isin value="US3140QQDH52"/>
          <ticker value="FN"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 09/52 FIXED 4.5</title>
        <cusip>3140QQDT9</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140QQQY49"/>
          <ticker value="FN"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 09/53 FIXED 4.5</title>
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          <ticker value="FN"/>
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      <invstOrSec>
        <name>Fannie Mae Pool</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL FN 02/55 FIXED 5</title>
        <cusip>3140QWB84</cusip>
        <identifiers>
          <isin value="US3140QWB848"/>
          <ticker value="FN"/>
        </identifiers>
        <balance>216557.03</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>218207.22</valUSD>
        <pctVal>0.1054446092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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="Returns are reported without deduction of sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>John Hancock Exchange-Traded Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/Salvatore Schiavone</ncom:signature>
      <ncom:signerName>Salvatore Schiavone</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
