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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ABRA Global Finance</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AREIT Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ASG Finance DAC</name>
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        <title>ASG Finance DAC</title>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
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          <isin value="US00249FAE79"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Airlines, Inc.</name>
        <lei>N/A</lei>
        <title>American Airlines, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Abbott Laboratories</name>
        <lei>HQD377W2YR662HK5JX27</lei>
        <title>Abbott Laboratories</title>
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          <isin value="US002824BT63"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>ACHM Trust</name>
        <lei>N/A</lei>
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        <cusip>00449VAA8</cusip>
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          <isin value="US00449VAA89"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Acorn Re Ltd.</name>
        <lei>N/A</lei>
        <title>Acorn Re Ltd., Series A</title>
        <cusip>00485YAE9</cusip>
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          <isin value="US00485YAE95"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ACRES LLC</name>
        <lei>N/A</lei>
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          <isin value="US00501DAA37"/>
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        <fairValLevel>2</fairValLevel>
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        <name>African Export-Import Bank (The)</name>
        <lei>549300LNCLMO3ITVCU07</lei>
        <title>African Development Bank</title>
        <cusip>008281BK2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
        <cusip>00973RAM5</cusip>
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          <isin value="US00973RAM51"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series A</title>
        <cusip>011395AJ9</cusip>
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          <isin value="US011395AJ90"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series B</title>
        <cusip>011395AP5</cusip>
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          <isin value="US011395AP50"/>
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        <balance>2050000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>11.94400080</annualizedRt>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Allianz SE</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>FNMA or FHLMC</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
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        <cusip>01F052656</cusip>
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          <isin value="US01F0526560"/>
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        <curCd>USD</curCd>
        <valUSD>43213897.05000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Credit Acceptance Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Credit Acceptance Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.80000000</annualizedRt>
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        <name>APA Corp.</name>
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        <name>Aquila Re I Ltd.</name>
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        <name>Arivo Acceptance Auto Loan Receivables Trust</name>
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        <name>Armor RE II Ltd.</name>
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        <name>Ascent Career Funding Trust</name>
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        <name>Atlas Capital DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Baldwin Re Ltd.</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>Bank of America Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bayou Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bayview Opportunity Master Fund VII LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bellemeade Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bellemeade RE Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bellemeade Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BHG Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BHG Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Blackbird Capital II Aircraft Lease Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
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        <cusip>096003AA6</cusip>
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        <invCountry>BM</invCountry>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Borr IHC Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Colombia</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Columbia Pipelines Holding Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth Bank of Australia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth RE Ltd.</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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        <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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        <fairValLevel>2</fairValLevel>
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        <name>Corp. Nacional del Cobre de Chile</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>Credit Agricole SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Easton Re Ltd.</name>
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        <name>Element Fleet Management Corp.</name>
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        <name>Element Fleet Management Corp.</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Equify ABS LLC</name>
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        <name>Essential Utilities, Inc.</name>
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        <name>Eversource Energy</name>
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        <name>Exeter Automobile Receivables Trust</name>
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        <name>Exeter Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
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          <isin value="US30167MAG24"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
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          <isin value="US30168JAG85"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Expedia Group, Inc.</name>
        <lei>N/A</lei>
        <title>Expedia Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
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          <isin value="US30303MAE21"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FS Rialto</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FS Rialto Issuer LLC</name>
        <lei>N/A</lei>
        <title>FS Rialto Issuer LLC, Series 2024-FL9, Class A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FHF Issuer Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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          <isin value="US30339EAE86"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2021-1, Class B</title>
        <cusip>30768WAC2</cusip>
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          <isin value="US30768WAC29"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Farmers Exchange Capital III</name>
        <lei>N/A</lei>
        <title>Farmers Exchange Capital III</title>
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          <isin value="US30958QAA94"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Farmers Insurance Exchange</name>
        <lei>549300UWG2TLX1GZVT44</lei>
        <title>Farmers Insurance Exchange</title>
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          <isin value="US309601AG75"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-130, Class UI</title>
        <cusip>3136AAGJ8</cusip>
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          <isin value="US3136AAGJ83"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-150, Class BI</title>
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          <isin value="US3136ABAR47"/>
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        <balance>38456.66000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2013-5, Class YI</title>
        <cusip>3136ABF73</cusip>
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        <balance>30626.53000000</balance>
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        <curCd>USD</curCd>
        <valUSD>385.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2018-42, Class SB</title>
        <cusip>3136B2AS1</cusip>
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          <isin value="US3136B2AS16"/>
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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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        <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>Fidelity National Information Services, Inc.</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>Finca RE Ltd.</name>
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        <name>First Coast Re IV Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Flagstar Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Flex Ltd.</name>
        <lei>549300EAQH74YHD07T53</lei>
        <title>Flex Ltd.</title>
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        <invCountry>SG</invCountry>
        
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        <name>Foundry JV Holdco LLC</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>FHLMC</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>FHLMC</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>FHLMC STACR Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STACR Trust</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>FHLMC</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>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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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>FHLMC STACR Trust</name>
        <lei>549300KB1O80CETXGJ21</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>529900ZVQVVVNGMGDO97</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>529900ZVQVVVNGMGDO97</lei>
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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>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Freedom Mortgage Holdings LLC</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>GCAT Trust</name>
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          <isin value="US36168AAB52"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GCAT Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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          <isin value="US36251XAA54"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
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        <cusip>36263DAE7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GLS Auto Receivables Issuer Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
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          <isin value="US36354TAN28"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd., Series A</title>
        <cusip>36354TAQ5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd., Series B</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-08</maturityDt>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd., Series A</title>
        <cusip>36779CAF3</cusip>
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          <isin value="US36779CAF32"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>507850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.42999880</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Genesee Street Re Ltd.</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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        <name>GNMA</name>
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        <name>GNMA</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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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        <fairValLevel>2</fairValLevel>
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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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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Greystone CRE Notes LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grupo Aeromexico SAB de CV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Grupo Nutresa SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>High Point Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Highmark, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Re Ltd.</name>
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        <name>Home Re Ltd.</name>
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        <name>Home Re Ltd.</name>
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        <name>Home RE Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Partners of America Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hundred Acre Wood Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Huntington Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
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          <isin value="US44644NAD12"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUT 8 DC LLC</name>
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          <isin value="US44813DAA46"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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          <isin value="US44891ACH86"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-21</maturityDt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imperial Fund Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Imperial Fund Mortgage Trust, Series 2022-NQM5, Class B1</title>
        <cusip>45276QAE4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Imperial Fund Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>45290BAE9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV, Series NC10</title>
        <cusip>456837AZ6</cusip>
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          <isin value="US456837AZ69"/>
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        <balance>1960000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>456837BT9</cusip>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-16</maturityDt>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
        <cusip>458140CS7</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Integrity Re Ltd.</name>
        <lei>N/A</lei>
        <title>Integrity Re Ltd., Series B</title>
        <cusip>45833UAK7</cusip>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>758250.00000000</valUSD>
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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>J.P. Morgan Mortgage Trust</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>J.P. Morgan Mortgage Trust ACES</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jane Street Group</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jefferies Financial Group, Inc.</name>
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        <title>Jefferies Financial Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KREF Ltd.</name>
        <lei>549300DG0FGL1EU1CT79</lei>
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        <name>Kendall Re Ltd.</name>
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        <name>Kendall Re Ltd.</name>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>KeyCorp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
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        <cusip>49407QAR9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kinetic Advantage Master Owner Trust</name>
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        <title>Kinetic Advantage Master Owner Trust, Series 2025-1A, Class A</title>
        <cusip>49462DAE9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Kuwait International Government Bond</name>
        <lei>549300FSC1YD0D9XX589</lei>
        <title>State of Kuwait</title>
        <cusip>501499AF4</cusip>
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          <isin value="US501499AF40"/>
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        <balance>9030000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8805236.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KW</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>LMNT CRE LLC</name>
        <lei>N/A</lei>
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        <cusip>50208TAC5</cusip>
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          <isin value="US50208TAC53"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lending Funding Trust</name>
        <lei>N/A</lei>
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        <cusip>51507KAD8</cusip>
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          <isin value="US51507KAD81"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Liberty Mutual Insurance Co.</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
        <title>Liberty Mutual Insurance Co.</title>
        <cusip>53079QAD9</cusip>
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          <isin value="US53079QAD97"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LoanCore Issuer LLC</name>
        <lei>N/A</lei>
        <title>LoanCore Issuer LLC, Series 2025-CRE9, Class A</title>
        <cusip>538912AA4</cusip>
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          <isin value="US538912AA46"/>
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        <balance>4810000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Locke Tavern Re Ltd.</name>
        <lei>N/A</lei>
        <title>Locke Tavern Re Ltd., Series A</title>
        <cusip>539694AB5</cusip>
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          <isin value="US539694AB54"/>
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        <balance>500000.00000000</balance>
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        <valUSD>498500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Titania RE Ltd.</name>
        <lei>5493008E73M6FH2NSB56</lei>
        <title>Titania RE Ltd., Series A</title>
        <cusip>54180BAA2</cusip>
        <identifiers>
          <isin value="US54180BAA26"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>499974.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.16540360</annualizedRt>
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      <invstOrSec>
        <name>Lapis London Bridge 2 PCC Ltd.</name>
        <lei>N/A</lei>
        <title>Lapis London Bridge 2 PCC Ltd., Series A</title>
        <cusip>54180CAA0</cusip>
        <identifiers>
          <isin value="US54180CAA09"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252450.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.16540360</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fuchsia - London Bridge 2 PCC Ltd.</name>
        <lei>N/A</lei>
        <title>Fuchsia - London Bridge 2 PCC Ltd., Series A</title>
        <cusip>54180EAA6</cusip>
        <identifiers>
          <isin value="US54180EAA64"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>991900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Fuchsia - London Bridge 2 PCC Ltd.</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MC Brazil Downstream Trading SARL</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Macquarie Bank Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marlon Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Matterhorn Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Matterhorn Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mayflower Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mayflower Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
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        <cusip>57839MAC2</cusip>
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        <curCd>USD</curCd>
        <valUSD>508250.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
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        <cusip>57839MAD0</cusip>
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          <isin value="US57839MAD02"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>763500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MF1</name>
        <lei>N/A</lei>
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          <isin value="US58003MAA45"/>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MFA Trust</name>
        <lei>254900MMVXALAH2X8D73</lei>
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        <cusip>58004JAE2</cusip>
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          <isin value="US58004JAE29"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MFA Trust</name>
        <lei>254900MMVXALAH2X8D73</lei>
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        <cusip>58004JAF9</cusip>
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          <isin value="US58004JAF93"/>
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        <balance>2378000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2414487.79000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.29000000</annualizedRt>
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      <invstOrSec>
        <name>MCR Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MCR Mortgage Trust, Series 2024-TWA, Class D</title>
        <cusip>582923AD0</cusip>
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          <isin value="US582923AD06"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MCR Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MCR Mortgage Trust, Series 2024-TWA, Class F</title>
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          <isin value="US582923AF53"/>
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        <balance>1960000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Meadows Ltd.</name>
        <lei>254900W9CHL6SO5U0P81</lei>
        <title>Meadows Ltd., Series A</title>
        <cusip>58320RAA9</cusip>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>241075.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Meadows Ltd.</name>
        <lei>254900W9CHL6SO5U0P81</lei>
        <title>Meadows Ltd., Series B</title>
        <cusip>58320RAB7</cusip>
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          <isin value="US58320RAB78"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>719775.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.01440120</annualizedRt>
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      <invstOrSec>
        <name>Meiji Yasuda Life Insurance Co.</name>
        <lei>549300SLU4LP6YMRLK07</lei>
        <title>Meiji Yasuda Life Insurance Co.</title>
        <cusip>585270AE1</cusip>
        <identifiers>
          <isin value="US585270AE15"/>
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        <balance>17525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17860428.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>Merchants Fleet Funding LLC</name>
        <lei>254900Z2OOQUA5IN2X83</lei>
        <title>Merchants Fleet Funding LLC, Series 2025-1A, Class E</title>
        <cusip>588926AQ8</cusip>
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          <isin value="US588926AQ88"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000600.50000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merna Re Companywide Ltd.</name>
        <lei>N/A</lei>
        <title>Merna Re Companywide Ltd., Series A..</title>
        <cusip>59013FAA5</cusip>
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          <isin value="US59013FAA57"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>518500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merna Re Enterprise Ltd.</name>
        <lei>N/A</lei>
        <title>Merna Re Enterprise Ltd., Series A.</title>
        <cusip>59013HAA1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series A</title>
        <cusip>59013MAH5</cusip>
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        <balance>250000.00000000</balance>
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        <valUSD>252750.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>11.89440000</annualizedRt>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series B</title>
        <cusip>59013MAJ1</cusip>
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        <balance>4941000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series A</title>
        <cusip>59013MAK8</cusip>
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        <balance>250000.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series B</title>
        <cusip>59013MAL6</cusip>
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        <balance>250000.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.26440080</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series C</title>
        <cusip>59013MAM4</cusip>
        <identifiers>
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        <name>Morgan Stanley Private Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MPOWER Education Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Mystic Re IV Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mystic Re IV Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NMEF Funding LLC</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>NRG Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nakama Re Pte. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nationwide Building Society</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NatWest Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NatWest Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nippon Life Insurance Co.</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-04-30</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Nomura Holdings, Inc.</name>
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        <title>Nomura Holdings, Inc.</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-03</maturityDt>
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          <annualizedRt>5.78300000</annualizedRt>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65558RAQ2</cusip>
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        <balance>1895000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1931092.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
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        <cusip>65559CAD3</cusip>
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          <isin value="US65559CAD39"/>
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        <balance>1840000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1735512.66000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Norinchukin Bank (The)</name>
        <lei>5493007VSMFZCPV1NB83</lei>
        <title>Norinchukin Bank (The)</title>
        <cusip>656029AP0</cusip>
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        <balance>2535000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2517507.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-09</maturityDt>
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          <annualizedRt>4.67400000</annualizedRt>
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      <invstOrSec>
        <name>Northshore Re II Ltd.</name>
        <lei>N/A</lei>
        <title>Northshore Re II Ltd., Series A</title>
        <cusip>666842AF6</cusip>
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          <isin value="US666842AF60"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Continental Finance Credit Card ABS Master Trust</name>
        <lei>N/A</lei>
        <title>Continental Finance Credit Card ABS Master Trust, Series 2024-A, Class A</title>
        <cusip>66981PAQ1</cusip>
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          <isin value="US66981PAQ19"/>
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        <balance>740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>744781.81000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.78000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Novartis Capital Corp.</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>Novartis Capital Corp.</title>
        <cusip>66989HBH0</cusip>
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          <isin value="US66989HBH03"/>
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        <balance>4210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4180595.63000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>Novelis Corp.</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>Novelis Corp.</title>
        <cusip>670001AN6</cusip>
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        <balance>7265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7295491.21000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <name>OAK-Eagle Acquireco, Inc.</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>OAK-Eagle Acquireco, Inc.</title>
        <cusip>67124CAA1</cusip>
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        <balance>1560000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1607449.02000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>Oaktown Re VII Ltd.</name>
        <lei>N/A</lei>
        <title>Oaktown Re VII Ltd., Series 2021-2, Class B1</title>
        <cusip>67389JAE8</cusip>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-25</maturityDt>
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        <name>Oceanside RE Ltd.</name>
        <lei>984500636DB8E52F9958</lei>
        <title>Oceanside RE Ltd., Series A</title>
        <cusip>67550LAA4</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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      <invstOrSec>
        <name>Octane Receivables Trust</name>
        <lei>N/A</lei>
        <title>Octane Receivables Trust, Series 2023-1A, Class D</title>
        <cusip>67571BAD5</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.76000000</annualizedRt>
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      <invstOrSec>
        <name>Octane Receivables Trust</name>
        <lei>N/A</lei>
        <title>Octane Receivables Trust, Series 2022-2A, Class D</title>
        <cusip>67578XAD0</cusip>
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          <isin value="US67578XAD03"/>
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        <balance>1275000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-20</maturityDt>
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          <annualizedRt>7.70000000</annualizedRt>
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      <invstOrSec>
        <name>Ocelot Re Ltd.</name>
        <lei>N/A</lei>
        <title>Ocelot Re Ltd., Series A</title>
        <cusip>675951AB3</cusip>
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        <balance>750000.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Old National Bancorp</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>Old National Bancorp</title>
        <cusip>68003DAA3</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-15</maturityDt>
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          <annualizedRt>5.76800000</annualizedRt>
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        <name>Omnicom Group, Inc.</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>Omnicom Group, Inc.</title>
        <cusip>681919BW5</cusip>
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        <balance>10210000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-02</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>1261229 BC Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>123 Lights Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PRPM</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Palm RE Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Palm RE Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PFP Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prestige Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRM Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRM Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>PRPM Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>PRPM Trust</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2069-11-25</maturityDt>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
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        <cusip>74639NAC7</cusip>
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          <isin value="US74639NAC74"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
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          <annualizedRt>10.78999920</annualizedRt>
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      <invstOrSec>
        <name>RCKTL</name>
        <lei>N/A</lei>
        <title>RCKTL, Series 2025-2A, Class D</title>
        <cusip>74939HAD5</cusip>
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          <isin value="US74939HAD52"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-27</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Radnor Re Ltd.</name>
        <lei>N/A</lei>
        <title>Radnor Re Ltd., Series 2024-1, Class M1B</title>
        <cusip>75049AAB8</cusip>
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          <isin value="US75049AAB89"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-25</maturityDt>
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          <annualizedRt>6.54516000</annualizedRt>
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      <invstOrSec>
        <name>Radnor RE Ltd.</name>
        <lei>254900P3K895250PCC81</lei>
        <title>Radnor RE Ltd., Series 2023-1, Class M1A</title>
        <cusip>75050KAA4</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-25</maturityDt>
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          <annualizedRt>6.34515840</annualizedRt>
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      <invstOrSec>
        <name>Radnor RE Ltd.</name>
        <lei>254900P3K895250PCC81</lei>
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        <cusip>75050KAB2</cusip>
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          <isin value="US75050KAB26"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-25</maturityDt>
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      <invstOrSec>
        <name>Ramble RE Ltd.</name>
        <lei>254900X8K5BTBY971F92</lei>
        <title>Ramble RE Ltd., Series A</title>
        <cusip>751443AA0</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Radnor RE Ltd.</name>
        <lei>254900PS93C2BX29OQ80</lei>
        <title>Radnor RE Ltd., Series 2021-1, Class M2</title>
        <cusip>75279YAD3</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-27</maturityDt>
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      <invstOrSec>
        <name>Research-Driven Pagaya Motor Asset Trust</name>
        <lei>N/A</lei>
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        <cusip>76090QAB9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2023 Ltd.</name>
        <lei>N/A</lei>
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        <cusip>76090WAB6</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2023 Ltd.</name>
        <lei>N/A</lei>
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        <cusip>76090WAC4</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Reinsurance 2004 Ltd.</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2004 Ltd., Series 3</title>
        <cusip>76112AAD4</cusip>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
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        <name>Residential Reinsurance 2004 Ltd.</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2004 Ltd., Series 4</title>
        <cusip>76112AAE2</cusip>
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        <balance>750000.00000000</balance>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Resorts World Las Vegas LLC</name>
        <lei>N/A</lei>
        <title>Resorts World Las Vegas LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Resorts World Las Vegas LLC</name>
        <lei>N/A</lei>
        <title>Resorts World Las Vegas LLC</title>
        <cusip>76120HAD9</cusip>
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          <isin value="US76120HAD98"/>
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        <balance>11600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11496524.52000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RGA Global Funding</name>
        <lei>549300Y22K5FOEBMSK42</lei>
        <title>RGA Global Funding</title>
        <cusip>76209PAJ2</cusip>
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          <isin value="US76209PAJ21"/>
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        <balance>4050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4027953.95000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SLG Office Trust</name>
        <lei>N/A</lei>
        <title>SLG Office Trust, Series 2021-OVA, Class E</title>
        <cusip>78449RAL9</cusip>
        <identifiers>
          <isin value="US78449RAL96"/>
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        <balance>1975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1701632.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85061000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SLG Office Trust</name>
        <lei>N/A</lei>
        <title>SLG Office Trust, Series 2026-OMA, Class F</title>
        <cusip>78451FAL0</cusip>
        <identifiers>
          <isin value="US78451FAL04"/>
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        <balance>3770000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.92218880</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SMRT</name>
        <lei>N/A</lei>
        <title>SMRT, Series 2022-MINI, Class E</title>
        <cusip>78457JAN2</cusip>
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          <isin value="US78457JAN28"/>
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        <balance>3110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3102225.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>6.35500080</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sakura RE Ltd.</name>
        <lei>N/A</lei>
        <title>Sakura RE Ltd., Series A</title>
        <cusip>79381MAD6</cusip>
        <identifiers>
          <isin value="US79381MAD65"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249850.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2023-FIG4, Class A</title>
        <cusip>79581UAA2</cusip>
        <identifiers>
          <isin value="US79581UAA25"/>
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        <balance>1654965.79000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1699846.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.71799960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2025-LOC4, Class A1A</title>
        <cusip>79589VAN4</cusip>
        <identifiers>
          <isin value="US79589VAN47"/>
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        <balance>3618912.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3637556.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.39516160</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1</title>
        <cusip>795935AA3</cusip>
        <identifiers>
          <isin value="US795935AA37"/>
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        <balance>1023479.08000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.76199960</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2026-HB1, Class M3</title>
        <cusip>795939AJ6</cusip>
        <identifiers>
          <isin value="US795939AJ67"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2809247.56000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.10431120</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>San Diego Gas &amp; Electric Co.</name>
        <lei>KNIRVXKVNJJ4P8OTMS63</lei>
        <title>San Diego Gas &amp; Electric Co., Series DDDD</title>
        <cusip>797440CH5</cusip>
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          <isin value="US797440CH57"/>
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        <balance>2190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2184381.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd., Series A</title>
        <cusip>799925AA0</cusip>
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          <isin value="US799925AA07"/>
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        <balance>1500000.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-05</maturityDt>
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          <annualizedRt>11.27000160</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd., Series A</title>
        <cusip>799927AA6</cusip>
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          <isin value="US799927AA62"/>
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        <balance>1250000.00000000</balance>
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        <valUSD>1295250.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.11000160</annualizedRt>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd.</title>
        <cusip>80001QAA1</cusip>
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          <isin value="US80001QAA13"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>254225.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-07</maturityDt>
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          <annualizedRt>9.02000160</annualizedRt>
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      <invstOrSec>
        <name>Sanders RE II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd., Series A</title>
        <cusip>80001RAA9</cusip>
        <identifiers>
          <isin value="US80001RAA95"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2281500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.53999840</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sanders RE II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd., Series B</title>
        <cusip>80001RAB7</cusip>
        <identifiers>
          <isin value="US80001RAB78"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2277000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.91000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders RE II Ltd.</name>
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        <valUSD>418440.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders RE II Ltd.</name>
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        <valUSD>663455.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders RE II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
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          <isin value="US80001TAD90"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US80001UAA25"/>
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        <curCd>USD</curCd>
        <valUSD>249850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.66540520</annualizedRt>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
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        <curCd>USD</curCd>
        <valUSD>248950.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders Re IV Ltd.</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders Re IV Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>Santander Holdings USA, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Bank Auto Credit-Linked Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kingdom of Saudi Arabia</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Saudi Arabian Oil Co.</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>Saudi Arabian Oil Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Directv Financing LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
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        <balance>5480000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Solomon Re Ltd.</name>
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        <name>State Street Corp.</name>
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        <name>State Street Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumitomo Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Summit Midstream Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alpha Generation LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sutter Re Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>THPT Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRTX Issuer Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>3264 re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>3264 re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>3264 re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>3264 re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Topanga Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Topanga Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Torrey Pines Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Total Play Telecomunicaciones SA de CV</name>
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        <title>Total Play Telecomunicaciones SA de CV</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TransCanada PipeLines Ltd.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Triangle Re Ltd.</name>
        <lei>N/A</lei>
        <title>Triangle Re Ltd., Series 2023-1, Class M1B</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricon Residential Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tricon American Homes</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tricolor Auto Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tricon Residential Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricida, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Truist Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Turkiye (The)</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Republic of Turkiye (The)</title>
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        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Veraison Re Ltd.</name>
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        <name>Veraison Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Veraison Re Ltd.</name>
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        <curCd>USD</curCd>
        <valUSD>249775.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verisk Analytics, Inc.</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>Verisk Analytics, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>984500BADC7CFE3B0756</lei>
        <title>Verus Securitization Trust, Series 2023-5, Class B2</title>
        <cusip>924934AF9</cusip>
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          <isin value="US924934AF96"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2068-06-25</maturityDt>
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          <annualizedRt>7.97267880</annualizedRt>
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      <invstOrSec>
        <name>Veros Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Veros Auto Receivables Trust, Series 2025-1, Class D</title>
        <cusip>92511BAD6</cusip>
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        <curCd>USD</curCd>
        <valUSD>2312998.15000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-17</maturityDt>
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          <annualizedRt>8.79000000</annualizedRt>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>2138008DC17PCNG48R87</lei>
        <title>Verus Securitization Trust, Series 2023-4, Class B1</title>
        <cusip>92539TAE3</cusip>
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          <isin value="US92539TAE38"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2068-05-25</maturityDt>
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          <annualizedRt>8.00629920</annualizedRt>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800KSJFZ5H8FZ7C61</lei>
        <title>Verus Securitization Trust, Series 2024-2, Class B1</title>
        <cusip>92539UAE0</cusip>
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          <isin value="US92539UAE01"/>
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        <balance>3340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3385745.98000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.86399840</annualizedRt>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>984500915DDB7T2ACA27</lei>
        <title>Verus Securitization Trust, Series 2023-6, Class B1</title>
        <cusip>92539XAE4</cusip>
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          <isin value="US92539XAE40"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.75658880</annualizedRt>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800W65K5FH3AI2J91</lei>
        <title>Verus Securitization Trust, Series 2023-7, Class B1</title>
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          <isin value="US92539YAE23"/>
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        <curCd>USD</curCd>
        <valUSD>1096885.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>9845008F97BFO762AF95</lei>
        <title>Verus Securitization Trust, Series 2023-INV3, Class B1</title>
        <cusip>92540CAE7</cusip>
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          <isin value="US92540CAE75"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Verus Securitization Trust</name>
        <lei>9845008F97BFO762AF95</lei>
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          <isin value="US92540CAF41"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>984500A3F1D749452747</lei>
        <title>Verus Securitization Trust, Series 2024-1, Class B1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>2138005NRONUFED1TZ38</lei>
        <title>Verus Securitization Trust, Series 2024-3, Class B1</title>
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          <isin value="US92540MAE57"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.02800000</annualizedRt>
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        <name>River Rock Entertainment Authority</name>
        <lei>N/A</lei>
        <title>River Rock Entertainment Authority, First Lien Term Loan</title>
        <cusip>76837PAC7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Vista Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Vista Point Securitization Trust, Series 2020-2, Class M1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vista Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Vista Point Securitization Trust, Series 2024-CES1, Class A1</title>
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          <isin value="US92839HAA41"/>
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        <balance>783687.10000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vistra Operations Co. LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co. LLC</title>
        <cusip>92840VAY8</cusip>
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        <balance>1105000.00000000</balance>
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        <valUSD>1087874.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
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        <name>Vitality Re XIV Ltd.</name>
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        <name>Vitality Re XVII Ltd.</name>
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        <name>Volkswagen Group of America Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WEC Energy Group, Inc.</name>
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        <name>Sotera Health Holdings LLC</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Westlake Automobile Receivables Trust</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>CaixaBank SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grupo Aeromexico SAB de CV</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="USM6COS"/>
          <other otherDesc="Future Ticker" value="USM6 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="UXYM6CM"/>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>Carnival Corp.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp.</title>
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          <isin value="XS2809222859"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="WNM6COS"/>
          <other otherDesc="Future Ticker" value="WNM6 Comdty"/>
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        <curCd>USD</curCd>
        <valUSD>2983807.29000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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        <lei>549300FLZTJM5YJF8D34</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Mexican States</name>
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          <isin value="XS2991917613"/>
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        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Kingdom of Saudi Arabia</name>
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        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
