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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Alexandria Real Estate Equities, 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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Axle &amp; Manufacturing, Inc.</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
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          <isin value="US02406PBC32"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DCC plc</name>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Electric Power Co., Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BAE Systems plc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>AmeriTex HoldCo Intermediate LLC</name>
        <lei>N/A</lei>
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          <isin value="US030727AB71"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Analog Devices, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Antares CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Apple, Inc.</name>
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        <title>Apple, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Egypt Government Bond</title>
        <cusip>03846JX54</cusip>
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          <isin value="US03846JX543"/>
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        <balance>1010000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EG</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Arcos Dorados BV</name>
        <lei>549300T91OYP6I7P8G39</lei>
        <title>Arcos Dorados BV</title>
        <cusip>03965TAC7</cusip>
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          <isin value="US03965TAC71"/>
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        <balance>1070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1119220.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Ares Direct Lending CLO 3 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Argentine Republic (The)</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Government Bond</title>
        <cusip>040114HT0</cusip>
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          <isin value="US040114HT09"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arizona Public Service Co.</name>
        <lei>YG6VT0TPHRH4TFVAQV64</lei>
        <title>Arizona Public Service Co.</title>
        <cusip>040555DD3</cusip>
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          <isin value="US040555DD31"/>
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        <balance>1930000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.20000000</annualizedRt>
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        <name>Ashtead Capital, Inc.</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital, Inc.</title>
        <cusip>045054AJ2</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Imperial Brands plc</name>
        <lei>549300DFVPOB67JL3A42</lei>
        <title>Imperial Brands plc</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd.</title>
        <cusip>052528AR7</cusip>
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          <isin value="US052528AR78"/>
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        <balance>1155000.00000000</balance>
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        <valUSD>1183979.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>AutoNation, Inc.</name>
        <lei>N/A</lei>
        <title>AutoNation, Inc.</title>
        <cusip>05329WAQ5</cusip>
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          <isin value="US05329WAQ50"/>
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        <balance>594000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401ABD2</cusip>
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          <isin value="US05401ABD28"/>
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        <balance>555000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>545176.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401ABF7</cusip>
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          <isin value="US05401ABF75"/>
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        <balance>810000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust, Series 2018-C2, Class D</title>
        <cusip>05491UAG3</cusip>
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          <isin value="US05491UAG31"/>
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        <balance>470000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BAMLL Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>BAMLL Commercial Mortgage Securities Trust, Series 2016-ISQ, Class A</title>
        <cusip>05523GAA9</cusip>
        <identifiers>
          <isin value="US05523GAA94"/>
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        <balance>1270000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAMLL Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>BAMLL Commercial Mortgage Securities Trust, Series 2014-520M, Class A</title>
        <cusip>05525MAA4</cusip>
        <identifiers>
          <isin value="US05525MAA45"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>728370.96000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BLP Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BLP Commercial Mortgage Trust, Series 2023-IND, Class F</title>
        <cusip>055531AL1</cusip>
        <identifiers>
          <isin value="US055531AL15"/>
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        <balance>575858.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>577658.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>7.84171080</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565AB28</cusip>
        <identifiers>
          <isin value="US05565AB286"/>
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        <balance>1450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1440935.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BSST Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BSST Mortgage Trust, Series 2022-1700, Class A</title>
        <cusip>055742AA8</cusip>
        <identifiers>
          <isin value="US055742AA88"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.95500040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BWAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BWAY Mortgage Trust, Series 2013-1515, Class C</title>
        <cusip>05604FAL9</cusip>
        <identifiers>
          <isin value="US05604FAL94"/>
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        <balance>955000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>883376.34000000</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>Fixed</couponKind>
          <annualizedRt>3.44620000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust, Series 2019-IMC, Class F</title>
        <cusip>05608BAQ3</cusip>
        <identifiers>
          <isin value="US05608BAQ32"/>
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        <balance>820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>811917.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>6.60129840</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BMO Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BMO Mortgage Trust, Series 2022-C1, Class 111A</title>
        <cusip>05609MCJ2</cusip>
        <identifiers>
          <isin value="US05609MCJ27"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1331320.90000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.37761360</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust, Series 2024-BRBK, Class D</title>
        <cusip>05613NAL1</cusip>
        <identifiers>
          <isin value="US05613NAL10"/>
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        <balance>780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>776645.92000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.63492120</annualizedRt>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust, Series 2024-VLT5, Class E</title>
        <cusip>05614JAJ4</cusip>
        <identifiers>
          <isin value="US05614JAJ43"/>
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        <balance>945000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.13388320</annualizedRt>
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      <invstOrSec>
        <name>Bain Capital Credit CLO Ltd.</name>
        <lei>254900YXN9JEMKU5DF45</lei>
        <title>Bain Capital Credit CLO Ltd., Series 2021-6A, Class DR</title>
        <cusip>05684PAU0</cusip>
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          <isin value="US05684PAU03"/>
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        <balance>350000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05971KAG4</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>060505104</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GNC9</cusip>
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          <isin value="US06051GNC95"/>
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        <balance>570000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738EBT1</cusip>
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          <isin value="US06738EBT10"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1932998.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738EDK8</cusip>
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        <balance>290000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Belrose Funding Trust II</name>
        <lei>N/A</lei>
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        <cusip>08079KAA2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust, Series 2018-B6, Class D</title>
        <cusip>08162CAL4</cusip>
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          <isin value="US08162CAL46"/>
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        <balance>815000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust, Series 2019-B14, Class C</title>
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          <isin value="US08162YAJ10"/>
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        <balance>1260000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Benefit Street Partners CLO XXXII Ltd.</name>
        <lei>2549003NV71H6I4TDQ63</lei>
        <title>Benefit Street Partners CLO XXXII Ltd., Series 2023-32A, Class AR</title>
        <cusip>08181FAL4</cusip>
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          <isin value="US08181FAL40"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Best Buy Co., Inc.</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
        <title>Best Buy Co., Inc.</title>
        <cusip>086516101</cusip>
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          <isin value="US0865161014"/>
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        <balance>56204.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB0008706128"/>
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        <balance>3121316.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BFLD Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust, Series 2025-5MW, Class C</title>
        <cusip>088921AC5</cusip>
        <identifiers>
          <isin value="US088921AC56"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1050755.16000000</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>2042-10-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.63293800</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BlackRock, Inc.</name>
        <lei>529900VBK42Y5HHRMD23</lei>
        <title>BlackRock, Inc.</title>
        <cusip>09290D101</cusip>
        <identifiers>
          <isin value="US09290D1019"/>
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        <balance>4001.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4263465.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>09659W2K9</cusip>
        <identifiers>
          <isin value="US09659W2K94"/>
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        <balance>1170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1098759.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.05200000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>N/A</lei>
        <title>BRAVO Residential Funding Trust, Series 2024-NQM8, Class A1A</title>
        <cusip>10571DAB5</cusip>
        <identifiers>
          <isin value="US10571DAB55"/>
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        <balance>459057.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>452063.00000000</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>2053-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.29999840</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Bridgecrest Lending Auto Securitization Trust</name>
        <lei>N/A</lei>
        <title>Bridgecrest Lending Auto Securitization Trust, Series 2025-3, Class E</title>
        <cusip>107920AG5</cusip>
        <identifiers>
          <isin value="US107920AG51"/>
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        <balance>1315000.00000000</balance>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62000000</annualizedRt>
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      <invstOrSec>
        <name>Bridgecrest Lending Auto Securitization Trust</name>
        <lei>N/A</lei>
        <title>Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class D</title>
        <cusip>10807HAF3</cusip>
        <identifiers>
          <isin value="US10807HAF38"/>
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        <balance>890000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62000000</annualizedRt>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
        <cusip>110122108</cusip>
        <identifiers>
          <isin value="US1101221083"/>
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        <balance>84886.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5143242.74000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>British Airways Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>British Airways Pass-Through Trust, Series 2021-1, Class A</title>
        <cusip>11042CAA8</cusip>
        <identifiers>
          <isin value="US11042CAA80"/>
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        <balance>1556421.47000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135F101</cusip>
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          <isin value="US11135F1012"/>
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        <balance>43074.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Brooklyn Union Gas Co. (The)</name>
        <lei>83BQ1DXS6VA5GZFK8S35</lei>
        <title>Brooklyn Union Gas Co. (The)</title>
        <cusip>114259AX2</cusip>
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          <isin value="US114259AX24"/>
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        <balance>865000.00000000</balance>
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        <valUSD>919826.86000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust, Series 2025-VLT7, Class E</title>
        <cusip>123913AJ4</cusip>
        <identifiers>
          <isin value="US123913AJ47"/>
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        <balance>525000.00000000</balance>
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        <valUSD>523687.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CFK Trust</name>
        <lei>N/A</lei>
        <title>CFK Trust, Series 2020-MF2, Class E</title>
        <cusip>12529AAJ3</cusip>
        <identifiers>
          <isin value="US12529AAJ34"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1085755.02000000</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>2039-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.57275160</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CF Hippolyta Issuer LLC</name>
        <lei>N/A</lei>
        <title>CF Hippolyta Issuer LLC, Series 2020-1, Class A1</title>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>California Resources Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CarMax Select Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cascades, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Celanese US Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cheniere Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cheniere Corpus Christi Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chevron Corp.</name>
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        <name>Cisco Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Citigroup Mortgage Loan Trust</name>
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        <name>Citigroup Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Mortgage Loan Trust</name>
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        <name>Cloud Software Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Cogent Communications Group LLC</name>
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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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        <name>Columbia Banking System, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut Avenue Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut Avenue Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Deutsche Bank AG</name>
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        <name>Deutsche Bank AG</name>
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        <name>Deutsche Bank AG</name>
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        <name>DLIC Re-REMIC Trust</name>
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        <name>Dominican Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>EMRLD Borrower LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Bank of Canada</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Eastman Chemical Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Edison International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Edison International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Empresa Nacional del Petroleo</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EnfraGen Energia Sur SA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Entergy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Essential Utilities, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Evergy Missouri West, Inc.</name>
        <lei>EZIFUDC0VSUS6T6LCG85</lei>
        <title>Evergy Missouri West, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Exeter Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Exeter Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exeter Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exeter Select Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</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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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</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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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STACR Trust</name>
        <lei>549300D2VO9JVX6KU482</lei>
        <title>STACR REMIC Trust, Series 2018-HRP1, Class B2</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC, Multifamily Structured Pass-Through Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000ISBDRXIMCHZ70</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000IRODEKU3J3Q16</lei>
        <title>FHLMC STACR REMIC Trust, Series 2022-HQA1, Class B1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>549300NKHCH87PYOHD44</lei>
        <title>FHLMC STACR Trust, Series 2019-HQA2, Class B2</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>549300MHCI0CUXMJQS62</lei>
        <title>FHLMC STACR REMIC Trust, Series 2019-FTR1, Class B2</title>
        <cusip>35564PAC2</cusip>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493009ZFZYH4FRCW638</lei>
        <title>FHLMC STACR REMIC Trust, Series 2019-FTR3, Class B2</title>
        <cusip>35565EAE2</cusip>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>8.55964080</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>549300TCRXCIFPAC3B85</lei>
        <title>FHLMC STACR REMIC Trust, Series 2020-HQA1, Class B2</title>
        <cusip>35565JBE0</cusip>
        <identifiers>
          <isin value="US35565JBE01"/>
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        <balance>1320000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FHLMC, Multifamily Structured Pass-Through Certificates</name>
        <lei>529900KWKEUIIIV9P337</lei>
        <title>FHLMC, Multifamily Structured Pass-Through Certificates, REMIC, Series 2024-MN9, Class M2</title>
        <cusip>355917AB1</cusip>
        <identifiers>
          <isin value="US355917AB15"/>
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        <balance>1175000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC MSCR Trust</name>
        <lei>529900U9LKQ0M8OUKJ53</lei>
        <title>FHLMC MSCR Trust, Series 2026-MN13, Class M2</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>36179WQB7</cusip>
        <identifiers>
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        <balance>2258024.31000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-10-20</maturityDt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>36179WR34</cusip>
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          <isin value="US36179WR347"/>
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        <balance>2081815.68000000</balance>
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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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        <name>GLP Capital LP</name>
        <lei>N/A</lei>
        <title>GLP Capital LP</title>
        <cusip>361841AP4</cusip>
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        <balance>1540000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp. Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp. Trust, Series 2012-BWTR, Class A</title>
        <cusip>36192RAA0</cusip>
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          <isin value="US36192RAA05"/>
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        <balance>765868.33000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, Single Family, 30 Year</title>
        <cusip>36209FLA5</cusip>
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          <isin value="US36209FLA56"/>
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        <balance>2.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2.62000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>549300L45M7638EL0H21</lei>
        <title>GS Mortgage Securities Trust, Series 2015-GC30, Class B</title>
        <cusip>36250GAU9</cusip>
        <identifiers>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-1, Class IT</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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>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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-122, Class HS</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-136, Class SB</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <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>
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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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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2023-55, Class LB</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>5.01972120</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2023-80, Class SA</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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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>Grupo Nutresa SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HPEFS Equipment Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hasbro, Inc.</name>
        <lei>549300NUB6D2R1ITYR45</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Hertz Vehicle Financing III LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
        <cusip>431318AU8</cusip>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
        <cusip>437076102</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hormel Foods Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Huntington Bancshares, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntington Bank Auto Credit-Linked Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntsman International LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>International Business Machines Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Deutsche Post AG</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Invitation Homes Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Iron Mountain, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ivy Hill Middle Market Credit Fund VII Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>JPMDB Commercial Mortgage Securities Trust</name>
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        <name>Telenor ASA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jersey Central Power &amp; Light Co.</name>
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        <title>Jersey Central Power &amp; Light Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Samsung Electronics Co. Ltd.</name>
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        <name>Kimberly-Clark Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kinetic ABS Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kioxia Holdings Corp.</name>
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        <name>Kohlberg Credit CLO LLC</name>
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        <name>Bath &amp; Body Works, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lamar Advertising Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Orange SA</name>
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        <name>Las Vegas Sands Corp.</name>
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        <name>Lazard, Inc.</name>
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        <name>Muenchener Rueckversicherungs-Gesellschaft AG</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>LOANDEPOT GMSR Master Trust</name>
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        <name>M&amp;T Bank Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>M&amp;T Bank Corp.</name>
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        <name>Mondelez International, Inc.</name>
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        <name>Multifamily Connecticut Avenue Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Multifamily Connecticut Avenue Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Virgin Media Bristol LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NCL Corp. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BF Mortgage Trust</name>
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        <name>Nabors Industries, Inc.</name>
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        <name>TruGreen Ltd. Partnership</name>
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        <name>National Fuel Gas Co.</name>
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        <name>NNN REIT, Inc.</name>
        <lei>5493008JKH5SOTI0JS97</lei>
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        <name>Natixis Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NetApp, Inc.</name>
        <lei>QTX3D84DZDD5JYOCYH15</lei>
        <title>NetApp, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Nutrien Ltd.</name>
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        <name>Octagon Investment Partners 49 Ltd.</name>
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        <name>Ohio Power Co.</name>
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        <name>Omnicom Group, Inc.</name>
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        <name>OneMain Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toyota Motor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Owl Rock CLO XX LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PacifiCorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PacifiCorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Astellas Pharma, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Republic of Paraguay</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Paraguay</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Paychex, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Penn Entertainment, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AXA SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Novartis AG</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Nestle SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Perenti Finance Pty. Ltd.</name>
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        <name>PetSmart LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pfizer, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Philip Morris International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pinnacle West Capital Corp.</name>
        <lei>TWSEY0NEDUDCKS27AH81</lei>
        <title>Pinnacle West Capital Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Snam SpA</name>
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        <name>Rad CLO 25 Ltd.</name>
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        <name>Regions Financial Corp.</name>
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        <name>Restaurant Brands International, Inc.</name>
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        <name>Retained Vantage Data Centers Issuer LLC</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>SM Energy Co.</name>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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        <name>Signal Peak CLO 12 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern California Edison Co.</name>
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        <name>Southern California Gas Co.</name>
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        <name>Suzano Austria GmbH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Taiwan Semiconductor Manufacturing Co. Ltd.</name>
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        <name>Raven Acquisition Holdings LLC</name>
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        <name>Texas Instruments, Inc.</name>
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        <name>Textron Financial Corp.</name>
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        <name>Toro Co. (The)</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>Towd Point Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Transcontinental Gas Pipe Line Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mavis Tire Express Services Topco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Trust 2401</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Trust 2401</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>USB Realty Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Airlines Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Parcel Service, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Univision Communications, Inc.</name>
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        <name>VFH Parent LLC</name>
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        <name>Vail Resorts, Inc.</name>
        <lei>529900PSZHRNU9HKH870</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Valaris Ltd.</name>
        <lei>5299008BQ9IREYWBTS30</lei>
        <title>Valaris Ltd.</title>
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        <name>American Auto Auction Group LLC</name>
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        <name>Vantage Data Centers Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vedanta Resources Finance II plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications, Inc.</name>
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        <name>VICI Properties, Inc.</name>
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        <name>Gryphon Debt Merger Sub, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Victra Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Beach Acquisition Bidco LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Virginia Electric and Power Co.</name>
        <lei>CQKUMNNZVDJLRYV2PT43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VoltaGrid LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WP Glimcher Mall Trust</name>
        <lei>N/A</lei>
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        <name>WB Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Chariot Buyer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Watsco, Inc.</name>
        <lei>549300F1Y3LN5BX5WN75</lei>
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        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
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        <name>ALLSPRING GOVT FUND LEX</name>
        <lei>549300GFSYYLVYEWA041</lei>
        <title>ALLSPRING GOVERNMENT MONEY MARKET FUND</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300SGFUCMB43V8P22</lei>
        <title>Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class D</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Metropolis Technologies, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Western Alliance Bank</name>
        <lei>SI7YQSVPFZBSQ878IC17</lei>
        <title>Western Alliance Bank</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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          <annualizedRt>6.53700000</annualizedRt>
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        <name>Western Midstream Operating LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>Western Midstream Operating LP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LSF12 Helix Parent LLC</name>
        <lei>254900H70V4IL22BHL88</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-10</maturityDt>
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        <name>Uniti Services LLC</name>
        <lei>549300KT9GVEBYCD2N29</lei>
        <title>Uniti Services LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-15</maturityDt>
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        <name>Columbus McKinnon Corp.</name>
        <lei>N/A</lei>
        <title>Columbus McKinnon Corp., First Lien Initial Term Loan</title>
        <cusip>19933MAS2</cusip>
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          <isin value="US19933MAS26"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Ensemble RCM LLC</name>
        <lei>N/A</lei>
        <title>Ensemble RCM LLC, First Lien Closing Date Term Loan</title>
        <cusip>29359BAH4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>White Cap Supply Holdings LLC</name>
        <lei>N/A</lei>
        <title>White Cap Supply Holdings LLC, First Lien Tranche Term Loan D</title>
        <cusip>96350TAK6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>WULF Compute LLC</name>
        <lei>N/A</lei>
        <title>WULF Compute LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>XPLR Infrastructure Operating Partners LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XPLR Infrastructure Operating Partners LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Zayo Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Terna - Rete Elettrica Nazionale</name>
        <lei>8156009E94ED54DE7C31</lei>
        <title>Terna - Rete Elettrica Nazionale</title>
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        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>TotalEnergies SE</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TotalEnergies SE</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Vinci SA</name>
        <lei>213800WFQ334R8UXUG83</lei>
        <title>Vinci SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AIA Group Ltd.</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA Group Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Segro plc</name>
        <lei>213800XC35KGM9NFC641</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Croda International plc</name>
        <lei>2138004WCNBFJEEOXV26</lei>
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          <isin value="GB00BJFFLV09"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Energean Israel Finance Ltd.</name>
        <lei>98450044QACBL3F8EB03</lei>
        <title>Energean Israel Finance Ltd.</title>
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          <isin value="IL0011736738"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>IL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Uruguay Government Bond</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Uruguay Government Bond</title>
        <cusip>760942BF8</cusip>
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          <isin value="US760942BF85"/>
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        <balance>29490000.00000000</balance>
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        <currencyConditional curCd="UYU" exchangeRt="40.30500000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-20</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>Zorlu Enerji Elektrik Uretim A/S</name>
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          <isin value="XS2926261426"/>
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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>GSK plc</name>
        <lei>5493000HZTVUYLO1D793</lei>
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          <isin value="GB00BN7SWP63"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Schroders plc</name>
        <lei>2138001YYBULX5SZ2H24</lei>
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        <cusip>N/A</cusip>
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          <isin value="GB00BP9LHF23"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cie Generale des Etablissements Michelin SCA</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Cie Generale des Etablissements Michelin SCA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR001400AJ45"/>
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        <balance>98741.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Reckitt Benckiser Group plc</name>
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          <isin value="GB00BSZBP530"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fortune Star BVI Ltd.</name>
        <lei>2549008CU8NYQQRSNU62</lei>
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          <isin value="XS2922957746"/>
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        <curCd>USD</curCd>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alpha Star Holding IX Ltd.</name>
        <lei>254900IL2SBV9ANGBE89</lei>
        <title>Alpha Star Holding IX Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="XS3006253044"/>
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        <curCd>USD</curCd>
        <valUSD>397546.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding AG</title>
        <cusip>N/A</cusip>
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          <isin value="CH1499059983"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Unilever plc</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>Unilever plc</title>
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          <isin value="GB00BVZK7T90"/>
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        <balance>69500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Canadian Dollar</name>
        <lei>N/A</lei>
        <title>Canadian Dollar</title>
        <cusip>N/A</cusip>
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        <balance>-0.15000000</balance>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Swiss Franc</name>
        <lei>N/A</lei>
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        <balance>-1.62000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P 500 E-Mini Index</title>
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          <other otherDesc="Inhouse Sedol" value="ESM6IDX"/>
          <other otherDesc="Future Ticker" value="ESM6 Index"/>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="FAM6IDX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Coca-Cola Europacific Partners plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Eaton Corp. plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Avianca Midco 2 plc</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Linde plc</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Medtronic plc</name>
        <lei>549300GX3ZBSQWUXY261</lei>
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          <isin value="IE00BTN1Y115"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Vedanta Resources Finance II plc</name>
        <lei>8945002DGA3BBXO3N634</lei>
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          <isin value="USG9T27HAG93"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Pound Sterling</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <isin value="DE000F2Y2EW5"/>
          <other otherDesc="Future Ticker" value="IKM6 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Eurex Clearing</counterpartyName>
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        <name>Yen</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Won</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MSCI EAFE Index</title>
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          <other otherDesc="Inhouse Sedol" value="MFSM6ID"/>
          <other otherDesc="Future Ticker" value="MFSM6 Index"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICE Clear US</counterpartyName>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="NHM6IDX"/>
          <other otherDesc="Future Ticker" value="NHM6 Index"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Long</payOffProf>
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        <name>Norwegian Krone</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Commonwealth of the Bahamas</name>
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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>Trust Fibra Uno</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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        <identifiers>
          <other otherDesc="Inhouse Sedol" value="TYM6COM"/>
          <other otherDesc="Future Ticker" value="TYM6 Comdty"/>
        </identifiers>
        <balance>159.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-462947.01000000</valUSD>
        <pctVal>-0.04087191840</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>U.S. Treasury 10 Year Notes</issueTitle>
                <identifiers>
                  <ticker value="TYM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>17584406.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-462947.01000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Long Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="USM6COM"/>
          <other otherDesc="Future Ticker" value="USM6 Comdty"/>
        </identifiers>
        <balance>207.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-807494.73000000</valUSD>
        <pctVal>-0.07129079138</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>U.S. Treasury Long Bonds</issueTitle>
                <identifiers>
                  <ticker value="USM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>23358656.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-807494.73000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Ultra Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="UXYM6CM"/>
          <other otherDesc="Future Ticker" value="UXYM6 Comdty"/>
        </identifiers>
        <balance>-21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>24479.20000000</valUSD>
        <pctVal>0.002161180099</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>U.S. Treasury 10 Year Ultra Bonds</issueTitle>
                <identifiers>
                  <ticker value="UXYM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-2370046.88000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>24479.20000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro STOXX 50 Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000C7YK3S8"/>
          <other otherDesc="Future Ticker" value="VGM6 Index"/>
        </identifiers>
        <balance>82.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>110371.71000000</valUSD>
        <pctVal>0.009744319387</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex Clearing</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Euro STOXX 50 Index</indexName>
                <indexIdentifier>EU0009658145</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-19</expDate>
            <notionalAmt>4788800.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>110371.71000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="WNM6COM"/>
          <other otherDesc="Future Ticker" value="WNM6 Comdty"/>
        </identifiers>
        <balance>151.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-806998.04000000</valUSD>
        <pctVal>-0.07124694042</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>U.S. Treasury Ultra Bonds</issueTitle>
                <identifiers>
                  <ticker value="WNM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>17369718.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-806998.04000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPI 200 Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="XPM6IDX"/>
          <other otherDesc="Future Ticker" value="XPM6 Index"/>
        </identifiers>
        <balance>50.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38898534"/>
        <valUSD>-5681.38000000</valUSD>
        <pctVal>-0.00050158850</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Clear (Futures)</counterpartyName>
              <counterpartyLei>549300ZD7BBOVZFVHK49</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>SPI 200 Index</indexName>
                <indexIdentifier>US78517D1037</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>10835000.00000000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>-5681.38000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bayfront Labs VII Pte. Ltd.</name>
        <lei>213800DAFLLBYWNXMG91</lei>
        <title>Bayfront Iabs VII Pte. Ltd., Series 7A, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3200746496"/>
        </identifiers>
        <balance>845790.10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>846388.92000000</valUSD>
        <pctVal>0.074724618857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.93627320</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FTSE 100 Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00MWF28V09"/>
          <other otherDesc="Future Ticker" value="Z M6 Index"/>
        </identifiers>
        <balance>-188.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488884"/>
        <valUSD>-115116.62000000</valUSD>
        <pctVal>-0.01016323034</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Clear Europe</counterpartyName>
              <counterpartyLei>5R6J7JCQRIPQR1EEP713</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>FTSE 100 Index</indexName>
                <indexIdentifier>GB0001383545</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-19</expDate>
            <notionalAmt>-19511580.00000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-115116.62000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Country classifications may be different than those used for compliance monitoring purposes." noteItem="C.5.a"/>
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>NEW YORK LIFE INVESTMENTS FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Jack Benintende</ncom:signature>
      <ncom:signerName>Jack Benintende</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
