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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <lei>N/A</lei>
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          <isin value="US007036CD63"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
        <title>Adjustable Rate Mortgage Trust</title>
        <cusip>007036NH5</cusip>
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          <isin value="US007036NH58"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Adjustable Rate Mortgage Trust</title>
        <cusip>007036QX7</cusip>
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          <isin value="US007036QX71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Adjustable Rate Mortgage Trust</title>
        <cusip>007036UQ7</cusip>
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          <isin value="US007036UQ74"/>
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        <curCd>USD</curCd>
        <valUSD>15938.51000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>Aegis Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates</title>
        <cusip>00764MCK1</cusip>
        <identifiers>
          <isin value="US00764MCK18"/>
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        <curCd>USD</curCd>
        <valUSD>571919.32000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>Aegis Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Aegis Asset-Backed Securities Trust</title>
        <cusip>00764MEA1</cusip>
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          <isin value="US00764MEA18"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>Aegis Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Aegis Asset-Backed Securities Trust</title>
        <cusip>00764MFF9</cusip>
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          <isin value="US00764MFF95"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Aegis Asset Backed Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALAMO RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ALAMO RE LTD</name>
        <lei>5493003E22VRD25G0S03</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Ally Bank Auto Credit-Linked Notes</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Ally Bank Auto Credit-Linked Notes</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ALTICE FRANCE SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France SA</title>
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        <balance>4590175.00000000</balance>
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        <assetCat>DBT</assetCat>
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      </invstOrSec>
      <invstOrSec>
        <name>Argentina Republic Government International Bonds</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Republic Government International Bonds</title>
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          <isin value="US040114HX11"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>ARMOR RE II LTD</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor RE II Ltd.</title>
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          <isin value="US04227FAE51"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>ARMOR RE II LTD</name>
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          <isin value="US04227FAF27"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARMOR RE II LTD</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor RE II Ltd.</title>
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          <isin value="US04227FAG00"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>299835.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARMOR RE II LTD</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor RE II Ltd.</title>
        <cusip>04227FAH8</cusip>
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          <isin value="US04227FAH82"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>696500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>18.56000000</annualizedRt>
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      <invstOrSec>
        <name>Ashford Hospitality Trust</name>
        <lei>N/A</lei>
        <title>Ashford Hospitality Trust</title>
        <cusip>04410RAN6</cusip>
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          <isin value="US04410RAN61"/>
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        <balance>15356000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15132378.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Asset Backed Securities Corp Home Equity Ln Trst</name>
        <lei>N/A</lei>
        <title>Asset-Backed Securities Corp. Home Equity Loan Trust</title>
        <cusip>04541GMD1</cusip>
        <identifiers>
          <isin value="US04541GMD15"/>
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        <balance>28780.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29752.41000000</valUSD>
        <pctVal>0.000680719982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.34000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Asset Backed Securities Corp Home Equity Ln Trst</name>
        <lei>N/A</lei>
        <title>Asset-Backed Securities Corp. Home Equity Loan Trust</title>
        <cusip>04541GQY1</cusip>
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          <isin value="US04541GQY16"/>
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        <balance>4699.28000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.77000000</annualizedRt>
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      <invstOrSec>
        <name>Asset Backed Securities Corp Home Equity Ln Trst</name>
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        <cusip>04541GQZ8</cusip>
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          <isin value="US04541GQZ80"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.84000000</annualizedRt>
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      <invstOrSec>
        <name>Asset Backed Securities Corp Home Equity Ln Trst</name>
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        <cusip>04541GRQ7</cusip>
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          <isin value="US04541GRQ72"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Asset Backed Securities Corp Home Equity Ln Trst</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Asset Backed Funding Certificates</name>
        <lei>N/A</lei>
        <title>ABFC Trust</title>
        <cusip>04542BKW1</cusip>
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          <isin value="US04542BKW18"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Asset Backed Funding Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Asset Backed Funding Certificates</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Asset Backed Funding Certificates</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASTON MARTIN CAPITAL HOL</name>
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        <title>Aston Martin Capital Holdings Ltd.</title>
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        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARMOR HOLDCO INC</name>
        <lei>254900X6HLK0YPTHHF09</lei>
        <title>Armor Holdco, Inc.</title>
        <cusip>04625PAA9</cusip>
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        <balance>6400000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Atrium Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>Atrium Hotel Portfolio Trust</title>
        <cusip>04965JAJ2</cusip>
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          <isin value="US04965JAJ25"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AVIS BUDGET CAR/FINANCE</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Merrill Lynch Large Loan Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BBCCRE Trust</name>
        <lei>N/A</lei>
        <title>BBCCRE Trust</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BBCCRE Trust</name>
        <lei>N/A</lei>
        <title>BBCCRE Trust</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BBCCRE Trust</name>
        <lei>N/A</lei>
        <title>BBCCRE Trust</title>
        <cusip>05490TAJ1</cusip>
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          <isin value="US05490TAJ16"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>BBCCRE Trust</name>
        <lei>N/A</lei>
        <title>BBCCRE Trust</title>
        <cusip>05490TAL6</cusip>
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          <isin value="US05490TAL61"/>
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        <curCd>USD</curCd>
        <valUSD>2756315.26000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.71000000</annualizedRt>
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      <invstOrSec>
        <name>Banc of America Merrill Lynch Large Loan Inc</name>
        <lei>5493001M1XQ4INMTAE48</lei>
        <title>BAMLL Re-REMICS Trust</title>
        <cusip>05491JAB9</cusip>
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          <isin value="US05491JAB98"/>
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        <curCd>USD</curCd>
        <valUSD>527562.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>6.01000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust</title>
        <cusip>05492TBM1</cusip>
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          <isin value="US05492TBM18"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3847575.60000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.81000000</annualizedRt>
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      <invstOrSec>
        <name>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD Trust</title>
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          <isin value="US05493AAL44"/>
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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>BFLD Trust</name>
        <lei>N/A</lei>
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          <isin value="US05493AAN00"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BFLD Trust</name>
        <lei>N/A</lei>
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          <isin value="US05493AAQ31"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Merrill Lynch Large Loan Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US05493LAN64"/>
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        <fairValLevel>2</fairValLevel>
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        <name>B&amp;G FOODS INC</name>
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        <title>B&amp;G Foods, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Merrill Lynch Large Loan Inc</name>
        <lei>5493001M1XQ4INMTAE48</lei>
        <title>BAMLL Commercial Mortgage Securities Trust</title>
        <cusip>05523GAJ0</cusip>
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          <isin value="US05523GAJ04"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Merrill Lynch Large Loan Inc</name>
        <lei>5493001M1XQ4INMTAE48</lei>
        <title>BAMLL Commercial Mortgage Securities Trust</title>
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          <isin value="US05523GAN16"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BCAP LLC Trust</name>
        <lei>N/A</lei>
        <title>BCAP LLC Trust</title>
        <cusip>05531RAB3</cusip>
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        <balance>1961501.05000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-26</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>BCAP LLC Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Merrill Lynch Large Loan Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BCP Trust</name>
        <lei>N/A</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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      <invstOrSec>
        <name>BSST Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BXP Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BMO 2022-C1 Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Mortgage Securities</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banc of America Funding Corporation</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Funding Corporation</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Funding Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BENCHMARK Mortgage Trust</name>
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        <title>Benchmark Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
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          <isin value="US08162YBK73"/>
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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</title>
        <cusip>08163DBR7</cusip>
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          <isin value="US08163DBR70"/>
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        <curCd>USD</curCd>
        <valUSD>1501837.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.09000000</annualizedRt>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>08163DBX4</cusip>
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          <isin value="US08163DBX49"/>
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        <balance>5800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3543266.98000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.09000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
        <cusip>096003AC2</cusip>
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          <isin value="US096003AC27"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.02000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
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          <isin value="US096003AD00"/>
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        <curCd>USD</curCd>
        <valUSD>250825.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
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          <isin value="US096003AE82"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bombardier Capital Mortgage Securitization Corp.</name>
        <lei>N/A</lei>
        <title>BCMSC Trust</title>
        <cusip>09774XBG6</cusip>
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          <isin value="US09774XBG60"/>
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        <balance>4066205.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>192165.63000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BONANZA RE LTD</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza RE Ltd.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BORR IHC LTD / BORR FIN</name>
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          <isin value="US100018AC46"/>
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        <balance>2800000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BORR IHC LTD / BORR FIN</name>
        <lei>N/A</lei>
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        <cusip>100018AD2</cusip>
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          <isin value="US100018AD29"/>
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        <balance>5600000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>XX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BUTTONWOOD RE LTD</name>
        <lei>254900LIULF6LIE6J986</lei>
        <title>Buttonwood RE Ltd.</title>
        <cusip>12423PAB4</cusip>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BWAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BWAY Mortgage Trust</title>
        <cusip>12430YAN0</cusip>
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          <isin value="US12430YAN04"/>
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        <balance>4654000.00000000</balance>
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        <valUSD>4358603.17000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BWAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BWAY Mortgage Trust</title>
        <cusip>12430YAQ3</cusip>
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          <isin value="US12430YAQ35"/>
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        <balance>6611000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BWAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BWAY Mortgage Trust</title>
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          <isin value="US12430YAS90"/>
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        <balance>3000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Credit-Based Asset Servicing and Securitization</name>
        <lei>N/A</lei>
        <title>Credit-Based Asset Servicing &amp; Securitization LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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>Countrywide Asset-Backed Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Encore Credit Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <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>Caesars Entertainment Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPE LOOKOUT RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Carlyle Global Market Strategies</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carvana Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CD Commercial Mortgage Trust</name>
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        <name>Cedar Funding Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Central Parent Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US17328CBM38"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
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          <isin value="US17328CBP68"/>
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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>Clear Channel Outdoor Holdings Inc</name>
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        <title>Clear Channel Outdoor Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Clover Holdings 2 LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Forward Air Corporation</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COGENT COMMS GRP / FIN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COGENT COMMS GRP / FIN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>College Ave Student Loans</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Conseco Finance Securitizations Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Conseco Finance Securitizations Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COREWEAVE INC</name>
        <lei>984500511DP2B6186053</lei>
        <title>CoreWeave, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Databricks Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Databricks Inc</name>
        <lei>984500FEDAC7FBD96273</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Delta Funding Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>Delta Funding Home Equity Loan Trust</title>
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          <isin value="US24763LFY11"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DRC INTERNATIONAL BOND</name>
        <lei>N/A</lei>
        <title>DRC International Bonds</title>
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          <isin value="US24811WAA62"/>
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        <balance>5900000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>CD</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DRC INTERNATIONAL BOND</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>CD</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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          <other otherDesc="Trade Identifier" value="24FSKBCQXNZ"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Detroit MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
        <title>City of Detroit</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Mortgage Securities, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US25156WAG33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Mortgage and Asset Receiving Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>DIRECTV FIN LLC/COINC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DISH NETWORK CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DISH DBS CORP</name>
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        <title>DISH DBS Corp.</title>
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        <balance>53480000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDEN BEAR RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Greensky Home Improvement Issuer Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <title>JP Morgan Chase Commercial Mortgage Securities Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <title>JP Morgan Chase Commercial Mortgage Securities Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <title>JP Morgan Chase Commercial Mortgage Securities Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <title>JP Morgan Chase Commercial Mortgage Securities Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <title>JP Morgan Chase Commercial Mortgage Securities Trust</title>
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          <isin value="US46654EAQ44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JETBLUE AIRWAYS/LOYALTY</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>XX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KEYCORP STUDENT LN TR</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Knollwood CDO Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KREST Commercial Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Labrador Aviation Finance Limited</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lakeside CDO Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lakeside CDO Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LendingPoint Pass-Through Trust</name>
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        <title>LendingPoint Pass-Through Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
        <title>LendingPoint Pass-Through Trust</title>
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        <balance>2900000.00000000</balance>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>LNR CDO Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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>Morgan Stanley Mortgage Capital Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Margate Funding Ltd</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>MASTR Adjustable Rate Mortgages Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Capital I Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2070-01-25</maturityDt>
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      <invstOrSec>
        <name>Mortgage Equity Conversion Asset Trust</name>
        <lei>N/A</lei>
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          <isin value="US61911BAA35"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MOUNTAIN RE LTD</name>
        <lei>N/A</lei>
        <title>Mountain Re Ltd.</title>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>399940.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLARITEV CORP</name>
        <lei>N/A</lei>
        <title>Claritev Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N-Star Real Estate CDO Ltd</name>
        <lei>N/A</lei>
        <title>N-Star REL CDO VIII Ltd.</title>
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          <isin value="US62940FAD15"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.18000000</annualizedRt>
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      <invstOrSec>
        <name>NATL COLL STUDENT LOAN</name>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>National Collegiate II Commutation Trust</name>
        <lei>N/A</lei>
        <title>National Collegiate II Commutation Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL MENTOR HOLDINGS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NPC UKRENERGO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Natixis Commercial Mortgage Securities</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NATURE COAST RE LTD</name>
        <lei>N/A</lei>
        <title>Nature Coast Re Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New Century Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>New Century Home Equity Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Century Home Equity Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pagaya AI Debt Selection Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Popular ABS Mortgage Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>STATE OF QATAR</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RD MICHIGAN PROP OWNER I</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RR Ltd</name>
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        <title>RR 7 Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RECOLETOS RE DAC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Asset Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rockford Tower CLO Ltd</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>RUSSIAN FEDERATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SFO Commerical Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SBNA Auto Receivables Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SMB Private Education Loan Trust</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SMRT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Commercial Mortgage Trust</name>
        <lei>2549003WQA28FWJYLM96</lei>
        <title>Starwood Mortgage Trust</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Starwood Commercial Mortgage Trust</name>
        <lei>2549003WQA28FWJYLM96</lei>
        <title>Starwood Mortgage Trust</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SVB FINANCIAL TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <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>Start Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Structured Adjustable Rate Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Asset Securities Corporation</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lehman XS Trust</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Asset Securities Corporation</name>
        <lei>N/A</lei>
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          <isin value="US86362PAG00"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments Inc</name>
        <lei>N/A</lei>
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          <isin value="US86363NAC39"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Summer Street Ltd</name>
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        <title>Summer Street Ltd.</title>
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          <isin value="US86565MAA53"/>
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        <balance>45954304.57000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SUTTER RE LTD</name>
        <lei>254900Z7PVZQSOLFRZ02</lei>
        <title>Sutter Re Ltd.</title>
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          <isin value="US86944RAG39"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>SUTTER RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Syniverse Holdings Inc</name>
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        <title>Syniverse Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TBW Mortgage Backed Pass Through Certificates</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Terwin Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Terwin Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tobacco Settlement Finance Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TOLL ROAD INV PART II</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TOPAZ SOLAR FARMS LLC</name>
        <lei>N/A</lei>
        <title>Topaz Solar Farms LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd.</title>
        <cusip>89141WAH5</cusip>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>822760.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>9.59000000</annualizedRt>
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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>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TREMONT RE LTD</name>
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          <isin value="US89479VAA44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isin value="US903724CE02"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>UKRAINE GOVERNMENT</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Chartered Bank</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Comexposium</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Steenbok Lux Finco 2 SARL</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>WHLN 2025 CV3 PF FF2</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>MUSTANG EXPRESS SERIES A PFD U</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Woolworths Holdings Ltd.</name>
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        <name>NEW UNITY COMMON STOCKK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WHLN 2025 CV3 PF FF1</name>
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        <name>Westmoreland Coal Company</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Chartered Bank</name>
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        <name>RBC Europe Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WHIRLPOOL CORP</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>Whirlpool Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WHLN92622 WHLN RTL PFLX</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Royal Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Comexposium</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Repurchase Agreements</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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            <counterpartyInfos>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>Repurchase Agreements</title>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>Repurchase Agreements</title>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merrill Lynch International</name>
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        <title>Repurchase Agreements</title>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley &amp; Co. International PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Scotia Capital USA, Inc.</name>
        <lei>549300BLWPABP1VNME36</lei>
        <title>Repurchase Agreements</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Scotia Capital USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Scotia Capital USA, Inc.</name>
        <lei>549300BLWPABP1VNME36</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Colombia TES</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Colombia TES</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Alba Plc</name>
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        <title>Alba PLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pastor GC Hipotecario</name>
        <lei>549300BBHS237631DL85</lei>
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          <isin value="ES0332235011"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eurosail Plc</name>
        <lei>213800YCKG3TNT5E1296</lei>
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          <isin value="XS0308716421"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-13</maturityDt>
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      <invstOrSec>
        <name>Eurosail Plc</name>
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          <isin value="XS0308673945"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eurosail Plc</name>
        <lei>213800HEU63KH3XHB844</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Avoca CLO</name>
        <lei>635400WLVIIUQEHXT317</lei>
        <title>Avoca CLO XIII DAC</title>
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          <isin value="XS1136167415"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CORESTATE CAPITAL HOLD</name>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CORESTATE CAPITAL HOLD</name>
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          <isin value="DE000A19YDA9"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Man GLG Euro CLO</name>
        <lei>635400NDD1WGPZLEAH44</lei>
        <title>Man GLG Euro CLO I DAC</title>
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          <isin value="XS1802408887"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Mortgage Funding PLC</name>
        <lei>213800AHT9AB4TA6OJ88</lei>
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          <isin value="XS0995537312"/>
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        <fairValLevel>2</fairValLevel>
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        <name>TITULOS DE TESORERIA</name>
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        <title>Colombia TES</title>
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          <isin value="COL17CT03615"/>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLIC OF KENYA</name>
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        <title>Republic of Kenya Government International Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Argentina Bonar Bonds</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Bonar Bonds</title>
        <cusip>000000000</cusip>
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        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-09</maturityDt>
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      <invstOrSec>
        <name>Argentina Bonar Bonds</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Bonar Bonds</title>
        <cusip>000000000</cusip>
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        <balance>969945.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>NPC UKRENERGO</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</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>
      <invstOrSec>
        <name>WINDMILL III RE DAC</name>
        <lei>635400PB5AXUZ6R7CT68</lei>
        <title>Windmill III Re DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2845137541"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TITULOS DE TESORERIA</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Colombia TES</title>
        <cusip>000000000</cusip>
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          <isin value="COL17CT03938"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>QUERCUS RE DAC</name>
        <lei>635400YNKWICCYBDBC76</lei>
        <title>Quercus Re DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2865536135"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-06</maturityDt>
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      <invstOrSec>
        <name>OCADO GROUP PLC</name>
        <lei>213800LO8F61YB8MBC74</lei>
        <title>Ocado Group PLC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2871478058"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-08</maturityDt>
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          <annualizedRt>10.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TITANIUM 2L BONDCO SARL</name>
        <lei>636700S4QMU2DWYOSF67</lei>
        <title>Titanium 2l Bondco SARL</title>
        <cusip>000000000</cusip>
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          <isin value="DE000A3L3AG9"/>
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        <balance>40172900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-14</maturityDt>
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      <invstOrSec>
        <name>TURKIYE GOVERNMENT BOND</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Turkiye Government Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="TRT060928T11"/>
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        <balance>778100000.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="46.64625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>40.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ADLER Group SA</name>
        <lei>391200OYYFJ3DWAMEC69</lei>
        <title>ADLER Group SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LU2900363131"/>
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        <balance>7118576.00000000</balance>
        <units>NS</units>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORANGE CAPITAL RE DAC</name>
        <lei>635400PXTZAPQFEPH515</lei>
        <title>Orange Capital RE DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2931270180"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stratton Mortgage Funding PLC</name>
        <lei>635400BEV82LZKPTAB28</lei>
        <title>Stratton Mortgage Funding PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2777487385"/>
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        <balance>5663000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stratton Mortgage Funding PLC</name>
        <lei>635400189QMSKAUNA660</lei>
        <title>Stratton Mortgage Funding PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2728575049"/>
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        <balance>624000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-06-20</maturityDt>
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          <annualizedRt>8.75000000</annualizedRt>
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      <invstOrSec>
        <name>Stratton Mortgage Funding PLC</name>
        <lei>635400189QMSKAUNA660</lei>
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        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-06-20</maturityDt>
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      <invstOrSec>
        <name>Stratton Mortgage Funding PLC</name>
        <lei>635400189QMSKAUNA660</lei>
        <title>Stratton Mortgage Funding PLC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2728574745"/>
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        <balance>6241000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stratton Mortgage Funding PLC</name>
        <lei>635400BEV82LZKPTAB28</lei>
        <title>Stratton Mortgage Funding PLC</title>
        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stratton Mortgage Funding PLC</name>
        <lei>635400189QMSKAUNA660</lei>
        <title>Stratton Mortgage Funding PLC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2729365101"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-06-20</maturityDt>
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      <invstOrSec>
        <name>Stratton Mortgage Funding PLC</name>
        <lei>635400189QMSKAUNA660</lei>
        <title>Stratton Mortgage Funding PLC</title>
        <cusip>000000000</cusip>
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        <balance>240.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stratton Mortgage Funding PLC</name>
        <lei>635400BEV82LZKPTAB28</lei>
        <title>Stratton Mortgage Funding PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2777583696"/>
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        <balance>240.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-28</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Arima Mortgages PLC</name>
        <lei>2138001SMUUR36BSID82</lei>
        <title>Arima Mortgages PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2964714021"/>
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        <balance>9500000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>7516520.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arima Mortgages PLC</name>
        <lei>2138001SMUUR36BSID82</lei>
        <title>Arima Mortgages PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2965116259"/>
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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>OCADO GROUP PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</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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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ION PLATFORM FINANCE SAR</name>
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        <title>ION Platform Finance SARL</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ION PLATFORM FINANCE SAR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harvest Funding</name>
        <lei>635400GYAAYKXXRBNI54</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harvest Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ISLAMIC REP OF PAKISTAN</name>
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        <title>Pakistan Government International Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <name>COSTA RICA GOVERNMENT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMS-OSRAM AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LUMINIS SA</name>
        <lei>875500OWYYK4PN9ZTF50</lei>
        <title>Luminis SA</title>
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        <curCd>USD</curCd>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>THAMES WATER SUPER SEN</name>
        <lei>635400LBEYCV7F4FC741</lei>
        <title>Thames Water Super Senior Issuer PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>COREWEAVE INC</name>
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        <name>Gateway Casinos &amp; Entertainment Limited</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</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>3</fairValLevel>
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        <name>Goldman Sachs International</name>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>NVDA US TRS EQUITY SOFR+200 *BULLET* FAR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02QCU9"/>
        </identifiers>
        <balance>4245671.56000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>166713.12000000</valUSD>
        <pctVal>0.003814311250</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Wells Fargo Bank NA</counterpartyName>
              <counterpartyLei>KB1H1DSPRFMYMCUFXT09</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NVIDIA Corp.</issuerName>
                <issueTitle>NVIDIA Corp.</issueTitle>
                <identifiers>
                  <cusip value="67066G104"/>
                  <isin value="US67066G1040"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="2.00000000" pmntAmt="1325.64000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="30"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2026-07-29</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4245671.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-166713.12000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
        <title>TRS YJL 01/28/36 MYC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU0SY888"/>
        </identifiers>
        <balance>101100000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="CNY" exchangeRt="6.78540000"/>
        <valUSD>-2830664.13000000</valUSD>
        <pctVal>-0.06476415316</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley Capital Services LLC</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Hainan Agile Real Estate Development Co., Ltd</issuerName>
                <issueTitle>Hainan Agile Real Estate Development Co., Ltd</issueTitle>
                <identifiers>
                  <other otherDesc="Client Identifier" value="BCC2H57K5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2036-01-28</terminationDt>
            <upfrontPmnt>265339.97000000</upfrontPmnt>
            <pmntCurCd>CNY</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>CNY</rcptCurCd>
            <notionalAmt>101100000.00000000</notionalAmt>
            <curCd>CNY</curCd>
            <unrealizedAppr>-2872349.19000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Kenya Government International Bonds</name>
        <lei>549300VVURQQYU45PR87</lei>
        <title>Republic of Kenya Government International Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1781710543"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1721037.67000000</valUSD>
        <pctVal>0.039376465077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</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>RUSSIAN FEDERATION</name>
        <lei>5493004EHVGF71PDBU58</lei>
        <title>Russia Foreign Bonds - Eurobond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="RU000A1006S9"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.01000000</valUSD>
        <pctVal>0.000000000228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RUSSIAN FEDERATION</name>
        <lei>5493004EHVGF71PDBU58</lei>
        <title>Russia Foreign Bonds - Eurobond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS0767473852"/>
        </identifiers>
        <balance>4600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3220000.00000000</valUSD>
        <pctVal>0.073671959516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D. This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <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="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list. Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-03</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO Flexible Credit Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
