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        <name>BANK AMER MERRILL LYNCH COML MTG TR 2016-UBS10</name>
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        <name>COMM 2014-CCRE17 MTG TR</name>
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        <name>COMMERCIAL MORTGAGE CD 2016-CD2 MTG TR</name>
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        <name>CD 2017-CD3 MTG TR</name>
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        <name>GS MTG SECS TR 2017-GS5</name>
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        <name>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR</name>
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        <lei>N/A</lei>
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        <name>WP GLIMCHER MALL TR 15-WPG</name>
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        <name>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR</name>
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        <name>COMM 2018-HCLV MTG TR</name>
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        <name>BENCHMARK 2018-B7 MTG TR</name>
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        <name>DBGS 2018-C1 MTG TR</name>
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        <name>GS MTG SECS TR 2019-GC38</name>
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        <name>DBGS 2019-1735 MTG TR</name>
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        <name>GS MTG SECS TR 2019-GC39</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2013-C10</name>
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        <name>GS MTG SECS TR 2020-GC45</name>
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        <name>MKT 2020-525M MTG TR</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
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        <name>NATIXIS COML MTG SECS TR 2019-10K</name>
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        <name>GS MTG SECS TR 2020-GC47</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
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        <name>BX TR 2021-ACNT</name>
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        <name>STWD TR 2021-LIH</name>
        <lei>N/A</lei>
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        <name>SREIT TR 2021-MFP2</name>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>BX COML MTG TR 2021-CIP</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.06594480</annualizedRt>
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        <name>HOME PARTNERS AMER 2021-3 TR</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>BXP TR 2021-601L</name>
        <lei>N/A</lei>
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          <isin value="US05607TAL61"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MHP 2022-MHIL F</name>
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        <name>MHP 2022-MHIL MEZZ</name>
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        <name>BX TR 2022-VAMF</name>
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        <name>BX TR 2022-LBA6</name>
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        <name>SMRT 2022-MINI</name>
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        <name>BBCMS Mortgage Trust 2022-C14</name>
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        <name>BMO 2022-C1 MORTGAGE TRUST</name>
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      <invstOrSec>
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          <couponKind>Fixed</couponKind>
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          <isin value="US06539VAJ70"/>
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          <couponKind>Fixed</couponKind>
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        <name>BBCMS 2022</name>
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          <isin value="US05552FBA49"/>
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          <couponKind>Fixed</couponKind>
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        <name>SMRT 2022-MINI</name>
        <lei>N/A</lei>
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        <identifiers>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>WFCM 2022</name>
        <lei>N/A</lei>
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        <cusip>95003MBS6</cusip>
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          <isin value="US95003MBS61"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <name>BENCHMARK 2022-B35 MTG TR</name>
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        <cusip>08163RAS5</cusip>
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        <curCd>USD</curCd>
        <valUSD>1830758.53000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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      <invstOrSec>
        <name>BANK 2022-BNK42</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
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        <valUSD>2320680.67000000</valUSD>
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          <couponKind>Variable</couponKind>
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        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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        <name>CITIGROUP COML MTG TR 2022-GC48</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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        <name>BBCMS MTG TR 2022-C16</name>
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        <cusip>05552YAE6</cusip>
        <identifiers>
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        <name>MHP COML MTG TR 2021-STOR</name>
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        <name>CITIGROUP COML MTG TR 2020-420K</name>
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        <name>SREIT TR 2021-PALM</name>
        <lei>N/A</lei>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.07390580</annualizedRt>
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        <name>BANK 2022-BNK43</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK43 D 3% 08/15/2055 144A</title>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>BBCMS MTG TR 2022-C17</name>
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        <name>BENCHMARK 2022-B37 MTG TR</name>
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          <isin value="US08161QAK67"/>
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          <couponKind>Variable</couponKind>
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        <name>CPT MORTGAGE TRUST 2019</name>
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          <couponKind>Variable</couponKind>
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        <name>BENCHMARK 2022-B37 MTG TR</name>
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        <cusip>08161QAJ9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>BBCMS MORTGAGE TRUST 2022-C18</name>
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        <cusip>054975AK3</cusip>
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          <isin value="US054975AK38"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06168336</annualizedRt>
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        <name>BBCMS MORTGAGE TRUST 2022-C18</name>
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        <cusip>054975AE7</cusip>
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          <isin value="US054975AE77"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05710000</annualizedRt>
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        <name>BANK 2022-BNK44</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>BMO 2023-C4 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-C4 MTG TR CSTR 02/15/2056</title>
        <cusip>05610CAL8</cusip>
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        <name>BMO 2023-C4 MTG TR</name>
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        <lei>N/A</lei>
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        <name>BENCHMARK 2023-B38 MTG TR</name>
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        <name>BBCMS MTG TR 2023-C19</name>
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        <name>MIRA TR 2023-MILE</name>
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        <name>CITIGROUP COML MTG TR 2023-PRM3</name>
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        <name>BENCHMARK 2023-B39 C MTG TR</name>
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        <cusip>081925AH2</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>BMO 2023-C5 MTG TR</name>
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        <cusip>055988AD1</cusip>
        <identifiers>
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          <couponKind>Fixed</couponKind>
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        <name>BENCHMARK 2023-B39 C MTG TR</name>
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        <cusip>081925AD1</cusip>
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        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <lei>N/A</lei>
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        <cusip>06541DBH6</cusip>
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        <name>NNN REIT INC</name>
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        <name>GS MTG SECS CORP TR 2023-SHIP</name>
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        <name>BBCMS MTG TR 2023-C22</name>
        <lei>N/A</lei>
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        <name>BX COML MTG TR 2024-KING</name>
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        <name>BBCMS MTG TR 2024-C26</name>
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        <name>BX 2024 VLT4</name>
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        <name>EQT TR 2024-EXTR</name>
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        <lei>N/A</lei>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQT TR 2024-EXTR</name>
        <lei>N/A</lei>
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          <isin value="US29439DAC56"/>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS CORP TR 2024-RVR</name>
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          <isin value="US36272JAE38"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>AMERICOLD REALTY OPERATING PARTNERSHIP LP</name>
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          <isin value="US03063UAA97"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP</name>
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          <isin value="US76134KAJ34"/>
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        <fairValLevel>2</fairValLevel>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2024-OMNI</name>
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        <cusip>46593JAJ3</cusip>
        <identifiers>
          <isin value="US46593JAJ34"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BPR TR 2023-BRK2</name>
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        <cusip>05610WAE0</cusip>
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          <isin value="US05610WAE03"/>
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        <balance>1845000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY CAP I TR 2024-NSTB</name>
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        <cusip>61690BAL6</cusip>
        <identifiers>
          <isin value="US61690BAL62"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY CAP I TR 2024-NSTB</name>
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        <cusip>61690BAG7</cusip>
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          <isin value="US61690BAG77"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>LV TR 2024-SHOW</name>
        <lei>N/A</lei>
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        <cusip>50245XAE7</cusip>
        <identifiers>
          <isin value="US50245XAE76"/>
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        <balance>1629000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>SHR TR 2024-LXRY</name>
        <lei>N/A</lei>
        <title>SHR TR 2024-LXRY E TSFR1M+450 10/15/2041 144A</title>
        <cusip>784234AJ5</cusip>
        <identifiers>
          <isin value="US784234AJ55"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>NXPT COML MTG TR</name>
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        <cusip>67119YAJ1</cusip>
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          <isin value="US67119YAJ10"/>
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          <couponKind>Variable</couponKind>
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        <name>ARES TR 2024-IND2</name>
        <lei>N/A</lei>
        <title>ARES TR 2024-IND2 F TSFR1M+403.9 10/15/2034 144A</title>
        <cusip>04021EAL0</cusip>
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          <isin value="US04021EAL02"/>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isin value="US05610HAL78"/>
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          <couponKind>Variable</couponKind>
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        <name>ROCC 2024-CNTR E</name>
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          <isin value="US74970WAJ99"/>
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        <name>BX COML MTG TR 2024-VLT5</name>
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        <cusip>05614JAC9</cusip>
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        <name>BX COML MTG TR 2024-VLT5</name>
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          <isin value="US05614JAE55"/>
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        <name>BMO 2024-C10 MTG TR</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BPR TR 2024-PMDW</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BLUE STREAM ISSUER LLC</name>
        <lei>N/A</lei>
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          <isin value="US09606BAL80"/>
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      <invstOrSec>
        <name>BFLD COML MTG TR 2024-UNIV</name>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BPR COML MTG TR 2024-PK</name>
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        <cusip>05593UAJ4</cusip>
        <identifiers>
          <isin value="US05593UAJ43"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.07848140</annualizedRt>
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        <name>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG</name>
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        <cusip>81631WAL0</cusip>
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          <isin value="US81631WAL00"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BX TRUST 2024-FNX</name>
        <lei>N/A</lei>
        <title>BX TRUST 2024-FNX TSFR1M+294.018 11/15/2026 144A</title>
        <cusip>05593TAL2</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06599830</annualizedRt>
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      <invstOrSec>
        <name>BX TRUST 2024-FNX</name>
        <lei>N/A</lei>
        <title>BX TRUST 2024-FNX TSFR1M+393.874 11/15/2026 144A</title>
        <cusip>05593TAN8</cusip>
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          <isin value="US05593TAN81"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.07598390</annualizedRt>
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      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2024-C30</name>
        <lei>N/A</lei>
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        <cusip>05493YAH1</cusip>
        <identifiers>
          <isin value="US05493YAH18"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05980000</annualizedRt>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2024-GPA2</name>
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        <name>BX COML MTG TR 2024-VLT5</name>
        <lei>N/A</lei>
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        <cusip>05614JAJ4</cusip>
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          <isin value="US05614JAJ43"/>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-5C2</name>
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        <cusip>95003UAJ9</cusip>
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          <couponKind>Variable</couponKind>
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        <name>BANK5 2024-5YR12</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>FONTAINEBLEAU MIAMI BEACH BEACH MTG TR 2024-FBLU</name>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BBCMS MTG TR 2025-C32</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US07337AAT34"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BBCMS MTG TR 2025-C32</name>
        <lei>N/A</lei>
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          <isin value="US07337AAH95"/>
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        <name>PRM5 TR 2025-PRM5</name>
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        <debtSec>
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        <name>BX TRUST 2025-ROIC</name>
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        <name>BX TR 2025-VLT6</name>
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        <debtSec>
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        <name>BX TR 2025-VLT6</name>
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        <cusip>12433KAJ6</cusip>
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        <name>BBCMS MTG TR 2025-5C33</name>
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        <cusip>072924AG8</cusip>
        <identifiers>
          <isin value="US072924AG87"/>
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        <name>BBCMS MTG TR 2025-5C33</name>
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        <cusip>072924AN3</cusip>
        <identifiers>
          <isin value="US072924AN39"/>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.06626519</annualizedRt>
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        <name>KRE COML MTG TR 2025-AIP4</name>
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        <cusip>50077KAJ7</cusip>
        <identifiers>
          <isin value="US50077KAJ79"/>
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        <debtSec>
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        <name>INTOWN 2025-STAY MTG TR</name>
        <lei>N/A</lei>
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        <cusip>46117WAJ1</cusip>
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          <isin value="US46117WAJ18"/>
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        <name>PRM5 TR 2025-PRM5</name>
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        <cusip>693980AJ3</cusip>
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          <isin value="US693980AJ39"/>
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        <name>BENCHMARK 2020-IG3 MTG TR</name>
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        <name>BENCHMARK 2020-IG3 MTG TR</name>
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        <name>GS MORTGAGE SECURITIES CORP TRUST 2025-800D</name>
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        <name>ARES TR 2025-IND3</name>
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      <invstOrSec>
        <name>BWAY TRUST 2025-1535</name>
        <lei>N/A</lei>
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        <cusip>12430BAE0</cusip>
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          <isin value="US12430BAE02"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BMO 2025-5C10 MORTGAGE TRUST</name>
        <lei>N/A</lei>
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        <cusip>05615BAH4</cusip>
        <identifiers>
          <isin value="US05615BAH42"/>
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        <balance>297000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>307708.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CONSOLIDATED COMMUNICATIONS LLC / FIDIUM FIBER FIN HOLDCO LLC</name>
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        <identifiers>
          <isin value="US209031AC71"/>
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        <balance>3057000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09408000</annualizedRt>
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      <invstOrSec>
        <name>PRIMA CAP CRE SECURITIZATION 2019-RK1 LTD/LLC</name>
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        <cusip>74166GAJ8</cusip>
        <identifiers>
          <isin value="US74166GAJ85"/>
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        <curCd>USD</curCd>
        <valUSD>2369242.51000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04450000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2025-TAIL</name>
        <lei>N/A</lei>
        <title>BX TR 2025-TAIL E TSFR1M+330 06/15/2035 144A</title>
        <cusip>123912AJ6</cusip>
        <identifiers>
          <isin value="US123912AJ63"/>
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        <balance>1959000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1957789.14000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06959650</annualizedRt>
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      <invstOrSec>
        <name>PRIMA CAPITAL CRE SECURITIZATION 2019-VII LTD</name>
        <lei>N/A</lei>
        <title>PRIMA CAPITAL CRE SECURITIZATION 2019-VII LTD 7A D 4.25% 12/25/2050 144A</title>
        <cusip>74166VAC0</cusip>
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          <isin value="US74166VAC00"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>IP 2025-IP MTG TR</name>
        <lei>N/A</lei>
        <title>IP 2025-IP F CSTR MTG TR VAR 06/10/2042 144A</title>
        <cusip>449843AL5</cusip>
        <identifiers>
          <isin value="US449843AL54"/>
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        <balance>1424000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1453783.53000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07712260</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX 2025-LUNR A</name>
        <lei>N/A</lei>
        <title>BX 2025-LUNR E TSFR1M+395 06/15/2030 144A</title>
        <cusip>05594CAN4</cusip>
        <identifiers>
          <isin value="US05594CAN48"/>
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        <balance>606894.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>611445.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07609650</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NCMF TR 2025-MFS</name>
        <lei>N/A</lei>
        <title>NCMF TR 2025-MFS F VAR 06/10/2033 144A</title>
        <cusip>62887TAL8</cusip>
        <identifiers>
          <isin value="US62887TAL89"/>
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        <balance>2115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2156132.73000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08437000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WHARF 2025-DC E</name>
        <lei>N/A</lei>
        <title>WHARF 2025-DC E 7.85642% 07/15/2040 144A</title>
        <cusip>92987LAL1</cusip>
        <identifiers>
          <isin value="US92987LAL18"/>
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        <balance>1742000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1791672.43000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07981570</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PRM TR 2025-PRM6</name>
        <lei>N/A</lei>
        <title>PRM TR 2025-PRM6 E VAR 07/05/2033 144A</title>
        <cusip>74277DAJ1</cusip>
        <identifiers>
          <isin value="US74277DAJ19"/>
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        <balance>1412000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1422909.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06583130</annualizedRt>
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      <invstOrSec>
        <name>PRM TR 2025-PRM6</name>
        <lei>N/A</lei>
        <title>PRM TR 2025-PRM6 VAR 07/05/2033 144A</title>
        <cusip>74277DAL6</cusip>
        <identifiers>
          <isin value="US74277DAL64"/>
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        <balance>3176000.00000000</balance>
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        <valUSD>3174482.82000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.07058470</annualizedRt>
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        <name>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ</name>
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        <cusip>91825CAE5</cusip>
        <identifiers>
          <isin value="US91825CAE57"/>
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        <balance>2185000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ</name>
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        <cusip>91825CAG0</cusip>
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          <isin value="US91825CAG06"/>
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        <balance>1520000.00000000</balance>
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      <invstOrSec>
        <name>GSAT TRUST 2025-BMF</name>
        <lei>N/A</lei>
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        <cusip>36271XAL7</cusip>
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          <isin value="US36271XAL73"/>
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        <balance>3180000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ</name>
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        <cusip>91825CAJ4</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BBCMS MTG TR 2025-C35</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-C35 C 6.026% 07/15/2058</title>
        <cusip>07337DAG5</cusip>
        <identifiers>
          <isin value="US07337DAG51"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.06113851</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER TR 2025-C35</name>
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          <isin value="US61779CAZ77"/>
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      <invstOrSec>
        <name>COMM 2025-180W MORTGAGE TRUST</name>
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      <invstOrSec>
        <name>METRONET INFRASTRUCTURE ISSUER LLC</name>
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          <isin value="US59170JBB35"/>
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      <invstOrSec>
        <name>BENCHMARK 2025-B41 MTG TR</name>
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          <isin value="US081935BC13"/>
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      <invstOrSec>
        <name>MHP 2025-MHIL2</name>
        <lei>N/A</lei>
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          <isin value="US59317DAJ46"/>
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        <name>WINDSTREAM SERVICES LLC</name>
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        <name>VTR COML MTG TR 2025-STEM</name>
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        <cusip>92890YAE5</cusip>
        <identifiers>
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        <name>VTR COML MTG TR 2025-STEM</name>
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        <cusip>92890YAG0</cusip>
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      <invstOrSec>
        <name>EXTENDED STAY AMERICA TRUST 2025-ESH</name>
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        <title>EXTENDED STAY AMERICA TRUST 2025-ESH E TSFR1M+335 10/15/2042 144A</title>
        <cusip>30227TAJ9</cusip>
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        <valUSD>2015037.00000000</valUSD>
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        <name>EXTENDED STAY AMERICA TRUST 2025-ESH</name>
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        <cusip>30227TAL4</cusip>
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        <name>BMO 2025-C13 MORTGAGE TRUST</name>
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        <cusip>05592YAJ7</cusip>
        <identifiers>
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        <name>BX TR 2025-OMG</name>
        <lei>N/A</lei>
        <title>BX TR 2025-OMG VAR 10/15/2027 144A</title>
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          <isin value="US05619HAL87"/>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-C65</name>
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        <name>BPR COML MTG TR 2025-STAR</name>
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        <name>CIP COMMERCIAL MORTGAGE TRUST 2025-SBAY</name>
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        <name>BRES COML MTG TR 2025-ATCAP</name>
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        <name>BRES COML MTG TR 2025-ATCAP</name>
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        <title>BRES COML MTG TR 2025-ATCAP F TSFR1M+518.85 11/15/2042 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CSTL COML MTG TR 2025-GATE2</name>
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        <cusip>12676JAJ5</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2021-RISE</name>
        <lei>N/A</lei>
        <title>BX TRUST 2021-RISE F TSFR1M+276.448 11/15/2036 144A</title>
        <cusip>12434EAL4</cusip>
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          <isin value="US12434EAL48"/>
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        <curCd>USD</curCd>
        <valUSD>1461962.34000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>ELP 2025-ELP</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US290154AG86"/>
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        <balance>1020000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>ELP 2025-ELP</name>
        <lei>N/A</lei>
        <title>ELP 2025-ELP E VAR 11/13/2042 144A</title>
        <cusip>290154AJ2</cusip>
        <identifiers>
          <isin value="US290154AJ26"/>
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        <balance>3715000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.06665041</annualizedRt>
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      <invstOrSec>
        <name>BX 2025-VOLT</name>
        <lei>N/A</lei>
        <title>BX 2025-VOLT VAR 12/15/2042 144A</title>
        <cusip>05619PAG1</cusip>
        <identifiers>
          <isin value="US05619PAG19"/>
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        <balance>1155000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNSL 2025-4A</name>
        <lei>N/A</lei>
        <title>CNSL 2025-4A C 8.449846% 12/20/2055 144A</title>
        <cusip>315961AE2</cusip>
        <identifiers>
          <isin value="US315961AE29"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2614319.75000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08098000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>METRONET INFRASTRUCTURE ISSUER LLC</name>
        <lei>5493000BIROCAEATAQ61</lei>
        <title>METRONET INFRASTRUCTURE ISSUER LLC 7.676% 12/20/2055 144A</title>
        <cusip>59170JBH0</cusip>
        <identifiers>
          <isin value="US59170JBH05"/>
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        <balance>1140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1163618.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07112000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2025-5C7</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COML MTG TR 2025-5C7 C 5.87% 12/15/2058</title>
        <cusip>95004XAH6</cusip>
        <identifiers>
          <isin value="US95004XAH61"/>
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        <balance>710000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>714851.22000000</valUSD>
        <pctVal>0.098080784554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05798000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMM 2025-180W MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2025-180W MORTGAGE TRUST VAR 08/10/2042 144A</title>
        <cusip>12597SAG7</cusip>
        <identifiers>
          <isin value="US12597SAG75"/>
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        <balance>1412000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1465525.25000000</valUSD>
        <pctVal>0.201076618859</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07363510</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BBCMS MTG TR 2025-C39</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-C39 C 5.96464% 12/15/2058</title>
        <cusip>05556YAH5</cusip>
        <identifiers>
          <isin value="US05556YAH53"/>
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        <balance>560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>573660.36000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05906567</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>NYC COML MTG TR 2025-77C</name>
        <lei>N/A</lei>
        <title>NYC COML MTG TR 2025-77C E VAR 01/10/2038 144A</title>
        <cusip>67123LAJ3</cusip>
        <identifiers>
          <isin value="US67123LAJ35"/>
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        <balance>4025000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4083267.11000000</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>Variable</couponKind>
          <annualizedRt>0.06262760</annualizedRt>
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      <invstOrSec>
        <name>LMDV ISSUER CO LLC</name>
        <lei>N/A</lei>
        <title>LMDV ISSUER CO LLC 0% 12/15/2055 144A</title>
        <cusip>538908AE4</cusip>
        <identifiers>
          <isin value="US538908AE48"/>
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        <curCd>USD</curCd>
        <valUSD>1551401.21000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07880000</annualizedRt>
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        <name>BANK5 2025-5YR19</name>
        <lei>N/A</lei>
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        <cusip>05494RAL6</cusip>
        <identifiers>
          <isin value="US05494RAL69"/>
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        <balance>2480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2145209.18000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
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      <invstOrSec>
        <name>BANK 2025-BNK51</name>
        <lei>N/A</lei>
        <title>BANK 2025-BNK51 C 6.102% 12/25/2067</title>
        <cusip>06541HAK1</cusip>
        <identifiers>
          <isin value="US06541HAK14"/>
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        <curCd>USD</curCd>
        <valUSD>1428690.96000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.05946000</annualizedRt>
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        <name>EXTENDED STAY AMER TR 2026-ESH2</name>
        <lei>N/A</lei>
        <title>EXTENDED STAY AMER TR 2026-ESH2 TSFR1M+315 02/15/2043 144A</title>
        <cusip>30227WAJ2</cusip>
        <identifiers>
          <isin value="US30227WAJ27"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06559650</annualizedRt>
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      <invstOrSec>
        <name>EXTENDED STAY AMER TR 2026-ESH2</name>
        <lei>N/A</lei>
        <title>EXTENDED STAY AMER TR 2026-ESH2 7.67% 02/15/2043 144A</title>
        <cusip>30227WAL7</cusip>
        <identifiers>
          <isin value="US30227WAL72"/>
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        <balance>2950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2970800.75000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07409650</annualizedRt>
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      <invstOrSec>
        <name>ARES COMMERCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>ARES COMMERCIAL MORTGAGE TRUST TSFR1M+235 02/15/2043 144A</title>
        <cusip>04021QAG4</cusip>
        <identifiers>
          <isin value="US04021QAG47"/>
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        <curCd>USD</curCd>
        <valUSD>1637117.40000000</valUSD>
        <pctVal>0.224619829284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06050000</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>BX COMMERCIAL MORTGAGE TRUST 2024-GPA2</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2024-GPA2 TSFR1M+259.086 11/15/2041 144A</title>
        <cusip>12433DAG8</cusip>
        <identifiers>
          <isin value="US12433DAG88"/>
        </identifiers>
        <balance>415000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415230.37000000</valUSD>
        <pctVal>0.056971463881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06250510</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>BMO 2026-C14 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2026-C14 C MORTGAGE TRUST 5.9593% 02/15/2059</title>
        <cusip>096942BB2</cusip>
        <identifiers>
          <isin value="US096942BB21"/>
        </identifiers>
        <balance>1020000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1041140.32000000</valUSD>
        <pctVal>0.142849108402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05925500</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>VB-S1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC 5.268% 02/15/2052 144A</title>
        <cusip>91823ABA8</cusip>
        <identifiers>
          <isin value="US91823ABA88"/>
        </identifiers>
        <balance>1420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1411269.13000000</valUSD>
        <pctVal>0.193632436534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05268000</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>CSTL COMMERCIAL MORTGAGE TRUST 2026-GATE3</name>
        <lei>N/A</lei>
        <title>CSTL COMMERCIAL MORTGAGE TRUST 2026-GATE3 VAR GATE3 E 02/10/2043 144A</title>
        <cusip>228920AJ3</cusip>
        <identifiers>
          <isin value="US228920AJ37"/>
        </identifiers>
        <balance>760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>770169.94000000</valUSD>
        <pctVal>0.105670760351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06342750</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>VB-S1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC 1A-F 0% 03/15/2056 144A</title>
        <cusip>91825HAE4</cusip>
        <identifiers>
          <isin value="US91825HAE45"/>
        </identifiers>
        <balance>1135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1162355.77000000</valUSD>
        <pctVal>0.159480410278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06843000</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>BX COMMERCIAL MORTGAGE TRUST 2026-XL6</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2026-XL6 E TSFR1M+325 03/15/2043 144A</title>
        <cusip>12433NAJ0</cusip>
        <identifiers>
          <isin value="US12433NAJ00"/>
        </identifiers>
        <balance>1065000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1068338.78000000</valUSD>
        <pctVal>0.146580858759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</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>PLYM COMMERCIAL MORTGAGE TRUST 2026-IND</name>
        <lei>N/A</lei>
        <title>PLYM COMMERCIAL MORTGAGE TRUST 2026-IND D TSFR1M+215 03/15/2043 144A</title>
        <cusip>69292BAG2</cusip>
        <identifiers>
          <isin value="US69292BAG23"/>
        </identifiers>
        <balance>3440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3438486.06000000</valUSD>
        <pctVal>0.471775666055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05900000</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>MHP 2025-MHIL2</name>
        <lei>N/A</lei>
        <title>MHP 2025-MHIL2 TSFR1M+425 09/15/2040 144A</title>
        <cusip>59317DAL9</cusip>
        <identifiers>
          <isin value="US59317DAL91"/>
        </identifiers>
        <balance>2510000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2519769.17000000</valUSD>
        <pctVal>0.345723599787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07909650</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>