<SEC-DOCUMENT>0001752724-21-020228.txt : 20210210
<SEC-HEADER>0001752724-21-020228.hdr.sgml : 20210210
<ACCEPTANCE-DATETIME>20210210162958
ACCESSION NUMBER:		0001752724-21-020228
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210210
PERIOD START:           	20201231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOURCE CAPITAL INC /DE/
		CENTRAL INDEX KEY:			0000091847
		IRS NUMBER:				941679410
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01731
		FILM NUMBER:		21614288

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-473-0225

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMC INVESTMENT CORP
		DATE OF NAME CHANGE:	19721123
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-12-31</repPdDate>
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        <name>Government National Mortgage Association</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <name>Finance of America</name>
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        <name>Capstone Acquisition Holdings, Inc.</name>
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      <invstOrSec>
        <name>LafargeHolcim Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Citigroup Inc</name>
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      <invstOrSec>
        <name>Zais Matrix CDO I</name>
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        <title>Zais Clo 14 Ltd</title>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
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          <isin value="US89173HAA41"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cerberus Loan Funding XVIII LP</name>
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          <isin value="US15672AAA07"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
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      <invstOrSec>
        <name>TVEST 2020A, LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MSD REAL ESTATE CREDIT OPPS FD</name>
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      <invstOrSec>
        <name>Zais Clo 7 llc</name>
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        <name>Comcast Corp</name>
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        <name>Fannie Mae</name>
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        <name>EPIC GAMES, INC.</name>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Marriott International Inc/MD</name>
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        <name>Telos CLO Ltd</name>
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        <name>Government National Mortgage Association</name>
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        <name>Voya CLO Ltd</name>
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        <name>STONEMOR PART/CORNER FAM</name>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ABG Intermediate Holdings 2 LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Whitebox CLO I Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hercules Capital Funding Trust</name>
        <lei>N/A</lei>
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          <isin value="US42710VAA26"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Cerberus</name>
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          <isin value="US15673LAA52"/>
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        <balance>524778.61000000</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>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Cerberus</name>
        <lei>549300JQX1QYDKIWTG58</lei>
        <title>Cerberus Loan Funding XXV LP</title>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>Gulfport Energy Corp</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>Gulfport Energy Corp</title>
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        <balance>337000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-15</maturityDt>
          <couponKind>None</couponKind>
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        <name>Asurion LLC</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>Asurion LLC 2017 2nd Lien Term Loan</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Delta Air Lines, Inc.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>Delta Air Lines, Inc. 2020 GSR Term Loan B</title>
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        <balance>379000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2020-5 LLC</title>
        <cusip>69357AAA9</cusip>
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          <isin value="US69357AAA97"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Fortress Credit Opportunities CLO LP</name>
        <lei>2549008RD44HDM6DNP14</lei>
        <title>Fortress Credit Opportunities IX CLO Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Octagon Investment Partners 48 LTD</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>QBS Parent, Inc.</name>
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          <isin value="US74738AAB70"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Woodmont Trust</name>
        <lei>2549007D5SGOER780O38</lei>
        <title>Woodmont 2017-1 Trust</title>
        <cusip>97988PAN6</cusip>
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          <isin value="US97988PAN69"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Floating</couponKind>
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        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc</title>
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          <isin value="US02079K1079"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Cie Financiere Richemont SA</name>
        <lei>549300YIPGJ6UX2QPS51</lei>
        <title>Cie Financiere Richemont SA</title>
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          <isin value="CH0210483332"/>
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        <balance>34843.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Frontier Communications Corp.</name>
        <lei>549300ZCZ76HYCS0H445</lei>
        <title>FRONTIER COMMUNICATIONS CORP  364 DAY REVOLVER</title>
        <cusip>35906EAF7</cusip>
        <identifiers>
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        <balance>66880.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64539.92000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>FRONTIER COMMUNICATIONS</name>
        <lei>549300ZCZ76HYCS0H445</lei>
        <title>Frontier Communications Corp</title>
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          <isin value="US35906ABE73"/>
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        <balance>453000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nomura Resecuritization Trust</name>
        <lei>N/A</lei>
        <title>Nomura Resecuritization Trust 2016-1R</title>
        <cusip>65542EAK3</cusip>
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          <isin value="US65542EAK38"/>
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        <balance>57552.53000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58481.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-28</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AGL CLO 7 LTD</name>
        <lei>N/A</lei>
        <title>AGL CLO 7 Ltd</title>
        <cusip>008511AA5</cusip>
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          <isin value="US008511AA52"/>
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        <balance>637000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>639205.29000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Venture CDO Ltd</name>
        <lei>549300A6M3BR8FZNXO79</lei>
        <title>Venture Xxv Clo Ltd</title>
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        <identifiers>
          <isin value="US92329VAQ59"/>
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        <balance>554000.00000000</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>
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          <maturityDt>2029-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Golub Capital BDC LLC</name>
        <lei>2549008WDOOOZNVT8356</lei>
        <title>Golub Capital BDC CLO 4 LLC</title>
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        <identifiers>
          <isin value="US381741AC12"/>
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        <balance>629000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-05</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38378BE47</cusip>
        <identifiers>
          <isin value="US38378BE477"/>
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        <balance>10283814.80000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217344.31000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.69000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Halcyon Loan Advisors Funding Ltd</name>
        <lei>549300NL4H585I318G08</lei>
        <title>Halcyon Loan Advisors Funding 2014-3 Ltd</title>
        <cusip>40538FAQ6</cusip>
        <identifiers>
          <isin value="US40538FAQ63"/>
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        <balance>53524.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53467.24000000</valUSD>
        <pctVal>0.014002466473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-22</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Windstream Services, LLC</name>
        <lei>549300KT9GVEBYCD2N29</lei>
        <title>Windstream Services, LLC 2020 Exit Term Loan B</title>
        <cusip>97381JAE3</cusip>
        <identifiers>
          <isin value="US97381JAE38"/>
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        <balance>259693.18000000</balance>
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        <curCd>USD</curCd>
        <valUSD>253525.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Adams Mill CLO Ltd</name>
        <lei>254900WPGFKV6CLM1085</lei>
        <title>Adams Mill CLO Ltd</title>
        <cusip>006278AV7</cusip>
        <identifiers>
          <isin value="US006278AV70"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250112.25000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fortress Credit Opportunities CLO LP</name>
        <lei>2549008RD44HDM6DNP14</lei>
        <title>Fortress Credit Opportunities IX CLO Ltd</title>
        <cusip>34961MAA5</cusip>
        <identifiers>
          <isin value="US34961MAA53"/>
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        <balance>328000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296897.07000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.47000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ivy Hill Middle Market Credit Fund Ltd</name>
        <lei>N/A</lei>
        <title>Ivy Hill Middle Market Credit Fund VII Ltd</title>
        <cusip>46602AAJ1</cusip>
        <identifiers>
          <isin value="US46602AAJ16"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249570.50000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vericrest Opportunity Loan Transferee</name>
        <lei>N/A</lei>
        <title>VOLT XCI LLC</title>
        <cusip>92872TAA6</cusip>
        <identifiers>
          <isin value="US92872TAA60"/>
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        <balance>2536858.27000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust 2018-1</title>
        <cusip>89176EAA8</cusip>
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          <isin value="US89176EAA82"/>
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        <balance>519179.21000000</balance>
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        <valUSD>537693.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tech Data Corporation</name>
        <lei>549300EK847TAWPJWF34</lei>
        <title>Tech Data Corporation ABL Term Loan</title>
        <cusip>87823QAR5</cusip>
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          <isin value="US87823QAR56"/>
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        <balance>852000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>856524.12000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-30</maturityDt>
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          <annualizedRt>3.65000000</annualizedRt>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2014-FL5 Mortgage Trust</title>
        <cusip>12635HAD2</cusip>
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          <isin value="US12635HAD26"/>
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        <balance>8399.02000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>COPPER EARNOUT TR</name>
        <lei>N/A</lei>
        <title>COPPER EARNOUT TR COMMON STOCK</title>
        <cusip>21751C209</cusip>
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          <isin value="US21751C2098"/>
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        <balance>2141.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38379KAT5</cusip>
        <identifiers>
          <isin value="US38379KAT51"/>
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        <balance>4866031.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>168387.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.60000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38379KRY6</cusip>
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          <isin value="US38379KRY63"/>
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        <balance>1875470.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55848.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-16</maturityDt>
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      <invstOrSec>
        <name>Broadcom Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp</name>
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        <title>Bank of America Corp</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PAR PETRO LLC / FIN CORP</name>
        <lei>N/A</lei>
        <title>Par Petroleum LLC / Par Petroleum Finance Corp</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2142500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Nationstar HECM Loan Trust</name>
        <lei>N/A</lei>
        <title>Nationstar HECM Loan Trust 2019-2</title>
        <cusip>63862UAB4</cusip>
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          <isin value="US63862UAB44"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.36000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Golub Capital Partners Funding</name>
        <lei>N/A</lei>
        <title>Golub Capital Partners ABS Funding 2020-1 Ltd</title>
        <cusip>38177UAC4</cusip>
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          <isin value="US38177UAC45"/>
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        <balance>1620000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>ROYAL CARIBBEAN CRUISES</name>
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        <title>Royal Caribbean Cruises Ltd</title>
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          <isin value="US780153AZ50"/>
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        <balance>3168000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3695630.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gulfport Energy Corp</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>Gulfport Energy Corp</title>
        <cusip>402635AE6</cusip>
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          <isin value="US402635AE62"/>
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        <balance>171000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115211.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fortress Credit Opportunities CLO LP</name>
        <lei>2549006W3UQV900EI619</lei>
        <title>Fortress Credit Opportunities VII CLO Ltd</title>
        <cusip>34960XAB0</cusip>
        <identifiers>
          <isin value="US34960XAB01"/>
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        <balance>561000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>518709.02000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.71000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>N/A</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136AVZQ5</cusip>
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          <isin value="US3136AVZQ52"/>
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        <balance>172346.27000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>PG&amp;E Corp</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CIM Trust</name>
        <lei>N/A</lei>
        <title>CIM Trust 2017-7</title>
        <cusip>12553HAA6</cusip>
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        <balance>374514.42000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>LG Corp</name>
        <lei>N/A</lei>
        <title>LG Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CIFC Funding Ltd</name>
        <lei>N/A</lei>
        <title>CIFC Funding Ltd</title>
        <cusip>12547JAA1</cusip>
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        <balance>569000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Kinder Morgan Inc</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust 2018-6</title>
        <cusip>89176LAA2</cusip>
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        <balance>791548.40000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Prosus NV</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>Prosus NV</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FirstEnergy Corp</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FirstEnergy Corp</title>
        <cusip>337932107</cusip>
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        <balance>87681.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38379UD37</cusip>
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          <isin value="US38379UD378"/>
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        <balance>4974614.71000000</balance>
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        <valUSD>294285.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-09-16</maturityDt>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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      <invstOrSec>
        <name>Analog Devices Inc</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NRZ Excess Spread Collateralized Notes</name>
        <lei>N/A</lei>
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          <isin value="US64829TAH41"/>
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      <invstOrSec>
        <name>Facebook Inc</name>
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          <isin value="US30303M1027"/>
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      <invstOrSec>
        <name>Venture CDO Ltd</name>
        <lei>549300A6M3BR8FZNXO79</lei>
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          <isin value="US92329VAS16"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US38379UQY54"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Logix Communications, LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARAMARK SERVICES INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHI Group Inc/DE</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Naspers Ltd</name>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Saranac CLO LTD</name>
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        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Aon PLC</name>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <name>PHI GROUP INC DEL COMMON STOCK</name>
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        <name>TE Connectivity Ltd</name>
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        <name>Lealand Finance Company B.V.</name>
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        <name>Baidu Inc</name>
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        <name>HeidelbergCement AG</name>
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        <name>SoftBank Group Corp</name>
        <lei>5493003BZYYYCDIO0R13</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CARNIVAL CORP</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp</title>
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        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sound Point CLO LTD</name>
        <lei>N/A</lei>
        <title>SOUND POINT CLO XVII</title>
        <cusip>83611GAA9</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>NRZ Excess Spread Collateralized Notes</name>
        <lei>N/A</lei>
        <title>NRZ Excess Spread-Collateralized Notes</title>
        <cusip>64829TAA9</cusip>
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          <isin value="US64829TAA97"/>
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        <balance>439495.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>439585.85000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEBARI NAT RES CREDIT FD I LP</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="966ZTA002"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gulfport Energy Corp</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>Gulfport Energy Corp</title>
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          <isin value="US402635AL06"/>
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        <balance>162000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107325.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>VCAT Asset Securitization, LLC</name>
        <lei>N/A</lei>
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          <isin value="US91822XAA00"/>
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        <balance>194800.74000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AGL CLO 6 LTD</name>
        <lei>5493008ZSC34VKNPZN79</lei>
        <title>AGL CLO 6 LTD</title>
        <cusip>00119WAA5</cusip>
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          <isin value="US00119WAA53"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Stratus CLO Ltd</name>
        <lei>549300Q25AW0J5PAWT42</lei>
        <title>Stratus CLO 2020-2 Ltd</title>
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          <isin value="US863173AL49"/>
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        <balance>370000.00000000</balance>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
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      <invstOrSec>
        <name>Samsung C&amp;T Corp</name>
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          <isin value="KR7028260008"/>
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        <invCountry>KR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MCDERMOTT SUPER SENIOR EXIT LC</name>
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          <other otherDesc="Internal Identifier" value="935IFTII4"/>
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        <assetCat>LON</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2024-06-30</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>NATURAL RESRCE PART LP</name>
        <lei>N/A</lei>
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          <isin value="US63902MAE84"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>N/A</lei>
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        <balance>63136.80000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Swire Pacific Ltd</name>
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        <invCountry>HK</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Glencore PLC</name>
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        <title>Glencore PLC</title>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WINDSTREAM RIGHTS OFFERING</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MCDERMOTT ROLL OFF LC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>OTG MANAGEMENT, LLC</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Springcastle SPV</name>
        <lei>N/A</lei>
        <title>SpringCastle America Funding LLC</title>
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        <balance>517603.73000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-25</maturityDt>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US12635HAE09"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MCDERMOTT PREF SHARE MDR</name>
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        <name>UBER TECHNOLOGIES INC</name>
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        <name>VNO Mortgage Trust</name>
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          <isin value="US91830CAG33"/>
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      <invstOrSec>
        <name>McDermott Technology Americas Inc</name>
        <lei>N/A</lei>
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          <isin value="XAN5200EAC56"/>
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        <fairValLevel>2</fairValLevel>
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        <name>TIDEWATER INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mediaco TL 11/24 Var</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CD&amp;R SMOKEY BUYER INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OTGTL OTG MANAGEMENT OTGTL OTG MANAGEMENT</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Howmet Aerospace Inc</name>
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        <name>A10 Securitization</name>
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        <name>Packers Holdings, LLC</name>
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        <name>Polyconcept Investments B.V.</name>
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        <name>Sound Point CLO LTD</name>
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        <name>Government National Mortgage Association</name>
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        <name>Mcdermott International Ltd</name>
        <lei>54930004RAXI4B3L4752</lei>
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        <name>Charter Communications Inc</name>
        <lei>0J0XRGZE3PBRFEZ7MV65</lei>
        <title>Charter Communications Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>LEALAND FIN CO BV ROLL OFF LC</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Mill City Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Mill City Mortgage Loan Trust 2018-2</title>
        <cusip>59980MAC5</cusip>
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          <isin value="US59980MAC55"/>
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        <balance>615143.29000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-05-25</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38379K3S5</cusip>
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          <isin value="US38379K3S58"/>
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        <balance>1248094.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52262.58000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-07-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.78000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US38378KSP56"/>
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        <balance>13060919.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>372468.70000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.78000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hercules Capital Funding Trust</name>
        <lei>549300G6R70R076CS293</lei>
        <title>Hercules Capital Funding Trust 2019-1</title>
        <cusip>42711AAA7</cusip>
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          <isin value="US42711AAA79"/>
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        <balance>910000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>918267.71000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Groupe Bruxelles Lambert SA</name>
        <lei>549300KV0ZEHT2KVU152</lei>
        <title>Groupe Bruxelles Lambert SA</title>
        <cusip>000000000</cusip>
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          <isin value="BE0003797140"/>
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        <balance>78012.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Booking Holdings Inc</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc</title>
        <cusip>09857L108</cusip>
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          <isin value="US09857L1089"/>
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        <balance>2559.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VNO Mortgage Trust</name>
        <lei>N/A</lei>
        <title>VNDO 2012-6AVE Mortgage Trust</title>
        <cusip>91830CAA6</cusip>
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          <isin value="US91830CAA62"/>
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        <balance>86000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88524.89000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Elm Trust</name>
        <lei>N/A</lei>
        <title>Elm 2020-4 Trust</title>
        <cusip>28924AAC5</cusip>
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          <isin value="US28924AAC53"/>
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        <balance>1177000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1180290.89000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABPCI Direct Lending Fund ABS Ltd</name>
        <lei>N/A</lei>
        <title>ABPCI Direct Lending Fund ABS I Ltd</title>
        <cusip>00090TAC1</cusip>
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          <isin value="US00090TAC18"/>
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        <balance>3536000.00000000</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>2030-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.94000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIMPRESS PLC</name>
        <lei>549300X1IFD75XISOR81</lei>
        <title>Cimpress PLC</title>
        <cusip>17186HAC6</cusip>
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          <isin value="US17186HAC60"/>
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        <balance>381000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400526.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Westinghouse Air Brake Technologies Corp</name>
        <lei>06BTX5UWZD0GQ5N5Y745</lei>
        <title>Westinghouse Air Brake Technologies Corp</title>
        <cusip>929740108</cusip>
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        <balance>58823.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONSOLIDATED COMMUNICATI</name>
        <lei>549300WW675Y48HDVX34</lei>
        <title>Consolidated Communications Inc</title>
        <cusip>20903XAF0</cusip>
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        <balance>1272000.00000000</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>
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          <maturityDt>2028-10-01</maturityDt>
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      <invstOrSec>
        <name>ABG Intermediate Holdings 2 LLC</name>
        <lei>54930020NXD0RJB64985</lei>
        <title>ABG Intermediate Holdings 2 LLC 2020 Incremental Term Loan</title>
        <cusip>00076VAV2</cusip>
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        <balance>216000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-27</maturityDt>
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      <invstOrSec>
        <name>Elm Trust</name>
        <lei>N/A</lei>
        <title>Elm 2020-3 Trust</title>
        <cusip>289338AB1</cusip>
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          <isin value="US289338AB17"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-20</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38378BH28</cusip>
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          <isin value="US38378BH280"/>
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        <balance>8930387.04000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-16</maturityDt>
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      <invstOrSec>
        <name>ABPCI Direct Lending Fund ABS Ltd</name>
        <lei>N/A</lei>
        <title>ABPCI Direct Lending Fund ABS I Ltd</title>
        <cusip>00090TAA5</cusip>
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        <balance>350000.00000000</balance>
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      <invstOrSec>
        <name>American International Group Inc</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
        <cusip>026874784</cusip>
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        <balance>244521.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Halcyon Loan Advisors Funding Ltd</name>
        <lei>549300SL5F4XH94OUB49</lei>
        <title>Halcyon Loan Advisors Funding 2015-1 Ltd</title>
        <cusip>40538HAN9</cusip>
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        <balance>454339.99000000</balance>
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        <curCd>USD</curCd>
        <valUSD>452873.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.14000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coinstar Funding, LLC</name>
        <lei>N/A</lei>
        <title>Coinstar Funding LLC Series 2017-1</title>
        <cusip>19260MAA4</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        </debtSec>
        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capstone Acquisition Holdings, Inc.</name>
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        <identifiers>
          <other otherDesc="LoanX ID" value="LX190571"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Solera, LLC</name>
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        </identifiers>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1166808.79000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-01-26</ncom:dateSigned>
      <ncom:nameOfApplicant>SOURCE CAPITAL INC /DE/</ncom:nameOfApplicant>
      <ncom:signature>Lake Setzler</ncom:signature>
      <ncom:signerName>Lake Setzler</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
