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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wisconsin Power &amp; Light Co.</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ICE Clear US</counterpartyName>
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                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp. Trust</name>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
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          <isin value="US01F0526727"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>Japan International Cooperation Agency</name>
        <lei>254900XEIG78M2AJB031</lei>
        <title>Japan International Cooperation Agency</title>
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          <isin value="US47109LAB09"/>
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        <curCd>USD</curCd>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Pikes Peak CLO 4</name>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Republic of Peru</name>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
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      <invstOrSec>
        <name>SG Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STARM Mortgage Loan Trust</name>
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        <name>FNMA or FHLMC</name>
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        <name>CWABS Asset-Backed Certificates Trust</name>
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        <name>MASTR Asset-Backed Securities Trust</name>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VMware LLC</name>
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        <name>Highwoods Realty LP</name>
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        <name>United States of America</name>
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        <name>Abu Dhabi National Energy Co. PJSC</name>
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        <name>Santander Holdings USA, Inc.</name>
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        <title>Santander Holdings USA, Inc.</title>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <name>Citigroup Mortgage Loan Trust, Inc.</name>
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        <name>N/A</name>
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        <name>Republic of South Africa</name>
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        <name>Lloyds Bank plc</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
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        <name>GSR Mortgage Loan Trust</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>RASC Trust</name>
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          <isin value="US76110W7R11"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Alt-A Securities, Inc. Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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        <name>GNMA</name>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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      <invstOrSec>
        <name>GoodLeap Sustainable Home Solutions Trust</name>
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        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
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        <balance>360483.37000000</balance>
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        <assetCat>DBT</assetCat>
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        <name>FNMA</name>
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        <name>Southern California Edison Co.</name>
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        <name>Bear Stearns ARM Trust</name>
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        <name>JP Morgan Mortgage Acquisition Corp.</name>
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        <name>Bank of Ireland Group plc</name>
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        <name>ONEOK Partners LP</name>
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        <name>Weir Group, Inc.</name>
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        <name>Realkredit Danmark A/S</name>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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      <invstOrSec>
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              <counterpartyName>CME Group Inc.</counterpartyName>
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        <name>N/A</name>
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        <name>Equinix, Inc.</name>
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          <isin value="US29444UBL98"/>
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        <name>N/A</name>
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        <name>BRSP Ltd.</name>
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        <name>Warwick Finance Residential Mortgages Number Three plc</name>
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        <name>MF1 Ltd.</name>
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        <name>HarborView Mortgage Loan Trust</name>
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        <name>WaMu Mortgage Pass-Through Certificates Trust</name>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>United States of America</name>
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      <invstOrSec>
        <name>New York State Urban Development Corp.</name>
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        <name>FNMA or FHLMC</name>
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        <name>WaMu Mortgage Pass-Through Certificates Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Wachovia Mortgage Loan LLC Trust</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>BCAP LLC Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CenterPoint Energy Houston Electric LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>Santander UK Group Holdings plc</name>
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      <invstOrSec>
        <name>Northern States Power Co.</name>
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        <name>FHLMC</name>
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        <balance>6379.76000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61747YFU47"/>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BMW Vehicle Lease Trust</name>
        <lei>N/A</lei>
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          <isin value="US05611UAD54"/>
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        <balance>500000.00000000</balance>
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        <name>Nederlandse Waterschapsbank NV</name>
        <lei>JLP5FSPH9WPSHY3NIM24</lei>
        <title>Nederlandse Waterschapsbank NV</title>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="156668"/>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Palmer Square Loan Funding Ltd.</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <name>Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>Home Equity Loan Trust, Series 2007-FRE1, Class 2AV3</title>
        <cusip>43710XAD0</cusip>
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          <isin value="US43710XAD03"/>
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          <couponKind>Floating</couponKind>
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        <name>Public Service Electric &amp; Gas Co.</name>
        <lei>549300RUHPVD434XUK18</lei>
        <title>Public Service Electric &amp; Gas Co.</title>
        <cusip>74456QCJ3</cusip>
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          <isin value="US74456QCJ31"/>
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        <balance>1500000.00000000</balance>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>45667SAA5</cusip>
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        <balance>42018.60550000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
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        <name>Wisconsin Power &amp; Light Co.</name>
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                <indexName>Markit CDX North American Investment Grade Index Series 43-V1</indexName>
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      <invstOrSec>
        <name>GreenSky Home Improvement Issuer Trust</name>
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        <name>GNMA</name>
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        <name>RALI Trust</name>
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      <invstOrSec>
        <name>NYO Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US62955HAA59"/>
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        <balance>400000.00000000</balance>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <name>N/A</name>
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        <title>IRS</title>
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      <invstOrSec>
        <name>Banc of America Funding Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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              <counterpartyName>Morgan Stanley Capital Services</counterpartyName>
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      <invstOrSec>
        <name>Japan Government Bond</name>
        <lei>353800WZS8AXZXFUC241</lei>
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        <cusip>N/A</cusip>
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          <isin value="JP1300851R17"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.30000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
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        <title>UMBS</title>
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          <isin value="US3140QSPN58"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Madison Park Funding XLIX Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US55820VAL71"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="012829AHS"/>
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              <counterpartyName>ICE Clear US</counterpartyName>
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              <indexBasketInfo>
                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
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        <name>GNMA</name>
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      <invstOrSec>
        <name>Elevation CLO Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>New Orleans Hotel Trust</name>
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      <invstOrSec>
        <name>Stifel Financial Corp.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp.</title>
        <cusip>860630AG7</cusip>
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          <isin value="US860630AG72"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>862632.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury STRIPS Bonds</title>
        <cusip>912834KH0</cusip>
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          <isin value="US912834KH07"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45997.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>3132DVKP9</cusip>
        <identifiers>
          <isin value="US3132DVKP93"/>
        </identifiers>
        <balance>15572.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14259.57000000</valUSD>
        <pctVal>0.005634362678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>NTT Finance Corp.</name>
        <lei>3538007PR116187GD960</lei>
        <title>NTT Finance Corp.</title>
        <cusip>62954WAJ4</cusip>
        <identifiers>
          <isin value="US62954WAJ45"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>399862.40000000</valUSD>
        <pctVal>0.157997035187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.23900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="012928AHS"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2199.35000000</valUSD>
        <pctVal>0.000869025893</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>ICE Clear US</counterpartyName>
              <counterpartyLei>549300HWWR1D8OTS2G29</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
                <indexIdentifier>Markit CDX North American Investment Grade Index Series 44-V1</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Payout of notional amount upon default event with regard to the reference instrument</otherPmntDesc>
            <terminationDt>2030-06-20</terminationDt>
            <upfrontPmnt>2272.77000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>200000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2199.35000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140QSSU6</cusip>
        <identifiers>
          <isin value="US3140QSSU64"/>
        </identifiers>
        <balance>925120.85000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>887205.23000000</valUSD>
        <pctVal>0.350560082525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="013115AHS"/>
        </identifiers>
        <balance>181000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-3108.54000000</valUSD>
        <pctVal>-0.00122827278</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Clearnet</counterpartyName>
              <counterpartyLei>549300TXTCI7WVVJS380</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="12" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.75000000"/>
            <terminationDt>2032-05-15</terminationDt>
            <upfrontPmnt>382.42000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>181000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3108.54000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="013087AH"/>
        </identifiers>
        <balance>-100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>-0.45000000</valUSD>
        <pctVal>-0.00000017780</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swaption" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>Citibank</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Swaption</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>2.38000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2025-07-03</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>263.87000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F032674</cusip>
        <identifiers>
          <isin value="US01F0326748"/>
        </identifiers>
        <balance>15500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13962108.60000000</valUSD>
        <pctVal>5.516827197973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Choice Hotels International, Inc.</name>
        <lei>5493003CYRY5RFGTIR97</lei>
        <title>Choice Hotels International, Inc.</title>
        <cusip>169905AF3</cusip>
        <identifiers>
          <isin value="US169905AF36"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>662133.29000000</valUSD>
        <pctVal>0.261627741740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Bonds</title>
        <cusip>912810RW0</cusip>
        <identifiers>
          <isin value="US912810RW09"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>289157.16000000</valUSD>
        <pctVal>0.114254238416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</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>Mercedes-Benz Finance North America LLC</name>
        <lei>549300423Z16BB673J12</lei>
        <title>Mercedes-Benz Finance North America LLC</title>
        <cusip>58769JAF4</cusip>
        <identifiers>
          <isin value="US58769JAF49"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600835.02000000</valUSD>
        <pctVal>0.237407047516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="013145AH"/>
        </identifiers>
        <balance>-200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-851.41000000</valUSD>
        <pctVal>-0.00033641636</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swaption" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Swaption</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>3.65250000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-14</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-253.91000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>3133KQM78</cusip>
        <identifiers>
          <isin value="US3133KQM787"/>
        </identifiers>
        <balance>4947330.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4863019.09000000</valUSD>
        <pctVal>1.921517497720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="012828AHS"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4308.64000000</valUSD>
        <pctVal>0.001702466512</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Clearnet</counterpartyName>
              <counterpartyLei>549300TXTCI7WVVJS380</counterpartyLei>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="12" resetDt="Day" resetDtUnit="1"/>
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            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.25000000"/>
            <terminationDt>2055-06-18</terminationDt>
            <upfrontPmnt>18934.90000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>200000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4308.64000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GSAA Trust</name>
        <lei>N/A</lei>
        <title>GSAA Trust, Series 2006-7, Class AF2</title>
        <cusip>362334NB6</cusip>
        <identifiers>
          <isin value="US362334NB60"/>
        </identifiers>
        <balance>228911.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>83114.22000000</valUSD>
        <pctVal>0.032840798089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.99493960</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>Ocean Trails CLO XI</name>
        <lei>549300E51CF32RJNO651</lei>
        <title>Ocean Trails CLO XI, Series 2021-11A, Class AR</title>
        <cusip>67514VAL3</cusip>
        <identifiers>
          <isin value="US67514VAL36"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>699440.00000000</valUSD>
        <pctVal>0.276368686557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <name>FNMA</name>
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        <name>Sunnova Helios XI Issuer LLC</name>
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        <name>N/A</name>
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        <name>Republic of Philippines</name>
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      <invstOrSec>
        <name>Trinitas CLO XIX Ltd.</name>
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        <name>JP Morgan Chase Commercial Mortgage Securities Trust</name>
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        <name>N/A</name>
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        <name>Manulife Financial Corp.</name>
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        <name>HA Sustainable Infrastructure Capital, Inc.</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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        <name>American Home Mortgage Assets Trust</name>
        <lei>N/A</lei>
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          <isin value="US02660YAU64"/>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <name>JP Morgan Mortgage Acquisition Corp.</name>
        <lei>N/A</lei>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <name>United States of America</name>
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        <name>Warwick Finance Residential Mortgages Number Three plc</name>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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        <name>Soundview Home Loan Trust</name>
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      <invstOrSec>
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        <name>HarborView Mortgage Loan Trust</name>
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      <invstOrSec>
        <name>New York State Electric &amp; Gas Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>FNMA</name>
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          <isin value="US3138EPLH51"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RALI Trust</name>
        <lei>N/A</lei>
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          <isin value="US761118PE29"/>
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        <curCd>USD</curCd>
        <valUSD>5914.92000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>46628BAG5</cusip>
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          <isin value="US46628BAG59"/>
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        <balance>41753.18230000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust, Series 2005-1, Class 2A5</title>
        <cusip>59020UVM4</cusip>
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          <isin value="US59020UVM43"/>
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        <balance>26032.89000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23374.50000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.15435040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Electric &amp; Gas Corp.</name>
        <lei>549300GEC6J0YHUXA160</lei>
        <title>New York State Electric &amp; Gas Corp.</title>
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          <isin value="US649840CW32"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1212339.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nissan Motor Co. Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>Nissan Motor Co. Ltd.</title>
        <cusip>654744AD3</cusip>
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          <isin value="US654744AD34"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>731000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.81000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="162759"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>542.47000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Bank</counterpartyName>
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            <amtCurSold>37475.29000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jyske Realkredit A/S</name>
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        <title>Jyske Realkredit A/S, Series CCE</title>
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        <balance>0.80000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.33375000"/>
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        <pctVal>0.000000039512</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
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          <other otherDesc="Inhouse Asset ID" value="012842AHS"/>
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        <balance>700000.00000000</balance>
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        <valUSD>3480.47000000</valUSD>
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        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>ICE Clear US</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
                <indexIdentifier>Markit CDX North American Investment Grade Index Series 44-V1</indexIdentifier>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
        <name>Wells Fargo Mortgage Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR16, Class A1</title>
        <cusip>94984NAA0</cusip>
        <identifiers>
          <isin value="US94984NAA00"/>
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        <balance>279130.42170000</balance>
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        <curCd>USD</curCd>
        <valUSD>263711.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.75010520</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Option One Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Option One Mortgage Loan Trust, Series 2006-3, Class 2A3</title>
        <cusip>68389BAC7</cusip>
        <identifiers>
          <isin value="US68389BAC72"/>
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        <balance>1063501.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496115.46000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.71368160</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
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        <balance>-200000.00000000</balance>
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        <valUSD>-196.99000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>J.P. Morgan</counterpartyName>
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            <writtenOrPur>Written</writtenOrPur>
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            <unrealizedAppr>-11036.91000000</unrealizedAppr>
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      <invstOrSec>
        <name>Banc of America Funding Trust</name>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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          <other otherDesc="Inhouse Asset ID" value="164238"/>
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        <balance>1.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Morgan Stanley &amp; Co. International</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="156085"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs Bank</counterpartyName>
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      <invstOrSec>
        <name>Jones Lang LaSalle, Inc.</name>
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          <isin value="US48020QAB32"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3133WBMK96"/>
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        <balance>898635.41000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="012734AHS"/>
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        <balance>300000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ICE Clear US</counterpartyName>
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                <indexName>Markit CDX North American Investment Grade Index Series 43-V1</indexName>
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      <invstOrSec>
        <name>Santander Holdings USA, Inc.</name>
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        <title>Santander Holdings USA, Inc.</title>
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          <isin value="US80282KBQ85"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="012510AHS"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
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        <title>Foreign Exchange EUR/USD</title>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>HSBC BANK USA  N.A.</counterpartyName>
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>Bear Stearns ARM Trust</name>
        <lei>N/A</lei>
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        <balance>3379.84000000</balance>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>United Airlines Pass-Through Trust</name>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
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        <balance>11812.35000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
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          <other otherDesc="Inhouse Asset ID" value="013112AHS"/>
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        <balance>181000.00000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Clearnet</counterpartyName>
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            <swapFlag>Y</swapFlag>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="163478"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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            <amtCurSold>59000.00000000</amtCurSold>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>American Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>American Airlines Pass-Through Trust, Series 2016-3, Class A</title>
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          <isin value="US023771S255"/>
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        <balance>119578.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>109708.92000000</valUSD>
        <pctVal>0.043349122332</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>31418E2E9</cusip>
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          <isin value="US31418E2E93"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1117101.59000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
        <cusip>N/A</cusip>
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        <balance>-1700000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>N/A</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>8925.97000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Call</putOrCall>
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            <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>31418FAX5</cusip>
        <identifiers>
          <isin value="US31418FAX50"/>
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        <balance>1747563.48000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1777798.08000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHL Mortgage Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust, Series 2005-HYB9, Class 3A2A</title>
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        <balance>1841.32990000</balance>
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        <curCd>USD</curCd>
        <valUSD>1597.78000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
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        <balance>-200000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>649.03000000</unrealizedAppr>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
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        <cusip>01F050676</cusip>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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        <balance>20366.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20597.61000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>45661EGE8</cusip>
        <identifiers>
          <isin value="US45661EGE86"/>
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        <balance>160939.47110000</balance>
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        <curCd>USD</curCd>
        <valUSD>110052.05000000</valUSD>
        <pctVal>0.043484702778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Option One Mortgage Loan Trust Asset-Backed Certificates</name>
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        <name>FNMA</name>
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        <name>Nissan Motor Acceptance Co. LLC</name>
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        <name>FHLMC Pool</name>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>GSAMP Trust</name>
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        <name>N/A</name>
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        <name>Goodman US Finance Three LLC</name>
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        <name>CHL Mortgage Pass-Through Trust</name>
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        <name>STWD Ltd.</name>
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        <name>N/A</name>
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        <name>Greywolf CLO III Ltd.</name>
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      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
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        <name>FHLMC</name>
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      <invstOrSec>
        <name>CWABS Asset-Backed Certificates Trust</name>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Bonds</title>
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          <isin value="US912810SV17"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>739856.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Option One Mortgage Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US68402YAA47"/>
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        <balance>128280.83000000</balance>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.57368120</annualizedRt>
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        <name>N/A</name>
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        <title>CDI</title>
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        <name>United States of America</name>
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        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <name>JP Morgan Mortgage Acquisition Trust</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SY55"/>
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        <balance>800000.00000000</balance>
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        <valUSD>581251.52000000</valUSD>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>LCH Clearnet</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>COPT Defense Properties LP</name>
        <lei>H0TWO5VRNEP6CQAWPX27</lei>
        <title>COPT Defense Properties LP</title>
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          <isin value="US22003BAL09"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates</name>
        <lei>N/A</lei>
        <title>Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-R9, Class M1</title>
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          <isin value="US03072SQ327"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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          <other otherDesc="Inhouse Asset ID" value="162064"/>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>HSBC Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="163212"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Citibank</counterpartyName>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300REQJRID6TODX95</lei>
        <title>Wells Fargo Commercial Mortgage Trust, Series 2018-C48, Class A5</title>
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          <isin value="US95001RAX70"/>
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      <invstOrSec>
        <name>Ares European CLO XIV DAC</name>
        <lei>635400CPKWIBFGMQTE81</lei>
        <title>Ares European CLO XIV DAC, Series 14A, Class AR</title>
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          <isin value="XS2920478356"/>
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        <balance>509495.92000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WaMu Mortgage Pass-Through Certificates Trust</name>
        <lei>N/A</lei>
        <title>WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR6, Class 1A1A</title>
        <cusip>92922FH84</cusip>
        <identifiers>
          <isin value="US92922FH842"/>
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        <balance>163443.51000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.93368120</annualizedRt>
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      <invstOrSec>
        <name>Bear Stearns ARM Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns ARM Trust, Series 2004-8, Class 2A1</title>
        <cusip>07384M2E1</cusip>
        <identifiers>
          <isin value="US07384M2E17"/>
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        <balance>14969.94000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
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          <other otherDesc="Inhouse Asset ID" value="012508AHS"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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          <isin value="US46647PBE51"/>
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        <name>N/A</name>
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              <counterpartyName>ICE Clear US</counterpartyName>
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                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
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      <invstOrSec>
        <name>JetBlue Pass-Through Trust</name>
        <lei>N/A</lei>
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          <isin value="US477164AA59"/>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2015-H19, Class FK</title>
        <cusip>38376RGB6</cusip>
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          <isin value="US38376RGB69"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CWABS Asset-Backed Certificates Trust</name>
        <lei>N/A</lei>
        <title>CWABS Asset-Backed Certificates Trust, Series 2006-24, Class 1A</title>
        <cusip>23243HAA9</cusip>
        <identifiers>
          <isin value="US23243HAA95"/>
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        <balance>600889.48000000</balance>
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        <curCd>USD</curCd>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EMC Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>EMC Mortgage Loan Trust, Series 2001-A, Class A</title>
        <cusip>268668AA8</cusip>
        <identifiers>
          <isin value="US268668AA87"/>
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        <balance>1947.36000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1935.37000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC</title>
        <cusip>161175CD4</cusip>
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          <isin value="US161175CD44"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>736784.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>AP Moller - Maersk A/S</name>
        <lei>549300D2K6PKKKXVNN73</lei>
        <title>AP Moller - Maersk A/S</title>
        <cusip>00203QAE7</cusip>
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          <isin value="US00203QAE70"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>701642.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SL3</cusip>
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          <isin value="US912810SL35"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>235297.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>European Union</name>
        <lei>529900FZRK8FGMPEOM08</lei>
        <title>European Union</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EU000A3L1DJ0"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>116737.87000000</valUSD>
        <pctVal>0.046126460887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Post Road Equipment Finance LLC</name>
        <lei>N/A</lei>
        <title>Post Road Equipment Finance LLC, Series 2025-1A, Class A2</title>
        <cusip>73747LAB4</cusip>
        <identifiers>
          <isin value="US73747LAB45"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>801665.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CPPIB Capital, Inc.</name>
        <lei>549300KW9NB55HTDK075</lei>
        <title>CPPIB Capital, Inc.</title>
        <cusip>12593CAY7</cusip>
        <identifiers>
          <isin value="CA12593CAY71"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nissan Motor Acceptance Co. LLC</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>Nissan Motor Acceptance Co. LLC</title>
        <cusip>654740BT5</cusip>
        <identifiers>
          <isin value="US654740BT54"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>726549.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Bonds</title>
        <cusip>912810SM1</cusip>
        <identifiers>
          <isin value="US912810SM18"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72561.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>NovaStar Mortgage Funding Trust</name>
        <lei>N/A</lei>
        <title>NovaStar Mortgage Funding Trust, Series 2006-5, Class A2D</title>
        <cusip>66988YAE2</cusip>
        <identifiers>
          <isin value="US66988YAE23"/>
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        <balance>95801.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26423.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.91367960</annualizedRt>
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      <invstOrSec>
        <name>Securitized Asset-Backed Receivables LLC Trust</name>
        <lei>N/A</lei>
        <title>Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR5, Class A2A</title>
        <cusip>81379EAA0</cusip>
        <identifiers>
          <isin value="US81379EAA01"/>
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        <balance>26769.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20117.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.69368000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UE6</cusip>
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          <isin value="US912810UE63"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>286419.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="012965AHS"/>
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        <curCd>USD</curCd>
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        <assetCat>DCR</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>ICE Clear US</counterpartyName>
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              <indexBasketInfo>
                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>23636AAZ4</cusip>
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          <isin value="US23636AAZ49"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>993005.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.62100000</annualizedRt>
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      <invstOrSec>
        <name>DC Office Trust</name>
        <lei>N/A</lei>
        <title>DC Office Trust, Series 2019-MTC, Class A</title>
        <cusip>23312BAA8</cusip>
        <identifiers>
          <isin value="US23312BAA89"/>
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        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1197411.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.96500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust, Series 2005-32T1, Class A3</title>
        <cusip>12667GC84</cusip>
        <identifiers>
          <isin value="US12667GC849"/>
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        <balance>85585.36000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45374.96000000</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>2035-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.43368160</annualizedRt>
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      <invstOrSec>
        <name>Bear Stearns ARM Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns ARM Trust, Series 2004-10, Class 22A1</title>
        <cusip>07384M4J8</cusip>
        <identifiers>
          <isin value="US07384M4J85"/>
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        <balance>2930.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2594.74000000</valUSD>
        <pctVal>0.001025255755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.12500320</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="012102AHS"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15756.18000000</valUSD>
        <pctVal>0.006225715960</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ICE Clear US</counterpartyName>
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              <indexBasketInfo>
                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>United Mexican States</name>
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          <isin value="XS2754067242"/>
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        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bonos de la Tesoreria</name>
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          <isin value="PEP01000C5I0"/>
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        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US912810ST60"/>
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        <balance>13400000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>FNMA</name>
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          <isin value="US3140XQZ753"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Edison International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
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        <title>Global Payments, Inc.</title>
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      <invstOrSec>
        <name>N/A</name>
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        <title>SOP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <name>Morgan Stanley Bank NA</name>
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        <name>Japan Government Bond</name>
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      <invstOrSec>
        <name>Mercedes-Benz Finance North America LLC</name>
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        <name>RFMSI Trust</name>
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        <name>HAT Holdings I LLC</name>
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        <name>FHLMC Pool</name>
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        <name>Expedia Group, Inc.</name>
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        <name>Prime Mortgage Trust</name>
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        <name>Weyerhaeuser Co.</name>
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        <name>FHLMC Pool</name>
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        <name>Province of British Columbia</name>
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        <name>United States of America</name>
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        <name>FHLMC Pool</name>
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        <name>GSPA Monetization Trust</name>
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        <name>First Horizon Alternative Mortgage Securities Trust</name>
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        <name>FNMA</name>
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        <name>Option One Mortgage Loan Trust</name>
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        <name>Ameren Missouri Securitization Funding I LLC</name>
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        <name>BlueMountain CLO Ltd.</name>
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        <name>AP Moller - Maersk A/S</name>
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        <name>N/A</name>
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        <name>FORT CRE Issuer LLC</name>
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        <name>Prologis LP</name>
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        <name>Stonepeak ABS</name>
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        <name>Renaissance Home Equity Loan Trust</name>
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        <name>GreatAmerica Leasing Receivables Funding LLC</name>
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        <name>Southern California Edison Co.</name>
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        <name>OZLM IX Ltd.</name>
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        <name>Lazard Group LLC</name>
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        <title>Lazard Group LLC</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>University of Michigan</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
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      <invstOrSec>
        <name>Enel Finance International NV</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912810SD19"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hilton USA Trust</name>
        <lei>N/A</lei>
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        <balance>600000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Bank of America</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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            <unrealizedAppr>-75.78000000</unrealizedAppr>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SK51"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Madison Park Funding XLVI Ltd.</name>
        <lei>N/A</lei>
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        <cusip>55822AAW7</cusip>
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          <isin value="US55822AAW71"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>700140.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
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        <cusip>01F030686</cusip>
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          <isin value="US01F0306864"/>
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        <balance>21800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18874030.16000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MortgageIT Trust</name>
        <lei>N/A</lei>
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          <isin value="US61915RAV87"/>
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        <balance>18767.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18646.03000000</valUSD>
        <pctVal>0.007367578091</pctVal>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Sprint Spectrum Co. LLC</name>
        <lei>N/A</lei>
        <title>Sprint Spectrum Co. LLC</title>
        <cusip>85208NAE0</cusip>
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        <balance>220000.00000000</balance>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-3482.44000000</valUSD>
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      <invstOrSec>
        <name>Crestline Denali CLO XV Ltd.</name>
        <lei>254900I3X14OTGXOC969</lei>
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        <balance>16756.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16759.22000000</valUSD>
        <pctVal>0.006622045663</pctVal>
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        <name>United States of America</name>
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                <issuerName>Verizon Communications, Inc.</issuerName>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA</name>
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          <isin value="US38376RPV23"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
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          <isin value="US38141GA872"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <balance>-200000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>Bank of America</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>Arbor Realty Commercial Real Estate Notes Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US03880XAA46"/>
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        <balance>458584.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>458584.22000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-H17, Class FM</title>
        <cusip>38376RXJ0</cusip>
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          <isin value="US38376RXJ03"/>
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        <balance>450.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>447.52000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.89602160</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2006-5, Class 3A2</title>
        <cusip>31394VL73</cusip>
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          <isin value="US31394VL730"/>
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        <balance>1531.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1568.35000000</valUSD>
        <pctVal>0.000619699802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.78198600</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3138AU6B8</cusip>
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          <isin value="US3138AU6B83"/>
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        <balance>6097.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6028.99000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Japan Government Bond</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="JP1300861R49"/>
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        <balance>97000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="012708AHS"/>
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        <balance>2330000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Clearnet</counterpartyName>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.25000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="EURIBOR" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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      <invstOrSec>
        <name>Thornburg Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <cusip>88522EAC7</cusip>
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          <isin value="US88522EAC75"/>
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        <balance>19586.92000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13767.86000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First American Financial Corp.</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corp.</title>
        <cusip>31847RAG7</cusip>
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          <isin value="US31847RAG74"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Tesla Sustainable Energy Trust</name>
        <lei>N/A</lei>
        <title>Tesla Sustainable Energy Trust, Series 2024-1A, Class A2</title>
        <cusip>88164AAB0</cusip>
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          <isin value="US88164AAB08"/>
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        <balance>483344.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>484907.06000000</valUSD>
        <pctVal>0.191600605161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust, Series 2006-OA12, Class A1B</title>
        <cusip>23243AAB2</cusip>
        <identifiers>
          <isin value="US23243AAB26"/>
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        <balance>39823.12970000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40830.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
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        <balance>-200000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
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        <name>GoodLeap Sustainable Home Solutions Trust</name>
        <lei>N/A</lei>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Norinchukin Bank (The)</name>
        <lei>5493007VSMFZCPV1NB83</lei>
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          <isin value="US656029AL92"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140AFCP9</cusip>
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          <isin value="US3140AFCP96"/>
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        <balance>58198.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58314.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
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          <isin value="US466247ZP16"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="164239"/>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co. International</counterpartyName>
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      <invstOrSec>
        <name>Bear Stearns ALT-A Trust</name>
        <lei>N/A</lei>
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          <isin value="US07386HSY89"/>
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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>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US38376RYV22"/>
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        <balance>216700.01000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
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      <invstOrSec>
        <name>Clearway Energy Operating LLC</name>
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      <invstOrSec>
        <name>Equinix, Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc.</title>
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          <isin value="US29444UBU97"/>
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        <balance>1200000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="013083AH"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>Citibank</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>N/A</issuerName>
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            <delta>XXXX</delta>
            <unrealizedAppr>130.46000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust, Inc.</name>
        <lei>549300R1KUK063S4I339</lei>
        <title>Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2</title>
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          <isin value="US17307GXQ62"/>
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        <balance>26468.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25845.34000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="012276AHS"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99205.00000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Clearnet</counterpartyName>
              <counterpartyLei>549300TXTCI7WVVJS380</counterpartyLei>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>1500000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>99205.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="013195AH"/>
        </identifiers>
        <balance>-200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-524.18000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swaption" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Swaption</issueTitle>
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                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <expDt>2025-07-28</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>131.82000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="012779AH"/>
        </identifiers>
        <balance>14400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1987.15000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swaption" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>Citibank</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Swaption</issueTitle>
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                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>3.50000000</exercisePrice>
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            <expDt>2025-07-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-10252.85000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>San Diego Gas &amp; Electric Co.</name>
        <lei>KNIRVXKVNJJ4P8OTMS63</lei>
        <title>San Diego Gas &amp; Electric Co.</title>
        <cusip>797440CE2</cusip>
        <identifiers>
          <isin value="US797440CE27"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>510213.50000000</valUSD>
        <pctVal>0.201599901147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Ultra Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="UXYU5CM"/>
          <other otherDesc="Future Ticker" value="UXYU5 Comdty"/>
        </identifiers>
        <balance>-25.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-72690.13000000</valUSD>
        <pctVal>-0.02872194291</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
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                  <ticker value="UXYU5 Comdty"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>-2856640.63000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-72690.13000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RH3</cusip>
        <identifiers>
          <isin value="US912810RH32"/>
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        <balance>2100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1656447.87000000</valUSD>
        <pctVal>0.654509782372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HAT Holdings I LLC</name>
        <lei>N/A</lei>
        <title>HAT Holdings I LLC</title>
        <cusip>418751AE3</cusip>
        <identifiers>
          <isin value="US418751AE33"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>392151.60000000</valUSD>
        <pctVal>0.154950278255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</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>First Horizon Mortgage Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1</title>
        <cusip>32051GTX3</cusip>
        <identifiers>
          <isin value="US32051GTX33"/>
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        <balance>19061.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17536.13000000</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>2035-10-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Northern States Power Co.</name>
        <lei>3S1GHB0TEH85KX44SB51</lei>
        <title>Northern States Power Co.</title>
        <cusip>665772CV9</cusip>
        <identifiers>
          <isin value="US665772CV98"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>592363.10000000</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>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>05571AAR6</cusip>
        <identifiers>
          <isin value="US05571AAR68"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>528788.45000000</valUSD>
        <pctVal>0.208939393504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.71400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
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          <other otherDesc="Inhouse Asset ID" value="012826AHS"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1963.44000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
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          <other otherDesc="Inhouse Asset ID" value="012163AHS"/>
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        <balance>400000.00000000</balance>
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        <valUSD>18233.51000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>TFDXX LEX BLACKROCK FED FUND</name>
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        <name>Norinchukin Bank (The)</name>
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        <name>Bear Stearns ARM Trust</name>
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        <name>RASC Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Landmark Mortgage Securities No. 3 plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Madison Park Funding XXXVI Ltd.</name>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group plc</title>
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        <balance>400000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>09659W2C7</cusip>
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          <isin value="US09659W2C78"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>293111.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4989, Class FB</title>
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        <identifiers>
          <isin value="US3137FUKQ62"/>
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        <balance>120171.61200000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>NXP BV</name>
        <lei>N/A</lei>
        <title>NXP BV</title>
        <cusip>62947QBB3</cusip>
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          <isin value="US62947QBB32"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>502010.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2003-25, Class KP</title>
        <cusip>31393APU5</cusip>
        <identifiers>
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        <balance>4762.11000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4744.53000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS</title>
        <cusip>N/A</cusip>
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        <balance>900000.00000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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        <name>European Union</name>
        <lei>529900FZRK8FGMPEOM08</lei>
        <title>European Union</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>BE</invCountry>
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      <invstOrSec>
        <name>FHF Trust</name>
        <lei>N/A</lei>
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          <isin value="US30331GAC50"/>
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        <balance>118547.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>119553.25000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-06-15</maturityDt>
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      <invstOrSec>
        <name>CVC Cordatus Loan Fund VII DAC</name>
        <lei>635400CLBI5JM6YQBR92</lei>
        <title>CVC Cordatus Loan Fund VII DAC, Series 7A, Class ARR</title>
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        <identifiers>
          <isin value="XS2305369709"/>
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        <balance>470260.61000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-15</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="151385"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
        <valUSD>-2416.93000000</valUSD>
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        <invCountry>N/A</invCountry>
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              <counterpartyName>Goldman Sachs Bank</counterpartyName>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Soundview Home Loan Trust</name>
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                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>FHLMC</name>
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        <name>Japan Government Bond</name>
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            <curCd>CAD</curCd>
            <unrealizedAppr>-4327.15000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13032UD885"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="013193AH"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Bank of America</counterpartyName>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>Nomura Holdings, Inc.</name>
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          <isin value="US65535HAR03"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="012075AHS"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>Citibank</counterpartyName>
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            <unrealizedAppr>-81.80000000</unrealizedAppr>
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      <invstOrSec>
        <name>Bear Stearns ARM Trust</name>
        <lei>N/A</lei>
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          <isin value="US07384MTN29"/>
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        <curCd>USD</curCd>
        <valUSD>523.15000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
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        <curCd>USD</curCd>
        <valUSD>117592.05000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3653.21000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ICE Clear US</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
                <indexIdentifier>Markit CDX North American Investment Grade Index Series 44-V1</indexIdentifier>
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            <swapFlag>Y</swapFlag>
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      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <title>Sumitomo Mitsui Trust Bank Ltd.</title>
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        <balance>300000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <securityLending>
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      <invstOrSec>
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      <invstOrSec>
        <name>Argent Securities, Inc. Asset-Backed Pass-Through Certificates</name>
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        <title>Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2006-M1, Class A2C</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>618901.90000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <assetCat>DIR</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>Goldman Sachs Bank</counterpartyName>
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            <unrealizedAppr>-785.93000000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ONE Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ONE Mortgage Trust, Series 2021-PARK, Class A</title>
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          <isin value="US682413AA79"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>685124.93000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="012509AHS"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Clearnet</counterpartyName>
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            <swapFlag>Y</swapFlag>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>EUR</curCd>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="012216AHS"/>
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        <balance>6400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-279913.84000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Clearnet</counterpartyName>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-279913.84000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CFCRE Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CFCRE Commercial Mortgage Trust, Series 2016-C7, Class ASB</title>
        <cusip>12532BAB3</cusip>
        <identifiers>
          <isin value="US12532BAB36"/>
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        <balance>78159.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77571.49000000</valUSD>
        <pctVal>0.030650707431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.64360000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="012501AHS"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>J.P. Morgan</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>iTraxx Europe Crossover Index Series 42-V2</indexName>
                <indexIdentifier>iTraxx Europe Crossover Index Series 42-V2</indexIdentifier>
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            <swapFlag>Y</swapFlag>
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            <notionalAmt>500000.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>12876.02000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3360, Class FC</title>
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        <identifiers>
          <isin value="US31397KE319"/>
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        <balance>3112.35000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3112.47000000</valUSD>
        <pctVal>0.001229825640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="013104AH"/>
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        <balance>-200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swaption" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>Goldman Sachs Bank</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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            <shareNo>1.00000000</shareNo>
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      <invstOrSec>
        <name>Crown Point CLO 7 Ltd.</name>
        <lei>N/A</lei>
        <title>Crown Point CLO 7 Ltd., Series 2018-7A, Class AR</title>
        <cusip>22846MAJ2</cusip>
        <identifiers>
          <isin value="US22846MAJ27"/>
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        <balance>267284.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>267309.76000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-20</maturityDt>
          <couponKind>Floating</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797RC3</cusip>
        <identifiers>
          <isin value="US912797RC34"/>
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        <balance>5300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5235114.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-14</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="012955AHS"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>734.10000000</valUSD>
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        <assetCat>DCR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ICE Clear US</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
                <indexIdentifier>Markit CDX North American Investment Grade Index Series 44-V1</indexIdentifier>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Ares XXVII CLO Ltd.</name>
        <lei>549300BC3E2Y44TL8536</lei>
        <title>Ares XXVII CLO Ltd., Series 2013-2A, Class AR3</title>
        <cusip>00190YBP9</cusip>
        <identifiers>
          <isin value="US00190YBP97"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>700140.00000000</valUSD>
        <pctVal>0.276645276515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.43261960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
        <identifiers>
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      <invstOrSec>
        <name>Morgan Stanley Mortgage Loan Trust</name>
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        <name>Smurfit Kappa Treasury ULC</name>
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        <name>Mondelez International, Inc.</name>
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      <invstOrSec>
        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RALI Trust</name>
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          <isin value="US74923XAA46"/>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Romania Government Bond</name>
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        <name>Ready Capital Mortgage Financing LLC</name>
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        <name>N/A</name>
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        <title>OIS</title>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
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        <name>NXP BV</name>
        <lei>N/A</lei>
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        <balance>1400000.00000000</balance>
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      <invstOrSec>
        <name>Specialty Underwriting &amp; Residential Finance Trust</name>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-NYAH, Class A</title>
        <cusip>46654EAA9</cusip>
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        <balance>700000.00000000</balance>
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      <invstOrSec>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments II Trust</name>
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      <invstOrSec>
        <name>GNMA</name>
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        <balance>180457.81000000</balance>
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        <name>Fremont Home Loan Trust</name>
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        <name>ING Groep NV</name>
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        <name>FHLMC Pool</name>
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        <name>Alternative Loan Trust</name>
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      <invstOrSec>
        <name>Morgan Stanley ABS Capital I, Inc. Trust</name>
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        <name>HSBC Holdings plc</name>
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        <title>HSBC Holdings plc</title>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Deutsche Alt-A Securities Mortgage Loan Trust</name>
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        <name>N/A</name>
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            <payOffProf>Long</payOffProf>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>United States of America</name>
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        <name>United States of America</name>
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        <name>FNMA</name>
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        <name>Store Capital LLC</name>
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        <name>FHLMC Pool</name>
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        <name>N/A</name>
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          <maturityDt>2028-11-02</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>Sumitomo Mitsui Trust Bank Ltd.</title>
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          <isin value="US86563VBA61"/>
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        <balance>1600000.00000000</balance>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
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          <isin value="US01F0406854"/>
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        <balance>7650000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="164046"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Barclays Bank</counterpartyName>
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            <amtCurSold>201338.17000000</amtCurSold>
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        </derivativeInfo>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>European Union</name>
        <lei>529900FZRK8FGMPEOM08</lei>
        <title>European Union</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EU000A3L1CN4"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-05</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="012875AHS"/>
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        <balance>229000000.00000000</balance>
        <units>PA</units>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Clearnet</counterpartyName>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US38376RC950"/>
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        <curCd>USD</curCd>
        <valUSD>103129.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.21601840</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="012785AHS"/>
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        <balance>80000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Clearnet</counterpartyName>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.61000000"/>
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                <rtResetTenor rateTenor="Month" rateTenorUnit="6" resetDt="Month" resetDtUnit="6"/>
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            <terminationDt>2035-03-24</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>158.92000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="163208"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-12.83000000</valUSD>
        <pctVal>-0.00000506949</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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            <amtCurSold>33977.49000000</amtCurSold>
            <curSold>CNY</curSold>
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            <settlementDt>2025-08-20</settlementDt>
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        <securityLending>
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      <invstOrSec>
        <name>GSR Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1</title>
        <cusip>362341RX9</cusip>
        <identifiers>
          <isin value="US362341RX95"/>
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        <balance>15018.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14421.43000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.29343640</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>Fremont Home Loan Trust</name>
        <lei>N/A</lei>
        <title>Fremont Home Loan Trust, Series 2006-E, Class 2A1</title>
        <cusip>35729NAB1</cusip>
        <identifiers>
          <isin value="US35729NAB10"/>
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        <balance>2026.36000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>908.10000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NDIRS</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="012993AHS"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CME Group Inc.</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SW99"/>
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        <curCd>USD</curCd>
        <valUSD>1789937.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Structured Adjustable Rate Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 1A1</title>
        <cusip>86363GAA2</cusip>
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          <isin value="US86363GAA22"/>
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        <balance>24993.75630000</balance>
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        <curCd>USD</curCd>
        <valUSD>20576.23000000</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>2047-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.83368040</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="012876AHS"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7398.32000000</valUSD>
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        <assetCat>DCR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>ICE Clear US</counterpartyName>
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              <indexBasketInfo>
                <indexName>Markit CDX North American Investment Grade Index Series 44-V1</indexName>
                <indexIdentifier>Markit CDX North American Investment Grade Index Series 44-V1</indexIdentifier>
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            <swapFlag>Y</swapFlag>
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            <notionalAmt>700000.00000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>EQ Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Brian Walsh</ncom:signature>
      <ncom:signerName>Brian Walsh</ncom:signerName>
      <ncom:title>Chief Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
