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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bellemeade Re Ltd., Series 2021-3A, Class B1</title>
        <cusip>078777AF6</cusip>
        <identifiers>
          <isin value="US078777AF67"/>
        </identifiers>
        <balance>1380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1412080.58000000</valUSD>
        <pctVal>0.145982255712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.20369080</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>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>49326EEQ2</cusip>
        <identifiers>
          <isin value="US49326EEQ26"/>
        </identifiers>
        <balance>4365000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4358430.54000000</valUSD>
        <pctVal>0.450578763427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.12100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="399604.03000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equify ABS LLC</name>
        <lei>N/A</lei>
        <title>Equify ABS LLC, Series 2024-1A, Class A</title>
        <cusip>29445TAA6</cusip>
        <identifiers>
          <isin value="US29445TAA60"/>
        </identifiers>
        <balance>1200341.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1199699.71000000</valUSD>
        <pctVal>0.124026116019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.43000000</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>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
        <cusip>02005NBW9</cusip>
        <identifiers>
          <isin value="US02005NBW92"/>
        </identifiers>
        <balance>2335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2313202.82000000</valUSD>
        <pctVal>0.239141144186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.54300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="134457.65000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 15 Year, Single Family</title>
        <cusip>01F052458</cusip>
        <identifiers>
          <isin value="US01F0524581"/>
        </identifiers>
        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4571532.63000000</valUSD>
        <pctVal>0.472609463542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-25</maturityDt>
          <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>GCAT Trust</name>
        <lei>N/A</lei>
        <title>GCAT Trust, Series 2021-CM1, Class M1</title>
        <cusip>36168AAB5</cusip>
        <identifiers>
          <isin value="US36168AAB52"/>
        </identifiers>
        <balance>530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>458407.34000000</valUSD>
        <pctVal>0.047390594047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.27600000</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>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2021-SFR7, Class F</title>
        <cusip>74333PAN7</cusip>
        <identifiers>
          <isin value="US74333PAN78"/>
        </identifiers>
        <balance>840000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>780069.02000000</valUSD>
        <pctVal>0.080644289542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.83400000</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</name>
        <lei>549300K0XW5MBR2WNZ55</lei>
        <title>FHLMC STACR Trust, Series 2019-FTR4, Class B2</title>
        <cusip>35565GAE7</cusip>
        <identifiers>
          <isin value="US35565GAE70"/>
        </identifiers>
        <balance>1280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1395200.00000000</valUSD>
        <pctVal>0.144237125030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.46816920</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>BSPRT Issuer LLC</name>
        <lei>N/A</lei>
        <title>BSPRT Issuer LLC, Series 2024-FL11, Class A</title>
        <cusip>05613RAA6</cusip>
        <identifiers>
          <isin value="US05613RAA68"/>
        </identifiers>
        <balance>1930000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1926374.50000000</valUSD>
        <pctVal>0.199150458437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.95986120</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>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1</title>
        <cusip>20754EAA3</cusip>
        <identifiers>
          <isin value="US20754EAA38"/>
        </identifiers>
        <balance>375203.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>376610.65000000</valUSD>
        <pctVal>0.038934373144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.05369160</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>CFMT LLC</name>
        <lei>9845005986F840FBE847</lei>
        <title>CFMT LLC, Series 2024-HB14, Class M3</title>
        <cusip>12530XAD3</cusip>
        <identifiers>
          <isin value="US12530XAD30"/>
        </identifiers>
        <balance>1660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1541810.49000000</valUSD>
        <pctVal>0.159393859245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999880</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>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650EC0</cusip>
        <identifiers>
          <isin value="US126650EC08"/>
        </identifiers>
        <balance>6060000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6226002.79000000</valUSD>
        <pctVal>0.643650188404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="104727.67000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
        <cusip>126307BN6</cusip>
        <identifiers>
          <isin value="US126307BN62"/>
        </identifiers>
        <balance>4300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4065298.78000000</valUSD>
        <pctVal>0.420274518647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.75000000</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>Ocelot Re Ltd.</name>
        <lei>N/A</lei>
        <title>Ocelot Re Ltd., Series A</title>
        <cusip>675951AB3</cusip>
        <identifiers>
          <isin value="US675951AB39"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>746250.00000000</valUSD>
        <pctVal>0.077148046555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.77914000</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>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397B69</cusip>
        <identifiers>
          <isin value="US345397B694"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1282058.31000000</valUSD>
        <pctVal>0.132540427720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</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>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series B</title>
        <cusip>59013MAL6</cusip>
        <identifiers>
          <isin value="US59013MAL63"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257000.00000000</valUSD>
        <pctVal>0.026568908495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.02913800</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>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
        <title>Aquila Re I Ltd., Series C-1</title>
        <cusip>03843AAC6</cusip>
        <identifiers>
          <isin value="US03843AAC62"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>259875.00000000</valUSD>
        <pctVal>0.026866128775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.45914000</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>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2022-R02, Class 2B2</title>
        <cusip>20754BAJ0</cusip>
        <identifiers>
          <isin value="US20754BAJ08"/>
        </identifiers>
        <balance>3990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Voya Financial, Inc.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
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        <title>Gateway Re Ltd., Series A</title>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-24</maturityDt>
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      <invstOrSec>
        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS2991917613"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust, Series 2024-HE3, Class A</title>
        <cusip>31684GAA0</cusip>
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          <isin value="US31684GAA04"/>
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        <balance>2120906.83000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2139192.65000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BSPRT Issuer Ltd.</name>
        <lei>N/A</lei>
        <title>BSPRT Issuer Ltd., Series 2022-FL8, Class A</title>
        <cusip>055983AA8</cusip>
        <identifiers>
          <isin value="US055983AA86"/>
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        <balance>216193.64000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-15</maturityDt>
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          <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>
          <other otherDesc="Inhouse Asset ID" value="118297"/>
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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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        <securityLending>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05964HBG9</cusip>
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          <isin value="US05964HBG92"/>
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        <balance>6200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6401654.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.43900000</annualizedRt>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1</title>
        <cusip>20755RAB1</cusip>
        <identifiers>
          <isin value="US20755RAB15"/>
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        <balance>506671.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>505883.04000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.40369000</annualizedRt>
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      <invstOrSec>
        <name>Mona Lisa Re Ltd.</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re Ltd., Series B</title>
        <cusip>608800AG3</cusip>
        <identifiers>
          <isin value="US608800AG38"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256075.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.77913920</annualizedRt>
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      <invstOrSec>
        <name>Santander Drive Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Santander Drive Auto Receivables Trust, Series 2024-4, Class D</title>
        <cusip>802919AF7</cusip>
        <identifiers>
          <isin value="US802919AF77"/>
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        <balance>2270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2265401.21000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.32000000</annualizedRt>
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      <invstOrSec>
        <name>Freedom Mortgage Holdings LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>Freedom Mortgage Holdings LLC</title>
        <cusip>35641AAC2</cusip>
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          <isin value="US35641AAC27"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180935.55000000</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>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
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      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd., Series A</title>
        <cusip>35087TAD0</cusip>
        <identifiers>
          <isin value="US35087TAD00"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251925.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.73913840</annualizedRt>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2025-2A, Class E</title>
        <cusip>30168JAG8</cusip>
        <identifiers>
          <isin value="US30168JAG85"/>
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        <balance>1830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1856830.18000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.81000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-130, Class UI</title>
        <cusip>3136AAGJ8</cusip>
        <identifiers>
          <isin value="US3136AAGJ83"/>
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        <balance>64172.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1303.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71643VAB1</cusip>
        <identifiers>
          <isin value="US71643VAB18"/>
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        <balance>4686000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust, Series 2021-ARIA, Class G</title>
        <cusip>05608RAQ8</cusip>
        <identifiers>
          <isin value="US05608RAQ83"/>
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        <balance>2070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2030033.68000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.57857960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800KSJFZ5H8FZ7C61</lei>
        <title>Verus Securitization Trust, Series 2024-2, Class B1</title>
        <cusip>92539UAE0</cusip>
        <identifiers>
          <isin value="US92539UAE01"/>
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        <balance>2290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2293098.83000000</valUSD>
        <pctVal>0.237062774261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2069-02-25</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Integrity Re Ltd.</name>
        <lei>N/A</lei>
        <title>Integrity Re Ltd., Series A</title>
        <cusip>45833UAH4</cusip>
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          <isin value="US45833UAH41"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>755625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>17.13913920</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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        <cusip>20754WAC9</cusip>
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          <isin value="US20754WAC91"/>
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        <balance>2445000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2472506.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.46817120</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nippon Life Insurance Co.</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
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          <isin value="US654579AP63"/>
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        <balance>2565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2602277.86000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-04-30</maturityDt>
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          <annualizedRt>6.50000160</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
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          <isin value="US62865LAF40"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-10</maturityDt>
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          <annualizedRt>8.27913960</annualizedRt>
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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp.</title>
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          <isin value="US7591EPAV24"/>
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        <balance>1780000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50200000</annualizedRt>
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      <invstOrSec>
        <name>Borr IHC Ltd.</name>
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        <balance>261650.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>223893.93000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>10.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
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        <balance>695000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>725708.89000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
        <title>Kingdom of Saudi Arabia</title>
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        <balance>1665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1573641.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Ready Capital Mortgage Financing LLC</name>
        <lei>N/A</lei>
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        <cusip>75575RAE7</cusip>
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        <balance>1440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1447417.87000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-25</maturityDt>
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          <annualizedRt>7.85860920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Allianz SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>Allianz SE</title>
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        <balance>3600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3492667.08000000</valUSD>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-03</maturityDt>
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          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>FHF Issuer Trust</name>
        <lei>N/A</lei>
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        <cusip>30339EAD0</cusip>
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          <isin value="US30339EAD04"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-17</maturityDt>
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          <annualizedRt>5.43000000</annualizedRt>
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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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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>Electricite de France SA</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France SA</title>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Blackbird Capital II Aircraft Lease Ltd.</name>
        <lei>N/A</lei>
        <title>Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class B</title>
        <cusip>09229CAB5</cusip>
        <identifiers>
          <isin value="US09229CAB54"/>
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        <balance>987609.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>923224.43000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.44600000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>N/A</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-HQA1, Class B</title>
        <cusip>3137G0GM5</cusip>
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        <balance>0.25000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>225401BH0</cusip>
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          <isin value="US225401BH08"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>425171.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHF Issuer Trust</name>
        <lei>N/A</lei>
        <title>FHF Issuer Trust, Series 2024-3A, Class D</title>
        <cusip>30339EAE8</cusip>
        <identifiers>
          <isin value="US30339EAE86"/>
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        <balance>710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>709734.82000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Weir Group plc (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-11</maturityDt>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-10</maturityDt>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
        <lei>5493000PGBS1C22ELQ16</lei>
        <title>Element Fleet Management Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Solomon Re Ltd.</name>
        <lei>N/A</lei>
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        <cusip>83427GAA3</cusip>
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        <curCd>USD</curCd>
        <valUSD>511500.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Global Aircraft Leasing Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Global Aircraft Leasing Co. Ltd.</title>
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          <isin value="US37960JAC27"/>
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        <balance>2465000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <name>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re Ltd., Series F</title>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series A</title>
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          <isin value="US011395AH35"/>
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        <name>A&amp;D Mortgage Trust</name>
        <lei>9845006Z1DC68561N347</lei>
        <title>A&amp;D Mortgage Trust, Series 2024-NQM5, Class B1A</title>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BV0</cusip>
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        <balance>5480000.00000000</balance>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Long Bond</title>
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        <name>Republic of Chile</name>
        <lei>549300FLZTJM5YJF8D34</lei>
        <title>Republic of Chile</title>
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        <balance>1870000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>WOM Chile Holdco SpA</name>
        <lei>N/A</lei>
        <title>WOM Chile Holdco SpA</title>
        <cusip>97810KAA9</cusip>
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          <isin value="US97810KAA97"/>
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        <balance>629927.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>629927.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>WOM Chile Holdco SpA</name>
              <title>WOM Chile Holdco SpA</title>
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              <identifiers>
                <cusip value="N/A"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="34843.20557500" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4123</title>
        <cusip>3137AUXL8</cusip>
        <identifiers>
          <isin value="US3137AUXL83"/>
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        <balance>154496.00220000</balance>
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        <curCd>USD</curCd>
        <valUSD>3702.06000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F022659</cusip>
        <identifiers>
          <isin value="US01F0226591"/>
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        <balance>22000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18285756.94000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tullow Oil plc</name>
        <lei>2138003EYHWO75RKS857</lei>
        <title>Tullow Oil plc</title>
        <cusip>899415AG8</cusip>
        <identifiers>
          <isin value="US899415AG89"/>
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        <balance>654000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>514534.50000000</valUSD>
        <pctVal>0.053193074117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd., Series A</title>
        <cusip>799927AA6</cusip>
        <identifiers>
          <isin value="US799927AA62"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1289000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.02913920</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd., Series A</title>
        <cusip>799925AA0</cusip>
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          <isin value="US799925AA07"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>518550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.41913960</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Block, Inc.</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block, Inc.</title>
        <cusip>852234AR4</cusip>
        <identifiers>
          <isin value="US852234AR43"/>
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        <balance>1770000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1805895.60000000</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>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1</title>
        <cusip>79584CAA9</cusip>
        <identifiers>
          <isin value="US79584CAA99"/>
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        <balance>1210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1211741.19000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.49999880</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BHG Securitization Trust</name>
        <lei>N/A</lei>
        <title>BHG Securitization Trust, Series 2024-1CON, Class C</title>
        <cusip>08862HAC6</cusip>
        <identifiers>
          <isin value="US08862HAC60"/>
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        <balance>1130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1159976.19000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.86000000</annualizedRt>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd., Series A</title>
        <cusip>177510AQ7</cusip>
        <identifiers>
          <isin value="US177510AQ74"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495900.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>12.03122520</annualizedRt>
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      <invstOrSec>
        <name>Champions Financing, Inc.</name>
        <lei>391200ZDD75EGEUJ7625</lei>
        <title>Champions Financing, Inc.</title>
        <cusip>15870LAA6</cusip>
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        <balance>735000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CF SECURED LLC</name>
        <lei>254900OXTV81I73FAT50</lei>
        <title>Treasury Repurchase Agreement</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Pagaya AI Debt Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Trust, Series 2023-3, Class A</title>
        <cusip>69548BAA7</cusip>
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          <isin value="US69548BAA70"/>
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        <balance>101493.06000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Level 3 Financing, Inc.</name>
        <lei>N/A</lei>
        <title>Level 3 Financing, Inc., First Lien Term Loan B</title>
        <cusip>52729KAT3</cusip>
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          <isin value="US52729KAT34"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397C68</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.35000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>NMEF Funding LLC</name>
        <lei>N/A</lei>
        <title>NMEF Funding LLC, Series 2023-A, Class C</title>
        <cusip>62890QAD7</cusip>
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          <isin value="US62890QAD79"/>
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        <balance>610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>627543.05000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.04000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-108, Class QI</title>
        <cusip>38379YXW3</cusip>
        <identifiers>
          <isin value="US38379YXW38"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Mexican States</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Light Servicos de Eletricidade SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meiji Yasuda Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut Avenue Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-25</maturityDt>
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      <invstOrSec>
        <name>Veraison Re Ltd.</name>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-08</maturityDt>
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      <invstOrSec>
        <name>Santander Drive Auto Receivables Trust</name>
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        <balance>2760000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-17</maturityDt>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
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        <cusip>42703VAJ2</cusip>
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          <isin value="US42703VAJ26"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
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        <balance>4985000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-27</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Phillips 66 Co.</name>
        <lei>RVJMT2IZVVSKIRJJBH76</lei>
        <title>Phillips 66 Co.</title>
        <cusip>718547AU6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Cape Lookout Re Ltd.</name>
        <lei>N/A</lei>
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        <cusip>13947LAE2</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
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        <cusip>30167MAG2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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        <name>Atlas Capital DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC, Series 2025</title>
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          <isin value="US049207AC79"/>
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        <balance>500000.00000000</balance>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd., Series B</title>
        <cusip>36354TAP7</cusip>
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          <isin value="US36354TAP75"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO Financial Group, Inc.</title>
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        <balance>2640000.00000000</balance>
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      <invstOrSec>
        <name>Oaktown Re VII Ltd.</name>
        <lei>N/A</lei>
        <title>Oaktown Re VII Ltd., Series 2021-2, Class B1</title>
        <cusip>67389JAE8</cusip>
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          <isin value="US67389JAE82"/>
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        <balance>1050000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-25</maturityDt>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust, Series 2022-SJ1, Class B1</title>
        <cusip>89180GAE9</cusip>
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        <balance>1820000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <name>UniCredit SpA</name>
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        <name>Palm RE Ltd.</name>
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        <name>Velocity Commercial Capital Loan Trust</name>
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        <name>Standard Chartered plc</name>
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        <name>Tapestry, Inc.</name>
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        <name>NatWest Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2023 Ltd.</name>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <name>Residential Reinsurance 2023 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gateway Re Ltd.</name>
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        <name>Verus Securitization Trust</name>
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        <name>FHLMC</name>
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        <name>N/A</name>
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        <name>State of Qatar</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Element Fleet Management Corp.</name>
        <lei>5493000PGBS1C22ELQ16</lei>
        <title>Element Fleet Management Corp.</title>
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        <invCountry>CA</invCountry>
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        <securityLending>
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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="934586NWS"/>
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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">
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              <counterpartyName>ICE Clear US</counterpartyName>
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              <indexBasketInfo>
                <indexName>Markit CDX North American High Yield Index Series 44-V1</indexName>
                <indexIdentifier>Markit CDX North American High Yield Index Series 44-V1</indexIdentifier>
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            <swapFlag>Y</swapFlag>
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      </invstOrSec>
      <invstOrSec>
        <name>Summit Midstream Holdings LLC</name>
        <lei>N/A</lei>
        <title>Summit Midstream Holdings LLC</title>
        <cusip>86614JAA3</cusip>
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          <isin value="US86614JAA34"/>
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        <balance>4395000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B1</title>
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        <identifiers>
          <isin value="US20754GAF72"/>
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        <balance>1720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1724295.87000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-25</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Black Kite Re Ltd.</name>
        <lei>N/A</lei>
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        <cusip>092168AA1</cusip>
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          <isin value="US092168AA11"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.09913840</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Genting New York LLC</name>
        <lei>N/A</lei>
        <title>Genting New York LLC</title>
        <cusip>37255JAB8</cusip>
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          <isin value="US37255JAB89"/>
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        <balance>3280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3277805.25000000</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>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cascade MH Asset Trust</name>
        <lei>N/A</lei>
        <title>Cascade MH Asset Trust, Series 2022-MH1, Class B1</title>
        <cusip>14732KAC5</cusip>
        <identifiers>
          <isin value="US14732KAC53"/>
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        <balance>3137278.48000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2707542.86000000</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>2054-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.99999920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Acorn Re Ltd.</name>
        <lei>N/A</lei>
        <title>Acorn Re Ltd., Series A</title>
        <cusip>00485YAE9</cusip>
        <identifiers>
          <isin value="US00485YAE95"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.38122760</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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          <isin value="US46647PEY88"/>
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        <balance>3075000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3130700.64000000</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>2031-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.10300000</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>
        <name>Light Energia SA</name>
        <lei>N/A</lei>
        <title>Light Energia SA</title>
        <cusip>531959AA2</cusip>
        <identifiers>
          <isin value="US531959AA29"/>
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        <balance>360727.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>333672.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WOM Mobile SA</name>
        <lei>549300T600VUO0QJ3063</lei>
        <title>WOM Mobile SA</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="AHY9997X9"/>
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        <balance>1018.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33085.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Huntington Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class D</title>
        <cusip>44644NAD1</cusip>
        <identifiers>
          <isin value="US44644NAD12"/>
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        <balance>309079.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>313781.66000000</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>2032-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.60040080</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>2138008DC17PCNG48R87</lei>
        <title>Verus Securitization Trust, Series 2023-4, Class B1</title>
        <cusip>92539TAE3</cusip>
        <identifiers>
          <isin value="US92539TAE38"/>
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        <balance>2530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2536281.99000000</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>2068-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.08880400</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141GC36</cusip>
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          <isin value="US38141GC365"/>
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        <balance>4690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4769926.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-28</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
        <cusip>345370DB3</cusip>
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          <isin value="US345370DB39"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201419.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-19</maturityDt>
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        <name>FHLMC</name>
        <lei>5493000IRI80KQJUNK40</lei>
        <title>FHLMC STACR REMIC Trust, Series 2023-DNA2, Class M1A</title>
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        <curCd>USD</curCd>
        <valUSD>1538744.93000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-04-25</maturityDt>
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      <invstOrSec>
        <name>SOCIETE GENERALE NY BRANCH</name>
        <lei>254900J6B390XMPVLV82</lei>
        <title>Treasury Repurchase Agreement</title>
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          <other otherDesc="Custodian Internal ID" value="250430043"/>
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        <curCd>USD</curCd>
        <valUSD>50000000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="254900J6B390XMPVLV82" name="SOCIETE GENERALE NY BRANCH"/>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="50000000.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development, Series C</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <name>Bonanza RE Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arbor Realty Commercial Real Estate Notes Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FS Rialto Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-19</maturityDt>
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      <invstOrSec>
        <name>Kendall Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HTL Commercial Mortgage Trust</name>
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          <isin value="US404300AG03"/>
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      <invstOrSec>
        <name>Archrock Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Delek Logistics Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
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          <isin value="US05401AAZ49"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-30</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Ready Capital Mortgage Financing LLC</name>
        <lei>N/A</lei>
        <title>Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class B</title>
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          <isin value="US75575WAE66"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-25</maturityDt>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-07</maturityDt>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <balance>5045000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-19</maturityDt>
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          <annualizedRt>5.28600000</annualizedRt>
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        <name>Mercedes-Benz Finance North America LLC</name>
        <lei>549300423Z16BB673J12</lei>
        <title>Mercedes-Benz Finance North America LLC</title>
        <cusip>58769JBH9</cusip>
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        <balance>6755000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-01</maturityDt>
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          <annualizedRt>5.45000000</annualizedRt>
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        <name>FHLMC STACR Trust</name>
        <lei>5493005RUXPCBST1N217</lei>
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        <cusip>35563XBE1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>NMEF Funding LLC</name>
        <lei>N/A</lei>
        <title>NMEF Funding LLC, Series 2024-A, Class C</title>
        <cusip>62919UAD5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-15</maturityDt>
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          <annualizedRt>6.33000000</annualizedRt>
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      <invstOrSec>
        <name>BHG Securitization Trust</name>
        <lei>N/A</lei>
        <title>BHG Securitization Trust, Series 2023-B, Class C</title>
        <cusip>08862GAC8</cusip>
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          <isin value="US08862GAC87"/>
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        <balance>1440000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-17</maturityDt>
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          <annualizedRt>8.15000000</annualizedRt>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd., Series B</title>
        <cusip>89141WAM4</cusip>
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          <isin value="US89141WAM47"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249992.65000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
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      <invstOrSec>
        <name>Borr IHC Ltd.</name>
        <lei>N/A</lei>
        <title>Borr IHC Ltd.</title>
        <cusip>100018AA8</cusip>
        <identifiers>
          <isin value="US100018AA89"/>
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        <balance>356829.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>303483.29000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="81951.96000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Issuer Trust, Series 2021-4A, Class E</title>
        <cusip>36263DAE7</cusip>
        <identifiers>
          <isin value="US36263DAE76"/>
        </identifiers>
        <balance>2360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2287726.65000000</valUSD>
        <pctVal>0.236507393098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.43000000</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>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2024-4A, Class E</title>
        <cusip>30166UAG5</cusip>
        <identifiers>
          <isin value="US30166UAG58"/>
        </identifiers>
        <balance>2230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2250259.33000000</valUSD>
        <pctVal>0.232633985329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.65000000</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>Tricon American Homes</name>
        <lei>N/A</lei>
        <title>Tricon American Homes, Series 2020-SFR1, Class F</title>
        <cusip>89613GAF3</cusip>
        <identifiers>
          <isin value="US89613GAF37"/>
        </identifiers>
        <balance>570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>564813.97000000</valUSD>
        <pctVal>0.058391014341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88200000</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>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd., Series B</title>
        <cusip>35087TAF5</cusip>
        <identifiers>
          <isin value="US35087TAF57"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>258975.00000000</valUSD>
        <pctVal>0.026773085905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.78122480</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>Integrity RE III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity RE III Ltd., Series A-2</title>
        <cusip>45870GAB2</cusip>
        <identifiers>
          <isin value="US45870GAB23"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495750.00000000</valUSD>
        <pctVal>0.051251114344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.28122720</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>STACR Trust</name>
        <lei>549300YG8OJES76WL398</lei>
        <title>STACR Trust, Series 2018-HRP2, Class B2</title>
        <cusip>35564ACC3</cusip>
        <identifiers>
          <isin value="US35564ACC36"/>
        </identifiers>
        <balance>1380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1692225.00000000</valUSD>
        <pctVal>0.174943856726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.96817000</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>Verus Securitization Trust</name>
        <lei>984500915DDB7T2ACA27</lei>
        <title>Verus Securitization Trust, Series 2023-6, Class B1</title>
        <cusip>92539XAE4</cusip>
        <identifiers>
          <isin value="US92539XAE40"/>
        </identifiers>
        <balance>1529000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1527612.28000000</valUSD>
        <pctVal>0.157926034567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.80222240</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 STACR REMIC Trust</name>
        <lei>5493000ITBQFEOXM0S98</lei>
        <title>FHLMC STACR REMIC Trust, Series 2020-DNA6, Class B2</title>
        <cusip>35566CBE4</cusip>
        <identifiers>
          <isin value="US35566CBE49"/>
        </identifiers>
        <balance>790000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>884659.38000000</valUSD>
        <pctVal>0.091456942088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.00369080</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>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040HDE2</cusip>
        <identifiers>
          <isin value="US14040HDE27"/>
        </identifiers>
        <balance>320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>327786.21000000</valUSD>
        <pctVal>0.033886855329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70000000</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>Verus Securitization Trust</name>
        <lei>213800W65K5FH3AI2J91</lei>
        <title>Verus Securitization Trust, Series 2023-7, Class B1</title>
        <cusip>92539YAE2</cusip>
        <identifiers>
          <isin value="US92539YAE23"/>
        </identifiers>
        <balance>1090000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1090879.30000000</valUSD>
        <pctVal>0.112776156814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.89090840</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>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series 3</title>
        <cusip>59013MAG7</cusip>
        <identifiers>
          <isin value="US59013MAG78"/>
        </identifiers>
        <balance>4750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4785625.00000000</valUSD>
        <pctVal>0.494742539760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.80913760</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</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4244, Class AI</title>
        <cusip>3137B3PK8</cusip>
        <identifiers>
          <isin value="US3137B3PK89"/>
        </identifiers>
        <balance>494.91810000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.76000000</valUSD>
        <pctVal>0.000000078569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</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>Lottomatica Group Spa</name>
        <lei>549300R72LKEGT4EX026</lei>
        <title>Lottomatica Group Spa</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3047452746"/>
        </identifiers>
        <balance>4355000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88272939"/>
        <valUSD>4971874.64000000</valUSD>
        <pctVal>0.513997207630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>MPT Operating Partnership LP</name>
        <lei>N/A</lei>
        <title>MPT Operating Partnership LP</title>
        <cusip>55342UAM6</cusip>
        <identifiers>
          <isin value="US55342UAM62"/>
        </identifiers>
        <balance>4720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3128466.03000000</valUSD>
        <pctVal>0.323423843121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</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>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F062655</cusip>
        <identifiers>
          <isin value="US01F0626550"/>
        </identifiers>
        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18535852.08000000</valUSD>
        <pctVal>1.916254310499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Hundred Acre Wood Trust</name>
        <lei>N/A</lei>
        <title>Hundred Acre Wood Trust, Series 2021-INV1, Class AX1</title>
        <cusip>44590HBJ4</cusip>
        <identifiers>
          <isin value="US44590HBJ41"/>
        </identifiers>
        <balance>14190096.33000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>184898.37000000</valUSD>
        <pctVal>0.019114972270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.23289480</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>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class F</title>
        <cusip>80290CCN2</cusip>
        <identifiers>
          <isin value="US80290CCN20"/>
        </identifiers>
        <balance>1253960.42000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1278572.53000000</valUSD>
        <pctVal>0.132180064413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.17100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Pagaya AI Debt Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oaktown Re VI Ltd.</name>
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        <balance>350000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ascent Career Funding Trust</name>
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          <isin value="US04363LAA44"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-13</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FS Rialto</name>
        <lei>N/A</lei>
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        <cusip>30323CAA8</cusip>
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          <isin value="US30323CAA80"/>
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        <balance>1610694.51000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.68541160</annualizedRt>
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      <invstOrSec>
        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France SA</title>
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          <isin value="US02156LAF85"/>
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        <balance>930000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Venture Global Plaquemines LNG LLC</name>
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        <balance>2030000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-01</maturityDt>
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        <name>Minerva Luxembourg SA</name>
        <lei>222100NM3G3RCPGZ2Z17</lei>
        <title>Minerva Luxembourg SA</title>
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        <curCd>USD</curCd>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-18</maturityDt>
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      <invstOrSec>
        <name>3264 re Ltd.</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd., Series A</title>
        <cusip>36779CAF3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Transocean, Inc.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean, Inc.</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-15</maturityDt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
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        <cusip>35563PRE1</cusip>
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        <balance>528703.14000000</balance>
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        <curCd>USD</curCd>
        <valUSD>507754.49000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-11-25</maturityDt>
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        <name>Multifamily Connecticut Avenue Securities Trust</name>
        <lei>549300HG8ZEWVWVSN227</lei>
        <title>Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>984500BADC7CFE3B0756</lei>
        <title>Verus Securitization Trust, Series 2023-5, Class B2</title>
        <cusip>924934AF9</cusip>
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        <balance>1240000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.04425040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avis Budget Rental Car Funding AESOP LLC</name>
        <lei>IHXLB8SL0QWSSG2VG640</lei>
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          <isin value="US05377RJA32"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COLT Mortgage Loan Trust</name>
        <lei>213800U2X2TO1PQH1O75</lei>
        <title>COLT Mortgage Loan Trust, Series 2024-6, Class B1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kennedy-Wilson, Inc.</name>
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        <title>Kennedy-Wilson, Inc.</title>
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          <isin value="US489399AN56"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series B</title>
        <cusip>011395AP5</cusip>
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          <isin value="US011395AP50"/>
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        <balance>250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eagle RE Ltd.</name>
        <lei>N/A</lei>
        <title>Eagle RE Ltd., Series 2021-2, Class M2</title>
        <cusip>26982AAG9</cusip>
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          <isin value="US26982AAG94"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MF1 Ltd.</name>
        <lei>N/A</lei>
        <title>MF1 Ltd., Series 2021-FL7, Class A</title>
        <cusip>55284AAA6</cusip>
        <identifiers>
          <isin value="US55284AAA60"/>
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        <balance>2265456.89000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-16</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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          <isin value="US06738EDC66"/>
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        <balance>1040000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>994913.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Extended Stay America Trust</name>
        <lei>N/A</lei>
        <title>Extended Stay America Trust, Series 2021-ESH, Class F</title>
        <cusip>30227FAN0</cusip>
        <identifiers>
          <isin value="US30227FAN06"/>
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        <balance>3979396.04000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-15</maturityDt>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development, Series A</title>
        <cusip>N/A</cusip>
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          <isin value="XS2799645515"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Flagstar Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Flagstar Mortgage Trust, Series 2021-4, Class AX1</title>
        <cusip>33852FBA3</cusip>
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          <isin value="US33852FBA30"/>
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        <balance>39325982.63000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-01</maturityDt>
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          <annualizedRt>0.20493000</annualizedRt>
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        <name>Simon Property Group LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>Simon Property Group LP</title>
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          <isin value="US828807DW40"/>
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        <balance>892000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-15</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
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          <other otherDesc="Inhouse Sedol" value="TYM5COS"/>
          <other otherDesc="Future Ticker" value="TYM5 Comdty"/>
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      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd., Series B</title>
        <cusip>57839MAB4</cusip>
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          <isin value="US57839MAB46"/>
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        <balance>500000.00000000</balance>
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        <invCountry>BM</invCountry>
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      <invstOrSec>
        <name>Enel Finance International NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
        <cusip>29278GAX6</cusip>
        <identifiers>
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        <balance>1915000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397E74</cusip>
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        <balance>1215000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BDS LLC</name>
        <lei>N/A</lei>
        <title>BDS LLC, Series 2024-FL13, Class A</title>
        <cusip>05555MAA7</cusip>
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          <isin value="US05555MAA71"/>
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        <balance>1370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1367428.51000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.89609080</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2</title>
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          <isin value="US20754RAJ59"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Farmers Exchange Capital III</name>
        <lei>N/A</lei>
        <title>Farmers Exchange Capital III</title>
        <cusip>30958QAA9</cusip>
        <identifiers>
          <isin value="US30958QAA94"/>
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        <balance>3270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2964845.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.45400000</annualizedRt>
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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="118166"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>1857.32000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
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      <invstOrSec>
        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class D</title>
        <cusip>46593JAG9</cusip>
        <identifiers>
          <isin value="US46593JAG94"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256504.90000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-05</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Long Point Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Long Point Re IV Ltd., Series 2022</title>
        <cusip>54279PAA3</cusip>
        <identifiers>
          <isin value="US54279PAA30"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
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          <annualizedRt>8.53122600</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd., Series B</title>
        <cusip>096003AB4</cusip>
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          <isin value="US096003AB44"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256125.00000000</valUSD>
        <pctVal>0.026478450149</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.98999840</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LoanCore Issuer Ltd.</name>
        <lei>N/A</lei>
        <title>LoanCore Issuer Ltd., Series 2022-CRE7, Class A</title>
        <cusip>53946PAA8</cusip>
        <identifiers>
          <isin value="US53946PAA84"/>
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        <balance>1410692.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1406282.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.89839120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KeySpan Gas East Corp.</name>
        <lei>K8TS3HOE1568DUBUJL44</lei>
        <title>KeySpan Gas East Corp.</title>
        <cusip>49338CAD5</cusip>
        <identifiers>
          <isin value="US49338CAD56"/>
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        <balance>1035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1058445.71000000</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>2033-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.99400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanders RE II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd., Series A-2</title>
        <cusip>80001TAB3</cusip>
        <identifiers>
          <isin value="US80001TAB35"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>399600.00000000</valUSD>
        <pctVal>0.041311034376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.52913800</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>American Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>American Airlines Pass-Through Trust, Series 2021-1, Class B</title>
        <cusip>02376LAA3</cusip>
        <identifiers>
          <isin value="US02376LAA35"/>
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        <balance>116250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108842.03000000</valUSD>
        <pctVal>0.011252194301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</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>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-20, Class SB</title>
        <cusip>38379VDM3</cusip>
        <identifiers>
          <isin value="US38379VDM37"/>
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        <balance>84612.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10738.86000000</valUSD>
        <pctVal>0.001110193730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.66692960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC STACR Trust</name>
        <lei>549300KB1O80CETXGJ21</lei>
        <title>FHLMC STACR Trust, Series 2019-DNA3, Class B2</title>
        <cusip>35564TBE9</cusip>
        <identifiers>
          <isin value="US35564TBE91"/>
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        <balance>720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>815400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.61816920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MC Brazil Downstream Trading SARL</name>
        <lei>213800T2A7R9TYNXZI63</lei>
        <title>MC Brazil Downstream Trading SARL</title>
        <cusip>55292WAA8</cusip>
        <identifiers>
          <isin value="US55292WAA80"/>
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        <balance>994297.72260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>768592.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>Algonquin Power &amp; Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp.</title>
        <cusip>015857AH8</cusip>
        <identifiers>
          <isin value="US015857AH86"/>
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        <balance>705000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>661828.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2082-01-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
        <cusip>29250NBT1</cusip>
        <identifiers>
          <isin value="US29250NBT19"/>
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        <balance>928000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000281.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2084-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Vistra Operations Co. LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co. LLC</title>
        <cusip>92840VAU6</cusip>
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        <balance>1845000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1836340.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Logistics Re Ltd.</name>
        <lei>N/A</lei>
        <title>Logistics Re Ltd., Series A</title>
        <cusip>54143LAB4</cusip>
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          <isin value="US54143LAB45"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>508050.00000000</valUSD>
        <pctVal>0.052522700237</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.28122560</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MCR Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MCR Mortgage Trust, Series 2024-TWA, Class D</title>
        <cusip>582923AD0</cusip>
        <identifiers>
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        <name>MF1</name>
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      <invstOrSec>
        <name>Kilimanjaro II Re Ltd.</name>
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      <invstOrSec>
        <name>Home RE Ltd.</name>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
        <lei>N/A</lei>
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          <maturityDt>2027-06-07</maturityDt>
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      <invstOrSec>
        <name>Standard Chartered plc</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered plc</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
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        <cusip>693984AE6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Radnor Re Ltd.</name>
        <lei>N/A</lei>
        <title>Radnor Re Ltd., Series 2024-1, Class M1A</title>
        <cusip>75049AAA0</cusip>
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          <isin value="US75049AAA07"/>
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        <balance>964762.06000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.35369040</annualizedRt>
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      <invstOrSec>
        <name>Octane Receivables Trust</name>
        <lei>N/A</lei>
        <title>Octane Receivables Trust, Series 2023-1A, Class D</title>
        <cusip>67571BAD5</cusip>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ACREC Ltd.</name>
        <lei>N/A</lei>
        <title>ACREC Ltd., Series 2021-FL1, Class A</title>
        <cusip>00500RAA3</cusip>
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          <isin value="US00500RAA32"/>
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        <balance>991806.12000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.58442080</annualizedRt>
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        <name>Bayview Opportunity Master Fund VII LLC</name>
        <lei>N/A</lei>
        <title>Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class D</title>
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        <balance>803555.02000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>JPMorgan Chase Bank NA-CACLN</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Nakama Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Nakama Re Pte. Ltd., Series 1</title>
        <cusip>62984JAC2</cusip>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>SG</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MCR Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US582923AF53"/>
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        <balance>1960000.00000000</balance>
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      <invstOrSec>
        <name>Sotera Health Holdings LLC</name>
        <lei>549300OVT7MBXFLOFU20</lei>
        <title>Sotera Health Holdings LLC, First Lien Term Loan</title>
        <cusip>83600VAG6</cusip>
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          <isin value="US83600VAG68"/>
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        <balance>787918.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>784475.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.54920000</annualizedRt>
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      <invstOrSec>
        <name>MF1 Ltd.</name>
        <lei>N/A</lei>
        <title>MF1 Ltd., Series 2022-FL8, Class A</title>
        <cusip>55284JAA7</cusip>
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          <isin value="US55284JAA79"/>
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        <balance>2117702.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2110814.09000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.66858880</annualizedRt>
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      <invstOrSec>
        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd., Series A</title>
        <cusip>36354TAN2</cusip>
        <identifiers>
          <isin value="US36354TAN28"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>518500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.27913840</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series 2</title>
        <cusip>59013MAF9</cusip>
        <identifiers>
          <isin value="US59013MAF95"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1257000.00000000</valUSD>
        <pctVal>0.129949875403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-07</maturityDt>
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          <annualizedRt>11.76913800</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Issuer Trust, Series 2024-2A, Class E</title>
        <cusip>37964VAG2</cusip>
        <identifiers>
          <isin value="US37964VAG23"/>
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        <balance>1453000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1482940.95000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.98000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-88, Class SM</title>
        <cusip>38379XTJ9</cusip>
        <identifiers>
          <isin value="US38379XTJ99"/>
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        <balance>89734.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11574.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.66692960</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
        <cusip>89788NAA8</cusip>
        <identifiers>
          <isin value="US89788NAA81"/>
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        <balance>2255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2154009.40000000</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>2033-07-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.91600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VAU4</cusip>
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          <isin value="US29273VAU44"/>
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        <balance>1240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1305365.41000000</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>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>225401BJ6</cusip>
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          <isin value="US225401BJ63"/>
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        <balance>430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>411244.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sound Point CLO V-R Ltd.</name>
        <lei>549300UPX3H8ENJXHI23</lei>
        <title>Sound Point CLO V-R Ltd., Series 2014-1RA, Class B</title>
        <cusip>83607EAC6</cusip>
        <identifiers>
          <isin value="US83607EAC66"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1352324.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.28107840</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freedom Mortgage Holdings LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>Freedom Mortgage Holdings LLC</title>
        <cusip>35641AAA6</cusip>
        <identifiers>
          <isin value="US35641AAA60"/>
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        <balance>1395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1421072.55000000</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>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
        <lei>9845002EOD0CFAFA4F48</lei>
        <title>A&amp;D Mortgage Trust, Series 2023-NQM4, Class B1</title>
        <cusip>00002MAE9</cusip>
        <identifiers>
          <isin value="US00002MAE93"/>
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        <balance>1570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1573797.99000000</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>2068-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.06965920</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>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re Ltd., Series A</title>
        <cusip>74639NAB9</cusip>
        <identifiers>
          <isin value="US74639NAB91"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>259300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.77913760</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83368RCF7</cusip>
        <identifiers>
          <isin value="US83368RCF73"/>
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        <balance>2935000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3014241.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Mystic Re IV Ltd., Series A</title>
        <cusip>62865LAD9</cusip>
        <identifiers>
          <isin value="US62865LAD91"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256775.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.20913800</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Kite Re Ltd.</name>
        <lei>N/A</lei>
        <title>Black Kite Re Ltd., Series A</title>
        <cusip>092168AB9</cusip>
        <identifiers>
          <isin value="US092168AB93"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499950.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.27913920</annualizedRt>
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      <invstOrSec>
        <name>Grupo Aeromexico SAB de CV</name>
        <lei>N/A</lei>
        <title>Grupo Aeromexico SAB de CV</title>
        <cusip>40054JAC3</cusip>
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          <isin value="US40054JAC36"/>
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        <balance>1275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1192125.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1</title>
        <cusip>795935AA3</cusip>
        <identifiers>
          <isin value="US795935AA37"/>
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        <balance>1190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1194541.04000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.76199960</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37045XEP7</cusip>
        <identifiers>
          <isin value="US37045XEP78"/>
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        <balance>1455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1462099.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>05571ABA2</cusip>
        <identifiers>
          <isin value="US05571ABA25"/>
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        <balance>5895000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6105753.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.29300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2013-5, Class YI</title>
        <cusip>3136ABF73</cusip>
        <identifiers>
          <isin value="US3136ABF738"/>
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        <balance>74977.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1641.45000000</valUSD>
        <pctVal>0.000169694688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Winston RE Ltd.</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston RE Ltd., Series A</title>
        <cusip>975660AA9</cusip>
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          <isin value="US975660AA93"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>262250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.52913920</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ford Credit Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Lease Trust, Series 2023-B, Class C</title>
        <cusip>34529NAG5</cusip>
        <identifiers>
          <isin value="US34529NAG51"/>
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        <balance>1420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1435306.18000000</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>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.43000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re Ltd., Series Aa</title>
        <cusip>90323WAL4</cusip>
        <identifiers>
          <isin value="US90323WAL46"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253675.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.77913840</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Kinetic Advantage Master Owner Trust</name>
        <lei>N/A</lei>
        <title>Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A</title>
        <cusip>49462DAD1</cusip>
        <identifiers>
          <isin value="US49462DAD12"/>
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        <balance>2550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2558490.74000000</valUSD>
        <pctVal>0.264499246527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.99471000</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>SLG Office Trust</name>
        <lei>N/A</lei>
        <title>SLG Office Trust, Series 2021-OVA, Class E</title>
        <cusip>78449RAL9</cusip>
        <identifiers>
          <isin value="US78449RAL96"/>
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        <balance>1975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1640337.63000000</valUSD>
        <pctVal>0.169579690245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85061000</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>
        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
        <cusip>46115HBV8</cusip>
        <identifiers>
          <isin value="US46115HBV87"/>
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        <balance>760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>867912.11000000</valUSD>
        <pctVal>0.089725593123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.24800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jane Street Group</name>
        <lei>N/A</lei>
        <title>Jane Street Group</title>
        <cusip>47077WAE8</cusip>
        <identifiers>
          <isin value="US47077WAE84"/>
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        <balance>1790000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1798432.28000000</valUSD>
        <pctVal>0.185923668025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-150, Class BI</title>
        <cusip>3136ABAR4</cusip>
        <identifiers>
          <isin value="US3136ABAR47"/>
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        <balance>81478.33000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2081.54000000</valUSD>
        <pctVal>0.000215191617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2020-1, Class M</title>
        <cusip>35563PPH6</cusip>
        <identifiers>
          <isin value="US35563PPH63"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>143320.68000000</valUSD>
        <pctVal>0.014816630476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development, Series A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2806459314"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256150.00000000</valUSD>
        <pctVal>0.026481034673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.54999880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Atlas Capital DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC, Series A</title>
        <cusip>049207AA1</cusip>
        <identifiers>
          <isin value="US049207AA14"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257950.00000000</valUSD>
        <pctVal>0.026667120414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.04056360</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
        <title>Aquila Re I Ltd., Series A-1</title>
        <cusip>037987AA2</cusip>
        <identifiers>
          <isin value="US037987AA23"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253875.00000000</valUSD>
        <pctVal>0.026245842973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.78122520</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
        <cusip>350930AC7</cusip>
        <identifiers>
          <isin value="US350930AC75"/>
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        <balance>1225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1272572.08000000</valUSD>
        <pctVal>0.131559732090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carnival Corp.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2809222859"/>
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        <balance>1530000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88272939"/>
        <valUSD>1819923.53000000</valUSD>
        <pctVal>0.188145454230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust, Series 2021-ARIA, Class D</title>
        <cusip>05608RAJ4</cusip>
        <identifiers>
          <isin value="US05608RAJ41"/>
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        <balance>2118000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2096820.00000000</valUSD>
        <pctVal>0.216771279032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.33188160</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-84, Class SC</title>
        <cusip>38378TS68</cusip>
        <identifiers>
          <isin value="US38378TS685"/>
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        <balance>27924.55040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1503.28000000</valUSD>
        <pctVal>0.000155410539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.16459000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Issuer Trust, Series 2024-3A, Class D</title>
        <cusip>37989AAL8</cusip>
        <identifiers>
          <isin value="US37989AAL89"/>
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        <balance>3050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3059127.43000000</valUSD>
        <pctVal>0.316255551609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Avation plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNK93641"/>
        </identifiers>
        <balance>21088.00000000</balance>
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        <name>Sanders RE II Ltd.</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>5493000IT2BRJ2Q9YQ96</lei>
        <title>FHLMC Structured Agency Credit Risk REMIC Trust, Series 2020-HQA5, Class B2</title>
        <cusip>35565TBE8</cusip>
        <identifiers>
          <isin value="US35565TBE82"/>
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        <balance>630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>743927.31000000</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>2050-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.75369040</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>2001 Cat RE Ltd.</name>
        <lei>5493007NG10QO60NSO35</lei>
        <title>2001 Cat RE Ltd., Series A</title>
        <cusip>90215BAB3</cusip>
        <identifiers>
          <isin value="US90215BAB36"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1040000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>17.31913920</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
        <title>Kingdom of Saudi Arabia</title>
        <cusip>80413TBL2</cusip>
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          <isin value="US80413TBL26"/>
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        <balance>4785000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4951498.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
        <cusip>350930AA1</cusip>
        <identifiers>
          <isin value="US350930AA10"/>
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        <balance>1321000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1326571.79000000</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>2034-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd., Series A</title>
        <cusip>89141WAF9</cusip>
        <identifiers>
          <isin value="US89141WAF95"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>255450.00000000</valUSD>
        <pctVal>0.026408667996</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.49513680</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SCF Equipment Leasing LLC</name>
        <lei>N/A</lei>
        <title>SCF Equipment Leasing LLC, Series 2022-1A, Class E</title>
        <cusip>784033AL6</cusip>
        <identifiers>
          <isin value="US784033AL62"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1573314.56000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.26000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re Ltd., Series E</title>
        <cusip>90323WAN0</cusip>
        <identifiers>
          <isin value="US90323WAN02"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262675.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.52913745</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401AAS0</cusip>
        <identifiers>
          <isin value="US05401AAS06"/>
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        <balance>2025000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2088044.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="1918526.85000000"/>
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      <invstOrSec>
        <name>THPT Mortgage Trust</name>
        <lei>N/A</lei>
        <title>THPT Mortgage Trust, Series 2023-THL, Class C</title>
        <cusip>87252LAG0</cusip>
        <identifiers>
          <isin value="US87252LAG05"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>707954.24000000</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>2034-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.81815680</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>
        <name>US Acute Care Solutions LLC</name>
        <lei>N/A</lei>
        <title>US Acute Care Solutions LLC</title>
        <cusip>90367UAD3</cusip>
        <identifiers>
          <isin value="US90367UAD37"/>
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        <balance>8205000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8329560.11000000</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</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>FHLMC</name>
        <lei>5493000IRILHAKSCHN59</lei>
        <title>FHLMC STACR REMIC Trust, Series 2023-DNA1, Class M1A</title>
        <cusip>35564KP37</cusip>
        <identifiers>
          <isin value="US35564KP373"/>
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        <balance>1412007.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1435341.03000000</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>2043-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.45269040</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re Ltd., Series A</title>
        <cusip>42703VAG8</cusip>
        <identifiers>
          <isin value="US42703VAG86"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>480150.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.27913760</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US654740BT54"/>
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        <balance>5700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5192462.77000000</valUSD>
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        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Connect Finco SARL</name>
        <lei>N/A</lei>
        <title>Connect Finco SARL</title>
        <cusip>20752TAB0</cusip>
        <identifiers>
          <isin value="US20752TAB08"/>
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        <balance>1580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1478040.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust, Series 2023-HE3, Class A</title>
        <cusip>31684CAA9</cusip>
        <identifiers>
          <isin value="US31684CAA99"/>
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        <balance>929580.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>953585.94000000</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>2053-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.43600080</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hilton Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Hilton Commercial Mortgage Trust, Series 2024-ORL, Class D</title>
        <cusip>403956AG0</cusip>
        <identifiers>
          <isin value="US403956AG02"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>529875.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.51073040</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Atlas Capital DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC, Series 2024</title>
        <cusip>049207AB9</cusip>
        <identifiers>
          <isin value="US049207AB96"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>558600.00000000</valUSD>
        <pctVal>0.057748608114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.86040200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arbor Realty Commercial Real Estate Notes Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp.</title>
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          <isin value="US06051GMQ90"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-12</maturityDt>
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      <invstOrSec>
        <name>Fuchsia - London Bridge 2 PCC Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MetroCat Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-08</maturityDt>
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        <name>Fiesta Purchaser, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Merna Reinsurance II Ltd.</name>
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        <title>Merna Reinsurance II Ltd., Series C</title>
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        <name>Four Lakes Re Ltd.</name>
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          <maturityDt>2027-01-07</maturityDt>
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        <name>Easton Re Ltd.</name>
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        <name>FNMA</name>
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        <name>NMEF Funding LLC</name>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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        <name>Imperial Fund Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>Winston RE Ltd.</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston RE Ltd., Series B</title>
        <cusip>975660AB7</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
        <cusip>15089QAY0</cusip>
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        <balance>7300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000160</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>BP Capital Markets plc</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets plc</title>
        <cusip>05565QDX3</cusip>
        <identifiers>
          <isin value="US05565QDX34"/>
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        <balance>7605000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7340831.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Coast Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>First Coast Re IV Ltd., Series A</title>
        <cusip>31969UAA5</cusip>
        <identifiers>
          <isin value="US31969UAA51"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255325.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.24999840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Marlon Ltd.</name>
        <lei>98450044CD0YE4DAFC06</lei>
        <title>Marlon Ltd., Series A</title>
        <cusip>571253AA1</cusip>
        <identifiers>
          <isin value="US571253AA10"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255850.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.27913840</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ADM6</cusip>
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          <isin value="US44891ADM62"/>
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        <balance>4780000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4822483.16000000</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>2030-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Champions Financing, Inc.</name>
        <lei>N/A</lei>
        <title>Champions Financing, Inc., First Lien Term Loan</title>
        <cusip>15870MAC0</cusip>
        <identifiers>
          <isin value="US15870MAC01"/>
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        <balance>3374499.99000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3017376.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.07153000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc.</title>
        <cusip>174610BF1</cusip>
        <identifiers>
          <isin value="US174610BF15"/>
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        <balance>445000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>455526.03000000</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>2030-01-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.84100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="5150.99000000"/>
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      <invstOrSec>
        <name>FS Rialto Issuer LLC</name>
        <lei>N/A</lei>
        <title>FS Rialto Issuer LLC, Series 2022-FL4, Class A</title>
        <cusip>30326MAA3</cusip>
        <identifiers>
          <isin value="US30326MAA36"/>
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        <balance>576629.97000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576629.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.25006080</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>Radnor Re Ltd.</name>
        <lei>N/A</lei>
        <title>Radnor Re Ltd., Series 2024-1, Class M1B</title>
        <cusip>75049AAB8</cusip>
        <identifiers>
          <isin value="US75049AAB89"/>
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        <balance>1620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1631880.43000000</valUSD>
        <pctVal>0.168705376732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.25369040</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-81</title>
        <cusip>38379YNN4</cusip>
        <identifiers>
          <isin value="US38379YNN49"/>
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        <balance>50026.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9478.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>N/A</lei>
        <title>BRAVO Residential Funding Trust, Series 2024-NQM2, Class B1</title>
        <cusip>10569KAE7</cusip>
        <identifiers>
          <isin value="US10569KAE73"/>
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        <balance>1960000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1972260.98000000</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>2064-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.91000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>21H060655</cusip>
        <identifiers>
          <isin value="US21H0606556"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9102304.71000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Jefferies Financial Group, Inc.</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group, Inc.</title>
        <cusip>47233WEJ4</cusip>
        <identifiers>
          <isin value="US47233WEJ45"/>
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        <balance>1815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1839150.44000000</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>2034-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
        <cusip>431318BE3</cusip>
        <identifiers>
          <isin value="US431318BE31"/>
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        <balance>3145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2672640.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83368RBL5</cusip>
        <identifiers>
          <isin value="US83368RBL50"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1421699.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.22100000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="1435972.73000000"/>
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      <invstOrSec>
        <name>Northshore Re II Ltd.</name>
        <lei>N/A</lei>
        <title>Northshore Re II Ltd., Series A</title>
        <cusip>666842AF6</cusip>
        <identifiers>
          <isin value="US666842AF60"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>995700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.27914040</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>902613BK3</cusip>
        <identifiers>
          <isin value="US902613BK35"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1534563.00000000</valUSD>
        <pctVal>0.158644606721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fortress Intermediate 3, Inc.</name>
        <lei>254900NLAZ3JQJW5JP75</lei>
        <title>Fortress Intermediate 3, Inc., First Lien Term Loan</title>
        <cusip>34966LAB0</cusip>
        <identifiers>
          <isin value="US34966LAB09"/>
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        <balance>2178055.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2129048.76000000</valUSD>
        <pctVal>0.220103119403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.07162000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M1</title>
        <cusip>20753ACJ1</cusip>
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          <isin value="US20753ACJ16"/>
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        <balance>702561.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>711304.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.85369080</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class B2</title>
        <cusip>61775VAF3</cusip>
        <identifiers>
          <isin value="US61775VAF31"/>
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        <balance>3264000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3182721.18000000</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>2068-09-25</maturityDt>
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          <annualizedRt>7.41533400</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2023-FIG4, Class A</title>
        <cusip>79581UAA2</cusip>
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          <isin value="US79581UAA25"/>
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        <balance>2152697.96000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2226616.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-25</maturityDt>
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          <annualizedRt>6.71799960</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lightning Re</name>
        <lei>N/A</lei>
        <title>Lightning Re, Series 2023-1</title>
        <cusip>532242AA2</cusip>
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          <isin value="US532242AA24"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1027000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.27913800</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>J.P. Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Mortgage Trust, Series 2021-10, Class AX1</title>
        <cusip>46654ABS7</cusip>
        <identifiers>
          <isin value="US46654ABS78"/>
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        <balance>27196314.35600000</balance>
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        <curCd>USD</curCd>
        <valUSD>177999.88000000</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>2051-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.11442960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65559CAD3</cusip>
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          <isin value="US65559CAD39"/>
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        <balance>1840000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1616519.49000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>FI</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dai-ichi Life Insurance Co. Ltd. (The)</name>
        <lei>3538001235ACEIORUV72</lei>
        <title>Dai-ichi Life Insurance Co. Ltd. (The)</title>
        <cusip>23381LAA2</cusip>
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          <isin value="US23381LAA26"/>
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        <balance>9760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9680678.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd., Series A</title>
        <cusip>096003AA6</cusip>
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          <isin value="US096003AA60"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
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          <annualizedRt>9.52913880</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
        <cusip>63861VAK3</cusip>
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          <isin value="US63861VAK35"/>
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        <balance>3405000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3465178.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sanders RE II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd., Series B-2</title>
        <cusip>80001TAD9</cusip>
        <identifiers>
          <isin value="US80001TAD90"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>399600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.02913840</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>549300MHCI0CUXMJQS62</lei>
        <title>FHLMC STACR Trust, Series 2019-FTR1, Class B2</title>
        <cusip>35564PAC2</cusip>
        <identifiers>
          <isin value="US35564PAC23"/>
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        <balance>3516000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4054984.17000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.81817080</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re Ltd., Series B</title>
        <cusip>42703VAH6</cusip>
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          <isin value="US42703VAH69"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>239400.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.27914000</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ACP0</cusip>
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          <isin value="US44891ACP03"/>
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        <balance>995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1038013.49000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-21</maturityDt>
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          <annualizedRt>6.20000000</annualizedRt>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2024-R05, Class 2B1</title>
        <cusip>20754XAG8</cusip>
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          <isin value="US20754XAG88"/>
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        <balance>1260000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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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="118077"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
        <valUSD>-27801.38000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV, Series NC10</title>
        <cusip>456837AZ6</cusip>
        <identifiers>
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        <balance>1960000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1582259.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>DataBank Issuer</name>
        <lei>N/A</lei>
        <title>DataBank Issuer, Series 2024-1A, Class A2</title>
        <cusip>23802WAN1</cusip>
        <identifiers>
          <isin value="US23802WAN11"/>
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        <balance>495000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>489746.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GCAT Trust</name>
        <lei>N/A</lei>
        <title>GCAT Trust, Series 2024-NQM1, Class B1</title>
        <cusip>36169HAE3</cusip>
        <identifiers>
          <isin value="US36169HAE36"/>
        </identifiers>
        <balance>595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>597740.03000000</valUSD>
        <pctVal>0.061794942261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.92093600</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>Grupo Aeromexico SAB de CV</name>
        <lei>N/A</lei>
        <title>Grupo Aeromexico SAB de CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01AE010005"/>
        </identifiers>
        <balance>21107.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61050000"/>
        <valUSD>349801.13000000</valUSD>
        <pctVal>0.036162779045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd.</title>
        <cusip>80001QAA1</cusip>
        <identifiers>
          <isin value="US80001QAA13"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255700.00000000</valUSD>
        <pctVal>0.026434513238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.82913760</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>AREIT Ltd.</name>
        <lei>N/A</lei>
        <title>AREIT Ltd., Series 2024-CRE9, Class A</title>
        <cusip>00193AAA2</cusip>
        <identifiers>
          <isin value="US00193AAA25"/>
        </identifiers>
        <balance>1490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1488132.88000000</valUSD>
        <pctVal>0.153844616022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.00831000</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>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
        <cusip>431318BG8</cusip>
        <identifiers>
          <isin value="US431318BG88"/>
        </identifiers>
        <balance>4895000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4264634.14000000</valUSD>
        <pctVal>0.440882000903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F052656</cusip>
        <identifiers>
          <isin value="US01F0526560"/>
        </identifiers>
        <balance>18400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18360278.45000000</valUSD>
        <pctVal>1.898103338866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <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>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd., Series AAA</title>
        <cusip>36779CAM8</cusip>
        <identifiers>
          <isin value="US36779CAM82"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493600.00000000</valUSD>
        <pctVal>0.051028845265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.52913800</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>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
        <cusip>195325ES0</cusip>
        <identifiers>
          <isin value="US195325ES00"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4062875.04000000</valUSD>
        <pctVal>0.420023950062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401AAX9</cusip>
        <identifiers>
          <isin value="US05401AAX90"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3459679.51000000</valUSD>
        <pctVal>0.357665012936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</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>Prestige Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Prestige Auto Receivables Trust, Series 2023-2A, Class D</title>
        <cusip>74113VAJ9</cusip>
        <identifiers>
          <isin value="US74113VAJ98"/>
        </identifiers>
        <balance>1020000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1065740.06000000</valUSD>
        <pctVal>0.110177237875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.71000000</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>Tricon Residential Trust</name>
        <lei>N/A</lei>
        <title>Tricon Residential Trust, Series 2025-SFR1, Class D</title>
        <cusip>895974AD5</cusip>
        <identifiers>
          <isin value="US895974AD59"/>
        </identifiers>
        <balance>2100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2096579.73000000</valUSD>
        <pctVal>0.216746439687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.32813040</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>Cape Lookout Re Ltd.</name>
        <lei>N/A</lei>
        <title>Cape Lookout Re Ltd., Series A</title>
        <cusip>13947LAG7</cusip>
        <identifiers>
          <isin value="US13947LAG77"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502000.00000000</valUSD>
        <pctVal>0.051897245387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.17913760</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>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
        <cusip>097023DT9</cusip>
        <identifiers>
          <isin value="US097023DT94"/>
        </identifiers>
        <balance>4780000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5105153.72000000</valUSD>
        <pctVal>0.527775727789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85800000</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>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397G31</cusip>
        <identifiers>
          <isin value="US345397G313"/>
        </identifiers>
        <balance>3875000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3756623.48000000</valUSD>
        <pctVal>0.388363367672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="319913.92000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd., Series A</title>
        <cusip>177510AL8</cusip>
        <identifiers>
          <isin value="US177510AL87"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255825.00000000</valUSD>
        <pctVal>0.026447435859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.86913800</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>First Coast Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>First Coast Re IV Ltd., Series B</title>
        <cusip>31969UAC1</cusip>
        <identifiers>
          <isin value="US31969UAC18"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249375.00000000</valUSD>
        <pctVal>0.025780628622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.78122680</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>Kosmos Energy Ltd.</name>
        <lei>213800YDFJ3OT9B5P157</lei>
        <title>Kosmos Energy Ltd.</title>
        <cusip>500688AF3</cusip>
        <identifiers>
          <isin value="US500688AF35"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4515358.50000000</valUSD>
        <pctVal>0.466802127667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>MFA Trust</name>
        <lei>254900MMVXALAH2X8D73</lei>
        <title>MFA Trust, Series 2024-NQM2, Class B1A</title>
        <cusip>58004JAE2</cusip>
        <identifiers>
          <isin value="US58004JAE29"/>
        </identifiers>
        <balance>1664000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1662971.32000000</valUSD>
        <pctVal>0.171919583002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.78300120</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>NMEF Funding LLC</name>
        <lei>N/A</lei>
        <title>NMEF Funding LLC, Series 2025-A, Class D</title>
        <cusip>62919VAE1</cusip>
        <identifiers>
          <isin value="US62919VAE11"/>
        </identifiers>
        <balance>3180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3194659.16000000</valUSD>
        <pctVal>0.330266952903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.07000000</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2011-135, Class QI</title>
        <cusip>38377YA75</cusip>
        <identifiers>
          <isin value="US38377YA750"/>
        </identifiers>
        <balance>38605.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3078.42000000</valUSD>
        <pctVal>0.000318250036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-16</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>Goat Holdco LLC</name>
        <lei>N/A</lei>
        <title>Goat Holdco LLC</title>
        <cusip>38021MAA4</cusip>
        <identifiers>
          <isin value="US38021MAA45"/>
        </identifiers>
        <balance>1470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1436925.00000000</valUSD>
        <pctVal>0.148550695874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="101077.75000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VBA7</cusip>
        <identifiers>
          <isin value="US29273VBA70"/>
        </identifiers>
        <balance>1005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>996022.46000000</valUSD>
        <pctVal>0.102969764977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="100182.22000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re Ltd., Series A</title>
        <cusip>74639NAC7</cusip>
        <identifiers>
          <isin value="US74639NAC74"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>512300.00000000</valUSD>
        <pctVal>0.052962069347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.28122440</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>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
        <cusip>639057AP3</cusip>
        <identifiers>
          <isin value="US639057AP32"/>
        </identifiers>
        <balance>1355000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1403240.55000000</valUSD>
        <pctVal>0.145068364863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.47500000</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>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
        <cusip>097023DU6</cusip>
        <identifiers>
          <isin value="US097023DU67"/>
        </identifiers>
        <balance>620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>662806.49000000</valUSD>
        <pctVal>0.068521575809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00800000</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>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F060659</cusip>
        <identifiers>
          <isin value="US01F0606594"/>
        </identifiers>
        <balance>18300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18563724.59000000</valUSD>
        <pctVal>1.919135797533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diamond Sports Group LLC</name>
        <lei>5493002K6DHWNZH8YA34</lei>
        <title>Diamond Sports Group LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="B8AC5MQN3"/>
        </identifiers>
        <balance>79.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1129.70000000</valUSD>
        <pctVal>0.000116789478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FloodSmart Re Ltd.</name>
        <lei>549300KK1LNVFW95S875</lei>
        <title>FloodSmart Re Ltd., Series A</title>
        <cusip>33975CAP0</cusip>
        <identifiers>
          <isin value="US33975CAP05"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1019800.00000000</valUSD>
        <pctVal>0.105427910053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>18.27914040</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>Sutter Re Ltd.</name>
        <lei>N/A</lei>
        <title>Sutter Re Ltd., Series B</title>
        <cusip>86944RAE8</cusip>
        <identifiers>
          <isin value="US86944RAE80"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256475.00000000</valUSD>
        <pctVal>0.026514633487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.02913930</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</name>
        <lei>5493009ZFZYH4FRCW638</lei>
        <title>FHLMC STACR Trust, Series 2019-FTR3, Class B2</title>
        <cusip>35565EAE2</cusip>
        <identifiers>
          <isin value="US35565EAE23"/>
        </identifiers>
        <balance>4089000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4291766.97000000</valUSD>
        <pctVal>0.443687019103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.26817120</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>Euro-Bund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000F1B2NG7"/>
          <other otherDesc="Future Ticker" value="RXM5 Comdty"/>
        </identifiers>
        <balance>-21.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88272939"/>
        <valUSD>7757.57000000</valUSD>
        <pctVal>0.000801985087</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex Clearing</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Euro-Bund</issueTitle>
                <identifiers>
                  <ticker value="RXM5 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-06-06</expDate>
            <notionalAmt>-2767380.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>7757.57000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Financial Group, Inc.</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
        <title>Mizuho Financial Group, Inc.</title>
        <cusip>60687YDE6</cusip>
        <identifiers>
          <isin value="US60687YDE68"/>
        </identifiers>
        <balance>1010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1028656.40000000</valUSD>
        <pctVal>0.106343493248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.57900000</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>Home Partners of America Trust</name>
        <lei>N/A</lei>
        <title>Home Partners of America Trust, Series 2019-1, Class F</title>
        <cusip>43731QAL2</cusip>
        <identifiers>
          <isin value="US43731QAL23"/>
        </identifiers>
        <balance>778186.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>728937.12000000</valUSD>
        <pctVal>0.075358224280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10100000</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>Arbor Realty Commercial Real Estate Notes Ltd.</name>
        <lei>N/A</lei>
        <title>Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A</title>
        <cusip>03880XAA4</cusip>
        <identifiers>
          <isin value="US03880XAA46"/>
        </identifiers>
        <balance>1345387.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1344549.62000000</valUSD>
        <pctVal>0.139000839771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.79471120</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-140, Class IC</title>
        <cusip>38378GHA9</cusip>
        <identifiers>
          <isin value="US38378GHA94"/>
        </identifiers>
        <balance>83235.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13671.05000000</valUSD>
        <pctVal>0.001413326367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-20</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>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd., Series B</title>
        <cusip>35087TAH1</cusip>
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          <isin value="US35087TAH14"/>
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        <valUSD>498050.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-07</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust, Series 2015-CR26, Class D</title>
        <cusip>12593QBK5</cusip>
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          <isin value="US12593QBK58"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1085943.51000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Lapis London Bridge 2 PCC Ltd.</name>
        <lei>N/A</lei>
        <title>Lapis London Bridge 2 PCC Ltd., Series A</title>
        <cusip>54180CAA0</cusip>
        <identifiers>
          <isin value="US54180CAA09"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249900.00000000</valUSD>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-09</maturityDt>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2</title>
        <cusip>207941AB1</cusip>
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          <isin value="US207941AB18"/>
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        <balance>1090000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.30268920</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Longleaf Pine Re Ltd.</name>
        <lei>N/A</lei>
        <title>Longleaf Pine Re Ltd., Series 1</title>
        <cusip>54307MAA6</cusip>
        <identifiers>
          <isin value="US54307MAA62"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>522950.00000000</valUSD>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-25</maturityDt>
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          <annualizedRt>21.77913960</annualizedRt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>902613BH0</cusip>
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          <isin value="US902613BH06"/>
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        <balance>1310000.00000000</balance>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-08</maturityDt>
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          <annualizedRt>5.69900000</annualizedRt>
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      <invstOrSec>
        <name>Amentum Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Amentum Holdings, Inc., First Lien Term Loan</title>
        <cusip>02351XAB4</cusip>
        <identifiers>
          <isin value="US02351XAB47"/>
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        <balance>1047375.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1032648.91000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-29</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.57162000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Topanga Re Ltd.</name>
        <lei>N/A</lei>
        <title>Topanga Re Ltd., Series A</title>
        <cusip>89055TAA1</cusip>
        <identifiers>
          <isin value="US89055TAA16"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>385600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.32914080</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2024-3A, Class E</title>
        <cusip>30165AAG0</cusip>
        <identifiers>
          <isin value="US30165AAG04"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1626487.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.84000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
        <title>Kingdom of Saudi Arabia</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3015245957"/>
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        <balance>3455000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88272939"/>
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        <pctVal>0.404237846994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Vista Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Vista Point Securitization Trust, Series 2020-2, Class M1</title>
        <cusip>92838TAD3</cusip>
        <identifiers>
          <isin value="US92838TAD37"/>
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        <balance>1325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1250431.78000000</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>2065-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.40099920</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MF1 LLC</name>
        <lei>N/A</lei>
        <title>MF1 LLC, Series 2024-FL14, Class A</title>
        <cusip>55416AAA7</cusip>
        <identifiers>
          <isin value="US55416AAA79"/>
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        <balance>2175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2175000.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.05693880</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Radnor RE Ltd.</name>
        <lei>254900PS93C2BX29OQ80</lei>
        <title>Radnor RE Ltd., Series 2021-1, Class M2</title>
        <cusip>75279YAD3</cusip>
        <identifiers>
          <isin value="US75279YAD31"/>
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        <balance>1230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1243118.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.50368880</annualizedRt>
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      <invstOrSec>
        <name>American Honda Finance Corp.</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp.</title>
        <cusip>02665WFU0</cusip>
        <identifiers>
          <isin value="US02665WFU09"/>
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        <balance>5575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5561996.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
        <cusip>02005NBT6</cusip>
        <identifiers>
          <isin value="US02005NBT63"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>664808.48000000</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>2029-06-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.99200000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Ramble RE Ltd.</name>
        <lei>254900X8K5BTBY971F92</lei>
        <title>Ramble RE Ltd., Series A</title>
        <cusip>751443AA0</cusip>
        <identifiers>
          <isin value="US751443AA01"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498050.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.52913960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>High Point Re Ltd.</name>
        <lei>N/A</lei>
        <title>High Point Re Ltd., Series A</title>
        <cusip>429932AA4</cusip>
        <identifiers>
          <isin value="US429932AA44"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251225.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.02913920</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PRPM Trust</name>
        <lei>N/A</lei>
        <title>PRPM Trust, Series 2025-NQM1, Class B1</title>
        <cusip>74391EAF8</cusip>
        <identifiers>
          <isin value="US74391EAF88"/>
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        <balance>3094000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3114634.50000000</valUSD>
        <pctVal>0.321993926176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-11-25</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
        <lei>5493000PGBS1C22ELQ16</lei>
        <title>Element Fleet Management Corp.</title>
        <cusip>286181AM4</cusip>
        <identifiers>
          <isin value="US286181AM42"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1525562.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.64300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Continental Finance Credit Card ABS Master Trust</name>
        <lei>N/A</lei>
        <title>Continental Finance Credit Card ABS Master Trust, Series 2024-A, Class A</title>
        <cusip>66981PAQ1</cusip>
        <identifiers>
          <isin value="US66981PAQ19"/>
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        <balance>740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>746830.20000000</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>2032-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.78000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Titania RE Ltd.</name>
        <lei>5493008E73M6FH2NSB56</lei>
        <title>Titania RE Ltd., Series A</title>
        <cusip>888329AC3</cusip>
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          <isin value="US888329AC32"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>258500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-27</maturityDt>
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          <annualizedRt>16.81122600</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ITC Holdings Corp.</name>
        <lei>549300HTO5U9D3SLE207</lei>
        <title>ITC Holdings Corp.</title>
        <cusip>465685AT2</cusip>
        <identifiers>
          <isin value="US465685AT20"/>
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        <balance>1010000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1019197.12000000</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>2034-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kendall Re Ltd.</name>
        <lei>N/A</lei>
        <title>Kendall Re Ltd., Series B</title>
        <cusip>48878QAE0</cusip>
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          <isin value="US48878QAE08"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>257875.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.02914080</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Volkswagen Group of America Finance LLC</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Finance LLC</title>
        <cusip>928668CS9</cusip>
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          <isin value="US928668CS92"/>
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        <balance>3930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3908626.54000000</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>2035-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-5, Class CS</title>
        <cusip>38379TQP7</cusip>
        <identifiers>
          <isin value="US38379TQP74"/>
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        <balance>89035.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10603.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.71693000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ACH8</cusip>
        <identifiers>
          <isin value="US44891ACH86"/>
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        <balance>515000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>524892.88000000</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>2028-06-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.68000000</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>
        <name>Locke Tavern Re Ltd.</name>
        <lei>N/A</lei>
        <title>Locke Tavern Re Ltd., Series A</title>
        <cusip>539694AA7</cusip>
        <identifiers>
          <isin value="US539694AA71"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>505250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.06322680</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>
        <name>1261229 BC Ltd.</name>
        <lei>N/A</lei>
        <title>1261229 BC Ltd., First Lien Term Loan</title>
        <cusip>C6903HAB0</cusip>
        <identifiers>
          <isin value="XAC6903HAB06"/>
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        <balance>6435000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6059646.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.56984000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series A</title>
        <cusip>011395AJ9</cusip>
        <identifiers>
          <isin value="US011395AJ90"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>511850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.67113960</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Issuer Trust, Series 2024-3A, Class C</title>
        <cusip>37989AAJ3</cusip>
        <identifiers>
          <isin value="US37989AAJ34"/>
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        <balance>2560000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Wildfire Intermediate Holdings LLC</name>
        <lei>5493003RHEMQJZEXIR02</lei>
        <title>Wildfire Intermediate Holdings LLC</title>
        <cusip>96812HAA6</cusip>
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          <isin value="US96812HAA68"/>
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        <balance>6970000.00000000</balance>
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        <curCd>USD</curCd>
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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>2029-10-15</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Total Play Telecomunicaciones SA de CV</name>
        <lei>4469000001BSAPAMOQ06</lei>
        <title>Total Play Telecomunicaciones SA de CV</title>
        <cusip>89157PAD0</cusip>
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          <isin value="US89157PAD06"/>
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        <balance>11681750.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-31</maturityDt>
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          <annualizedRt>11.12500000</annualizedRt>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>N/A</lei>
        <title>BRAVO Residential Funding Trust, Series 2023-NQM7, Class B1</title>
        <cusip>10569HAE4</cusip>
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          <isin value="US10569HAE45"/>
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        <balance>2535000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2532184.63000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series A</title>
        <cusip>59013MAH5</cusip>
        <identifiers>
          <isin value="US59013MAH51"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>255875.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.03122520</annualizedRt>
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      <invstOrSec>
        <name>MMIFS Re Ltd.</name>
        <lei>254900C86PCL10JRTQ88</lei>
        <title>MMIFS Re Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2969300081"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.37860000"/>
        <valUSD>361952.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.57421840</annualizedRt>
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        <name>Aker BP ASA</name>
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        <name>FHLMC</name>
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        <name>PRPM</name>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
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        <name>Americold Realty Operating Partnership LP</name>
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        <title>Americold Realty Operating Partnership LP</title>
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        <name>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
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        <name>Sun Communities Operating LP</name>
        <lei>549300PUNBPJCGT6X741</lei>
        <title>Sun Communities Operating LP</title>
        <cusip>866677AK3</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Radnor RE Ltd.</name>
        <lei>254900P3K895250PCC81</lei>
        <title>Radnor RE Ltd., Series 2023-1, Class M1A</title>
        <cusip>75050KAA4</cusip>
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        <name>GS Mortgage Securities Corp. Trust</name>
        <lei>N/A</lei>
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        <name>Transocean, Inc.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean, Inc.</title>
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        <invCountry>KY</invCountry>

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        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
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        <name>Uniti Group LP</name>
        <lei>N/A</lei>
        <title>Uniti Group LP</title>
        <cusip>91327AAB8</cusip>
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        <balance>7400000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Vista Point Securitization Trust</name>
        <lei>N/A</lei>
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        <cusip>92839HAA4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
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        <title>Duke Energy Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAMLL Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>BAMLL Commercial Mortgage Securities Trust, Series 2024-NASH, Class B</title>
        <cusip>05555CAG6</cusip>
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          <isin value="US05555CAG69"/>
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        <balance>2130000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-05-15</maturityDt>
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      <invstOrSec>
        <name>Merna Reinsurance II Ltd.</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd., Series A</title>
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          <isin value="US59013MAK80"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>260200.00000000</valUSD>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-07</maturityDt>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>2138005NRONUFED1TZ38</lei>
        <title>Verus Securitization Trust, Series 2024-3, Class B1</title>
        <cusip>92540MAE5</cusip>
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          <isin value="US92540MAE57"/>
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        <balance>2125000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Directv Financing LLC</name>
        <lei>N/A</lei>
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        <cusip>25460HAD4</cusip>
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          <isin value="US25460HAD44"/>
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        <balance>470375.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>453973.02000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-02</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.79126000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Note</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="FVM5COS"/>
          <other otherDesc="Future Ticker" value="FVM5 Comdty"/>
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        <balance>-656.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>Liberty Mutual Insurance Co.</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
        <title>Liberty Mutual Insurance Co.</title>
        <cusip>53079QAD9</cusip>
        <identifiers>
          <isin value="US53079QAD97"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>468184.64000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2097-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.69700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nomura Holdings, Inc.</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>Nomura Holdings, Inc.</title>
        <cusip>65535HBV0</cusip>
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          <isin value="US65535HBV06"/>
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        <balance>1335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1357269.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.78300000</annualizedRt>
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      <invstOrSec>
        <name>American Honda Finance Corp.</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp.</title>
        <cusip>02665WFL0</cusip>
        <identifiers>
          <isin value="US02665WFL00"/>
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        <balance>3065000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3112283.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000ISBDRXIMCHZ70</lei>
        <title>FHLMC STACR REMIC Trust, Series 2022-DNA1, Class M2</title>
        <cusip>35564KQC6</cusip>
        <identifiers>
          <isin value="US35564KQC61"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>182475.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.85369080</annualizedRt>
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      <invstOrSec>
        <name>Genesee Street Re Ltd.</name>
        <lei>N/A</lei>
        <title>Genesee Street Re Ltd., Series 2025</title>
        <cusip>37173WAA0</cusip>
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          <isin value="US37173WAA09"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37045XED4</cusip>
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          <isin value="US37045XED49"/>
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        <balance>1365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1410856.07000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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        <name>Verus Securitization Trust</name>
        <lei>9845008F97BFO762AF95</lei>
        <title>Verus Securitization Trust, Series 2023-INV3, Class B1</title>
        <cusip>92540CAE7</cusip>
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          <isin value="US92540CAE75"/>
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        <balance>1955000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1971941.05000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2068-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.21177280</annualizedRt>
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      <invstOrSec>
        <name>Avianca Midco 2 plc</name>
        <lei>N/A</lei>
        <title>Avianca Midco 2 plc</title>
        <cusip>05369YAA7</cusip>
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          <isin value="US05369YAA73"/>
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        <balance>6450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5632204.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.62500000</annualizedRt>
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      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bellemeade Re Ltd., Series 2024-1, Class M1B</title>
        <cusip>078915AB1</cusip>
        <identifiers>
          <isin value="US078915AB15"/>
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        <balance>1320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1333979.33000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.55368920</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP, Series G</title>
        <cusip>29273VAM2</cusip>
        <identifiers>
          <isin value="US29273VAM28"/>
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        <balance>859000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>846508.77000000</valUSD>
        <pctVal>0.087512895138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.12500000</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>Bridge Street Re Ltd.</name>
        <lei>2549008NKPLMU6X7ID58</lei>
        <title>Bridge Street Re Ltd., Series A</title>
        <cusip>10807LAA5</cusip>
        <identifiers>
          <isin value="US10807LAA52"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>995500.00000000</valUSD>
        <pctVal>0.102915752557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.27913960</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>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2021-SFR9, Class F</title>
        <cusip>74333QAN5</cusip>
        <identifiers>
          <isin value="US74333QAN51"/>
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        <balance>390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>375394.03000000</valUSD>
        <pctVal>0.038808597793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd., Series A</title>
        <cusip>57839MAC2</cusip>
        <identifiers>
          <isin value="US57839MAC29"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>508750.00000000</valUSD>
        <pctVal>0.052595066914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TRTX Issuer Ltd.</name>
        <lei>N/A</lei>
        <title>TRTX Issuer Ltd., Series 2022-FL5, Class A</title>
        <cusip>87277JAA9</cusip>
        <identifiers>
          <isin value="US87277JAA97"/>
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        <balance>2215638.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2212630.84000000</valUSD>
        <pctVal>0.228743915650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.97813120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>American Credit Acceptance Receivables Trust</name>
        <lei>N/A</lei>
        <title>American Credit Acceptance Receivables Trust, Series 2023-4, Class C</title>
        <cusip>02530CAE8</cusip>
        <identifiers>
          <isin value="US02530CAE84"/>
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        <balance>2110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2137065.81000000</valUSD>
        <pctVal>0.220931929784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.99000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tricon Residential Trust</name>
        <lei>N/A</lei>
        <title>Tricon Residential Trust, Series 2022-SFR2, Class E</title>
        <cusip>89616TAE5</cusip>
        <identifiers>
          <isin value="US89616TAE55"/>
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        <balance>345000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>352329.56000000</valUSD>
        <pctVal>0.036424170583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-145, Class UI</title>
        <cusip>38380BHW8</cusip>
        <identifiers>
          <isin value="US38380BHW81"/>
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        <balance>53487.39240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9355.42000000</valUSD>
        <pctVal>0.000967172365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="934359NWS"/>
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        <balance>462712.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-2556.14000000</valUSD>
        <pctVal>-0.00026425622</pctVal>
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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>
              <counterpartyLei>549300HWWR1D8OTS2G29</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Darden Restaurants, Inc.</issuerName>
                <issueTitle>Darden Restaurants, Inc.</issueTitle>
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                  <cusip value="237194AL9"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receipt of notional amount upon default event with regard to the reference instrument</otherRecDesc>
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            <unrealizedAppr>-2556.14000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Microchip Technology, Inc.</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology, Inc.</title>
        <cusip>595017BL7</cusip>
        <identifiers>
          <isin value="US595017BL79"/>
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        <balance>2715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2702619.52000000</valUSD>
        <pctVal>0.279399419162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="201128.11000000"/>
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      <invstOrSec>
        <name>Commonwealth Bank of Australia</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
        <title>Commonwealth Bank of Australia</title>
        <cusip>2027A0KY4</cusip>
        <identifiers>
          <isin value="US2027A0KY46"/>
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        <balance>4670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4679386.70000000</valUSD>
        <pctVal>0.483759521583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.19470640</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2504350.32000000"/>
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      <invstOrSec>
        <name>Veraison Re Ltd.</name>
        <lei>2549007WYB39A966J434</lei>
        <title>Veraison Re Ltd., Series A</title>
        <cusip>92335TAD1</cusip>
        <identifiers>
          <isin value="US92335TAD19"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247550.00000000</valUSD>
        <pctVal>0.025591958358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.77913920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Triangle Re Ltd.</name>
        <lei>N/A</lei>
        <title>Triangle Re Ltd., Series 2023-1, Class M1B</title>
        <cusip>89589AAB5</cusip>
        <identifiers>
          <isin value="US89589AAB52"/>
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        <balance>1640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1729301.94000000</valUSD>
        <pctVal>0.178776906633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.60369120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Darden Restaurants, Inc.</name>
        <lei>CY1NFSCCB5GUXC7WZC70</lei>
        <title>Darden Restaurants, Inc.</title>
        <cusip>237194AN5</cusip>
        <identifiers>
          <isin value="US237194AN56"/>
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        <balance>2610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2771507.53000000</valUSD>
        <pctVal>0.286521128245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="319534.50000000"/>
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      <invstOrSec>
        <name>Acorn Re Ltd.</name>
        <lei>N/A</lei>
        <title>Acorn Re Ltd., Series B</title>
        <cusip>00485YAF6</cusip>
        <identifiers>
          <isin value="US00485YAF60"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250550.00000000</valUSD>
        <pctVal>0.025902101258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.37863560</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>United Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>United Airlines Pass-Through Trust, Series 2020-1, Class B</title>
        <cusip>90932VAA3</cusip>
        <identifiers>
          <isin value="US90932VAA35"/>
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        <balance>66142.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65897.77000000</valUSD>
        <pctVal>0.006812575179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-17, Class JS</title>
        <cusip>38379T5H8</cusip>
        <identifiers>
          <isin value="US38379T5H84"/>
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        <balance>69983.11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8666.99000000</valUSD>
        <pctVal>0.000896001806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.66692960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YES0</cusip>
        <identifiers>
          <isin value="US61747YES00"/>
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        <balance>1690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1650676.59000000</valUSD>
        <pctVal>0.170648541927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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      <invstOrSec>
        <name>Hyatt Hotels Corp.</name>
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        <name>Arivo Acceptance Auto Loan Receivables Trust</name>
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        <name>MFA Trust</name>
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        <name>Standard Chartered plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-25</maturityDt>
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        <name>Virginia Electric and Power Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-15</maturityDt>
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        <name>CDW LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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        <name>Imperial Fund Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>Sanders RE II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd., Series A</title>
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        <name>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
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        <balance>540000.00000000</balance>
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        <invCountry>ES</invCountry>
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        <name>Cruise Yacht Upper HoldCo Ltd.</name>
        <lei>984500DE088QEE80G074</lei>
        <title>Cruise Yacht Upper HoldCo Ltd.</title>
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        <balance>1200000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>MT</invCountry>

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        <name>First Coast Re IV Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US31969UAB35"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
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      <invstOrSec>
        <name>Integrity RE III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity RE III Ltd., Series B-2</title>
        <cusip>45870GAD8</cusip>
        <identifiers>
          <isin value="US45870GAD88"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.03122680</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Aeromexico SAB de CV</name>
        <lei>N/A</lei>
        <title>Grupo Aeromexico SAB de CV</title>
        <cusip>40054JAD1</cusip>
        <identifiers>
          <isin value="US40054JAD19"/>
        </identifiers>
        <balance>6400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5921602.56000000</valUSD>
        <pctVal>0.612180998299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</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>Vitality Re XIII Ltd.</name>
        <lei>N/A</lei>
        <title>Vitality Re XIII Ltd., Series A</title>
        <cusip>92849MAA1</cusip>
        <identifiers>
          <isin value="US92849MAA18"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250475.00000000</valUSD>
        <pctVal>0.025894347686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.28122600</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>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>49326EEP4</cusip>
        <identifiers>
          <isin value="US49326EEP43"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>680893.34000000</valUSD>
        <pctVal>0.070391411850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.40100000</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YFB6</cusip>
        <identifiers>
          <isin value="US61747YFB65"/>
        </identifiers>
        <balance>740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>745994.00000000</valUSD>
        <pctVal>0.077121581027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.94800000</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>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
        <cusip>00973RAN3</cusip>
        <identifiers>
          <isin value="US00973RAN35"/>
        </identifiers>
        <balance>5720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5343693.27000000</valUSD>
        <pctVal>0.552436177114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>Kilimanjaro II Re Ltd.</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re Ltd., Series B</title>
        <cusip>49407QAH1</cusip>
        <identifiers>
          <isin value="US49407QAH11"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525600.00000000</valUSD>
        <pctVal>0.054337036207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.52914040</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>Residential Reinsurance 2004 Ltd.</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2004 Ltd., Series 4</title>
        <cusip>76112AAE2</cusip>
        <identifiers>
          <isin value="US76112AAE29"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>756525.00000000</valUSD>
        <pctVal>0.078210285990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.52913880</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>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd., Series A</title>
        <cusip>80000XAA7</cusip>
        <identifiers>
          <isin value="US80000XAA72"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>492700.00000000</valUSD>
        <pctVal>0.050935802395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.69122720</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>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>05571AAY1</cusip>
        <identifiers>
          <isin value="US05571AAY10"/>
        </identifiers>
        <balance>1375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1390528.40000000</valUSD>
        <pctVal>0.143754170505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.93600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2004 Ltd.</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2004 Ltd., Series 3</title>
        <cusip>76112AAD4</cusip>
        <identifiers>
          <isin value="US76112AAD46"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>758550.00000000</valUSD>
        <pctVal>0.078419632448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.27913840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F032658</cusip>
        <identifiers>
          <isin value="US01F0326581"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9023876.70000000</valUSD>
        <pctVal>0.932897098507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ACY1</cusip>
        <identifiers>
          <isin value="US44891ACY10"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2519002.78000000</valUSD>
        <pctVal>0.260416943041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="101496.44000000"/>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2016-GS4, Class D</title>
        <cusip>36251XAA5</cusip>
        <identifiers>
          <isin value="US36251XAA54"/>
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        <balance>1340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1061280.00000000</valUSD>
        <pctVal>0.109716152560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.23300160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sakura RE Ltd.</name>
        <lei>N/A</lei>
        <title>Sakura RE Ltd., Series A</title>
        <cusip>79381MAD6</cusip>
        <identifiers>
          <isin value="US79381MAD65"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249625.00000000</valUSD>
        <pctVal>0.025806473864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.02914040</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth Bank of Australia</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
        <title>Commonwealth Bank of Australia</title>
        <cusip>202712BX2</cusip>
        <identifiers>
          <isin value="US202712BX27"/>
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        <balance>1740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1682754.52000000</valUSD>
        <pctVal>0.173964789346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.92900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1691664.64000000"/>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2021-R03, Class 1B2</title>
        <cusip>20754AAJ2</cusip>
        <identifiers>
          <isin value="US20754AAJ25"/>
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        <balance>2470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2553362.50000000</valUSD>
        <pctVal>0.263969084117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.85368960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development, Series D</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2809694198"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>264075.00000000</valUSD>
        <pctVal>0.027300328836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.52309640</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd., Series A</title>
        <cusip>35087TAG3</cusip>
        <identifiers>
          <isin value="US35087TAG31"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <name>Transocean Titan Financing Ltd.</name>
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        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <name>ABRA Global Finance</name>
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      <invstOrSec>
        <name>APA Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Winston RE Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FloodSmart Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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          <isin value="US09659W3A04"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage Securities Corp. Trust</name>
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          <isin value="US36262MAG33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eagle RE Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Baldwin Re Ltd.</name>
        <lei>N/A</lei>
        <title>Baldwin Re Ltd., Series A</title>
        <cusip>05826BAA4</cusip>
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          <isin value="US05826BAA44"/>
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        <valUSD>249625.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WOM Mobile SA</name>
        <lei>549300T600VUO0QJ3063</lei>
        <title>WOM Mobile SA</title>
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        <balance>328809.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>332097.09000000</valUSD>
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        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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      <invstOrSec>
        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bobl</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Westlake Automobile Receivables Trust</name>
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        <name>MF1</name>
        <lei>N/A</lei>
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        <cusip>58003MAA4</cusip>
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          <isin value="US58003MAA45"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Integrity Re Ltd.</name>
        <lei>N/A</lei>
        <title>Integrity Re Ltd., Series B</title>
        <cusip>45833UAK7</cusip>
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        <balance>250000.00000000</balance>
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        <invCountry>BM</invCountry>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Tricida, Inc.</name>
        <lei>549300QVPFFJC8SZXG25</lei>
        <title>Tricida, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Golar LNG Ltd.</name>
        <lei>213800C2VSFZG3EZLO34</lei>
        <title>Golar LNG Ltd.</title>
        <cusip>N/A</cusip>
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        <balance>346055.00000000</balance>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4395, Class TI</title>
        <cusip>3137BEX58</cusip>
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        <balance>75.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.71000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Tricida, Inc.</name>
        <lei>549300QVPFFJC8SZXG25</lei>
        <title>Tricida, Inc.</title>
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        <balance>715000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust, Series 2017-C4, Class C</title>
        <cusip>90276RBK3</cusip>
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          <isin value="US90276RBK32"/>
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        <balance>810000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>735369.35000000</valUSD>
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        <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>
      <invstOrSec>
        <name>Sanders RE II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd., Series B-1</title>
        <cusip>80001TAC1</cusip>
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          <isin value="US80001TAC18"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>399600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>8.77914000</annualizedRt>
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      <invstOrSec>
        <name>Mona Lisa Re Ltd.</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re Ltd., Series A</title>
        <cusip>608800AE8</cusip>
        <identifiers>
          <isin value="US608800AE89"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.27913840</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2021-1, Class B</title>
        <cusip>30768WAC2</cusip>
        <identifiers>
          <isin value="US30768WAC29"/>
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        <balance>284207.40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>209443.60000000</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>2051-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.24102600</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
        <cusip>350930AE3</cusip>
        <identifiers>
          <isin value="US350930AE32"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>471963.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Harvest SBA Loan Trust</name>
        <lei>N/A</lei>
        <title>Harvest SBA Loan Trust, Series 2024-1, Class A</title>
        <cusip>41756NAA7</cusip>
        <identifiers>
          <isin value="US41756NAA72"/>
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        <balance>1540271.41000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1548714.10000000</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>2051-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.68459160</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 2 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="TUM5COM"/>
          <other otherDesc="Future Ticker" value="TUM5 Comdty"/>
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        <balance>68.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>113989.31000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                  <ticker value="TUM5 Comdty"/>
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            <unrealizedAppr>113989.31000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967PU9</cusip>
        <identifiers>
          <isin value="US172967PU96"/>
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        <balance>7250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7269963.89000000</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>2036-01-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.02000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Queen Street 2023 RE DAC</name>
        <lei>635400VHHVVMXL5BJI05</lei>
        <title>Queen Street 2023 RE DAC, Series A</title>
        <cusip>747977AA4</cusip>
        <identifiers>
          <isin value="US747977AA45"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751650.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.77913765</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bonanza RE Ltd.</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza RE Ltd., Series A</title>
        <cusip>09785EAK7</cusip>
        <identifiers>
          <isin value="US09785EAK73"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>253625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.72913920</annualizedRt>
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      <invstOrSec>
        <name>Residential Reinsurance 2021 Ltd.</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2021 Ltd., Series 3</title>
        <cusip>76114NAF9</cusip>
        <identifiers>
          <isin value="US76114NAF96"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>487400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.33122600</annualizedRt>
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      <invstOrSec>
        <name>Vitality Re XIV Ltd.</name>
        <lei>N/A</lei>
        <title>Vitality Re XIV Ltd., Series A</title>
        <cusip>92851QAA7</cusip>
        <identifiers>
          <isin value="US92851QAA76"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>513050.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.77913920</annualizedRt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>225401BG2</cusip>
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          <isin value="US225401BG25"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>386428.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.30100000</annualizedRt>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2</title>
        <cusip>20755RAC9</cusip>
        <identifiers>
          <isin value="US20755RAC97"/>
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        <balance>1990000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1986907.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd., Series A</title>
        <cusip>36779CAA4</cusip>
        <identifiers>
          <isin value="US36779CAA45"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>499500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.56122520</annualizedRt>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Issuer Trust, Series 2025-1A, Class E</title>
        <cusip>36271KAN1</cusip>
        <identifiers>
          <isin value="US36271KAN19"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2058136.08000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.19000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Airlines, Inc.</name>
        <lei>N/A</lei>
        <title>American Airlines, Inc.</title>
        <cusip>00253XAB7</cusip>
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          <isin value="US00253XAB73"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184281.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Palm RE Ltd.</name>
        <lei>984500D3C66DA10DAP11</lei>
        <title>Palm RE Ltd., Series A</title>
        <cusip>69664FAA6</cusip>
        <identifiers>
          <isin value="US69664FAA66"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>262275.00000000</valUSD>
        <pctVal>0.027114243095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.77914040</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>Radnor RE Ltd.</name>
        <lei>254900P3K895250PCC81</lei>
        <title>Radnor RE Ltd., Series 2023-1, Class M1B</title>
        <cusip>75050KAB2</cusip>
        <identifiers>
          <isin value="US75050KAB26"/>
        </identifiers>
        <balance>330000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>340746.22000000</valUSD>
        <pctVal>0.035226673693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.70369120</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>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
        <cusip>02005NBV1</cusip>
        <identifiers>
          <isin value="US02005NBV10"/>
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        <balance>1455000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1434713.44000000</valUSD>
        <pctVal>0.148322062663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.18400000</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>Montoya Re Ltd.</name>
        <lei>N/A</lei>
        <title>Montoya Re Ltd., Series A</title>
        <cusip>613752AD6</cusip>
        <identifiers>
          <isin value="US613752AD62"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494250.00000000</valUSD>
        <pctVal>0.051096042894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.03640760</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KREF Ltd.</name>
        <lei>549300DG0FGL1EU1CT79</lei>
        <title>KREF Ltd., Series 2022-FL3, Class A</title>
        <cusip>48275EAA4</cusip>
        <identifiers>
          <isin value="US48275EAA47"/>
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        <balance>1839690.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1835086.51000000</valUSD>
        <pctVal>0.189713017764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.76858960</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>Armor RE II Ltd.</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor RE II Ltd., Series A</title>
        <cusip>04227FAF2</cusip>
        <identifiers>
          <isin value="US04227FAF27"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502150.00000000</valUSD>
        <pctVal>0.051912752533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.77913960</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>Mizuho Financial Group, Inc.</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
        <title>Mizuho Financial Group, Inc.</title>
        <cusip>60687YDJ5</cusip>
        <identifiers>
          <isin value="US60687YDJ55"/>
        </identifiers>
        <balance>8390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8416019.15000000</valUSD>
        <pctVal>0.870056197245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.42200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8429364.60000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRPM Trust</name>
        <lei>N/A</lei>
        <title>PRPM Trust, Series 2023-NQM2, Class B1</title>
        <cusip>74390KAC2</cusip>
        <identifiers>
          <isin value="US74390KAC27"/>
        </identifiers>
        <balance>1240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1228137.66000000</valUSD>
        <pctVal>0.126966058787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.95649960</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>Sanders RE II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd., Series B</title>
        <cusip>80001RAB7</cusip>
        <identifiers>
          <isin value="US80001RAB78"/>
        </identifiers>
        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2244375.00000000</valUSD>
        <pctVal>0.232025657604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.53122680</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>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
        <cusip>29250NCF0</cusip>
        <identifiers>
          <isin value="US29250NCF06"/>
        </identifiers>
        <balance>490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>487029.38000000</valUSD>
        <pctVal>0.050349568217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.20000000</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>Hypatia Ltd.</name>
        <lei>98450041F85DB4C2C372</lei>
        <title>Hypatia Ltd., Series A</title>
        <cusip>44914CAC0</cusip>
        <identifiers>
          <isin value="US44914CAC01"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>259600.00000000</valUSD>
        <pctVal>0.026837699009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.78640600</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>FHLMC Multifamily Structured Credit Risk</name>
        <lei>N/A</lei>
        <title>FHLMC Multifamily Structured Credit Risk, Series 2021-MN3, Class M2</title>
        <cusip>35563GAB5</cusip>
        <identifiers>
          <isin value="US35563GAB59"/>
        </identifiers>
        <balance>815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>846508.80000000</valUSD>
        <pctVal>0.087512898240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.35368840</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>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F050650</cusip>
        <identifiers>
          <isin value="US01F0506505"/>
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        <balance>9300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9102990.85000000</valUSD>
        <pctVal>0.941075995830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
        <cusip>49456BBC4</cusip>
        <identifiers>
          <isin value="US49456BBC46"/>
        </identifiers>
        <balance>590000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>597364.65000000</valUSD>
        <pctVal>0.061756135113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Farmers Insurance Exchange</name>
        <lei>549300UWG2TLX1GZVT44</lei>
        <title>Farmers Insurance Exchange</title>
        <cusip>309601AG7</cusip>
        <identifiers>
          <isin value="US309601AG75"/>
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        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1305978.70000000</valUSD>
        <pctVal>0.135013340767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>54930025J96YEH8FQE77</lei>
        <title>CSAIL Commercial Mortgage Trust, Series 2015-C4, Class D</title>
        <cusip>12635RBE7</cusip>
        <identifiers>
          <isin value="US12635RBE71"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>241631.93000000</valUSD>
        <pctVal>0.024980142559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.71922120</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>COLT Mortgage Loan Trust</name>
        <lei>213800AWBXHFGYDU9Q16</lei>
        <title>COLT Mortgage Loan Trust, Series 2024-5, Class B1</title>
        <cusip>19685AAE9</cusip>
        <identifiers>
          <isin value="US19685AAE91"/>
        </identifiers>
        <balance>3792000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3763109.13000000</valUSD>
        <pctVal>0.389033860440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.29699840</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>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd., Series A</title>
        <cusip>011395AN0</cusip>
        <identifiers>
          <isin value="US011395AN03"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>515850.00000000</valUSD>
        <pctVal>0.053329071779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.27913760</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>Homeward Opportunities Fund I Trust</name>
        <lei>N/A</lei>
        <title>Homeward Opportunities Fund I Trust, Series 2020-2, Class M1</title>
        <cusip>43789XAD6</cusip>
        <identifiers>
          <isin value="US43789XAD66"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>165851.46000000</valUSD>
        <pctVal>0.017145884297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.89700000</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>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class D</title>
        <cusip>80290CAU8</cusip>
        <identifiers>
          <isin value="US80290CAU80"/>
        </identifiers>
        <balance>1240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1251625.00000000</valUSD>
        <pctVal>0.129394202706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.96500000</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>Veraison Re Ltd.</name>
        <lei>2549007WYB39A966J434</lei>
        <title>Veraison Re Ltd., Series A</title>
        <cusip>92335TAC3</cusip>
        <identifiers>
          <isin value="US92335TAC36"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>512400.00000000</valUSD>
        <pctVal>0.052972407443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.01713960</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>Carnival Corp.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp.</title>
        <cusip>143658BR2</cusip>
        <identifiers>
          <isin value="US143658BR27"/>
        </identifiers>
        <balance>2595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2579709.22000000</valUSD>
        <pctVal>0.266692833505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alpha Generation LLC</name>
        <lei>N/A</lei>
        <title>Alpha Generation LLC, First Lien Term Loan B</title>
        <cusip>02072UAC6</cusip>
        <identifiers>
          <isin value="US02072UAC62"/>
        </identifiers>
        <balance>1572100.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1570983.81000000</valUSD>
        <pctVal>0.162409825275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.07162000</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>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
        <cusip>36485MAP4</cusip>
        <identifiers>
          <isin value="US36485MAP41"/>
        </identifiers>
        <balance>5820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5740986.52000000</valUSD>
        <pctVal>0.593508737445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1806080.64000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Acuris Finance US, Inc.</name>
        <lei>N/A</lei>
        <title>Acuris Finance US, Inc.</title>
        <cusip>00511BAE7</cusip>
        <identifiers>
          <isin value="US00511BAE74"/>
        </identifiers>
        <balance>3905000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3726834.38000000</valUSD>
        <pctVal>0.385283741711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="94700.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bonanza RE Ltd.</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza RE Ltd., Series B</title>
        <cusip>09785EAP6</cusip>
        <identifiers>
          <isin value="US09785EAP60"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247125.00000000</valUSD>
        <pctVal>0.025548021447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.03122560</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
