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      <regCik>0001091439</regCik>
      <regLei>549300446YVO0C3VKW34</regLei>
      <regStreet1>5701 Golden Hills Drive</regStreet1>
      <regCity>Minneapolis</regCity>
      <regStateConditional regCountry="US" regState="US-MN"/>
      <regZipOrPostalCode>55416</regZipOrPostalCode>
      <regPhone>800-624-0197</regPhone>
      <seriesName>AZL Fidelity Institutional Asset Management Total Bond Fund</seriesName>
      <seriesId>S000037885</seriesId>
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      <repPdEnd>2023-12-31</repPdEnd>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACKBIRD CAPITAL AIRCRAFT LEASE SECURITIZATION LIMITED</name>
        <lei>N/A</lei>
        <title>BLACKBIRD CAPITAL AIRCRAFT</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIFE MORTGAGE TRUST</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>94496.91000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSMC TRUST</name>
        <lei>N/A</lei>
        <title>CSMC 18 SITE A</title>
        <cusip>12690CAA1</cusip>
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          <isin value="USU12818AA57"/>
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        <balance>309000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>299214.39000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
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          <isin value="US36178DZK08"/>
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        <balance>118482.18200000</balance>
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        <curCd>USD</curCd>
        <valUSD>106662.95000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140QBEW4</cusip>
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          <isin value="US3140QBEW42"/>
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        <balance>202711.55000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3138EM4F5</cusip>
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          <isin value="US3138EM4F56"/>
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        <balance>20335.11700000</balance>
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        <curCd>USD</curCd>
        <valUSD>20010.72000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>21H020675</cusip>
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          <isin value="US21H0206753"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>335750.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINERALS LTD</title>
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          <isin value="US335934AR67"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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          <isin value="US912810SZ21"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>PINE STREET TRUST II</name>
        <lei>N/A</lei>
        <title>PINE STREET TRUST II</title>
        <cusip>72284LAA7</cusip>
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          <isin value="US72284LAA70"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>224291.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-02-15</maturityDt>
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      <invstOrSec>
        <name>BLACKBIRD CAPITAL AIRCRAFT LEASE SECURITIZATION LIMITED</name>
        <lei>N/A</lei>
        <title>BLACKBIRD CAPITAL AIRCRAFT</title>
        <cusip>09228YAB8</cusip>
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          <isin value="USG1311KAB64"/>
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        <balance>512341.39300000</balance>
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        <curCd>USD</curCd>
        <valUSD>472298.52000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-16</maturityDt>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>W.P. CAREY INC.</name>
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        <balance>101000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TOPGOLF CALLAWAY BRANDS CORP.</name>
        <lei>5493005UB0KFRKBPCU72</lei>
        <title>CALLAWAY GOLF CO</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OMEGA HEALTHCARE INVESTORS, INC.</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TELECOM ITALIA CAPITAL S.A.</name>
        <lei>549300777DJZOR5C4L39</lei>
        <title>TELECOM ITALIA S P A</title>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HOLDINGS PLC</title>
        <cusip>404280AP4</cusip>
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          <isin value="US404280AP48"/>
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        <balance>205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>202242.14000000</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>2024-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST</name>
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      <invstOrSec>
        <name>INTELLIGENT PACKAGING LIMITED FINCO INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MURPHY OIL CORPORATION</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>T-MOBILE USA, INC.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENABLE MIDSTREAM PARTNER</title>
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        <balance>124000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KITE REALTY GROUP, L.P.</name>
        <lei>549300X6R2GYI8Y3OD81</lei>
        <title>RETAIL PPTYS OF AMERICA</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>INTELSAT JACKSON HOLDINGS S.A.</name>
        <lei>8XJ8KF85PBKK1TLMFN29</lei>
        <title>INTELSAT</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CNX MIDSTREAM PARTNERS LP</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>SREIT COMMERCIAL MORTGAGE TRUST</name>
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        <title>SREIT TRUST 2021 MFP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MGM RESORTS INTERNATIONAL</name>
        <lei>54930066VBP7DZEGGJ87</lei>
        <title>MGM RESORTS INTL</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>EG GLOBAL FINANCE PLC</name>
        <lei>549300TL8Q5207VYET27</lei>
        <title>EG GLOBAL FINANCE PLC</title>
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        <balance>55000.00000000</balance>
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        <invCountry>GB</invCountry>

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        <name>DG Investment Intermediate Holdings 2, Inc</name>
        <lei>549300AE79DEGS4AGL59</lei>
        <title>DG INVESTMENT INTERMEDIATE HOLDINGS 2 INC</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <issuerCat>USGSE</issuerCat>
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        <name>DRYDEN CLO LTD</name>
        <lei>N/A</lei>
        <title>DRYDEN 98 CLO LTD</title>
        <cusip>26248AAA2</cusip>
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          <isin value="USG2851AAA46"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.</name>
        <lei>529900QWK0FGLES9BA18</lei>
        <title>CALUMET SPECIALTY PROD</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COBRA ACQUISITIONCO LLC</name>
        <lei>N/A</lei>
        <title>COBRA ACQUISITIONCO LLC</title>
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        <balance>60000.00000000</balance>
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      <invstOrSec>
        <name>CEDAR FUNDING LTD</name>
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      <invstOrSec>
        <name>MSCI INC.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SERVICE PROPERTIES TRUST</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VOYA CLO</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <title>BX 2021 LBA3 MORTGAGE TRUST</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLACKROCK LIQ FDS FEDFUND-IN</name>
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        <title>BLACKROCK LIQUIDITY FEDFUND INSTITUTIONAL SHARES</title>
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          <isin value="N/A"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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          <isin value="US3132XCSA42"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PIEDMONT OPERATING PARTNERSHIP, LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
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          <isin value="US36292EP795"/>
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        <name>ONEMAIN FINANCE CORP</name>
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        <name>HUB INTERNATIONAL LIMITED</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ALLIANT HOLDINGS INTERMEDIATE, LLC</name>
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        <title>ALLIANT HOLD CO ISSUER</title>
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        <name>Government National Mortgage Association 2</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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        <issuerCat>USGA</issuerCat>
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        <name>AASET TRUST</name>
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        <title>AASET 2019 1 TRUST</title>
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        <name>CLOUD SOFTWARE GROUP, INC.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Glatfelter Corporation</name>
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      <invstOrSec>
        <name>W. R. GRACE HOLDINGS LLC</name>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
        <lei>549300XY1661QCIA7J65</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <balance>6100000.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FOX CORPORATION</name>
        <lei>549300DDU6FDRBIELS05</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-25</maturityDt>
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      <invstOrSec>
        <name>THE CHARLES SCHWAB CORPORATION</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>CHARLES SCHWAB CORP VRN 12 31 99</title>
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          <isin value="US808513BJ38"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29350.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>DENBURY INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BROADCOM INC.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>BROADCOM INC</title>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <name>DT MIDSTREAM, INC.</name>
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        <name>Freddie Mac</name>
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        <name>LIFE MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>LIFE MORTGAGE TRUST US</title>
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        <name>Government National Mortgage Association 2</name>
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          <isin value="US36202FTL03"/>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>UBS Group AG</name>
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        <title>CREDIT SUISSE GROUP AG</title>
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        <invCountry>CH</invCountry>

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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US36196HPQ73"/>
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        <curCd>USD</curCd>
        <valUSD>47146.97000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US36179SNU77"/>
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        <balance>10723.19300000</balance>
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        <curCd>USD</curCd>
        <valUSD>9729.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>CBRE SERVICES, INC.</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE SERVICES INC</title>
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          <isin value="US12505BAE02"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CVS HEALTH CORPORATION</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP</title>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24878.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>VIATRIS INC.</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>VIATRIS INC</title>
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          <isin value="US92556VAD82"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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      <invstOrSec>
        <name>CENTENE CORPORATION</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORP</title>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25575.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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      <invstOrSec>
        <name>TRANSDIGM INC.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC</title>
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          <isin value="US893647BB29"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59025.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
        <cusip>31292LYR0</cusip>
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          <isin value="US31292LYR04"/>
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        <balance>70483.64400000</balance>
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        <curCd>USD</curCd>
        <valUSD>63561.31000000</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>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Performance Food Group, Inc.</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>PERFORMANCE FOOD GROUP INC</title>
        <cusip>71376LAD2</cusip>
        <identifiers>
          <isin value="US71376LAD29"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64918.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
        <cusip>36178W7C7</cusip>
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          <isin value="US36178W7C71"/>
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        <balance>12678.63500000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>THE GEO GROUP, INC.</name>
        <lei>54930024XOXET7NQVZ63</lei>
        <title>GEO GROUP INC THE</title>
        <cusip>36162JAC0</cusip>
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          <isin value="US36162JAC09"/>
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        <balance>56000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56280.00000000</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>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>OCCIDENTAL PETROLEUM CORPORATION</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OCCIDENTAL PETROLEUM CORP</title>
        <cusip>674599CJ2</cusip>
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        <balance>120000.00000000</balance>
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        <valUSD>93750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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        <name>TARGA RESOURCES PARTNERS LP</name>
        <lei>6OQWTZ1SPC04IFT4T704</lei>
        <title>TARGA RESOURCES PARTNERS LP</title>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17225.00000000</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>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CCO HOLDINGS, LLC</name>
        <lei>N/A</lei>
        <title>CCO HOLDINGS LLC</title>
        <cusip>1248EPCL5</cusip>
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          <isin value="US1248EPCL57"/>
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        <balance>105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>82162.50000000</valUSD>
        <pctVal>0.049154888334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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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        <name>Federal National Mortgage Association</name>
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        <name>HESS MIDSTREAM OPERATIONS LP</name>
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        <name>NOVA Chemicals Corporation</name>
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        <name>Studio City Company Limited</name>
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        <name>Cooperatieve Rabobank U.A.</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>OI European Group B.V.</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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        <name>INTELSAT</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <fairValLevel>3</fairValLevel>
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        <name>VMED O2 UK FINANCING I PLC</name>
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        <title>VMED O2 UK FINANCING I</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SAPPHIRE AVIATION FINANCE</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>THUNDERBOLT AIRCRAFT LEASE LIMITED</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>MUELLER WATER PRODUCTS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Consolidated Energy Finance S.A.</name>
        <lei>549300PUNIS0USNSL750</lei>
        <title>CONSOLIDATED ENERGY TERM</title>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>DANA INCORPORATED</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
        <title>DANA INC</title>
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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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          <annualizedRt>4.50000000</annualizedRt>
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        <name>SUNOCO LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP FINANCE CORP</title>
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        <balance>5000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MADISON IAQ LLC</name>
        <lei>549300IXDNBXNHUPBU73</lei>
        <title>MADISON IAQ LLC</title>
        <cusip>55760LAA5</cusip>
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          <isin value="US55760LAA52"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-30</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>T-MOBILE USA, INC.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T MOBILE USA INC</title>
        <cusip>87264AAV7</cusip>
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          <isin value="US87264AAV70"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63212.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>THE SCOTTS MIRACLE-GRO COMPANY</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nokia Oyj</name>
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        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-05-15</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MODIVCARE ESCROW ISSUER, INC.</name>
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        <curCd>USD</curCd>
        <valUSD>18500.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC.</name>
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        <curCd>USD</curCd>
        <valUSD>38400.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>Freddie Mac</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cerdia Finanz GmbH</name>
        <lei>391200KURNDJSX9GX570</lei>
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          <isin value="US15679GAA04"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24718.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US21H0406734"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47273.44000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
        <cusip>3133KNGT4</cusip>
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          <isin value="US3133KNGT46"/>
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        <balance>183387.88000000</balance>
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        <valUSD>151315.94000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>IMPERIAL BRANDS FINANCE PLC</name>
        <lei>2138008L3B3MCG1DFS50</lei>
        <title>IMPERIAL BRANDS FINANCE PLC</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200361.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-27</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>NCL CORPORATION LTD.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57475.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
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        <name>SEAGATE HDD CAYMAN</name>
        <lei>529900BD50TRWEG1SF63</lei>
        <title>SEAGATE HDD CAYMAN</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <maturityDt>2032-03-01</maturityDt>
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        <name>SANCHEZ ENERGY CORP</name>
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      <invstOrSec>
        <name>CHEVRON PHILLIPS CHEMICAL COMPANY LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CORECIVIC, INC.</name>
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        <invCountry>US</invCountry>

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        <name>HIGHTOWER HOLDING, LLC</name>
        <lei>254900MKOSB7RTMA9K12</lei>
        <title>HIGHTOWER HOLDING LLC</title>
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        <invCountry>US</invCountry>

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        <name>ARDAGH PACKAGING FINANCE PLC</name>
        <lei>6354001JXMLKNZDZR978</lei>
        <title>ARDAGH PACKAGING FINANCE PLC</title>
        <cusip>03969AAN0</cusip>
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        <balance>115000.00000000</balance>
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        <valUSD>106806.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Republica Argentina</name>
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        <name>AFFILIATED MANAGERS GROUP, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>PARK AEROSPACE HOLDINGS LIMITED</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>THE GOLDMAN SACHS GROUP, INC.</name>
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        <name>AIR LEASE CORPORATION</name>
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        <name>AIA Group Limited</name>
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        <invCountry>HK</invCountry>

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        <name>CONSOLIDATED COMMUNICATIONS, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>EQM MIDSTREAM PARTNERS, LP</name>
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        <name>TRANSOCEAN POSEIDON LIMITED</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>BROADCOM INC.</name>
        <lei>549300WV6GIDOZJTV909</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Petroleos Mexicanos</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TRITON WATER HOLDINGS, INC.</name>
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      <invstOrSec>
        <name>CMG MEDIA CORPORATION</name>
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      <invstOrSec>
        <name>ARES CLO LTD</name>
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        <name>INTELSAT JACKSON HOLDINGS S.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</maturityDt>
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        <name>ONEMAIN FINANCE CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KENNEDY-WILSON, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
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        <name>SOUTHEAST SUPPLY HEADER, LLC</name>
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        <name>SAPPHIRE AVIATION FINANCE</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>PILGRIM'S PRIDE CORPORATION</name>
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        <name>JBS USA Lux S.A.</name>
        <lei>P77IMDGVZE8EFBTF2M92</lei>
        <title>JBS USA LUX SA JBS USA FOOD CO</title>
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        <name>Federal National Mortgage Association</name>
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        <name>AUTONATION, INC.</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ATHENAHEALTH GROUP INC.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Owens &amp; Minor, Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-31</maturityDt>
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      <invstOrSec>
        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE</title>
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        <balance>513000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450813.11000000</valUSD>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-14</maturityDt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US3140XD6B79"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DCP MIDSTREAM OPERATING, LP</name>
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          <isin value="US23311VAH06"/>
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        <balance>60000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
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      <invstOrSec>
        <name>Diamond (BC) B.V.</name>
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        <balance>25000.00000000</balance>
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        <valUSD>25218.75000000</valUSD>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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      <invstOrSec>
        <name>RYAN SPECIALTY, LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <balance>97725.80300000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CONTINENTAL RESOURCES, INC.</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
        <title>CONTINENTAL RESOURCES</title>
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          <isin value="US212015AT84"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3133KNAB91"/>
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        <name>ANHEUSER-BUSCH INBEV WORLDWIDE INC.</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>ANHEUSER BUSCH INBEV WORLDWIDE INC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140QLWK8</cusip>
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        <issuerCat>USGSE</issuerCat>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>CENT CLO LIMITED</name>
        <lei>N/A</lei>
        <title>CENT CLO LP</title>
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        <balance>440000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.45043000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <name>TERRAFORM POWER OPERATING, LLC</name>
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      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
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        <name>JACKSON FINANCIAL INC.</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SERVICE PROPERTIES TRUST</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPERTIES TRUST</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ABG INTERMEDIATE HOLDINGS 2 LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-21</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Government National Mortgage Association 2</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PLAINS ALL AMERICAN PIPELINE, L.P.</name>
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        <title>PLAINS ALL AMER PIPELINE</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>UBER TECHNOLOGIES, INC.</name>
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        <name>MORGAN STANLEY CAPITAL I TRUST</name>
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        <name>Pike Corporation</name>
        <lei>549300P4EKEP6HK0NC58</lei>
        <title>PIKE CORP</title>
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        <name>SPGN MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>SPGN 2022 TFLM MORTGAGE TRUST</title>
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        <name>ALLY FINANCIAL INC.</name>
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        <name>Freddie Mac</name>
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        <name>PATTERN ENERGY OPERATIONS LP</name>
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        <name>Carnival Corporation</name>
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        <name>CLARIOS GLOBAL LP</name>
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        <name>VICI PROPERTIES L.P.</name>
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        <name>ATHENAHEALTH GROUP INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ORACLE CORPORATION</name>
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        <name>OCCIDENTAL PETROLEUM CORPORATION</name>
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        <name>ASHTON WOODS USA L.L.C.</name>
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        <name>BARCLAYS PLC</name>
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        <name>EXTENDED STAY AMERICA TRUST</name>
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        <name>FLATIRON CLO LTD</name>
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        <name>SYSCO CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <name>PERMIAN RESOURCES OPERATING, LLC</name>
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        <name>CVR ENERGY, INC.</name>
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        <name>BCPE CYCLE MERGER SUB II, INC.</name>
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        <name>ARES CAPITAL CORPORATION.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Homes 4 Rent, L.P.</name>
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        <name>REAL HERO MERGER SUB 2, INC.</name>
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        <name>VAIL RESORTS, INC.</name>
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        <name>STATION CASINOS LLC</name>
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        <name>THE CHEMOURS COMPANY</name>
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        <name>CF INDUSTRIES, INC.</name>
        <lei>5FVKT86LAD2F40NPC183</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS HEALTH CORPORATION</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP</title>
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        <balance>62000.00000000</balance>
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        <name>Republica Argentina</name>
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        <name>CAESARS ENTERTAINMENT, INC.</name>
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        <name>ILLINOIS ST</name>
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        <name>CENT CLO LIMITED</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>NSG HOLDINGS LLC</name>
        <lei>549300A6PICRLGB0C769</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>ASCEND LEARNING, LLC</name>
        <lei>549300T466HKRLVCD610</lei>
        <title>ASCEND LEARNING</title>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>36180MYH4</cusip>
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          <isin value="US36180MYH41"/>
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        <balance>50795.18600000</balance>
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        <curCd>USD</curCd>
        <valUSD>45804.83000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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          <isin value="US3132KFL347"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>CITIGROUP INC.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC</title>
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          <isin value="US172967NU15"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.91000000</annualizedRt>
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      <invstOrSec>
        <name>NRG ENERGY, INC.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC</title>
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          <isin value="US629377CE03"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37900.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>CENT CLO LIMITED</name>
        <lei>N/A</lei>
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        <cusip>197363AU8</cusip>
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          <isin value="US197363AU82"/>
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        <balance>328000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-20</maturityDt>
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      <invstOrSec>
        <name>SUNNOVA ENERGY CORPORATION</name>
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        <title>SUNNOVA ENERGY CORP</title>
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          <isin value="US86745GAF00"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36550.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-01</maturityDt>
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      <invstOrSec>
        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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        <title>CENTRAL GARDEN PET CO</title>
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          <isin value="US153527AP10"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28831.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-30</maturityDt>
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          <annualizedRt>4.12500000</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>902613AH1</cusip>
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          <isin value="US902613AH15"/>
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        <balance>314000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>268458.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.49400000</annualizedRt>
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      <invstOrSec>
        <name>QORVO, INC.</name>
        <lei>254900YAUJV2EUEVBR11</lei>
        <title>QORVO INC</title>
        <cusip>74736KAH4</cusip>
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          <isin value="US74736KAH41"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS COMMUNITY HEALTH SYS</title>
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          <isin value="US12543DBC39"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87075.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>TK ELEVATOR U.S. NEWCO, INC.</name>
        <lei>549300C2AFWPAYWS5574</lei>
        <title>VERTICAL US NEWCO INC</title>
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          <isin value="US92537RAA77"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Ziggo Bond Company B.V.</name>
        <lei>213800JYI4P7V5QDOG59</lei>
        <title>ZIGGO BOND CO BV</title>
        <cusip>98953GAD7</cusip>
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        <balance>50000.00000000</balance>
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        <valUSD>37750.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-28</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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        <name>VORNADO REALTY L.P.</name>
        <lei>549300BMOJ05INE4YK86</lei>
        <title>VORNADO REALTY LP</title>
        <cusip>929043AK3</cusip>
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          <isin value="US929043AK39"/>
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        <balance>50000.00000000</balance>
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        <valUSD>42214.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.15000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3138WEQ28</cusip>
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          <isin value="US3138WEQ283"/>
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        <balance>42944.37000000</balance>
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        <valUSD>38589.77000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>KOBE US MIDCO 2, INC.</name>
        <lei>N/A</lei>
        <title>KOBE US MIDCO 2 INC</title>
        <cusip>499894AA1</cusip>
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          <isin value="US499894AA19"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3300.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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      <invstOrSec>
        <name>RAILWORKS HOLDINGS, LP</name>
        <lei>N/A</lei>
        <title>RAILWORKS HOLDINGS LP R</title>
        <cusip>75079MAA7</cusip>
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          <isin value="US75079MAA71"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32725.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>XPO, INC.</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO LOGISTICS INC</title>
        <cusip>983793AH3</cusip>
        <identifiers>
          <isin value="US983793AH33"/>
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        <balance>38000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37620.00000000</valUSD>
        <pctVal>0.022506701952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>KKR CLO LTD/LLC</name>
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        <name>MEG Energy Corp.</name>
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        <name>Sensata Technologies B.V.</name>
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        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ROBLOX CORPORATION</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>181025.61400000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SEASPAN CORPORATION</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SYNCHRONY FINANCIAL</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ON SEMICONDUCTOR CORPORATION</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>HUB INTERNATIONAL LIMITED</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <name>THE BOEING COMPANY</name>
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        <name>Republica Argentina</name>
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        <name>EXTENDED STAY AMERICA TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CSMC TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ZAYO GROUP HOLDINGS, INC.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>ALLEN MEDIA, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BLACKSTONE PRIVATE CREDIT FUND</name>
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        <title>BLACKSTONE PRIVATE CRE</title>
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        <name>WarnerMedia Holdings, Inc.</name>
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        <name>AASET TRUST</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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        <name>USIS MERGER SUB, INC.</name>
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        <name>GREAT LAKES DREDGE &amp; DOCK CORPORATION</name>
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        <title>GREAT LAKES DREDGE DOCK CORP</title>
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        <name>EQT CORPORATION</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT CORP</title>
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          <isin value="US26884LAL36"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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          <isin value="US3133KYVK27"/>
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        <balance>20765.32900000</balance>
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        <curCd>USD</curCd>
        <valUSD>17541.95000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140QMTD6</cusip>
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          <isin value="US3140QMTD60"/>
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        <balance>137435.34100000</balance>
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        <curCd>USD</curCd>
        <valUSD>113581.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>36202FQ74</cusip>
        <identifiers>
          <isin value="US36202FQ740"/>
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        <balance>202375.66400000</balance>
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        <curCd>USD</curCd>
        <valUSD>200148.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>HOWMET AEROSPACE INC.</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>ALCOA INC</title>
        <cusip>013817AK7</cusip>
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          <isin value="US013817AK77"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GS MORTGAGE SECURITIES CORPORATION TRUST</name>
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        <title>GS MORTGAGE SECURITIES CORP II</title>
        <cusip>36262MAC2</cusip>
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          <isin value="US36262MAC29"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NGL ENERGY OPERATING LLC</name>
        <lei>5493008CQD36WWZJ3O79</lei>
        <title>NGL ENERGY OPERATING LLC NGL ENERGY FINANCE CORP</title>
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          <isin value="US62922LAA61"/>
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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>2026-02-01</maturityDt>
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      <invstOrSec>
        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
        <title>SAUDI INTERNATIONAL BOND</title>
        <cusip>80413TAT6</cusip>
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          <isin value="US80413TAT60"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208145.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>BROOKFIELD WEC HOLDINGS INC.</name>
        <lei>N/A</lei>
        <title>BROOKFIELD WEC HOLDINGS INC</title>
        <cusip>11284EAP8</cusip>
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          <isin value="US11284EAP88"/>
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        <balance>49750.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49737.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140QK5L8</cusip>
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        <balance>512319.95300000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-04-20</maturityDt>
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        <name>HORIZON AIRCRAFT FINANCE I LIMITED</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HORIZON AIRCRAFT FINANCE I LIMITED</name>
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        <title>HORIZON AIRCRAFT FIN</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>MORGAN STANLEY CAPITAL I TRUST</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST</title>
        <cusip>61771LAG7</cusip>
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          <isin value="USU61857AD79"/>
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        <balance>82000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CORPORATE OFFICE PROPERTIES, L.P.</name>
        <lei>H0TWO5VRNEP6CQAWPX27</lei>
        <title>CORPORATE OFFICE PROP LP</title>
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        <balance>98000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY</title>
        <cusip>61747YEY7</cusip>
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        <balance>965000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALLEGRO CLO LTD</name>
        <lei>N/A</lei>
        <title>ALLEGRO CLO LTD</title>
        <cusip>01749WAA1</cusip>
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          <isin value="USG01818AA42"/>
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        <balance>254000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249865.64000000</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>2035-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CEDAR FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CEDAR FUNDING XV CLO LTD</title>
        <cusip>15032QAA0</cusip>
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          <isin value="US15032QAA04"/>
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        <balance>387000.00000000</balance>
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        <name>MOOG INC.</name>
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        <name>MAUSER PACKAGING SOLUTIONS HOLDING COMPANY</name>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
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        <name>DYCOM INDUSTRIES, INC.</name>
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        <name>Freddie Mac</name>
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        <name>YUM! Brands, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PLANET FITNESS MASTER ISSUER LLC</name>
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        <name>NORTHWEST FIBER, LLC</name>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BOSTON PROPERTIES LIMITED PARTNERSHIP</name>
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        <name>DELEK LOGISTICS PARTNERS, LP</name>
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        <name>CARGO AIRCRAFT MANAGEMENT, INC</name>
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        <name>BX TRUST</name>
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        <name>CORPORATE OFFICE PROPERTIES, L.P.</name>
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        <name>MILLICOM INTERNATIONAL CELLULAR S.A.</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>TOPBUILD CORP.</name>
        <lei>5493007YSKHOL4RWII46</lei>
        <title>TOPBUILD CORP</title>
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        <balance>50000.00000000</balance>
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        <name>DEVON ENERGY CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SILVER AIRCRAFT LEASE INVESTMENT LTD</name>
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        <name>EXELON CORPORATION</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>AMGEN INC.</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>ASCEND LEARNING, LLC</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Government National Mortgage Association 2</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US36297AKJ15"/>
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        <curCd>USD</curCd>
        <valUSD>47092.23000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TANGER PROPERTIES LIMITED PARTNERSHIP</name>
        <lei>PQPGJDNFN35EXH363L31</lei>
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          <isin value="US875484AJ66"/>
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        <balance>387000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>341121.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>RR LTD</name>
        <lei>N/A</lei>
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        <cusip>74980EAQ1</cusip>
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          <isin value="US74980EAQ17"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>410606.70000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-15</maturityDt>
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          <annualizedRt>6.32632000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>C&amp;S GROUP ENTERPRISES LLC</name>
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          <isin value="US12467AAF57"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57562.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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          <isin value="US31418DXR87"/>
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        <balance>19600.34100000</balance>
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        <curCd>USD</curCd>
        <valUSD>16558.23000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US36202F2M77"/>
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        <balance>330505.08100000</balance>
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        <curCd>USD</curCd>
        <valUSD>320657.64000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <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>KBR, INC.</name>
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        <title>KBR INC</title>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33537.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>KBR, INC.</title>
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          <currencyInfos>
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      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <title>BX TRUST</title>
        <cusip>056054AF6</cusip>
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          <isin value="USU1221NAE77"/>
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        <balance>238850.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SRS DISTRIBUTION INC.</name>
        <lei>549300ZQ3XP75BCYM468</lei>
        <title>SRS DISTRIBUTION INC</title>
        <cusip>78471RAC0</cusip>
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          <isin value="US78471RAC07"/>
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        <balance>25000.00000000</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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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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          <isin value="US36179WNE48"/>
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        <balance>199099.90900000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-20</maturityDt>
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      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2022 LP2</title>
        <cusip>05610HAG8</cusip>
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        <balance>160611.47500000</balance>
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        <valUSD>153128.33000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-02-15</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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          <isin value="US3132DVLQ67"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMERICAN AIRLINES, INC.</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>AMERICAN AIRLINES INC</title>
        <cusip>023771T32</cusip>
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          <isin value="US023771T329"/>
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        <balance>35000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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        <balance>19305.55000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>ALBERTSONS COMPANIES, INC.</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>ALBERTSONS COS SAFEWAY</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>BUILDERS FIRSTSOURCE, INC.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOURCE INC</title>
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        <balance>25000.00000000</balance>
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        <valUSD>21750.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>PBF HOLDING COMPANY LLC</name>
        <lei>549300TILVIIV9FLL461</lei>
        <title>PBF HOLDING CO LLC</title>
        <cusip>69318FAJ7</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46750.00000000</valUSD>
        <pctVal>0.027968854764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Freddie Mac</name>
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        <name>CVR ENERGY, INC.</name>
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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <name>WESTERN MIDSTREAM OPERATING, LP</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <name>TEMPUR SEALY INTERNATIONAL, INC.</name>
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      <invstOrSec>
        <name>CORPORATE OFFICE PROPERTIES, L.P.</name>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>OWENS-BROCKWAY GLASS CONTAINER INC.</name>
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        <title>OWENS BROCKWAY GLASS CONTAINER INC</title>
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          <isin value="US69073TAU79"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>83096.68000000</balance>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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          <isin value="US36202FTK20"/>
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      <invstOrSec>
        <name>Coherent Corp.</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>II VI INC</title>
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        <name>Gobierno de la Republica Dominicana</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jazz Securities Designated Activity Company</name>
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        <title>JAZZ SECURITIES DAC</title>
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        <invCountry>IE</invCountry>

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        <name>EATON VANCE CLO LTD</name>
        <lei>N/A</lei>
        <title>EATON VANCE CLO 2020 2 LTD</title>
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        <name>Healthcare Realty Holdings, L.P.</name>
        <lei>549300IYGAS4GE6VDL07</lei>
        <title>HEALTHCARE TRUST OF AMER</title>
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        <name>CENTENE CORPORATION</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>31402EZZ4</cusip>
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        <name>SYSCO CORPORATION</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>SYSCO CORP</title>
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        <name>CSMC COMMERCIAL MORTGAGE TRUST</name>
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        <title>CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES</title>
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        <name>BOXER PARENT COMPANY INC.</name>
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        <name>AMGEN INC.</name>
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        <name>VALVOLINE INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>GRIFOLS ESCROW ISSUER S.A.</name>
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        <name>ZAYO GROUP HOLDINGS, INC.</name>
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        <name>THUNDERBOLT AIRCRAFT LEASE LIMITED</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
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        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>THE CHEMOURS COMPANY</name>
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        <name>PARTY CITY HOLDINGS INC.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <name>Federal National Mortgage Association</name>
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          <annualizedRt>4.22400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT T INC</title>
        <cusip>00206RGQ9</cusip>
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          <isin value="US00206RGQ92"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104026.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIKING CRUISES LTD</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD</title>
        <cusip>92676XAE7</cusip>
        <identifiers>
          <isin value="US92676XAE76"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47259.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VERIZON COMMUNICATIONS INC.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS</title>
        <cusip>92343VGJ7</cusip>
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          <isin value="US92343VGJ70"/>
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        <balance>299000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249571.41000000</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>2031-03-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</annualizedRt>
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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>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>31418ECT5</cusip>
        <identifiers>
          <isin value="US31418ECT55"/>
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        <balance>106841.62800000</balance>
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        <curCd>USD</curCd>
        <valUSD>92004.62000000</valUSD>
        <pctVal>0.055043077101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</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>NCL CORPORATION LTD.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORP LTD</title>
        <cusip>62886HBE0</cusip>
        <identifiers>
          <isin value="US62886HBE09"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72929.55000000</valUSD>
        <pctVal>0.043631144214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>
        <name>SCIH SALT HOLDINGS INC.</name>
        <lei>N/A</lei>
        <title>SCIH SALT HOLDINGS INC</title>
        <cusip>78433BAA6</cusip>
        <identifiers>
          <isin value="US78433BAA61"/>
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        <balance>70000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62475.00000000</valUSD>
        <pctVal>0.037376560458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNX RESOURCES CORPORATION</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RESOURCES CORP</title>
        <cusip>12653CAJ7</cusip>
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          <isin value="US12653CAJ71"/>
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        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13875.00000000</valUSD>
        <pctVal>0.008300916788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>
        <name>CABLEVISION LIGHTPATH CT LLC</name>
        <lei>N/A</lei>
        <title>CABLEVISION LIGHTPATH LLC</title>
        <cusip>12687GAB5</cusip>
        <identifiers>
          <isin value="US12687GAB59"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18593.75000000</valUSD>
        <pctVal>0.011123976326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>36202FUF1</cusip>
        <identifiers>
          <isin value="US36202FUF16"/>
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        <balance>47028.92300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46511.15000000</valUSD>
        <pctVal>0.027825959343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>31410KPS7</cusip>
        <identifiers>
          <isin value="US31410KPS77"/>
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        <balance>6947.69800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7145.06000000</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>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>DISH DBS Corporation</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP</title>
        <cusip>25470XAY1</cusip>
        <identifiers>
          <isin value="US25470XAY13"/>
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        <balance>230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>142025.00000000</valUSD>
        <pctVal>0.084968483379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3138YVEA3</cusip>
        <identifiers>
          <isin value="US3138YVEA30"/>
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        <balance>15164.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13621.99000000</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>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MACQUARIE AIRFINANCE HOLDINGS LIMITED</name>
        <lei>549300MCGUSL5B852H65</lei>
        <title>MACQUARIE AIRFINANCE HOLDINGS LTD</title>
        <cusip>55609NAA6</cusip>
        <identifiers>
          <isin value="US55609NAA63"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25125.00000000</valUSD>
        <pctVal>0.015031389860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MILLICOM INTERNATIONAL CELLULAR S.A.</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>MILLICOM INTL CELLULAR</title>
        <cusip>600814AR8</cusip>
        <identifiers>
          <isin value="US600814AR85"/>
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        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46200.00000000</valUSD>
        <pctVal>0.027639809414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140LPTT9</cusip>
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          <isin value="US3140LPTT98"/>
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        <balance>9916.92000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>CSC HOLDINGS, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HOLDINGS LLC</title>
        <cusip>126307BD8</cusip>
        <identifiers>
          <isin value="US126307BD80"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48950.00000000</valUSD>
        <pctVal>0.029285036165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CRESTWOOD MIDSTREAM PARTNERS LP</name>
        <lei>549300VJQPPSEJPBNA66</lei>
        <title>CRESTWOOD MID PARTNER LP</title>
        <cusip>226373AT5</cusip>
        <identifiers>
          <isin value="US226373AT56"/>
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        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54243.75000000</valUSD>
        <pctVal>0.032452097661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</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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        <name>CLARIVATE SCIENCE HOLDINGS CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
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        <name>Freddie Mac</name>
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        <name>TRANSDIGM UK HOLDINGS PLC</name>
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        <name>SUNOCO LP</name>
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        <name>BALL CORPORATION</name>
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        <name>DISCOVER FINANCIAL SERVICES</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>BOOZ ALLEN HAMILTON INC.</name>
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        <name>United States of America</name>
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        <name>The State of Qatar</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
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          <maturityDt>2032-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</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>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>36202FLN4</cusip>
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          <isin value="US36202FLN41"/>
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        <balance>24370.72900000</balance>
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        <curCd>USD</curCd>
        <valUSD>23644.86000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140XDV29</cusip>
        <identifiers>
          <isin value="US3140XDV297"/>
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        <balance>141742.82400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125916.28000000</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>2051-11-01</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>CANO HEALTH, LLC</name>
        <lei>254900OGI2T8V1NXN639</lei>
        <title>CANO HEALTH TERM B</title>
        <cusip>13781HAE0</cusip>
        <identifiers>
          <isin value="US13781HAE09"/>
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        <balance>104734.85000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>87715.44000000</valUSD>
        <pctVal>0.052477013946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.20000000</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>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>36196HQJ2</cusip>
        <identifiers>
          <isin value="US36196HQJ22"/>
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        <balance>57401.35800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53978.11000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-15</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>
      <invstOrSec>
        <name>VIKING CRUISES LTD</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD</title>
        <cusip>92676XAG2</cusip>
        <identifiers>
          <isin value="US92676XAG25"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50312.50000000</valUSD>
        <pctVal>0.030100171237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140QMAB0</cusip>
        <identifiers>
          <isin value="US3140QMAB06"/>
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        <balance>314500.62500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>259497.04000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>WarnerMedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>WARNERMEDIA HOLDINGS INC</title>
        <cusip>55903VBA0</cusip>
        <identifiers>
          <isin value="US55903VBA08"/>
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        <balance>213000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>198122.80000000</valUSD>
        <pctVal>0.118529792915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75500000</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>GGAM Finance Ltd.</name>
        <lei>N/A</lei>
        <title>GGAM FINANCE LTD</title>
        <cusip>36170JAB2</cusip>
        <identifiers>
          <isin value="US36170JAB26"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50125.00000000</valUSD>
        <pctVal>0.029987996686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>VOYA CLO</name>
        <lei>N/A</lei>
        <title>VOYA CLO LTD</title>
        <cusip>92917RAC3</cusip>
        <identifiers>
          <isin value="USG9402XAB13"/>
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        <balance>516000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>510584.06000000</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>2032-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.52043000</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>MORGAN STANLEY CAPITAL I TRUST</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2019 MEAD</title>
        <cusip>61771LAE2</cusip>
        <identifiers>
          <isin value="USU61857AC96"/>
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        <balance>86000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80129.77000000</valUSD>
        <pctVal>0.047938778598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.28300000</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>Swiss Re Finance (Luxembourg) S.A.</name>
        <lei>549300CLQZ6TM98LW631</lei>
        <title>SWISS RE FINANCE LUX</title>
        <cusip>87089NAA8</cusip>
        <identifiers>
          <isin value="US87089NAA81"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>186909.80000000</valUSD>
        <pctVal>0.111821455622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STERICYCLE, INC.</name>
        <lei>B8PTJH2P0AXSWSMP2136</lei>
        <title>STERICYCLE INC</title>
        <cusip>858912AG3</cusip>
        <identifiers>
          <isin value="US858912AG34"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44375.00000000</valUSD>
        <pctVal>0.026547977116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>OLYMPUS WATER US HOLDING CORPORATION</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>OLYMPUS WATER US HOLDING CORP</title>
        <cusip>681639AA8</cusip>
        <identifiers>
          <isin value="US681639AA87"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67043.75000000</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>36179V4U1</cusip>
        <identifiers>
          <isin value="US36179V4U15"/>
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        <balance>387800.11900000</balance>
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        <curCd>USD</curCd>
        <valUSD>326262.90000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MADISON IAQ LLC</name>
        <lei>549300IXDNBXNHUPBU73</lei>
        <title>MADISON IAQ LLC</title>
        <cusip>55760LAB3</cusip>
        <identifiers>
          <isin value="US55760LAB36"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108675.00000000</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>2029-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CARVANA CO.</name>
        <lei>5493003WEAK2PJ5WS063</lei>
        <title>CARVANA CO</title>
        <cusip>146869AJ1</cusip>
        <identifiers>
          <isin value="US146869AJ18"/>
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        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42350.00000000</valUSD>
        <pctVal>0.025336491963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25000000</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>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>36178DQZ7</cusip>
        <identifiers>
          <isin value="US36178DQZ77"/>
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        <balance>180239.19600000</balance>
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        <curCd>USD</curCd>
        <valUSD>161483.91000000</valUSD>
        <pctVal>0.096610054024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-20</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>
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        <name>NRG ENERGY, INC.</name>
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        <name>BOOKING HOLDINGS INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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        <name>CITY FOOTBALL GROUP LIMITED</name>
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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <fairValLevel>2</fairValLevel>
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        <title>BX TRUST</title>
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        <balance>266000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Trivium Packaging Finance B.V.</name>
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        <name>NCL CORPORATION LTD.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
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        <name>TEINE ENERGY LTD.</name>
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        <invCountry>CA</invCountry>

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        <lei>GA3JGKJ41LJKXDN23E90</lei>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Gobierno de la Republica Dominicana</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ANHEUSER-BUSCH INBEV WORLDWIDE INC.</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
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      <invstOrSec>
        <name>BLOCK, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DISH NETWORK CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIFE MORTGAGE TRUST</name>
        <lei>N/A</lei>
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        <name>CSMC TRUST</name>
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        <name>MIWD HOLDCO II LLC</name>
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        <name>EG GLOBAL FINANCE PLC</name>
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        <name>NCL FINANCE LIMITED</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <issuerCat>USGA</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <name>THE AES CORPORATION</name>
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        <name>United States of America</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>HCA INC.</name>
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        <name>Freddie Mac</name>
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        <name>AHP HEALTH PARTNERS, INC.</name>
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        <name>WYNN RESORTS FINANCE, LLC</name>
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        <name>TRANSDIGM INC.</name>
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        <name>AASET TRUST</name>
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        <title>APOLLO AVIATION SECURITIZATION EQUITY TRUST</title>
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        <name>Freddie Mac</name>
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        <name>WarnerMedia Holdings, Inc.</name>
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        <name>CLEAN HARBORS, INC.</name>
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        <name>ATI Inc.</name>
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        <name>THE TOLEDO HOSPITAL</name>
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        <title>TOLEDO HOSPITAL THE</title>
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        <name>SPRINT CAPITAL CORPORATION</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>SPRINT CAPITAL CORP</title>
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        <invCountry>US</invCountry>

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        <name>Government National Mortgage Association 2</name>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BLOCK, INC.</name>
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        <name>TIME WARNER CABLE, LLC</name>
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        <name>CLYDESDALE ACQUISITION HOLDINGS, INC.</name>
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        <name>FAIR ISAAC CORPORATION</name>
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        <name>SOUTHWESTERN ENERGY COMPANY</name>
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        <name>Freddie Mac</name>
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        <name>LOWE'S COMPANIES, INC.</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>AT&amp;T INC.</name>
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        <name>THOR INDUSTRIES, INC.</name>
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        <name>KINETIK HOLDINGS LP</name>
        <lei>549300RD6AJIMYC0HY12</lei>
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        <name>Government National Mortgage Association 2</name>
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        <name>COMMERCIAL METALS COMPANY</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS CO</title>
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      <invstOrSec>
        <name>ROLLER BEARING COMPANY OF AMERICA, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE CHARLES SCHWAB CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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          <isin value="US3622A2X801"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITED NATURAL FOODS, INC.</name>
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      <invstOrSec>
        <name>ERO COPPER CORP.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Atlas LuxCo 4 S.a r.l.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ARCOSA, INC.</name>
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        <name>ALLIANT HOLDINGS INTERMEDIATE, LLC</name>
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        <name>TARGA RESOURCES PARTNERS LP</name>
        <lei>6OQWTZ1SPC04IFT4T704</lei>
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        <name>BWX TECHNOLOGIES, INC.</name>
        <lei>549300NP85N265KWMS58</lei>
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        <name>MARRIOTT OWNERSHIP RESORTS, INC.</name>
        <lei>BW4532OH033VURR0IT68</lei>
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        <name>SYMPHONY CLO, LTD.</name>
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      <invstOrSec>
        <name>NEXTERA ENERGY OPERATING PARTNERS, LP</name>
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      <invstOrSec>
        <name>CEDAR FUNDING LTD</name>
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        <name>WESTERN MIDSTREAM OPERATING, LP</name>
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        <name>Government National Mortgage Association 2</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TEGNA INC.</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
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      <invstOrSec>
        <name>ALBERTSONS COMPANIES, INC.</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140XD2K1</cusip>
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          <isin value="US3140XD2K15"/>
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        <balance>97687.28100000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY NOTE</title>
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        <balance>10800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <balance>59325.66100000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMBIENCE MERGER SUB, INC.</name>
        <lei>N/A</lei>
        <title>AMBIENCE MERGER</title>
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          <isin value="US04650YAA82"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15750.00000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <couponKind>Fixed</couponKind>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
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        <balance>140000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <balance>14467.62800000</balance>
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          <couponKind>Fixed</couponKind>
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        <name>PACIFIC GAS AND ELECTRIC COMPANY</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PACIFIC GAS ELECTRIC</title>
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        <balance>210000.00000000</balance>
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        <valUSD>165189.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>FORD MOTOR CREDIT CO LLC</title>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41622.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>Federal National Mortgage Association</name>
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        <name>W.P. CAREY INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>DG Investment Intermediate Holdings 2, Inc</name>
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        <name>FLATIRON CLO LTD</name>
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        <name>Freddie Mac</name>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>THE GOLDMAN SACHS GROUP, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALTICE FRANCE SA</name>
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        <name>MELCO RESORTS FINANCE LIMITED</name>
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        <name>Prima Capital CDO</name>
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        <name>SREIT COMMERCIAL MORTGAGE TRUST</name>
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        <name>Freddie Mac</name>
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        <name>PG&amp;E CORPORATION</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Freddie Mac</name>
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        <name>Government National Mortgage Association 2</name>
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      <invstOrSec>
        <name>UKG INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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          <isin value="US36296QL310"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BX TRUST</name>
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        <balance>176000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALLY FINANCIAL INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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        <name>Federal National Mortgage Association</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COMMSCOPE, INC.</name>
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        <title>COMMSCOPE INC</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>MESQUITE ENERGY INC</name>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>NEPTUNE BIDCO US INC.</name>
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        <title>NIELSEN HOLDINGS TERM B LN</title>
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        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <name>NEWELL BRANDS INC.</name>
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        <title>NEWELL RUBBERMAID INC</title>
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        <name>THUNDERBOLT AIRCRAFT LEASE LIMITED</name>
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        <invCountry>US</invCountry>

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        <balance>25000.00000000</balance>
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        <name>VENTAS REALTY, LIMITED PARTNERSHIP</name>
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        <balance>631000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FOUNDATION BUILDING MATERIALS, INC.</name>
        <lei>549300ZVE6MONHB01I28</lei>
        <title>FOUNDATION BUILDING MATERIALS INC</title>
        <cusip>350392AA4</cusip>
        <identifiers>
          <isin value="US350392AA45"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33400.00000000</valUSD>
        <pctVal>0.019982026719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</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>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140KDG53</cusip>
        <identifiers>
          <isin value="US3140KDG535"/>
        </identifiers>
        <balance>1175801.02900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1047371.05000000</valUSD>
        <pctVal>0.626604679838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>MORGAN STANLEY CAPITAL I TRUST</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2019 MEAD</title>
        <cusip>61771LAA0</cusip>
        <identifiers>
          <isin value="USU61857AA31"/>
        </identifiers>
        <balance>593000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>556954.11000000</valUSD>
        <pctVal>0.333205745739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.17000000</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>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</title>
        <cusip>14855MAB4</cusip>
        <identifiers>
          <isin value="US14855MAB46"/>
        </identifiers>
        <balance>186314.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134655.24000000</valUSD>
        <pctVal>0.080559419270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.09500000</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>BROADCOM INC.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>BROADCOM INC</title>
        <cusip>11135FBF7</cusip>
        <identifiers>
          <isin value="US11135FBF71"/>
        </identifiers>
        <balance>797000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>620953.06000000</valUSD>
        <pctVal>0.371494031037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</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>2023-07-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Allianz Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Bashir C. Asad</ncom:signature>
      <ncom:signerName>Bashir C. Asad</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
