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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UNICREDIT, SOCIETA PER AZIONI</name>
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        <name>Federal National Mortgage Association</name>
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        <name>WOK HOLDINGS INC.</name>
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        <name>VICI PROPERTIES L.P.</name>
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        <name>Ziggo Bond Company B.V.</name>
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        <name>ILLUMINA, INC.</name>
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        <name>ELECTRONIC ARTS INC.</name>
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        <name>BLOCK, INC.</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>CARLYLE US CLO LTD</name>
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        <name>Freddie Mac</name>
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        <name>HCA INC.</name>
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        <name>BERKSHIRE HATHAWAY 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>SPECIALTY BUILDING PRODUCTS HOLDINGS, LLC</name>
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        <title>SPECIALTY BUILDING PRODUCTS HOLDINGS LLC SBP FIN</title>
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        <name>Government National Mortgage Association 2</name>
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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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        <name>ESCO TECHNOLOGIES INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PIEDMONT OPERATING PARTNERSHIP, LP</name>
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        <name>GENERAL ELECTRIC COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ABG INTERMEDIATE HOLDINGS 2 LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ENERGY TRANSFER LP</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HOWARD MIDSTREAM ENERGY PARTNERS, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GENESEE &amp; WYOMING INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL PAYMENTS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MINERAL RESOURCES LIMITED</name>
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        <name>SIMON PROPERTY GROUP, INC.</name>
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        <name>ARES CLO LTD</name>
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        <name>ASCENT RESOURCES UTICA HOLDINGS, LLC</name>
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        <name>INTELLIGENT PACKAGING LIMITED FINCO INC.</name>
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        <name>CVS HEALTH CORPORATION</name>
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        <name>BLACKSTONE PRIVATE CREDIT FUND</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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      <invstOrSec>
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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>CAESARS ENTERTAINMENT, INC.</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>INTESA SANPAOLO SPA</name>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>PARK INTERMEDIATE HOLDINGS LLC.</name>
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        <name>BCPE ULYSSES INTERMEDIATE, INC.</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>HOWMET AEROSPACE INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>OHA CREDIT FUNDING LTD</name>
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        <name>WarnerMedia Holdings, Inc.</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>THE ALLSTATE CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <name>NEPTUNE BIDCO US INC.</name>
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        <name>CARLYLE US CLO LTD</name>
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        <name>MCAFEE CORP.</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>PLAYTIKA HOLDING CORP.</name>
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        <name>Gobierno de la Republica Dominicana</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEMAIN FINANCE CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BX TRUST</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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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clearway Energy Operating LLC</name>
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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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        <name>JOHNSON &amp; JOHNSON</name>
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        <title>JOHNSON JOHNSON</title>
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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>ORGANON &amp; CO.</name>
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        <title>ORGANON FINANCE 1 LLC</title>
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        <balance>205000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-30</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Northrop Grumman Corporation</name>
        <lei>RIMU48P07456QXSO0R61</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ECOLAB INC.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MPT OPERATING PARTNERSHIP, L.P.</name>
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        <title>MPT OPER PARTNERSP FINL</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140FPB99</cusip>
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        <name>MPT OPERATING PARTNERSHIP, L.P.</name>
        <lei>WUQXXXF7PXTUPGROE843</lei>
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        <name>THE BOEING COMPANY</name>
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        <name>1261229 B.C. Ltd</name>
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        <name>ALBERTSONS COMPANIES, INC.</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>ALBERTSONS COS INC</title>
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        <name>SUNOCO LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP SUNOCO FINANCE 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>Government National Mortgage Association 2</name>
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        <name>LIFE MORTGAGE TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DCP MIDSTREAM OPERATING, LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DEVON ENERGY CORPORATION</name>
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        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <name>ABBVIE INC.</name>
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        <name>BX COMMERCIAL MORTGAGE 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>FAIR ISAAC CORPORATION</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>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ECO MATERIAL TECHNOLOGIES INC.</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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        <isRestrictedSec>N</isRestrictedSec>

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

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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>T-MOBILE USA, INC.</name>
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        <name>AVIS BUDGET CAR RENTAL, LLC</name>
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        <name>Grifols, S.A.</name>
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        <invCountry>ES</invCountry>

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        <name>MOLINA HEALTHCARE, INC.</name>
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        <name>VIRGIN MEDIA VENDOR FINANCING NOTES IV DESIGNATED ACTIVITY COMPANY</name>
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        <title>DOLYA HOLDCO 18 DAC</title>
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        <name>Post Holdings, Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>T-MOBILE USA, INC.</name>
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        <name>BX TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>EXXON MOBIL CORPORATION</name>
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        <name>MATADOR RESOURCES COMPANY</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>MATADOR RESOURCES CO</title>
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        <invCountry>US</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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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>THOR INDUSTRIES, INC.</name>
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        <name>PLAINS ALL AMERICAN PIPELINE, L.P.</name>
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        <name>KITE REALTY GROUP, L.P.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CLEVELAND-CLIFFS INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>JETBLUE AIRWAYS CORPORATION</name>
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        <name>NATIONSTAR MORTGAGE HOLDINGS INC.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>WarnerMedia Holdings, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALLIANT HOLDINGS INTERMEDIATE, LLC</name>
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        <balance>601000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SEASPAN CORPORATION</name>
        <lei>5493007Z8Q1H45KT7W98</lei>
        <title>SEASPAN CORP</title>
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          <other otherDesc="Internal" value="BMZ6F67"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>205031.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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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="US3132DVMX00"/>
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        <balance>95362.94300000</balance>
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        <curCd>USD</curCd>
        <valUSD>97879.67000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TANGER PROPERTIES LIMITED PARTNERSHIP</name>
        <lei>PQPGJDNFN35EXH363L31</lei>
        <title>TANGER PROPERTIES LP</title>
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          <isin value="US875484AJ66"/>
          <other otherDesc="Internal" value="BDCCRQ9"/>
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        <balance>2200000.00000000</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>2026-09-01</maturityDt>
          <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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          <isin value="US31418DES71"/>
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        <balance>44032.39900000</balance>
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        <curCd>USD</curCd>
        <valUSD>38495.97000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRONOX INCORPORATED</name>
        <lei>549300EPZ4YXC7E5P181</lei>
        <title>TRONOX INC</title>
        <cusip>897051AC2</cusip>
        <identifiers>
          <isin value="US897051AC29"/>
          <other otherDesc="Internal" value="BNQPRV9"/>
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        <balance>210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>179025.00000000</valUSD>
        <pctVal>0.012982021075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BEST BUY CO., INC.</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
        <title>BEST BUY CO INC</title>
        <cusip>086516101</cusip>
        <identifiers>
          <isin value="US0865161014"/>
          <other otherDesc="Internal" value="2094670"/>
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        <balance>3505.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>258003.05000000</valUSD>
        <pctVal>0.018709124606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>31418D6M9</cusip>
        <identifiers>
          <isin value="US31418D6M91"/>
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        <balance>97095.86700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85092.84000000</valUSD>
        <pctVal>0.006170518320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICANOS</title>
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        <identifiers>
          <isin value="US71654QDE98"/>
          <other otherDesc="Internal" value="BKY89W4"/>
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        <balance>4920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4157400.00000000</valUSD>
        <pctVal>0.301474399773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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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>31418EAN0</cusip>
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          <isin value="US31418EAN04"/>
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        <balance>129277.70500000</balance>
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        <curCd>USD</curCd>
        <valUSD>107593.53000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SERVICE PROPERTIES TRUST</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPERTIES TRUST</title>
        <cusip>81761LAB8</cusip>
        <identifiers>
          <isin value="US81761LAB80"/>
          <other otherDesc="Internal" value="BLD51C7"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>307200.00000000</valUSD>
        <pctVal>0.022276647811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES OPERATING PARTNERSHIP LP</title>
        <cusip>46188BAD4</cusip>
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          <other otherDesc="Internal" value="BN4LCV4"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>512607.70000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
        <cusip>3133KNAB9</cusip>
        <identifiers>
          <isin value="US3133KNAB91"/>
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        <balance>354548.06200000</balance>
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        <curCd>USD</curCd>
        <valUSD>285168.76000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <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 CORPORATION</title>
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          <isin value="US36178W7C71"/>
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        <balance>7676.71800000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER PARTNERS</title>
        <cusip>29278NAE3</cusip>
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          <isin value="US29278NAE31"/>
          <other otherDesc="Internal" value="BFXCN75"/>
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        <balance>83000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80085.54000000</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>6.00000000</annualizedRt>
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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>3140QEL34</cusip>
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        <balance>99999.81600000</balance>
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        <curCd>USD</curCd>
        <valUSD>86969.79000000</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>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>EXTENDED STAY AMERICA TRUST</name>
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        <name>Government National Mortgage Association 2</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>METHANEX US OPERATIONS INC.</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>EATON CORPORATION PUBLIC LIMITED COMPANY</name>
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        <invCountry>IE</invCountry>

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        <name>BWX TECHNOLOGIES, INC.</name>
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        <name>ALLIED UNIVERSAL HOLDCO LLC</name>
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        <name>Freddie Mac</name>
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        <name>J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>DUNKIN BRANDS</name>
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        <name>GLOVES BUYER, INC.</name>
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        <name>TCO 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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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL PAYMENTS INC.</name>
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        <fairValLevel>2</fairValLevel>
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              <title>GLOBAL PAYMENTS INC.</title>
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        <name>United States of America</name>
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        <title>U S TREASURY BOND</title>
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        <issuerCat>UST</issuerCat>
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        <name>CANO HEALTH LLC COMMON STOCK LINE</name>
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        <name>SABINE PASS LIQUEFACTION, LLC</name>
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        <name>CITIGROUP INC.</name>
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        <name>THE ADT SECURITY CORPORATION</name>
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        <name>UKG INC.</name>
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        <name>MACQUARIE AIRFINANCE HOLDINGS LIMITED</name>
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        <title>MACQUARIE AIRFINANCE HOLDINGS LTD</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>SKYWEST, INC.</name>
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        <name>VISTAJET MALTA FINANCE P.L.C.</name>
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        <title>VISTAJET MALTA XO MGMT</title>
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        <name>EXTENDED STAY AMERICA TRUST</name>
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        <name>Freddie Mac</name>
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        <name>OPEN TRUST</name>
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        <name>MAJORDRIVE HOLDINGS IV, LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>THE CHARLES SCHWAB CORPORATION</name>
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        <name>TRINET GROUP, INC.</name>
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        <name>AMERICAN AIRLINES, INC.</name>
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        <name>ANYWHERE REAL ESTATE GROUP LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ATHENAHEALTH GROUP INC.</name>
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        <name>Freddie Mac</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>AMBIENCE MERGER SUB, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>THE HERTZ CORPORATION</name>
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        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
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        <name>HUB INTERNATIONAL 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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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WEC US HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>WEC US HOLDINGS LTD</title>
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          <isin value="US92943LAC46"/>
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        <balance>117907.50000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DCP MIDSTREAM OPERATING, LP</name>
        <lei>549300Y6CTBSE0QIPL28</lei>
        <title>DCP MIDSTREAM OPERATING</title>
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          <isin value="US23311VAG23"/>
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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>BX COMMERCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
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          <isin value="USU12261AF70"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207777.06000000</valUSD>
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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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          <annualizedRt>5.73166000</annualizedRt>
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      <invstOrSec>
        <name>BRISTOL-MYERS SQUIBB CO</name>
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          <isin value="US1101221083"/>
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        <balance>56179.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BLOCK, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUB INTERNATIONAL LIMITED</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB INTERNATIONAL LTD</title>
        <cusip>44332PAG6</cusip>
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          <isin value="US44332PAG63"/>
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        <balance>325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>313625.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
        <cusip>912810UG1</cusip>
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        <balance>2430000.00000000</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>2055-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
        <cusip>3132DWC68</cusip>
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          <isin value="US3132DWC684"/>
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        <balance>889779.70400000</balance>
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        <curCd>USD</curCd>
        <valUSD>711317.45000000</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>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>DYCOM INDUSTRIES, INC.</name>
        <lei>549300F56EKTHQI3WT60</lei>
        <title>DYCOM INDUSTRIES INC</title>
        <cusip>267475AD3</cusip>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>158950.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>WELLS FARGO CO</title>
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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>
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      <invstOrSec>
        <name>Wolfspeed, Inc.</name>
        <lei>549300OGU88P3AW3TO93</lei>
        <title>WOLFSPEED INC</title>
        <cusip>977852AD4</cusip>
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        <balance>19000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4214.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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              <title>Wolfspeed, Inc.</title>
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        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICANOS</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELLUCIAN HOLDINGS INC.</name>
        <lei>549300RP8NIJ7FY7OS79</lei>
        <title>ELLUCIAN TERM 2LN</title>
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        <balance>60000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC</name>
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        <title>TRANSCONTINENTAL GAS PIPE LINE CO LLC</title>
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          <other otherDesc="Internal" value="BN2RYZ2"/>
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        <balance>43000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</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>
        <cusip>3622ABDV1</cusip>
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          <isin value="US3622ABDV15"/>
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        <valUSD>131149.56000000</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>2051-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>AMERITEX HOLDCO INTERMEDIATE LLC</name>
        <lei>N/A</lei>
        <title>AMERITEX HOLDCO INTERMED</title>
        <cusip>030727AA9</cusip>
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          <isin value="US030727AA98"/>
          <other otherDesc="Internal" value="BPTK588"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82000.00000000</valUSD>
        <pctVal>0.005946240626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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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>
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        <name>OMEGA HEALTHCARE INVESTORS, INC.</name>
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        <name>GENESIS ENERGY, L.P.</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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        <name>ENERGY TRANSFER LP</name>
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        <name>RADIOLOGY PARTNERS, INC.</name>
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        <name>Government National Mortgage Association</name>
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        <name>ENCORE CAPITAL GROUP, INC.</name>
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        <name>SUNOCO LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>WESCO DISTRIBUTION, INC.</name>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
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        <name>KRONOS ACQUISITION HOLDINGS 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>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>180 MEDICAL, INC.</name>
        <lei>254900ZB648OPWVFVX59</lei>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>OCCIDENTAL PETROLEUM CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
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        <name>NEW GOLD INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>QORVO, INC.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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          <isin value="US3133KLZ830"/>
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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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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>BX TRUST</name>
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        <balance>119000.00000000</balance>
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        <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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        <issuerCat>USGSE</issuerCat>
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        <name>CITIGROUP INC.</name>
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        <name>WYNN RESORTS FINANCE, LLC</name>
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        <name>THE GEO GROUP, INC.</name>
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        <name>1375209 B.C. LTD.</name>
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        <name>VMED O2 UK FINANCING I PLC</name>
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        <name>Compass Inc</name>
        <lei>254900DMGQSTC3I2IM78</lei>
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        <name>FINASTRA TERM 1LN</name>
        <lei>N/A</lei>
        <title>FINASTRA TERM 1LN</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CARVANA CO.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>PARTY CITY HOLDCO INC RESTRICTED</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ALLISON TRANSMISSION HOLDINGS, INC.</name>
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        <name>DRYDEN CLO LTD</name>
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        <name>Freddie Mac</name>
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        <name>THE WALT DISNEY COMPANY</name>
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        <name>Freddie Mac</name>
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        <name>Viking Cruises Ltd</name>
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        <name>DISCOVERY COMMUNICATIONS, LLC</name>
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        <name>JBS USA Holding Lux S.a r.l.</name>
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        <name>VICI PROPERTIES L.P.</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>BLACKBIRD CAPITAL AIRCRAFT LEASE SECURITIZATION LIMITED</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>EG GLOBAL FINANCE PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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          <isin value="US05610HAE36"/>
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        <isRestrictedSec>Y</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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        <name>MSCI INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>KODIAK GAS SERVICES, LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>DELEK LOGISTICS PARTNERS, LP</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CHARTER COMMUNICATIONS OPERATING, LLC</name>
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        <name>TOPAZ SOLAR FARMS LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CAESARS ENTERTAINMENT, INC.</name>
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        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <name>T-MOBILE US, INC.</name>
        <lei>549300QHIJYOHPACPG31</lei>
        <title>T MOBILE US INC</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WarnerMedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>WARNERMEDIA HOLDINGS INC</title>
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        <name>SUNNOVA ENERGY CORPORATION</name>
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        <name>FLATIRON CLO LTD</name>
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        <name>Freddie Mac</name>
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        <name>EATON VANCE CLO LTD</name>
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        <name>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</name>
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        <name>Mativ Holdings, Inc.</name>
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        <name>SREIT COMMERCIAL MORTGAGE TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PEACE PARK CLO</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GRAPHIC PACKAGING INTERNATIONAL, LLC</name>
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        <name>VISTA MANAGEMENT HOLDING INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY EATON VANCE CLO</name>
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        <title>MORGAN STANLEY EATON VANCE CLO 2025 21 LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PLANET FITNESS MASTER ISSUER LLC</name>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER PARTNERS</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VISTAJET MALTA FINANCE P.L.C.</name>
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        <invCountry>MT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MILOS CLO, LTD</name>
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        <name>NUFARM AUSTRALIA LIMITED</name>
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        <name>BOWLING GREEN PARK CLO LLC</name>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>BX TRUST</name>
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        <name>United States of America</name>
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        <name>THE GAP, INC.</name>
        <lei>T2ZG1WRWZ4BUCMQL9224</lei>
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        <assetCat>EC</assetCat>
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        <name>SUNNOVA ENERGY INTERNATIONAL INC.</name>
        <lei>549300JK1Y1VVC3JU540</lei>
        <title>SUNNOVA ENERGY INTL INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BX TRUST</name>
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      <invstOrSec>
        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
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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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912810TA60"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-15</maturityDt>
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      <invstOrSec>
        <name>SALESFORCE, INC.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
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          <isin value="US79466L3024"/>
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        <balance>17093.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>WELLS FARGO COMPANY</title>
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          <isin value="US95000U2L65"/>
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        <balance>2645000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INTERNET BRANDS</name>
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        <title>INTERNET BRANDS</title>
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          <isin value="US45567YAP07"/>
          <other otherDesc="Internal" value="LX255583"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>123487.20000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.57000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX TRUST</name>
        <lei>N/A</lei>
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        <cusip>05613UAA9</cusip>
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          <isin value="USU12267AA53"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>526746.80000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>POWER STOP, LLC</name>
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        <name>IHS Holding Limited</name>
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        <name>CENTENE CORPORATION</name>
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        <name>INVESCO CLO LTD</name>
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        <name>PILGRIM'S PRIDE CORPORATION</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>XPO, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Freddie Mac</name>
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        <name>AVIENT CORPORATION</name>
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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>SCIH SALT HOLDINGS INC.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Kingdom of Saudi Arabia</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <name>ALLY FINANCIAL INC.</name>
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        <name>Freddie Mac</name>
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        <name>CPI CG INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CORECIVIC, INC.</name>
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        <name>STARWOOD PROPERTY TRUST, INC.</name>
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        <invCountry>US</invCountry>

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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>Healthcare Realty Holdings, L.P.</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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      <invstOrSec>
        <name>TORY BURCH LLC</name>
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        <title>TORY BURCH LLC</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SM ENERGY COMPANY</name>
        <lei>84BUTVXV5ODI6BXNMH43</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>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ACURIS FINANCE US, INC</name>
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        <title>ACURIS FINANCE US INC ACURIS FINANCE SARL</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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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>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC</title>
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        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>APA CORPORATION</name>
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        <title>APA CORP</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICANOS</title>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FLATIRON CLO LTD</name>
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        <name>TKC HOLDINGS, INC.</name>
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        <name>AGILENT TECHNOLOGIES, INC.</name>
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        <name>WASTE MANAGEMENT, INC.</name>
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        <name>Alcoa Nederland Holding B.V.</name>
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        <title>ALCOA NEDERLAND HOLDING BV</title>
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        <name>ENERGY TRANSFER LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>SOCIETE GENERALE SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KASEYA INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EMERGENT BIOSOLUTIONS INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CIMPRESS PUBLIC LIMITED COMPANY</name>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AMAZON.COM, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HPS CORPORATE LENDING FUND</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Coherent Corp.</name>
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        <title>II VI INC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL PARTNERS LP</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</name>
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        <name>PLANET FITNESS MASTER ISSUER LLC</name>
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        <name>The Bank of New York Mellon Corporation</name>
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        <name>BPR TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>M/I HOMES, INC.</name>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>UNIVISION COMMUNICATIONS INC.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
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        <name>PALMER SQUARE LOAN FUNDING LTD.</name>
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        <name>LINDE PUBLIC LIMITED COMPANY</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>GLOBAL NET LEASE, INC.</name>
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        <name>Freddie Mac</name>
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        <name>BANK OF AMERICA CORPORATION</name>
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        <name>ECHOSTAR CORPORATION</name>
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        <name>Government 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>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>Elastic N.V.</name>
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        <name>DG INVESTMENT INTERMEDIATE HOLDINGS 2, INC.</name>
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        <name>GREYSTAR REAL ESTATE PARTNERS, LLC</name>
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        <name>Herens Holdco S.a r.l.</name>
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      <invstOrSec>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>ARCHES BUYER INC.</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>Freddie Mac</name>
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        <name>MOHEGAN ESCROW ISSUER, LLC</name>
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        <name>Sensata Technologies B.V.</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PK ALIFT LOAN FUNDING LP</name>
        <lei>N/A</lei>
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        <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>ADVANCED DRAINAGE SYSTEMS, INC.</name>
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          <isin value="US00790RAA23"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE BOEING COMPANY</name>
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          <isin value="US097023CY98"/>
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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>2030-05-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EXELON CORPORATION</name>
        <lei>3SOUA6IRML7435B56G12</lei>
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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>2027-03-15</maturityDt>
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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="US3132DVMS15"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CONOCOPHILLIPS</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>CONOCOPHILLIPS</title>
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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>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <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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        <cusip>3140KYFK5</cusip>
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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>
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          <maturityDt>2036-05-01</maturityDt>
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        <name>BARINGS CLO LTD</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CHARLES RIVER LABORATORIES INTERNATIONAL, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN ROCK SALT COMPANY LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MERITAGE HOMES CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CVR CHC, LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association 2</name>
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        <name>MEDLINE BORROWER, LP</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ARES CLO LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALPHA GENERATION LLC</name>
        <lei>254900K5V62L4YGVKF49</lei>
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        <curCd>USD</curCd>
        <valUSD>84787.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MERCER INTERNATIONAL INC.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALLEGION PUBLIC LIMITED COMPANY</name>
        <lei>984500560CAC2E6FB757</lei>
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          <isin value="IE00BFRT3W74"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AUTONATION, INC.</name>
        <lei>N/A</lei>
        <title>AUTONATION INC</title>
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        <curCd>USD</curCd>
        <valUSD>31392.00000000</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>
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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="US36179YKU72"/>
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        <balance>251029.92400000</balance>
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        <curCd>USD</curCd>
        <valUSD>258160.62000000</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>2053-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
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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="US3132DNCP69"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
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        <title>CHS COMMUNITY HEALTH SYS</title>
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          <isin value="US12543DBN93"/>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140QMAB0</cusip>
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          <isin value="US3140QMAB06"/>
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        <balance>551417.88900000</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>2.00000000</annualizedRt>
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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="US3132XYDE49"/>
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        <balance>12576.16600000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Atlas LuxCo 4 S.a r.l.</name>
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        <title>ATLAS LUXCO 4 SARL ALLIED UNIVERSAL</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</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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        <issuerCat>USGA</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICANOS</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <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>
        <cusip>3140FNLN2</cusip>
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          <isin value="US3140FNLN27"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>THUNDERBOLT AIRCRAFT LEASE LIMITED</name>
        <lei>N/A</lei>
        <title>THUNDERBOLT AIRCRAFT LEASE LIMITED</title>
        <cusip>88607AAA7</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BX TRUST</title>
        <cusip>05608WAA2</cusip>
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        <balance>4383689.05000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC</title>
        <cusip>06738EBK0</cusip>
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        <name>MURPHY OIL CORPORATION</name>
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        <name>AMERICAN TOWER CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2041-10-01</maturityDt>
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        <name>ALLEGRO CLO LTD</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TENET HEALTHCARE CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SYSCO CORPORATION</name>
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        <name>JBS USA FOOD COMPANY</name>
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        <name>Clarios Global LP</name>
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        <name>SPGN MORTGAGE TRUST</name>
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        <name>DROPBOX, INC.</name>
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        <name>CNX MIDSTREAM PARTNERS LP</name>
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        <name>Petroleos Mexicanos</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>BEAZER HOMES USA, INC.</name>
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        <invCountry>IE</invCountry>

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        <name>Freddie Mac</name>
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        <name>GENERAL MOTORS COMPANY</name>
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        <name>Federal National Mortgage Association</name>
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        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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      <invstOrSec>
        <name>TRANSOCEAN POSEIDON LIMITED</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

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        <name>1011778 B.C. UNLIMITED LIABILITY COMPANY</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CARVANA CO.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC.</name>
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        <balance>534000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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      <invstOrSec>
        <name>VOYA CLO</name>
        <lei>N/A</lei>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
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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>2037-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>EATON VANCE CLO LTD</name>
        <lei>N/A</lei>
        <title>EATON VANCE CDO LTD</title>
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        <balance>930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>931362.45000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-15</maturityDt>
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      <invstOrSec>
        <name>AIR LEASE CORPORATION</name>
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        <issuerCat>CORP</issuerCat>
        <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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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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        <name>SURGERY CENTER HOLDINGS, INC.</name>
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        <name>VLS COMMERCIAL MORTGAGE TRUST</name>
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        <name>WALGREENS BOOTS ALLIANCE, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>AMGEN INC.</name>
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        <name>ERO COPPER CORP.</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO COPPER CORP</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>RAND PARENT, LLC</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>HEXION HOLDINGS CORPORATION</name>
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        <title>HEXION TERM 1LN</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRUENOORD CAPITAL DESIGNATED ACTIVITY COMPANY</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>XPLR INFRASTRUCTURE OPERATING PARTNERS, LP</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JANE STREET GROUP, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALTICE FRANCE SA</name>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <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>SREIT COMMERCIAL MORTGAGE TRUST</name>
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        <balance>208727.10000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VENTAS REALTY, LIMITED PARTNERSHIP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MATCH GROUP HOLDINGS II, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SERVICE PROPERTIES TRUST</name>
        <lei>529900IS770AG1K9QG27</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLY FINANCIAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>AECOM</name>
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        <name>AMERICAN HOMES 4 RENT, L.P.</name>
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        <name>SIRIUS XM HOLDINGS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</name>
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        <title>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</title>
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        <name>LAM RESEARCH CORPORATION</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>LAM RESEARCH CORP</title>
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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>United States of America</name>
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        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
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        <name>ASSUREDPARTNERS, INC.</name>
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        <name>Freddie Mac</name>
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        <name>HESS CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ICAHN ENTERPRISES L.P.</name>
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        <name>NEWELL BRANDS INC.</name>
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        <name>FINASTRA TERM 1LN</name>
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        <name>SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP</name>
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        <name>WILLIAMS SCOTSMAN, INC.</name>
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        <name>THE SCOTTS MIRACLE-GRO COMPANY</name>
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        <name>THE AES CORPORATION</name>
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        <title>AES CORP THE</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <name>KAISER ALUMINUM CORPORATION</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>AASET TRUST</name>
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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
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        <name>SM ENERGY COMPANY</name>
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        <name>Federal National Mortgage Association</name>
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        <name>SPIN HOLDCO INC.</name>
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        <name>LIFE MORTGAGE TRUST</name>
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        <name>VENTURE GLOBAL CALCASIEU PASS, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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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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        <name>CMG MEDIA CORPORATION</name>
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        <name>CME GROUP INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Federal National Mortgage Association</name>
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        <name>LIFE MORTGAGE TRUST</name>
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        <name>CMS ENERGY CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CBOE GLOBAL MARKETS, INC.</name>
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        <name>Connect Finco SARL</name>
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        <name>THE CHEMOURS COMPANY</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>UPBOUND GROUP, INC.</name>
        <lei>529900QUHE15UQNCCJ63</lei>
        <title>RENT A CENTER INC</title>
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        <name>Federal National Mortgage Association</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <name>Freddie Mac</name>
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        <name>AASET TRUST</name>
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        <name>Freddie Mac</name>
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        <name>COLUMBIA PIPELINES OPERATING COMPANY LLC</name>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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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>CMG MEDIA CORPORATION</name>
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        <name>OSHKOSH CORPORATION</name>
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        <title>OSHKOSH TRUCK CORP</title>
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        <name>CITIGROUP INC.</name>
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        <name>PITNEY BOWES INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>TREASURE ESCROW CORPORATION</name>
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        <title>GLATFELTER</title>
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        <name>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP</title>
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        <name>CITIGROUP INC.</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>LIFEPOINT HEALTH, INC.</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>EATON VANCE CLO LTD</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
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        <name>Government National Mortgage Association 2</name>
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        <name>CALIFORNIA BUYER LIMITED</name>
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        <name>Federal National Mortgage Association</name>
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        <name>LANDSEA HOMES CORPORATION</name>
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        <name>CELANESE US HOLDINGS LLC</name>
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        <name>BX TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>AASET TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CEDAR FUNDING LTD</name>
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        <name>MADISON IAQ LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>LAKESIDE PARK CLO LTD</name>
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        <name>Petroleos Mexicanos</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <name>Duolingo Inc</name>
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        <name>S&amp;P GLOBAL INC.</name>
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        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
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        <name>ADVANCED MICRO DEVICES, INC.</name>
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        <name>Reynolds American Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>THE CHARLES SCHWAB CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>ARCOSA, INC.</name>
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        <name>EXELON CORPORATION</name>
        <lei>3SOUA6IRML7435B56G12</lei>
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        <name>Open Text Corporation</name>
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      <invstOrSec>
        <name>MADISON PARK FUNDING, LTD.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>ALLIED UNIVERSAL HOLDCO LLC</name>
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        <name>Azorra Finance Limited</name>
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        <name>CENTENE CORPORATION</name>
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        <name>GS MORTGAGE SECURITIES CORPORATION TRUST</name>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <name>THE TJX COMPANIES, INC.</name>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
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        <name>BMP COMMERCIAL MORTGAGE TRUST</name>
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        <name>SABRA HEALTH CARE LIMITED PARTNERSHIP</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>ATI INC</name>
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        <title>ALLEGHENY TECHNOLOGIES INC</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>THE BOEING 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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        <name>NISOURCE INC.</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>Reynolds American Inc.</name>
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        <name>TELECOM ITALIA CAPITAL S.A.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>HESS CORPORATION</name>
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        <name>ZOOM COMMUNICATIONS, INC.</name>
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        <name>BX TRUST</name>
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        <name>VIKING BAKED GOODS ACQUISITION CORPORATION</name>
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        <name>Freddie Mac</name>
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        <name>CAST &amp; CREW LLC</name>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST</name>
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        <name>BAYER US FINANCE II LLC</name>
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        <name>GLOBAL AIRCRAFT LEASING CO., LTD</name>
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        <name>SPGN MORTGAGE TRUST</name>
        <lei>N/A</lei>
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        <name>Federal National Mortgage Association</name>
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        <name>BOOZ ALLEN HAMILTON HOLDING CORPORATION</name>
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        <name>THE BOEING COMPANY</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BOEING CO THE</title>
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        <name>PALMER SQUARE LOAN FUNDING LTD.</name>
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        <name>Swiss Re Finance (Luxembourg) S.A.</name>
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        <name>THE GOLDMAN SACHS GROUP, INC.</name>
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        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>GEN DIGITAL INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEOK, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VFH PARENT LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Gray Media, Inc</name>
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        <name>MADISON IAQ LLC</name>
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        <name>Corporation de Securite Garda World</name>
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        <name>BRIXMOR PROPERTY GROUP INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALLIANT HOLDINGS INTERMEDIATE, LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>PENNYMAC FINANCIAL SERVICES, INC.</name>
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        <name>PHINIA INC.</name>
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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>MOLSON COORS BEVERAGE COMPANY</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>TULLOW OIL PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE GOLDMAN SACHS GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>MACQUARIE AIRFINANCE HOLDINGS LIMITED</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-26</maturityDt>
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      <invstOrSec>
        <name>ELANCO ANIMAL HEALTH INCORPORATED</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ACUITY INC.</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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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>AIMCO CLO LTD</name>
        <lei>N/A</lei>
        <title>AIMCO CLO 19 LTD</title>
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        <issuerCat>CORP</issuerCat>
        <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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          <isin value="US31418D6C10"/>
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        <balance>667392.18700000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SEAGATE HDD CAYMAN</name>
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        <title>SEAGATE HDD CAYMAN</title>
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        <balance>75000.00000000</balance>
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        <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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        <name>Freddie Mac</name>
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        <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>United States of America</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>MOSS CREEK RESOURCES HOLDINGS, INC.</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>OHA CREDIT PARTNERS LTD</name>
        <lei>N/A</lei>
        <title>OHA CREDIT PARTNERS VII LTD</title>
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        <balance>434000.00000000</balance>
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        <valUSD>432047.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Philip Morris International Inc.</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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        <name>Dreyfus Treasury Securities Cash Management; Institutional Shares</name>
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        <name>Freddie Mac</name>
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        <name>GROUP 1 AUTOMOTIVE, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>THE HOME DEPOT, INC.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EXELON CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DRYDEN CLO LTD</name>
        <lei>N/A</lei>
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        <balance>670000.00000000</balance>
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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>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ARIS WATER HOLDINGS, LLC</name>
        <lei>5493007AWQW8ZKCHVV46</lei>
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        <name>SUNNOVA ENERGY CORPORATION</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ROLLER BEARING COMPANY OF AMERICA, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AASET TRUST</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <name>USA COMPRESSION PARTNERS, LP</name>
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        <title>USA COM PART USA COM FIN</title>
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        <name>VORNADO REALTY L.P.</name>
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        <name>DUQUESNE LIGHT HOLDINGS, INC.</name>
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        <name>MORGAN STANLEY</name>
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        <name>VICI PROPERTIES L.P.</name>
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        <name>MATADOR RESOURCES COMPANY</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
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        <invCountry>US</invCountry>

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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <name>MILLICOM INTERNATIONAL CELLULAR S.A.</name>
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        <name>THE PROCTER &amp; GAMBLE COMPANY</name>
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        <name>HAT HOLDINGS I LLC</name>
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        <name>BANK OF AMERICA CORPORATION</name>
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        <name>Freddie Mac</name>
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        <name>ASSUREDPARTNERS, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>SREIT COMMERCIAL MORTGAGE TRUST</name>
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        <name>FLATIRON CLO LTD</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>JEFFERIES FINANCE LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>COINBASE GLOBAL, INC.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>W. R. GRACE HOLDINGS LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>Healthcare Realty Holdings, L.P.</name>
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        <name>CARVANA CO.</name>
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        <name>Freddie Mac</name>
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        <name>KRAKEN OIL &amp; GAS PARTNERS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PINE STREET TRUST II</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Open Text Corporation</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>CVS HEALTH CORPORATION</name>
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        <name>UNIVISION COMMUNICATIONS INC.</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <name>LIFE MORTGAGE TRUST</name>
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        <name>BEACON ROOFING SUPPLY, INC.</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>BX COMMERCIAL MORTGAGE TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ATI INC</name>
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        <title>ALLEGHENY TECHNOLOGIES</title>
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        <name>W.P. CAREY INC.</name>
        <lei>54930042CRNE713E3Q67</lei>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>NCL Finance, Ltd.</name>
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        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MINERAL RESOURCES LIMITED</name>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ONESKY FLIGHT, LLC</name>
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        <curCd>USD</curCd>
        <valUSD>55825.00000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CLEVELAND-CLIFFS INC.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>CONSTANT CONTACT, INC.</name>
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        <name>Freddie Mac</name>
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        <name>BLOCK, INC.</name>
        <lei>549300OHIIUWSTIZME52</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>INTUIT INC.</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
        <title>INTUIT INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>239368.59000000</valUSD>
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        <assetCat>LON</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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          <isin value="US3132DVLV52"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NGL ENERGY OPERATING LLC</name>
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        <valUSD>120900.00000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MAGNETITE CLO, LIMITED</name>
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          <isin value="US55956AAA34"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIQUID TELECOMMUNICATIONS FINANCING PLC</name>
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        <balance>190000.00000000</balance>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
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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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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>198240.62300000</balance>
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        <curCd>USD</curCd>
        <valUSD>181724.88000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HORIZON AIRCRAFT FINANCE I LIMITED</name>
        <lei>N/A</lei>
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        <cusip>44040HAA0</cusip>
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          <isin value="US44040HAA05"/>
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        <balance>97764.22300000</balance>
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        <curCd>USD</curCd>
        <valUSD>93746.31000000</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>2039-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.72100000</annualizedRt>
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      <invstOrSec>
        <name>HESS CORPORATION</name>
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        <title>HESS CORP</title>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>646175.40000000</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>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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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>370170.42200000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <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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        <balance>320667.26400000</balance>
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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>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>ARES LOAN FUNDING</name>
        <lei>N/A</lei>
        <title>ARES CLO LTD</title>
        <cusip>04020QAA8</cusip>
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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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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>31418DYB2</cusip>
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      <invstOrSec>
        <name>BROADCOM INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ONTARIO GAMING GTA LIMITED PARTNERSHIP</name>
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        <invCountry>CA</invCountry>

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        <name>PAYPAL HOLDINGS, INC.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

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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>Deutsche Bank Aktiengesellschaft</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>WarnerMedia Holdings, Inc.</name>
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        <name>ONEMAIN FINANCE CORP</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>PITNEY BOWES INC.</name>
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        <name>VOYA CLO</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>MUELLER WATER PRODUCTS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WESTERN MIDSTREAM OPERATING, LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GREEN LAKES PARK CLO LLC</name>
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        <name>EMERA US FINANCE LP</name>
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        <name>UNUM GROUP</name>
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        <name>NISOURCE INC.</name>
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        <name>CHARTER COMMUNICATIONS OPERATING, LLC</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>THE MICHAELS COMPANIES, INC.</name>
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        <name>Federal National Mortgage Association</name>
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    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Allianz Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Monique Labbe</ncom:signature>
      <ncom:signerName>Monique Labbe</ncom:signerName>
      <ncom:title>Treasurer - Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
