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        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Amortizing Residential Collateral Trust</name>
        <lei>N/A</lei>
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          <isin value="US031733AE86"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anchorage Credit Funding Ltd.</name>
        <lei>636700NIUPSXWN2YAM51</lei>
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          <isin value="US03331VAA35"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARES CLO Ltd</name>
        <lei>549300BC3E2Y44TL8536</lei>
        <title>ARES XLIV CLO Ltd.</title>
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          <isin value="US04016NBH52"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARES CLO Ltd</name>
        <lei>549300BC3E2Y44TL8536</lei>
        <title>ARES LIX CLO Ltd.</title>
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          <isin value="US04018EAA91"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>ARROW ELECTRONICS INC</name>
        <lei>549300YNNLBXT8N8R512</lei>
        <title>Arrow Electronics, Inc.</title>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A3U3</cusip>
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          <isin value="US04685A3U30"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A4F5</cusip>
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          <isin value="US04685A4F53"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>801007.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>BMW US CAPITAL LLC</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
        <title>BMW U.S. Capital LLC</title>
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          <isin value="US05565EDE23"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1003127.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.34000000</annualizedRt>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>05571AAQ8</cusip>
        <identifiers>
          <isin value="US05571AAQ85"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402413.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.61000000</annualizedRt>
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      <invstOrSec>
        <name>Banc of America Funding Corporation</name>
        <lei>5493001796TAQ7M7QX12</lei>
        <title>Banc of America Funding Trust</title>
        <cusip>06051GAX7</cusip>
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          <isin value="US06051GAX79"/>
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        <balance>5860.30000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5982.38000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.62000000</annualizedRt>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>06738ECP8</cusip>
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          <isin value="US06738ECP88"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>806533.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.67000000</annualizedRt>
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      <invstOrSec>
        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns ARM Trust</title>
        <cusip>07384MTM4</cusip>
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          <isin value="US07384MTM46"/>
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        <balance>5173.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5221.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.91000000</annualizedRt>
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      <invstOrSec>
        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns ARM Trust</title>
        <cusip>07384MZ96</cusip>
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        <balance>6433.82000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.11000000</annualizedRt>
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      <invstOrSec>
        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns ARM Trust</title>
        <cusip>07384MZS4</cusip>
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          <isin value="US07384MZS42"/>
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        <balance>2458.22000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2350.38000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>Bear Stearns Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Asset-Backed Securities I Trust</title>
        <cusip>073879UQ9</cusip>
        <identifiers>
          <isin value="US073879UQ92"/>
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        <balance>17042.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17051.06000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.89000000</annualizedRt>
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      <invstOrSec>
        <name>Bluemountain CLO Ltd</name>
        <lei>549300NUS8PQQUZMPR50</lei>
        <title>BlueMountain CLO XXXII Ltd.</title>
        <cusip>09631EAJ6</cusip>
        <identifiers>
          <isin value="US09631EAJ64"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>600498.32000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.77000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bluemountain CLO Ltd</name>
        <lei>549300NUS8PQQUZMPR50</lei>
        <title>BlueMountain CLO XXXIV Ltd.</title>
        <cusip>09631JAL0</cusip>
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          <isin value="US09631JAL08"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500255.58000000</valUSD>
        <pctVal>0.887133819665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.83000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BWAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BWAY Mortgage Trust</title>
        <cusip>12430YAA8</cusip>
        <identifiers>
          <isin value="US12430YAA82"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>992742.70000000</valUSD>
        <pctVal>1.760491354031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.99000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Countrywide Asset-Backed Certificates</name>
        <lei>549300H6I2066O1LC673</lei>
        <title>Countrywide Asset-Backed Certificates Trust</title>
        <cusip>126670PJ1</cusip>
        <identifiers>
          <isin value="US126670PJ12"/>
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        <balance>42337.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42322.86000000</valUSD>
        <pctVal>0.075053716444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.48000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>13607HV66</cusip>
        <identifiers>
          <isin value="CA13607HV661"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>574029.02000000</valUSD>
        <pctVal>1.017960773393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>13607QFC1</cusip>
        <identifiers>
          <isin value="US13607QFC15"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002661.52000000</valUSD>
        <pctVal>1.778081004252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.44000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN NATL RESOURCES</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
        <cusip>136385BD2</cusip>
        <identifiers>
          <isin value="US136385BD27"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202050.14000000</valUSD>
        <pctVal>0.358307872272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Canyon Capital CLO Ltd</name>
        <lei>549300IVUME0ILZ1W208</lei>
        <title>Canyon CLO Ltd.</title>
        <cusip>13876LAW7</cusip>
        <identifiers>
          <isin value="US13876LAW72"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400190.06000000</valUSD>
        <pctVal>0.709681512238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CASSA DEPOSITI E PRESTIT</name>
        <lei>81560029E2CE4D14F425</lei>
        <title>Cassa Depositi e Prestiti SpA</title>
        <cusip>147918AC0</cusip>
        <identifiers>
          <isin value="US147918AC06"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>309948.91000000</valUSD>
        <pctVal>0.549651361069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chase Funding Mortgage Loan Asset-Backed CTFS</name>
        <lei>N/A</lei>
        <title>Chase Funding Trust</title>
        <cusip>161546DQ6</cusip>
        <identifiers>
          <isin value="US161546DQ65"/>
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        <balance>17225.52000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17149.06000000</valUSD>
        <pctVal>0.030411477072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITADEL LP</name>
        <lei>549300IPM6EKPVUPFL67</lei>
        <title>Citadel LP</title>
        <cusip>17288XAB0</cusip>
        <identifiers>
          <isin value="US17288XAB01"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>899297.27000000</valUSD>
        <pctVal>1.594778857138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust Inc</name>
        <lei>549300R1KUK063S4I339</lei>
        <title>Citigroup Mortgage Loan Trust, Inc.</title>
        <cusip>17307GW79</cusip>
        <identifiers>
          <isin value="US17307GW795"/>
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        <balance>1251.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1281.63000000</valUSD>
        <pctVal>0.002272792873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.48000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust Inc</name>
        <lei>549300R1KUK063S4I339</lei>
        <title>Citigroup Mortgage Loan Trust, Inc.</title>
        <cusip>17329VDF3</cusip>
        <identifiers>
          <isin value="US17329VDF31"/>
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        <balance>742211.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>693911.22000000</valUSD>
        <pctVal>1.230555211612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.48000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Credit Suisse First Boston Mortgage Securities Corp.</title>
        <cusip>22541NX20</cusip>
        <identifiers>
          <isin value="US22541NX200"/>
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        <balance>8144.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8433.37000000</valUSD>
        <pctVal>0.014955410873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Credit Suisse First Boston Mortgage Securities Corp.</title>
        <cusip>22541QCT7</cusip>
        <identifiers>
          <isin value="US22541QCT76"/>
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        <balance>3876.81000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3776.09000000</valUSD>
        <pctVal>0.006696371373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Delta Funding Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>Delta Funding Home Equity Loan Trust</title>
        <cusip>24763LFX3</cusip>
        <identifiers>
          <isin value="US24763LFX38"/>
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        <balance>2719.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2636.40000000</valUSD>
        <pctVal>0.004675289383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DISCOVERY GLOBAL HOLDINGS INC</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Discovery Global Holdings, Inc.</title>
        <cusip>25472YAB7</cusip>
        <identifiers>
          <isin value="US25472YAB74"/>
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        <balance>392307.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>392904.00000000</valUSD>
        <pctVal>0.696760696366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.14000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dryden Senior Loan Fund</name>
        <lei>549300KI3ILQQHC87U86</lei>
        <title>Dryden 95 CLO Ltd.</title>
        <cusip>262487AJ0</cusip>
        <identifiers>
          <isin value="US262487AJ07"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400185.93000000</valUSD>
        <pctVal>0.709674188256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.68000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EAGLE FUNDING LUXCO SARL</name>
        <lei>894500VDP08MVIZ6OA60</lei>
        <title>Eagle Funding Luxco SARL</title>
        <cusip>26951TAA8</cusip>
        <identifiers>
          <isin value="US26951TAA88"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>603180.00000000</valUSD>
        <pctVal>1.069655989336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>UBS AG</name>
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        <name>JPMorgan Chase Bank NA</name>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
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        <name>Goldman Sachs Bank USA</name>
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        <name>Citibank NA</name>
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        <name>JPMorgan Chase Bank NA</name>
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        <securityLending>
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      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
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        <name>Goldman Sachs Bank USA</name>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC Bank PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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        <securityLending>
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      <invstOrSec>
        <name>Standard Chartered Bank</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Standard Chartered Bank</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>Purchased INR / Sold USD</title>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="INR" exchangeRt="94.97150000"/>
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        <pctVal>0.000261872243</pctVal>
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        <assetCat>DFE</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Goldman Sachs Bank USA</counterpartyName>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>Purchased INR / Sold USD</title>
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        <units>NC</units>
        <currencyConditional curCd="INR" exchangeRt="95.20287879"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Goldman Sachs Bank USA</counterpartyName>
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      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
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        <units>NC</units>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>Barclays Bank PLC</name>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <balance>1.00000000</balance>
        <units>NC</units>
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      <invstOrSec>
        <name>Citibank NA</name>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Purchased USD / Sold ZAR</title>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>UBS AG</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Wells Fargo Bank NA</name>
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      <invstOrSec>
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        <securityLending>
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      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>EDISON INTERNATIONAL</name>
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      </invstOrSec>
      <invstOrSec>
        <name>ELFI Graduate Loan Program 2021-A LLC</name>
        <lei>N/A</lei>
        <title>ELFI Graduate Loan Program LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Evergreen Credit Card Trust</name>
        <lei>5493002G9KVV6J3CNU15</lei>
        <title>Evergreen Credit Card Trust</title>
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          <isin value="US30023JCZ93"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>EVERGY KANSAS CENTRAL</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>F&amp;G GLOBAL FUNDING</name>
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          <isin value="US30321L2M38"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association REMICS</title>
        <cusip>3136BTQJ5</cusip>
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          <isin value="US3136BTQJ55"/>
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        <balance>388884.19000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.98000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association REMICS</title>
        <cusip>3136BTS53</cusip>
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          <isin value="US3136BTS533"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.73000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association REMICS</title>
        <cusip>3136BTXD0</cusip>
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          <isin value="US3136BTXD03"/>
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        <balance>197759.83000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association REMICS</title>
        <cusip>3136BUEQ9</cusip>
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          <couponKind>Floating</couponKind>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3136BUFJ4</cusip>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.73000000</annualizedRt>
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        <name>Fannie Mae</name>
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        <cusip>3136BUFY1</cusip>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association REMICS</title>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. REMICS</title>
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        <name>First Franklin Mtg Loan Asset Backed Certificates</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.84000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GSAMP Trust</name>
        <lei>N/A</lei>
        <title>GSAMP Trust</title>
        <cusip>362439AE1</cusip>
        <identifiers>
          <isin value="US362439AE17"/>
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        <balance>255935.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248915.43000000</valUSD>
        <pctVal>0.441416957687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.28000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage-Backed Securities Trust</name>
        <lei>25490038RWR4AJZ5B524</lei>
        <title>GS Mortgage-Backed Securities Trust</title>
        <cusip>36262JAJ4</cusip>
        <identifiers>
          <isin value="US36262JAJ43"/>
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        <balance>1023163.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>956730.78000000</valUSD>
        <pctVal>1.696629213517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.46000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage-Backed Securities Trust</name>
        <lei>25490038RWR4AJZ5B524</lei>
        <title>GS Mortgage-Backed Securities Trust</title>
        <cusip>36263KAJ0</cusip>
        <identifiers>
          <isin value="US36263KAJ07"/>
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        <balance>353213.83000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>330313.56000000</valUSD>
        <pctVal>0.585765240579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.46000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLENCORE FUNDING LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>Glencore Funding LLC</title>
        <cusip>378272AN8</cusip>
        <identifiers>
          <isin value="US378272AN87"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>797396.66000000</valUSD>
        <pctVal>1.414072272365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL NET LEASE/GLOBAL</name>
        <lei>N/A</lei>
        <title>Global Net Lease, Inc./Global Net Lease Operating Partnership LP</title>
        <cusip>37892AAA8</cusip>
        <identifiers>
          <isin value="US37892AAA88"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1175236.97000000</valUSD>
        <pctVal>2.084119605838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc.</title>
        <cusip>38141GYM0</cusip>
        <identifiers>
          <isin value="US38141GYM04"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>893039.50000000</valUSD>
        <pctVal>1.583681570822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association REMICS</title>
        <cusip>38374XPT6</cusip>
        <identifiers>
          <isin value="US38374XPT62"/>
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        <balance>12053.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12006.26000000</valUSD>
        <pctVal>0.021291435257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association REMICS</title>
        <cusip>38376RKZ8</cusip>
        <identifiers>
          <isin value="US38376RKZ81"/>
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        <balance>647.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>652.30000000</valUSD>
        <pctVal>0.001156763489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.44000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association REMICS</title>
        <cusip>38381NNT1</cusip>
        <identifiers>
          <isin value="US38381NNT18"/>
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        <balance>383868.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>386697.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.51000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association REMICS</title>
        <cusip>38385GMK2</cusip>
        <identifiers>
          <isin value="US38385GMK21"/>
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        <balance>133721.65000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134967.29000000</valUSD>
        <pctVal>0.239345751041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Greywolf CLO Ltd</name>
        <lei>5493008JNE27URH1VF66</lei>
        <title>Greywolf CLO IV Ltd.</title>
        <cusip>39809TAW7</cusip>
        <identifiers>
          <isin value="US39809TAW71"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600745.99000000</valUSD>
        <pctVal>1.065339610519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.92000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119CY3</cusip>
        <identifiers>
          <isin value="US404119CY34"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100584.83000000</valUSD>
        <pctVal>0.178373231615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HCA Inc</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>40412DGT0</cusip>
        <identifiers>
          <isin value="US40412DGT00"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>498390.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.33000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Impac CMB Trust</name>
        <lei>N/A</lei>
        <title>Impac CMB Trust</title>
        <cusip>45254NLJ4</cusip>
        <identifiers>
          <isin value="US45254NLJ45"/>
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        <balance>86187.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85126.97000000</valUSD>
        <pctVal>0.150960862950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INTESA SANPAOLO SPA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
        <cusip>46115HBD8</cusip>
        <identifiers>
          <isin value="US46115HBD89"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197527.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Invesco CLO 2022-2, Ltd.</name>
        <lei>54930008L2A8UYGN7A86</lei>
        <title>Invesco CLO Ltd.</title>
        <cusip>46145XAL0</cusip>
        <identifiers>
          <isin value="US46145XAL01"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500592.27000000</valUSD>
        <pctVal>0.887730892637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.83000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900371ZWA9WXVGB88</lei>
        <title>JP Morgan Mortgage Trust</title>
        <cusip>466247BM4</cusip>
        <identifiers>
          <isin value="US466247BM41"/>
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        <balance>6424.73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6495.91000000</valUSD>
        <pctVal>0.011519594545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.39000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900371ZWA9WXVGB88</lei>
        <title>JP Morgan Mortgage Trust</title>
        <cusip>466247EH2</cusip>
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          <isin value="US466247EH29"/>
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        <balance>2726.65000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2590.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.71000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900371ZWA9WXVGB88</lei>
        <title>JP Morgan Mortgage Trust</title>
        <cusip>466247LZ4</cusip>
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          <isin value="US466247LZ44"/>
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        <balance>600.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>586.25000000</valUSD>
        <pctVal>0.001039632984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.11000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KKR Financial CLO Ltd</name>
        <lei>254900VCKMCY079T6M57</lei>
        <title>KKR CLO 16 Ltd.</title>
        <cusip>48251BBE9</cusip>
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          <isin value="US48251BBE92"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600688.97000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.82000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KKR Financial CLO Ltd</name>
        <lei>5493007WGG1LNIZXEI24</lei>
        <title>KKR CLO 27 Ltd.</title>
        <cusip>48253YBL1</cusip>
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          <isin value="US48253YBL11"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500301.71000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.78000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KKR Financial CLO Ltd</name>
        <lei>25490002X2XBS4OKP051</lei>
        <title>KKR CLO 42 Ltd.</title>
        <cusip>48255EAJ9</cusip>
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          <isin value="US48255EAJ91"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500552.60000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.83000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KYNDRYL HOLDINGS INC</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
        <title>Kyndryl Holdings, Inc.</title>
        <cusip>50155QAJ9</cusip>
        <identifiers>
          <isin value="US50155QAJ94"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496541.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LCM Ltd Partnership</name>
        <lei>549300RB1XGNK3FHRH35</lei>
        <title>LCM 30 Ltd.</title>
        <cusip>50200YAQ1</cusip>
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          <isin value="US50200YAQ17"/>
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        <balance>14054.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14068.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.02000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LAS VEGAS SANDS CORP</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
        <cusip>517834AJ6</cusip>
        <identifiers>
          <isin value="US517834AJ61"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504735.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
        <cusip>53944YBH5</cusip>
        <identifiers>
          <isin value="US53944YBH53"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MFRA Trust</name>
        <lei>2549007EHG79GWD49I44</lei>
        <title>MFA Trust</title>
        <cusip>552751AA7</cusip>
        <identifiers>
          <isin value="US552751AA74"/>
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        <balance>28129.05000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-04-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>MFRA Trust</name>
        <lei>2549007EHG79GWD49I44</lei>
        <title>MFA Trust</title>
        <cusip>55283QAA2</cusip>
        <identifiers>
          <isin value="US55283QAA22"/>
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        <balance>333221.83000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.13000000</annualizedRt>
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      <invstOrSec>
        <name>MF1</name>
        <lei>N/A</lei>
        <title>MF1 Ltd.</title>
        <cusip>55284AAA6</cusip>
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          <isin value="US55284AAA60"/>
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        <balance>15242.40000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15249.26000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.83000000</annualizedRt>
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      <invstOrSec>
        <name>MFRA Trust</name>
        <lei>2549007EHG79GWD49I44</lei>
        <title>MFA Trust</title>
        <cusip>55286LAA0</cusip>
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          <isin value="US55286LAA08"/>
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        <balance>100788.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101209.01000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2068-12-25</maturityDt>
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      <invstOrSec>
        <name>MAREX GROUP PLC</name>
        <lei>549300DWX0SVICJAL507</lei>
        <title>Marex Group PLC</title>
        <cusip>566539AD4</cusip>
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          <isin value="US566539AD47"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.68000000</annualizedRt>
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      <invstOrSec>
        <name>Mellon Residential Funding Corporation</name>
        <lei>N/A</lei>
        <title>Mellon Residential Funding Corp. Mortgage Pass-Through Trust</title>
        <cusip>585525DF2</cusip>
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          <isin value="US585525DF22"/>
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        <balance>1513.69000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.39000000</annualizedRt>
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      <invstOrSec>
        <name>Mellon Residential Funding Corporation</name>
        <lei>N/A</lei>
        <title>Mellon Residential Funding Corp. Mortgage Pass-Through Trust</title>
        <cusip>585525ED6</cusip>
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          <isin value="US585525ED64"/>
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        <balance>1955.31000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MLCC Mortgage Investors Inc</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
        <cusip>5899292M9</cusip>
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          <isin value="US5899292M90"/>
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        <balance>154.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152.89000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MLCC Mortgage Investors Inc</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
        <cusip>59020UAR6</cusip>
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          <isin value="US59020UAR68"/>
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        <balance>837.99000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
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        <valUSD>31617.66000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>MIZUHO FINANCIAL GROUP</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
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        <valUSD>300140.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Mortgage Loan Trust</name>
        <lei>5493001INKZRJR8O7L63</lei>
        <title>Morgan Stanley Mortgage Loan Trust</title>
        <cusip>61748HFE6</cusip>
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          <isin value="US61748HFE62"/>
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        <balance>475.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>456.77000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-25</maturityDt>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust</title>
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          <isin value="US61772QAN07"/>
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        <balance>137395.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128496.91000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.46000000</annualizedRt>
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      <invstOrSec>
        <name>MUTUAL OF OMAHA GLOBAL</name>
        <lei>635400AL5J3F1ZPTAN95</lei>
        <title>Mutual of Omaha Cos Global Funding</title>
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          <isin value="US62829D2G44"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>696630.07000000</valUSD>
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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>2028-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NTT FINANCE CORP</name>
        <lei>3538007PR116187GD960</lei>
        <title>NTT Finance Corp.</title>
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          <isin value="US62954WBB00"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.46000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NYO Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>NYO Commercial Mortgage Trust</title>
        <cusip>62955HAA5</cusip>
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          <isin value="US62955HAA59"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999924.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.84000000</annualizedRt>
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      <invstOrSec>
        <name>NATIONAL RURAL UTIL COOP</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
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          <isin value="US63743HGG11"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300500.31000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.19000000</annualizedRt>
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      <invstOrSec>
        <name>Navient Refinance Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Refinance Loan Trust</title>
        <cusip>638973AA5</cusip>
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          <isin value="US638973AA57"/>
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        <balance>161295.66000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>549300ZUZB9UCBWEBN39</lei>
        <title>Navient Private Education Refi Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Navient Student Loan Trust</name>
        <lei>549300ZUZB9UCBWEBN39</lei>
        <title>Navient Private Education Refi Loan Trust</title>
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        <name>Nelnet Student Loan Trust</name>
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        <title>Nelnet Student Loan Trust</title>
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        <name>Nelnet Student Loan Trust</name>
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        <name>Nelnet Student Loan Trust</name>
        <lei>54930035ESY1D7J97S77</lei>
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        <name>Nelnet Student Loan Trust</name>
        <lei>5493000EBJ0T2MCM3713</lei>
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        <balance>418935.39000000</balance>
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      <invstOrSec>
        <name>New Century Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>New Century Home Equity Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>New Residential Mortgage Loan Trust</name>
        <lei>2138001CG5SYL78G3648</lei>
        <title>New Residential Mortgage Loan Trust</title>
        <cusip>64829VAA4</cusip>
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        <balance>319267.27000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
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        <name>Onslow Bay Financial LLC</name>
        <lei>25490010LUJWFEUCIH44</lei>
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      <invstOrSec>
        <name>Octagon 64 Ltd</name>
        <lei>N/A</lei>
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        <name>OCTAGON INVESTMENT PARTNERS 40, LTD.</name>
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        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <name>PIMCO PRV SHORT TERM FLT III</name>
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        <title>PIMCO Short-Term Floating NAV Portfolio III</title>
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        <name>PIMCO SHORT ASSET PORTFOLIO</name>
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        <title>PIMCO Short Asset Portfolio</title>
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          <isin value="US72202G3801"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Prime Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US74160MDL37"/>
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        <name>QATAR ENERGY</name>
        <lei>254900QTESJKJ3P87J26</lei>
        <title>QatarEnergy</title>
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        <invCountry>QA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RAAC Series</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RD MICHIGAN PROP OWNER I</name>
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        <name>QATARENERGY LNG S3</name>
        <lei>N/A</lei>
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        <invCountry>QA</invCountry>
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        <name>ROGERS COMMUNICATIONS IN</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Global Advisors</name>
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        <name>SMB Private Education Loan Trust</name>
        <lei>549300XC4C7GRVLU6076</lei>
        <title>SMB Private Education Loan Trust</title>
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        <name>SMB Private Education Loan Trust</name>
        <lei>549300XC4C7GRVLU6076</lei>
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        <name>SMB Private Education Loan Trust</name>
        <lei>549300XC4C7GRVLU6076</lei>
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        <name>SMB Private Education Loan Trust</name>
        <lei>549300XC4C7GRVLU6076</lei>
        <title>SMB Private Education Loan Trust</title>
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      </invstOrSec>
      <invstOrSec>
        <name>SMB Private Education Loan Trust</name>
        <lei>549300XC4C7GRVLU6076</lei>
        <title>SMB Private Education Loan Trust</title>
        <cusip>78451MAB7</cusip>
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          <isin value="US78451MAB72"/>
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        <balance>384797.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>385396.24000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Securitized Asset Backed Receivables LLC Trust</name>
        <lei>N/A</lei>
        <title>Securitized Asset-Backed Receivables LLC Trust</title>
        <cusip>81375WCT1</cusip>
        <identifiers>
          <isin value="US81375WCT18"/>
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        <balance>220561.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>203584.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SEMPRA</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BY4</cusip>
        <identifiers>
          <isin value="US816851BY40"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>602834.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>549300671OK77JNRLK28</lei>
        <title>Sequoia Mortgage Trust</title>
        <cusip>81743VAB9</cusip>
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          <isin value="US81743VAB99"/>
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        <balance>77.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>549300671OK77JNRLK28</lei>
        <title>Sequoia Mortgage Trust</title>
        <cusip>81743WAA9</cusip>
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          <isin value="US81743WAA99"/>
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        <balance>11897.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11893.96000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTH BOW USA INFRA HLDS</name>
        <lei>254900Z1WAY7QFQ7O850</lei>
        <title>South Bow USA Infrastructure Holdings LLC</title>
        <cusip>83007CAB8</cusip>
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          <isin value="US83007CAB81"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200545.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.91000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SMB Private Education Loan Trust</name>
        <lei>549300XC4C7GRVLU6076</lei>
        <title>SMB Private Education Loan Trust</title>
        <cusip>831943AB1</cusip>
        <identifiers>
          <isin value="US831943AB13"/>
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        <balance>350710.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>353430.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.04000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SOUTHERN CAL EDISON</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</title>
        <cusip>842400HQ9</cusip>
        <identifiers>
          <isin value="US842400HQ95"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300017.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STELLANTIS FIN US INC</name>
        <lei>549300QZ0AI8Q7LNON33</lei>
        <title>Stellantis Finance U.S., Inc.</title>
        <cusip>85855CAA8</cusip>
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          <isin value="US85855CAA80"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>196517.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.71000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments Inc</name>
        <lei>N/A</lei>
        <title>Structured Asset Mortgage Investments Trust</title>
        <cusip>86358HGW3</cusip>
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          <isin value="US86358HGW34"/>
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        <balance>2550.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2544.59000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments Inc</name>
        <lei>N/A</lei>
        <title>Structured Asset Mortgage Investments Trust</title>
        <cusip>86358HNX3</cusip>
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          <isin value="US86358HNX34"/>
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        <balance>732.66000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.41000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments Inc</name>
        <lei>N/A</lei>
        <title>Structured Asset Mortgage Investments II Trust</title>
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          <isin value="US86359LBY48"/>
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        <balance>4589.79000000</balance>
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        <valUSD>4434.99000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.33000000</annualizedRt>
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      <invstOrSec>
        <name>37 Capital CLO Ltd</name>
        <lei>549300GZ8MP9ZGVMJ424</lei>
        <title>37 Capital CLO 1 Ltd.</title>
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          <isin value="US88430TAQ40"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Thornburg Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Thornburg Mortgage Securities Trust</title>
        <cusip>885220DW0</cusip>
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          <isin value="US885220DW07"/>
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        <balance>1431.97000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>Thornburg Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Thornburg Mortgage Securities Trust</title>
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          <isin value="US885220HB24"/>
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        <balance>4511.55000000</balance>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>25490010CSYSAQU59J50</lei>
        <title>Towd Point Mortgage Trust</title>
        <cusip>89175MAA1</cusip>
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          <isin value="US89175MAA18"/>
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        <balance>279823.53000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>25490010CSYSAQU59J50</lei>
        <title>Towd Point Mortgage Trust</title>
        <cusip>89177HAA0</cusip>
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          <isin value="US89177HAA05"/>
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        <balance>157630.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>160474.21000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.76000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>25490010CSYSAQU59J50</lei>
        <title>Towd Point Mortgage Trust</title>
        <cusip>89177XAA5</cusip>
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          <isin value="US89177XAA54"/>
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        <balance>126434.19000000</balance>
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        <name>Deutsche Bank Securities, Inc.</name>
        <lei>9J6MBOOO7BECTDTUZW19</lei>
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        <name>Citigroup Global Markets, Inc.</name>
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        <name>TD Securities, Inc.</name>
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      <invstOrSec>
        <name>TD Securities, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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            <repurchaseCollateral>
              <principalAmt>2500000.00000000</principalAmt>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>984500A3F1D749452747</lei>
        <title>Verus Securitization Trust</title>
        <cusip>92540EAA1</cusip>
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          <isin value="US92540EAA10"/>
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        <balance>118837.39000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118934.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-01-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>VIATRIS INC</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>Viatris, Inc.</title>
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          <isin value="US92556VAC00"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>683697.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES / NOTE</name>
        <lei>N/A</lei>
        <title>VICI Properties LP/VICI Note Co., Inc.</title>
        <cusip>92564RAA3</cusip>
        <identifiers>
          <isin value="US92564RAA32"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>798530.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VISTRA OPERATIONS CO LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co. LLC</title>
        <cusip>92840VBD3</cusip>
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          <isin value="US92840VBD38"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>596253.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VOLKSWAGEN GROUP AMERICA</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Finance LLC</title>
        <cusip>928668CN0</cusip>
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          <isin value="US928668CN06"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301008.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WAMU Mortgage Pass-Through Certificates</name>
        <lei>N/A</lei>
        <title>WaMu Mortgage Pass-Through Certificates Trust</title>
        <cusip>929227QB5</cusip>
        <identifiers>
          <isin value="US929227QB55"/>
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        <balance>1472.99000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1402.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.14000000</annualizedRt>
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      <invstOrSec>
        <name>WAMU Mortgage Pass-Through Certificates</name>
        <lei>N/A</lei>
        <title>WaMu Mortgage Pass-Through Certificates Trust</title>
        <cusip>92922F4M7</cusip>
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          <isin value="US92922F4M79"/>
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        <balance>6899.92000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6730.72000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.34000000</annualizedRt>
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      <invstOrSec>
        <name>WAMU Mortgage Pass-Through Certificates</name>
        <lei>N/A</lei>
        <title>WaMu Mortgage Pass-Through Certificates Trust</title>
        <cusip>92922FB72</cusip>
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          <isin value="US92922FB720"/>
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        <balance>16959.28000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>WAMU Mortgage Pass-Through Certificates</name>
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        <title>WaMu Mortgage Pass-Through Certificates Trust</title>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>WAMU Mortgage Pass-Through Certificates</name>
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        <title>WaMu Mortgage Pass-Through Certificates Trust</title>
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          <isin value="US92925CBA99"/>
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        <balance>45466.02000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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          <isin value="CA949746TJ07"/>
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        <balance>800000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>Wells Fargo &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>WESTINGHOUSE AIR BRAKE</name>
        <lei>06BTX5UWZD0GQ5N5Y745</lei>
        <title>Westinghouse Air Brake Technologies Corp.</title>
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        <invCountry>US</invCountry>
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        <name>BONOS TESORERIA PESOS</name>
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        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toro European CLO</name>
        <lei>635400SBMZDOVHEFNA56</lei>
        <title>Toro European CLO 6 DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2376115270"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Cars Alliance</name>
        <lei>969500KJR887I60U6F15</lei>
        <title>Cars Alliance Auto Loans Germany V</title>
        <cusip>000000000</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LETRA TESOURO NACIONAL</name>
        <lei>254900ZFY40OYEADAP90</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BONOS TESORERIA PESOS</name>
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      <invstOrSec>
        <name>Fact SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAUDI INTERNATIONAL BOND</name>
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          <isin value="XS2974923497"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Invesco Euro CLO XI DAC</name>
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        <name>FOXCONN FAR EAST LTD</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SOUTH AFRICAN T-BILLS</name>
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        <cusip>000000000</cusip>
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          <isin value="ZAM000719756"/>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-28</maturityDt>
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        <name>Harvest CLO</name>
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        <title>Harvest CLO XVI DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS3233921025"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>MV Credit Euro CLO</name>
        <lei>635400BDB6DLUVKYJO21</lei>
        <title>MV Credit Euro CLO III DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS3233494361"/>
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        <balance>500000.00000000</balance>
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        <name>BANK HAPOALIM</name>
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        <curCd>USD</curCd>
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        <invCountry>IL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MIZRAHI TEFAHOT BANK LTD</name>
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        <invCountry>IL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTH AFRICAN T-BILLS</name>
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        <invCountry>ZA</invCountry>
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        <name>Harvest Funding</name>
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        <name>QNB FINANCE LTD</name>
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        <name>FIRST ABU DHABI BANK PJS</name>
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        <title>First Abu Dhabi Bank PJSC</title>
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        <invCountry>AE</invCountry>
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        <name>EMIRATES NBD BANK PJSC</name>
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        <title>Emirates NBD Bank PJSC</title>
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        <curCd>USD</curCd>
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        <name>ICE Futures Europe - Financial Products Division</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>ICE 3MTH SONIA FU DEC26</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <name>LCH Ltd.</name>
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      <invstOrSec>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02POY0"/>
        </identifiers>
        <balance>1970000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-6065.04000000</valUSD>
        <pctVal>-0.01075550641</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.00000000"/>
            <terminationDt>2030-11-30</terminationDt>
            <upfrontPmnt>168.60000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1970000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-6233.64000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>OIS CAD CAONREPO/3.00000 05/25/26-5Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02PSY6"/>
        </identifiers>
        <balance>1300000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>-6595.19000000</valUSD>
        <pctVal>-0.01169565384</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="CAD" fixedOrFloating="Floating" floatingRtIndex="1 day CAD CORRA" floatingRtSpread="0.00000000" pmntAmt="3006.86000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="6"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-3953.43000000" curCd="CAD" fixedOrFloating="Fixed" fixedRt="3.00000000"/>
            <terminationDt>2031-05-25</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>CAD</pmntCurCd>
            <upfrontRcpt>-414.23000000</upfrontRcpt>
            <rcptCurCd>CAD</rcptCurCd>
            <notionalAmt>1300000.00000000</notionalAmt>
            <curCd>CAD</curCd>
            <unrealizedAppr>-6295.46000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STELLANTIS FIN US INC</name>
        <lei>549300QZ0AI8Q7LNON33</lei>
        <title>Stellantis Finance U.S., Inc.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USU85861AA75"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>393034.47000000</valUSD>
        <pctVal>0.696992066797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.71000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D. This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list. Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-03</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO Managed Accounts Trust</ncom:nameOfApplicant>
      <ncom:signature>Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
