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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="US20753DAA63"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Cheniere Energy Inc. 10/15/2028 4.625%</title>
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          <isin value="US16411RAK59"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>499309.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae-CAS 10/25/2041 VAR%</title>
        <cusip>20754RAF3</cusip>
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          <isin value="US20754RAF38"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2150893.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.40517000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20755DAA4</cusip>
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          <isin value="US20755DAA46"/>
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        <balance>1795002.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1117337.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.85517000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>TSY INFL 01/15/2026 2.000%</title>
        <cusip>912810FS2</cusip>
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          <isin value="US912810FS25"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1578208.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 05/25/2042 VAR% 144A</title>
        <cusip>20754NAB1</cusip>
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          <isin value="US20754NAB10"/>
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        <curCd>USD</curCd>
        <valUSD>804308.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.05517000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 10/25/2041 VAR% 144A</title>
        <cusip>20754RAB2</cusip>
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          <isin value="US20754RAB24"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.85517000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 05/25/2043 VAR% 144A</title>
        <cusip>35564KX87</cusip>
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          <isin value="US35564KX872"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1161823.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.80517000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae- CAS 12/25/2042 Var%</title>
        <cusip>207932AA2</cusip>
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          <isin value="US207932AA28"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1512661.94000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.72063000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Winwater Mortgage Loan Trust</title>
        <cusip>97655JCC4</cusip>
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          <isin value="US97655JCC45"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>135453.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.78331000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae- Cas 12/25/2041 VAR% 144A</title>
        <cusip>20754LAF6</cusip>
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          <isin value="US20754LAF67"/>
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        <balance>800000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>NGC Ltd 04/20/2038 VAR% 144A</title>
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          <isin value="US652942AA15"/>
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          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Westlake Automobile Receivable</title>
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        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Constellium SE 06/15/2028 5.625% 144A</title>
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          <isin value="US21039CAA27"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>347952.50000000</valUSD>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Polus Capital Management 10/20/2037 VAR% 144A</title>
        <cusip>73163EAA7</cusip>
        <identifiers>
          <isin value="US73163EAA73"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2037-10-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Switch ABS Issuer 06/25/2054 6.20% 144A</title>
        <cusip>871044AG8</cusip>
        <identifiers>
          <isin value="US871044AG87"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>554881.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Shackleton CLO Ltd 08/15/2030 VAR% 144A</title>
        <cusip>81883EAJ0</cusip>
        <identifiers>
          <isin value="US81883EAJ01"/>
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        <balance>1002000.00000000</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>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20755AAB8</cusip>
        <identifiers>
          <isin value="US20755AAB89"/>
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        <balance>1074000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>722797.09000000</valUSD>
        <pctVal>0.207086183603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.60517000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KX79</cusip>
        <identifiers>
          <isin value="US35564KX799"/>
        </identifiers>
        <balance>2200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1169868.48000000</valUSD>
        <pctVal>0.335175116492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.30517000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury N/B 12/31/2026 4.25%</title>
        <cusip>91282CME8</cusip>
        <identifiers>
          <isin value="US91282CME83"/>
        </identifiers>
        <balance>5312000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5342915.84000000</valUSD>
        <pctVal>1.530780997776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Timken Co.</title>
        <cusip>88738TAA8</cusip>
        <identifiers>
          <isin value="US88738TAA88"/>
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        <balance>480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506966.40000000</valUSD>
        <pctVal>0.145249252444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>3136BNFA9</cusip>
        <identifiers>
          <isin value="US3136BNFA95"/>
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        <balance>33025657.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51113.21000000</valUSD>
        <pctVal>0.014644275325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.11448000</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>Default</name>
        <lei>N/A</lei>
        <title>US TREASURY N/B 04/30/2027 3.75%</title>
        <cusip>91282CMY4</cusip>
        <identifiers>
          <isin value="US91282CMY48"/>
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        <balance>3900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3899391.60000000</valUSD>
        <pctVal>1.117201682175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-30</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20755CAA6</cusip>
        <identifiers>
          <isin value="US20755CAA62"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1067837.88000000</valUSD>
        <pctVal>0.305942669576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.80517000</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>Default</name>
        <lei>N/A</lei>
        <title>Lad Auto Receivables Trust</title>
        <cusip>501687AC1</cusip>
        <identifiers>
          <isin value="US501687AC11"/>
        </identifiers>
        <balance>726000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>736680.91000000</valUSD>
        <pctVal>0.211063990566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 02/15/2027 4.000%</title>
        <cusip>91282CKA8</cusip>
        <identifiers>
          <isin value="US91282CKA89"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4019220.00000000</valUSD>
        <pctVal>1.151533317411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Harvest SBA Loan Trust</title>
        <cusip>41755NAA8</cusip>
        <identifiers>
          <isin value="US41755NAA81"/>
        </identifiers>
        <balance>1650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>368071.49000000</valUSD>
        <pctVal>0.105454935018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.80000000</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>Default</name>
        <lei>N/A</lei>
        <title>Arivo Acceptance Auto Loan Rec'ls Trust</title>
        <cusip>04047JAA3</cusip>
        <identifiers>
          <isin value="US04047JAA34"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>278304.97000000</valUSD>
        <pctVal>0.079736228759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.90000000</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>Default</name>
        <lei>N/A</lei>
        <title>Teva Pharmaceutical Industries Ltd.</title>
        <cusip>88167AAP6</cusip>
        <identifiers>
          <isin value="US88167AAP66"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99825.00000000</valUSD>
        <pctVal>0.028600527816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-09</maturityDt>
          <couponKind>Fixed</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Rec Trust 01/10/2031 4.74%</title>
        <cusip>146919AF2</cusip>
        <identifiers>
          <isin value="US146919AF20"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>546067.50000000</valUSD>
        <pctVal>0.156451978196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.74000000</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>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 01/15/2027 4.000%</title>
        <cusip>91282CJT9</cusip>
        <identifiers>
          <isin value="US91282CJT99"/>
        </identifiers>
        <balance>21000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21050043.00000000</valUSD>
        <pctVal>6.030977614422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</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>Default</name>
        <lei>N/A</lei>
        <title>Crossroads Asset Trusts 06/22/2026 4.73% 144A</title>
        <cusip>22767VAA6</cusip>
        <identifiers>
          <isin value="US22767VAA61"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1100310.20000000</valUSD>
        <pctVal>0.315246205678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.73000000</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>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KT58</cusip>
        <identifiers>
          <isin value="US35564KT581"/>
        </identifiers>
        <balance>1730000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1110481.23000000</valUSD>
        <pctVal>0.318160273561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.40621000</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>Default</name>
        <lei>N/A</lei>
        <title>Exeter Auto Rec 04/15/2026 4.536%</title>
        <cusip>30168JAA1</cusip>
        <identifiers>
          <isin value="US30168JAA16"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>382891.35000000</valUSD>
        <pctVal>0.109700923680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.53600000</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>Default</name>
        <lei>N/A</lei>
        <title>Credit Suisse Mortgage Trust</title>
        <cusip>12648HBC8</cusip>
        <identifiers>
          <isin value="US12648HBC88"/>
        </identifiers>
        <balance>3940000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>523599.22000000</valUSD>
        <pctVal>0.150014666228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.81682000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 03/25/2044 VAR%</title>
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          <isin value="US35564NBX03"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Venture CDO Ltd  10/20/2034 VAR% 144A</title>
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          <isin value="US92331DBL10"/>
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        <curCd>USD</curCd>
        <valUSD>554736.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>5.71947000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="US09629EAE14"/>
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        <curCd>USD</curCd>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="US47047JAN46"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury N/B 02/28/2027 4.125%</title>
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          <isin value="US91282CMP31"/>
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        <balance>5600000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Provident Funding Mortgage Trust</title>
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          <isin value="US74388JAA34"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Venture Global Lng 04/01/2028 8.125% 144A</title>
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          <isin value="US92332YAA91"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>M&amp;T Equipment Notes 07/15/2030 5.74%</title>
        <cusip>551925AB6</cusip>
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          <isin value="US551925AB68"/>
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        <balance>460000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.74000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fanniemae Strip 02/25/2037 1.5000%</title>
        <cusip>31423XPH8</cusip>
        <identifiers>
          <isin value="US31423XPH88"/>
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        <balance>13200000.00000000</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>
        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Halcyon Loan 07/21/2031 VAR%</title>
        <cusip>40538TAC7</cusip>
        <identifiers>
          <isin value="US40538TAC71"/>
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        <balance>1033000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1044259.70000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.33108000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>GoldenTree Loan Management 07/20/2037 VAR% 144A</title>
        <cusip>38139MAA3</cusip>
        <identifiers>
          <isin value="US38139MAA36"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>935625.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.16947000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carmax Select Rec 04/15/2026 4.774%</title>
        <cusip>14319UAA8</cusip>
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          <isin value="US14319UAA88"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.77400000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CoreVest American Finance Trust 10/15/2054 2.911% 144A</title>
        <cusip>21873NAJ8</cusip>
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          <isin value="US21873NAJ81"/>
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        <balance>1040000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2054-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.91100000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Credit Agricole SA</title>
        <cusip>22535WAH0</cusip>
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          <isin value="US22535WAH07"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1961856.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.24700000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Oceaneering Intl Inc 02/01/2028 6.00%</title>
        <cusip>675232AB8</cusip>
        <identifiers>
          <isin value="US675232AB89"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>352885.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
        <cusip>14686KAF4</cusip>
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          <isin value="US14686KAF49"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45049.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 04/25/2042 VAR% 144A</title>
        <cusip>20754DAA5</cusip>
        <identifiers>
          <isin value="US20754DAA54"/>
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        <balance>2295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>536699.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.20517000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury N/B 12/15/2027 4.00%</title>
        <cusip>91282CMB4</cusip>
        <identifiers>
          <isin value="US91282CMB45"/>
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        <curCd>USD</curCd>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
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          <isin value="US20753ACJ16"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>273994.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Saluda Grace Alternative Mortgage 04/25/2030 VAR% 144A</title>
        <cusip>795935AA3</cusip>
        <identifiers>
          <isin value="US795935AA37"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>261695.72000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.76200000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Veros Auto Receivables Trust</title>
        <cusip>92512VAD1</cusip>
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          <isin value="US92512VAD10"/>
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        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1911166.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Affirm Inc 11/16/2026 1.170% 144A</title>
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          <isin value="US00834TAA60"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.17000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
        <cusip>14686MAF0</cusip>
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          <isin value="US14686MAF05"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.54000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>PEAC Solutions Rec 10/20/2031 4.65%144A</title>
        <cusip>69392BAC0</cusip>
        <identifiers>
          <isin value="US69392BAC00"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552018.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust 05/15/2029 5.990% 144A</title>
        <cusip>525920AB0</cusip>
        <identifiers>
          <isin value="US525920AB00"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>372811.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.99000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae- Cas 03/25/2042 VAR% 144A</title>
        <cusip>20753XAB0</cusip>
        <identifiers>
          <isin value="US20753XAB01"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 5YR NOTE (CBT) Sep25</title>
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          <ticker value="FVU5"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Banque Federative du Credit Mutuel</title>
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          <isin value="US06675FAY34"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Avis Budget Rental Car 08/20/2031 6.24% 144A</title>
        <cusip>05377RKS2</cusip>
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          <isin value="US05377RKS21"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20754EAA3</cusip>
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          <isin value="US20754EAA38"/>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 2YR NOTE (CBT) Sep25</title>
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          <ticker value="TUU5"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
        <cusip>14686KAD9</cusip>
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          <isin value="US14686KAD90"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 01/25/2051 VAR% 144A</title>
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        <identifiers>
          <isin value="US35564KAH23"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>872820.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.10517000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20753XAA2</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>3136BNEW2</cusip>
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          <isin value="US3136BNEW25"/>
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        <balance>49821831.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56714.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.11448000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
        <cusip>14686KAB3</cusip>
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          <isin value="US14686KAB35"/>
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        <balance>432000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>142891.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.97000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Aqua Finance Trust</title>
        <cusip>038413AA8</cusip>
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          <isin value="US038413AA82"/>
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        <balance>2200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183207.93000000</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>2046-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Can-Pack SA/Canpack US LLC</title>
        <cusip>13805AAA5</cusip>
        <identifiers>
          <isin value="US13805AAA51"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495582.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 01/31/2026 4.250%</title>
        <cusip>91282CJV4</cusip>
        <identifiers>
          <isin value="US91282CJV46"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>524979.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Veros Auto Receivables Trust</title>
        <cusip>924933AA2</cusip>
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          <isin value="US924933AA27"/>
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        <balance>3372000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>132643.93000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A</title>
        <cusip>89616PAB9</cusip>
        <identifiers>
          <isin value="US89616PAB94"/>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>393736.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.57000000</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>Default</name>
        <lei>N/A</lei>
        <title>Benefit Street Partners 07/15/2037 VAR% 144A</title>
        <cusip>08179MAL3</cusip>
        <identifiers>
          <isin value="US08179MAL37"/>
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        <balance>1060000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>899558.40000000</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>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.83590000</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>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 11/30/2026 4.25%</title>
        <cusip>91282CLY5</cusip>
        <identifiers>
          <isin value="US91282CLY56"/>
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        <balance>714700.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>718384.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac- Stacr 01/25/2042 VAR%</title>
        <cusip>35564KPU7</cusip>
        <identifiers>
          <isin value="US35564KPU78"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>113753.92000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.30517000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Flagship Credit Auto Trust</title>
        <cusip>33846QAE1</cusip>
        <identifiers>
          <isin value="US33846QAE17"/>
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        <balance>506000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>290475.36000000</valUSD>
        <pctVal>0.083223126608</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.46000000</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>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac- STACR 12/25/2041 VAR% 144A</title>
        <cusip>35564KPP8</cusip>
        <identifiers>
          <isin value="US35564KPP83"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>529203.00000000</valUSD>
        <pctVal>0.151620186547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.30517000</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>Default</name>
        <lei>N/A</lei>
        <title>Avis Budget Rental Car 08/20/2029 5.87% 144A</title>
        <cusip>05377RKN3</cusip>
        <identifiers>
          <isin value="US05377RKN34"/>
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        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141469.72000000</valUSD>
        <pctVal>0.040532017651</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Golun Capital Partners 04/25/2034 VAR% 144A</title>
        <cusip>38180UAA3</cusip>
        <identifiers>
          <isin value="US38180UAA34"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1100000.00000000</valUSD>
        <pctVal>0.315157331311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.00000000</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>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR 10/25/2041 VAR% 144A</title>
        <cusip>35564KKY4</cusip>
        <identifiers>
          <isin value="US35564KKY46"/>
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        <balance>1160000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1069635.19000000</valUSD>
        <pctVal>0.306457610869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.80517000</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>Default</name>
        <lei>N/A</lei>
        <title>US Treasury N/B 06/30/2026 4.625%</title>
        <cusip>91282CKY6</cusip>
        <identifiers>
          <isin value="US91282CKY65"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4023436.00000000</valUSD>
        <pctVal>1.152741229510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 04/25/2029 VAR%</title>
        <cusip>3137G0LU1</cusip>
        <identifiers>
          <isin value="US3137G0LU18"/>
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        <balance>468789.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>179606.63000000</valUSD>
        <pctVal>0.051458496542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.31965000</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>Default</name>
        <lei>N/A</lei>
        <title>US TREASURY N/B 11/15/2027 4.125%</title>
        <cusip>91282CLX7</cusip>
        <identifiers>
          <isin value="US91282CLX73"/>
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        <balance>3305800.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3336405.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CPS Auto Trust</title>
        <cusip>12664WAE1</cusip>
        <identifiers>
          <isin value="US12664WAE12"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>498028.95000000</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>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.72000000</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>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR 08/25/2044 VAR% 144A</title>
        <cusip>35564NEC3</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>1520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1523780.24000000</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>2044-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.10517000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Westlake Automobile Receivable</title>
        <cusip>96042WAG2</cusip>
        <identifiers>
          <isin value="US96042WAG24"/>
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        <balance>1487200.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1132891.05000000</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>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.49000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 09/25/2042 VAR% 144A</title>
        <cusip>35564KH44</cusip>
        <identifiers>
          <isin value="US35564KH446"/>
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        <balance>2671000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2813738.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.00517000</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>Default</name>
        <lei>N/A</lei>
        <title>Prestige Auto Receivables Trust</title>
        <cusip>74113XAE6</cusip>
        <identifiers>
          <isin value="US74113XAE67"/>
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        <balance>825600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>219850.86000000</valUSD>
        <pctVal>0.062988736658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.53000000</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>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 07/25/2044 VAR% 144A</title>
        <cusip>20754XAC7</cusip>
        <identifiers>
          <isin value="US20754XAC74"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1104027.10000000</valUSD>
        <pctVal>0.316311122301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.00517000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Voya CLO Ltd 10/18/2031 VAR% 144A</title>
        <cusip>92916XAL1</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>901310.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>911044.15000000</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>2031-10-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.23068000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CPS Auto Trust</title>
        <cusip>12663BAD0</cusip>
        <identifiers>
          <isin value="US12663BAD01"/>
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        <balance>2200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2201920.60000000</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>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.19000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Timken Co.</title>
        <cusip>887389AK0</cusip>
        <identifiers>
          <isin value="US887389AK07"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501024.50000000</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>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 02/25/2042 VAR% 144A</title>
        <cusip>35564KRF8</cusip>
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          <isin value="US35564KRF83"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2645188.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.70517000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Ford Holdings LLC 03/01/2030 9.30%</title>
        <cusip>345277AE7</cusip>
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          <isin value="US345277AE74"/>
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        <balance>990000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.30000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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          <isin value="US35564K2F54"/>
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        <balance>2675000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.30517000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federated Government Obligations Fund</title>
        <cusip>60934N104</cusip>
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          <isin value="US60934N1046"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Hubbell, Inc.</title>
        <cusip>443510AH5</cusip>
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          <isin value="US443510AH55"/>
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        <balance>1079000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 06/25/2043 VAR% 144A</title>
        <cusip>35564K2G3</cusip>
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          <isin value="US35564K2G38"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.65517000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Trinity Rail Leasing LP</title>
        <cusip>89657BAB0</cusip>
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          <isin value="US89657BAB09"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113666.48000000</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>2049-10-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.39000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust</title>
        <cusip>30166QAF6</cusip>
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          <isin value="US30166QAF63"/>
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        <balance>1941250.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1934630.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.56000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac-Star 05/25/2044 Var%</title>
        <cusip>35564NCX9</cusip>
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          <isin value="US35564NCX93"/>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 03/25/2042 VAR% 144A</title>
        <cusip>20753YCH3</cusip>
        <identifiers>
          <isin value="US20753YCH36"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165921.24000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Brean Asset Backed 05/25/2065 4.7500% 144A</title>
        <cusip>10638GAG8</cusip>
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          <isin value="US10638GAG82"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VANECK VECTORS F</name>
        <lei>N/A</lei>
        <title>VanEck Fallen Angel High Yield Bond ETF</title>
        <cusip>92189F437</cusip>
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          <isin value="US92189F4375"/>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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          <isin value="US35564K3G29"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3137FGV36</cusip>
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          <isin value="US3137FGV368"/>
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        <balance>5199600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24579.96000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>OZLM Ltd 04/15/2031 VAR% 144A</title>
        <cusip>67112GAA6</cusip>
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          <isin value="US67112GAA67"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>456771.95000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.53771000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Allegro CLO Ltd 01/19/2033 VAR% 144A</title>
        <cusip>01750HAU6</cusip>
        <identifiers>
          <isin value="US01750HAU68"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>530106.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.16947000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Affirm Inc 05/15/2029 6.270% 144A</title>
        <cusip>00834XAA7</cusip>
        <identifiers>
          <isin value="US00834XAA72"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68004.00000000</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.27000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 09/25/2042 VAR%</title>
        <cusip>35564KH36</cusip>
        <identifiers>
          <isin value="US35564KH362"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.45517000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Crown City CLO 07/15/2037 VAR% 144A</title>
        <cusip>22823EAN8</cusip>
        <identifiers>
          <isin value="US22823EAN85"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1069606.57000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.30610000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>PRA Health Sciences, Inc.</title>
        <cusip>45569KAA1</cusip>
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          <isin value="US45569KAA16"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107341.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Tricolor Auto Securitization Fund</title>
        <cusip>89616KAE4</cusip>
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          <isin value="US89616KAE47"/>
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        <balance>600000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.45000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Arivo Acceptance Auto Loan 03/15/2027 3.770% 144A</title>
        <cusip>04047AAE4</cusip>
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          <isin value="US04047AAE47"/>
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        <balance>550000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.77000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KWS4</cusip>
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          <isin value="US35564KWS40"/>
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        <balance>3162500.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-05-25</maturityDt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust</title>
        <cusip>17328PAQ6</cusip>
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          <isin value="US17328PAQ63"/>
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        <balance>250000.00000000</balance>
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          <maturityDt>2050-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 05/25/2045 VAR% 144A</title>
        <cusip>35564NHZ9</cusip>
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          <isin value="US35564NHZ96"/>
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        <balance>984365.75600000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.50517000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 10/15/2028 2.375%</title>
        <cusip>91282CJH5</cusip>
        <identifiers>
          <isin value="US91282CJH51"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8471648.71000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lendbuzz Sec 05/15/2030 5.18% 144A</title>
        <cusip>52611JAB6</cusip>
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          <isin value="US52611JAB61"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CPS Auto Trust</title>
        <cusip>12663BAE8</cusip>
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          <isin value="US12663BAE83"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1117361.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.14000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>3136BMXV5</cusip>
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          <isin value="US3136BMXV57"/>
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        <balance>27788800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55566.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.16448000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury N/B 05/31/2026 4.875%</title>
        <cusip>91282CKS9</cusip>
        <identifiers>
          <isin value="US91282CKS97"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10071480.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Ocwen Loan Investment Trust 02/25/2037 3.000% 144A</title>
        <cusip>675952AE5</cusip>
        <identifiers>
          <isin value="US675952AE50"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>446533.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Venture CDO Ltd  07/15/2032 VAR%</title>
        <cusip>92328XBF5</cusip>
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          <isin value="US92328XBF50"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1108250.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>DT Auto Owner Trust 09/15/2028 2.650% 144A</title>
        <cusip>23344QAE9</cusip>
        <identifiers>
          <isin value="US23344QAE98"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>541743.95000000</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>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>iShares Fallen Angels USD Bond ETF</title>
        <cusip>46435G474</cusip>
        <identifiers>
          <isin value="US46435G4745"/>
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        <balance>130728.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3547957.92000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Transamerica Capital II</title>
        <cusip>893472AA8</cusip>
        <identifiers>
          <isin value="US893472AA88"/>
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        <balance>825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>845187.75000000</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>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 03/25/2043 VAR% 144A</title>
        <cusip>35564KP37</cusip>
        <identifiers>
          <isin value="US35564KP373"/>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>702381.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.42063000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae - CAS 05/25/2044 VAR% 144A</title>
        <cusip>20753GAC5</cusip>
        <identifiers>
          <isin value="US20753GAC50"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.95517000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>HCA, Inc.</title>
        <cusip>19767QAQ8</cusip>
        <identifiers>
          <isin value="US19767QAQ82"/>
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        <balance>817000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>820977.97000000</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>2025-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.58000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust</title>
        <cusip>03465CAA3</cusip>
        <identifiers>
          <isin value="US03465CAA36"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44782.53000000</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>2066-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.90900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust</title>
        <cusip>46643KAA9</cusip>
        <identifiers>
          <isin value="US46643KAA97"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36577.26000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.64548000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Crossroads Asset Trusts 08/20/2032 8.32% 144A</title>
        <cusip>22767VAF5</cusip>
        <identifiers>
          <isin value="US22767VAF58"/>
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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>274937.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.32000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Selection Trust 07/15/2031 VAR% 144A</title>
        <cusip>69548RAC8</cusip>
        <identifiers>
          <isin value="US69548RAC88"/>
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        <balance>550000.00000000</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>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.79800000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>DOMTAR CORP</name>
        <lei>N/A</lei>
        <title>Steel Dynamics, Inc.</title>
        <cusip>858119BF6</cusip>
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          <isin value="US858119BF68"/>
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        <balance>813000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>812068.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>3136AJGA8</cusip>
        <identifiers>
          <isin value="US3136AJGA83"/>
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        <balance>13817854.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69094.59000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20754LAB5</cusip>
        <identifiers>
          <isin value="US20754LAB53"/>
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        <balance>684241.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>689771.04000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.20517000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Exter Automobile Rec 04/15/2027 1.400%</title>
        <cusip>30165XAF2</cusip>
        <identifiers>
          <isin value="US30165XAF24"/>
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        <balance>1756950.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>806299.04000000</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>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.40000000</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>Default</name>
        <lei>N/A</lei>
        <title>Gov. National Mortgage 11/20/2051 3.00%</title>
        <cusip>38383DP36</cusip>
        <identifiers>
          <isin value="US38383DP362"/>
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        <balance>11929408.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1610335.67000000</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>2051-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 06/25/2042 VAR% 144A</title>
        <cusip>20754MCB1</cusip>
        <identifiers>
          <isin value="US20754MCB19"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1012768.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.00369000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Veros Auto Receivables Trust 11/15/2028 8.320% 144A</title>
        <cusip>924933AC8</cusip>
        <identifiers>
          <isin value="US924933AC82"/>
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        <balance>1001000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1026590.57000000</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>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.32000000</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>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>30711XY32</cusip>
        <identifiers>
          <isin value="US30711XY321"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1090235.00000000</valUSD>
        <pctVal>0.312359593729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.66965000</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>Default</name>
        <lei>N/A</lei>
        <title>Saratoga Invest Corp 04/20/2033 Var% 144A</title>
        <cusip>80349BBF3</cusip>
        <identifiers>
          <isin value="US80349BBF31"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>558250.00000000</valUSD>
        <pctVal>0.159942345640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.33108000</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>Default</name>
        <lei>N/A</lei>
        <title>Ally Financial Inc Perpetual</title>
        <cusip>02005NBM1</cusip>
        <identifiers>
          <isin value="US02005NBM11"/>
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        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>265516.08000000</valUSD>
        <pctVal>0.076072126539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</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>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 05/25/2044 VAR% 144A</title>
        <cusip>35564NDA8</cusip>
        <identifiers>
          <isin value="US35564NDA81"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1105146.90000000</valUSD>
        <pctVal>0.316631952464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.00517000</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>Default</name>
        <lei>N/A</lei>
        <title>Domtar Corp.</title>
        <cusip>70478JAA2</cusip>
        <identifiers>
          <isin value="US70478JAA25"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90587.50000000</valUSD>
        <pctVal>0.025953922500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>Default</name>
        <lei>N/A</lei>
        <title>Energen Corp 02/15/2028 7.125%</title>
        <cusip>29265AAS5</cusip>
        <identifiers>
          <isin value="US29265AAS50"/>
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        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550697.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Santander Drive Auto Receivables Trust</title>
        <cusip>80287EAF2</cusip>
        <identifiers>
          <isin value="US80287EAF25"/>
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        <balance>1720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>392289.49000000</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>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.33000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>SCF Equipment Trust LLC</title>
        <cusip>784033AL6</cusip>
        <identifiers>
          <isin value="US784033AL62"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>492391.00000000</valUSD>
        <pctVal>0.141073303201</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.26000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>AMN Healthcare, Inc.</title>
        <cusip>00175PAB9</cusip>
        <identifiers>
          <isin value="US00175PAB94"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106998.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ING Groep NV</title>
        <cusip>456837AH6</cusip>
        <identifiers>
          <isin value="US456837AH61"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1990582.00000000</valUSD>
        <pctVal>0.570315009887</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Celanese US Holdings 07/15/2032 6.629%</title>
        <cusip>15089QAP9</cusip>
        <identifiers>
          <isin value="US15089QAP90"/>
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        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>288302.30000000</valUSD>
        <pctVal>0.082600530435</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 01/25/2042 VAR% 144A</title>
        <cusip>35564KPV5</cusip>
        <identifiers>
          <isin value="US35564KPV51"/>
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        <balance>720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>727120.80000000</valUSD>
        <pctVal>0.208324955335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.15517000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 12/25/2041 VAR% 144A</title>
        <cusip>20754AAB9</cusip>
        <identifiers>
          <isin value="US20754AAB98"/>
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        <balance>2210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2223127.40000000</valUSD>
        <pctVal>0.636940816862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Research-Driven Pagaya Motor 03/25/2032 7.540% 144A</title>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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          <isin value="US35564KQC61"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="US675952AA39"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="US10638FAC95"/>
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        <balance>412500.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2065-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Toll Bros Finance Corp.</title>
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          <isin value="US88947EAS90"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1003286.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Atlas Senior Loan Fund LTD 04/22/2031 VAR% 144A</title>
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          <isin value="US04942VBA17"/>
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        <balance>559000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.13399000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Voya CLO Ltd 10/15/2037 VAR% 144A</title>
        <cusip>92944YAA9</cusip>
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          <isin value="US92944YAA91"/>
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        <balance>1375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1374312.50000000</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>2037-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.45610000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust</title>
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          <isin value="US525931AB72"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>325217.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>X-Caliber Funding LLC</title>
        <cusip>98373XBD1</cusip>
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          <isin value="US98373XBD12"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>687208.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.58000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Hecla Mining CO 02/15/2028 7.25%</title>
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          <isin value="US422704AH97"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>352741.55000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>First Investors Auto Owner Trust</title>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Q0RV0 Inc 04/01/2031 3.375% 144A</title>
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          <isin value="US74736KAJ07"/>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>The Goldman Sachs Group, Inc.</title>
        <cusip>38144GAG6</cusip>
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          <isin value="US38144GAG64"/>
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        <balance>500000.00000000</balance>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 03/25/2042 VAR% 144A</title>
        <cusip>35564KTJ8</cusip>
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          <isin value="US35564KTJ87"/>
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        <balance>250000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust</title>
        <cusip>46591LAC5</cusip>
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          <isin value="US46591LAC54"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2050-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Credit Suisse Mortgage Trust</title>
        <cusip>12648HBE4</cusip>
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          <isin value="US12648HBE45"/>
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        <balance>2989000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>447860.89000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.81698000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Mastec Inc 08/15/2029 6.625% 144A</title>
        <cusip>576323AQ2</cusip>
        <identifiers>
          <isin value="US576323AQ25"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>550000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
        <cusip>14686GAE6</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Trust</title>
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          <isin value="US36260CAE21"/>
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        <balance>725000.00000000</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>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.31000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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          <isin value="US35564KHE29"/>
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        <balance>135026.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.95517000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury</title>
        <cusip>912828Z78</cusip>
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          <isin value="US912828Z781"/>
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        <balance>1107000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1067778.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Sofi Consumer Loan Pro 06/25/2034 4.82% 144A</title>
        <cusip>83407HAA5</cusip>
        <identifiers>
          <isin value="US83407HAA59"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550862.40000000</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>2034-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.82000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>DT Auto Owner Trust</title>
        <cusip>23345AAE3</cusip>
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          <isin value="US23345AAE38"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>365965.64000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.72000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>GLS Auto Rec 10/15/2027 2.48% 144A</title>
        <cusip>36263DAD9</cusip>
        <identifiers>
          <isin value="US36263DAD93"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>572376.75000000</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>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.48000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ICG US CLO Ltd 01/15/2031 VAR</title>
        <cusip>BCC2FMLA6</cusip>
        <identifiers>
          <isin value="USG47077AN53"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>532014.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.31771000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Santander Drive Auto Receivables Trust</title>
        <cusip>80286XAF1</cusip>
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          <isin value="US80286XAF15"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118886.31000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac- STACR 11/25/2041 VAR% 144A</title>
        <cusip>35564KMH9</cusip>
        <identifiers>
          <isin value="US35564KMH94"/>
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        <balance>1221685.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1230411.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.10517000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Crossroads Asset Trusts 08/20/2030 5.90%</title>
        <cusip>227927AB6</cusip>
        <identifiers>
          <isin value="US227927AB63"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200475.57000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Zais Matrix 04/15/2032 VAR%</title>
        <cusip>98888BBN5</cusip>
        <identifiers>
          <isin value="US98888BBN55"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>524940.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.25610000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Trust 10/15/2027 3.510% 144A</title>
        <cusip>36261EAE7</cusip>
        <identifiers>
          <isin value="US36261EAE77"/>
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        <balance>357500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>264119.26000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.51000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>BorgWarner, Inc.</title>
        <cusip>099724AC0</cusip>
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          <isin value="US099724AC03"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>647692.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Synchrony Bank</title>
        <cusip>87166FAD5</cusip>
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          <isin value="US87166FAD50"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>599878.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Velocity Commercial Capital</title>
        <cusip>92259HAA5</cusip>
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          <isin value="US92259HAA59"/>
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        <balance>300000.00000000</balance>
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        <valUSD>183261.57000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2053-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.67000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Tallgrass NRG PRTNR/FIN 01/15/2028 5.50% 144A</title>
        <cusip>87470LAD3</cusip>
        <identifiers>
          <isin value="US87470LAD38"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>497063.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>DT Auto Owner Trust</title>
        <cusip>23345EAG0</cusip>
        <identifiers>
          <isin value="US23345EAG08"/>
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        <balance>1332000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>264424.15000000</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>2027-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Societe Generale SA</title>
        <cusip>83367TBR9</cusip>
        <identifiers>
          <isin value="US83367TBR95"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250000.00000000</valUSD>
        <pctVal>0.071626666207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>iShares BB Rated Corporate Bond ETF</title>
        <cusip>46435U473</cusip>
        <identifiers>
          <isin value="US46435U4739"/>
        </identifiers>
        <balance>73007.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3431329.00000000</valUSD>
        <pctVal>0.983098627718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Generate CLO Ltd 07/22/2037 VAR% 144A</title>
        <cusip>37148XAA0</cusip>
        <identifiers>
          <isin value="US37148XAA00"/>
        </identifiers>
        <balance>3200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2394000.00000000</valUSD>
        <pctVal>0.685896955598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.32238000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Phillips 66 Partners LP</title>
        <cusip>718549AF5</cusip>
        <identifiers>
          <isin value="US718549AF57"/>
        </identifiers>
        <balance>540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>516441.96000000</valUSD>
        <pctVal>0.147964063536</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>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Generate CLO 07/20/2037 VAR% 144A</title>
        <cusip>37148BAA8</cusip>
        <identifiers>
          <isin value="US37148BAA89"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1091343.75000000</valUSD>
        <pctVal>0.312677257993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26947000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Bank of America Corp.</title>
        <cusip>060505GB4</cusip>
        <identifiers>
          <isin value="US060505GB47"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>122653.50000000</valUSD>
        <pctVal>0.035141045214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2164-06-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KRE1</cusip>
        <identifiers>
          <isin value="US35564KRE19"/>
        </identifiers>
        <balance>580000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>146942.77000000</valUSD>
        <pctVal>0.042100082953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.60517000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ZAIS CLO 01/20/2032 VAR%</title>
        <cusip>98887YAQ0</cusip>
        <identifiers>
          <isin value="US98887YAQ08"/>
        </identifiers>
        <balance>530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>532438.00000000</valUSD>
        <pctVal>0.152547035607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.05947000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>OSCAR US Funding Trust 04/10/2028 1.000% 144A</title>
        <cusip>68785AAD7</cusip>
        <identifiers>
          <isin value="US68785AAD72"/>
        </identifiers>
        <balance>1040000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227379.99000000</valUSD>
        <pctVal>0.065145882583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>TransCanada Pipelines Ltd.</title>
        <cusip>89352LAG5</cusip>
        <identifiers>
          <isin value="US89352LAG59"/>
        </identifiers>
        <balance>1150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1270825.90000000</valUSD>
        <pctVal>0.364100090186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Eagle Pt Income Co Inc Pfd B</title>
        <cusip>269817300</cusip>
        <identifiers>
          <isin value="US2698173000"/>
        </identifiers>
        <balance>11122.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>277939.89000000</valUSD>
        <pctVal>0.079631630906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 04/25/2043 VAR%</title>
        <cusip>35564KT66</cusip>
        <identifiers>
          <isin value="US35564KT664"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>942987.60000000</valUSD>
        <pctVal>0.270172232250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.57063000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>SMB Private Education Loan Trust</title>
        <cusip>78449UAB4</cusip>
        <identifiers>
          <isin value="US78449UAB44"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>645613.90000000</valUSD>
        <pctVal>0.184972685255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.23000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967MU2</cusip>
        <identifiers>
          <isin value="US172967MU24"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>496476.50000000</valUSD>
        <pctVal>0.142243826180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2164-06-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Nissan Motor Acc  03/09/2028 2.75% 144A</title>
        <cusip>654740BT5</cusip>
        <identifiers>
          <isin value="US654740BT54"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>319509.75000000</valUSD>
        <pctVal>0.091541672852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>COMM Mortgage Trust</title>
        <cusip>20048KAG2</cusip>
        <identifiers>
          <isin value="US20048KAG22"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19988.48000000</valUSD>
        <pctVal>0.005726832739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.78457000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Santander Bank Auto 08/16/2032 11.91% 144A</title>
        <cusip>80290CBB9</cusip>
        <identifiers>
          <isin value="US80290CBB90"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>387161.53000000</valUSD>
        <pctVal>0.110924358710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.91000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Hasbro, Inc.</title>
        <cusip>418056AH0</cusip>
        <identifiers>
          <isin value="US418056AH08"/>
        </identifiers>
        <balance>798000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>839865.47000000</valUSD>
        <pctVal>0.240627054714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Alliance Res Op/Finance 06/15/29 8.625% 144A</title>
        <cusip>01879NAC9</cusip>
        <identifiers>
          <isin value="US01879NAC92"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>584582.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Selection Trust</title>
        <cusip>69546LAA7</cusip>
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          <isin value="US69546LAA70"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2237.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae Cas 02/25/20244 VAR% 144A</title>
        <cusip>20754GAE0</cusip>
        <identifiers>
          <isin value="US20754GAE08"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1109260.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.10517000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>207942AA1</cusip>
        <identifiers>
          <isin value="US207942AA18"/>
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        <balance>720214.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>410770.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.22063000</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>Default</name>
        <lei>N/A</lei>
        <title>Avid Automobile Receivables Trust</title>
        <cusip>05368QAC1</cusip>
        <identifiers>
          <isin value="US05368QAC15"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>903645.90000000</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>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.35000000</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>Default</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust</title>
        <cusip>30166QAG4</cusip>
        <identifiers>
          <isin value="US30166QAG47"/>
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        <balance>962500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>890444.36000000</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>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.34000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KYN3</cusip>
        <identifiers>
          <isin value="US35564KYN35"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30221.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.25517000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Sound Point CLO LTD 07/18/2031 VAR% 144A</title>
        <cusip>83607EAC6</cusip>
        <identifiers>
          <isin value="US83607EAC66"/>
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        <balance>530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>536466.00000000</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>2031-07-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.28108000</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>Default</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables 04/17/2028 6.15% 144A</title>
        <cusip>36265NAE3</cusip>
        <identifiers>
          <isin value="US36265NAE31"/>
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        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1614225.60000000</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>2028-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>DT Auto Owner Trust 03/15/2029 5.53% 144A</title>
        <cusip>23345YAJ0</cusip>
        <identifiers>
          <isin value="US23345YAJ01"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>996314.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53000000</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>Default</name>
        <lei>N/A</lei>
        <title>FANNIE MAE - CAS 11/25/2039 VAR% 144A</title>
        <cusip>20754PAC4</cusip>
        <identifiers>
          <isin value="US20754PAC41"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107648.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.56965000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 11/25/2043 VAR% 144A</title>
        <cusip>35564NAA1</cusip>
        <identifiers>
          <isin value="US35564NAA19"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.65517000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>3136AAL86</cusip>
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          <isin value="US3136AAL860"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85256.36000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust</title>
        <cusip>30167JAF1</cusip>
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          <isin value="US30167JAF12"/>
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        <balance>1695000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1322534.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.02000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 11/30/2028 4.375%</title>
        <cusip>91282CJN2</cusip>
        <identifiers>
          <isin value="US91282CJN20"/>
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        <balance>2101000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2144742.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>X-Caliber Funding LLC 08/04/2027 12.000% 144A</title>
        <cusip>98373XBP4</cusip>
        <identifiers>
          <isin value="US98373XBP42"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>553351.70000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>DT Auto Owner Trust</title>
        <cusip>23344QAD1</cusip>
        <identifiers>
          <isin value="US23344QAD16"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>692483.38000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.31000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 02/25/2030 VAR%</title>
        <cusip>30711XSX3</cusip>
        <identifiers>
          <isin value="US30711XSX39"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>245168.60000000</valUSD>
        <pctVal>0.070242437906</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.21965000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>FIRST CITIZENS BANKSHARE</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>TREASURY 08/31/2026 3.75%</title>
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          <isin value="US91282CLH24"/>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust</title>
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          <isin value="US92537MAC47"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Volkswagen Auto 03/20/2026 4.451%</title>
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          <isin value="US92868MAA71"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45100000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 07/25/2043 VAR% 144A</title>
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          <isin value="US20754EAB11"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 11/25/2043 VAR% 144A</title>
        <cusip>35564K3F4</cusip>
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          <isin value="US35564K3F46"/>
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        <balance>550000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury N/B 07/15/2027 4.375%</title>
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          <isin value="US91282CKZ31"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1822429.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Amer. Credit Accept. Receivables Trust</title>
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          <isin value="US02530BAG59"/>
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        <balance>1100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-13</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust</title>
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          <isin value="US81748AAD63"/>
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        <balance>1650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80901.36000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Energy Transfer LP</title>
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          <isin value="US29273VAJ98"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>EPR Properties</title>
        <cusip>26884UAE9</cusip>
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          <isin value="US26884UAE91"/>
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        <balance>220000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lendbuzz Sec 07/15/2026 4.759% 144A</title>
        <cusip>52611JAA8</cusip>
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          <isin value="US52611JAA88"/>
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        <balance>695000.00000000</balance>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75900000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 08/25/2028 VAR%</title>
        <cusip>30711XBM5</cusip>
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          <isin value="US30711XBM56"/>
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        <balance>485000.00000000</balance>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury</title>
        <cusip>91282CJP7</cusip>
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          <isin value="US91282CJP77"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust</title>
        <cusip>79582GAA2</cusip>
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          <isin value="US79582GAA22"/>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Arivo Acceptance Auto Loan Rec'ls Trust</title>
        <cusip>04047EAA4</cusip>
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          <isin value="US04047EAA47"/>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.93000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Tricolor Auto 01/16/2029 5.12%</title>
        <cusip>89617QAA8</cusip>
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          <isin value="US89617QAA85"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1101183.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Reliance Steel &amp; Aluminum Co.</title>
        <cusip>759509AF9</cusip>
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          <isin value="US759509AF91"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>995514.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.30000000</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>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35566CAH8</cusip>
        <identifiers>
          <isin value="US35566CAH88"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>460137.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.30517000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ARTFI 12/22/2031 VAR% 144A</title>
        <cusip>83589CAB4</cusip>
        <identifiers>
          <isin value="US83589CAB46"/>
        </identifiers>
        <balance>520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520382.20000000</valUSD>
        <pctVal>0.149092968558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.81890000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
        <cusip>14687HAC7</cusip>
        <identifiers>
          <isin value="US14687HAC79"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>140698.08000000</valUSD>
        <pctVal>0.040310937648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.24000000</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>Default</name>
        <lei>N/A</lei>
        <title>United Auto Credit Securitization Trust</title>
        <cusip>90944DAJ0</cusip>
        <identifiers>
          <isin value="US90944DAJ00"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>617503.78000000</valUSD>
        <pctVal>0.176918948526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Horizon Bancorp 07/01/2030 Var%</title>
        <cusip>440407AA2</cusip>
        <identifiers>
          <isin value="US440407AA21"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>549868.00000000</valUSD>
        <pctVal>0.157540846775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Flagship Credit Auto 09/15/2028 3.16% 144A</title>
        <cusip>33844WAJ9</cusip>
        <identifiers>
          <isin value="US33844WAJ99"/>
        </identifiers>
        <balance>1150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1104119.60000000</valUSD>
        <pctVal>0.316337624167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.16000000</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>Default</name>
        <lei>N/A</lei>
        <title>Foursight Capital Automobile Recei Trust</title>
        <cusip>35105JAF5</cusip>
        <identifiers>
          <isin value="US35105JAF57"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>595588.20000000</valUSD>
        <pctVal>0.170639988793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.07000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 08/25/2028 VAR%</title>
        <cusip>30711XBU7</cusip>
        <identifiers>
          <isin value="US30711XBU72"/>
        </identifiers>
        <balance>3855000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>280817.07000000</valUSD>
        <pctVal>0.080455962152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.36965000</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>Default</name>
        <lei>N/A</lei>
        <title>Nova Chemicals Corp 06/01/2027 5.25% 144A</title>
        <cusip>66977WAR0</cusip>
        <identifiers>
          <isin value="US66977WAR07"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497385.50000000</valUSD>
        <pctVal>0.142504260738</pctVal>
        <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>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lobel Automobile Receivables Trust</title>
        <cusip>53949FAA7</cusip>
        <identifiers>
          <isin value="US53949FAA75"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30377.29000000</valUSD>
        <pctVal>0.008703296044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.59000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>General Motors Financial Co.</title>
        <cusip>37045XCA2</cusip>
        <identifiers>
          <isin value="US37045XCA28"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493473.50000000</valUSD>
        <pctVal>0.141383446666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Ballyrock Ltd 07/20/2037 VAR% 144A</title>
        <cusip>05874XAJ8</cusip>
        <identifiers>
          <isin value="US05874XAJ81"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>748125.00000000</valUSD>
        <pctVal>0.214342798624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26947000</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>Default</name>
        <lei>N/A</lei>
        <title>GCAT Trust</title>
        <cusip>36167YAA6</cusip>
        <identifiers>
          <isin value="US36167YAA64"/>
        </identifiers>
        <balance>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>106998.40000000</valUSD>
        <pctVal>0.030655754725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.91500000</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>Default</name>
        <lei>N/A</lei>
        <title>SBL Holdings, Inc.</title>
        <cusip>78432MAA3</cusip>
        <identifiers>
          <isin value="US78432MAA36"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>594841.80000000</valUSD>
        <pctVal>0.170426140218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>United Auto Credit Securtization Trust</title>
        <cusip>90944KAF2</cusip>
        <identifiers>
          <isin value="US90944KAF21"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>283034.40000000</valUSD>
        <pctVal>0.081091241975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Helmerich &amp; Payne Inc 12/01/2029 4.85% 144A</title>
        <cusip>423452AJ0</cusip>
        <identifiers>
          <isin value="US423452AJ06"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1048895.10000000</valUSD>
        <pctVal>0.300515436855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20754MBZ9</cusip>
        <identifiers>
          <isin value="US20754MBZ95"/>
        </identifiers>
        <balance>1104000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550341.07000000</valUSD>
        <pctVal>0.157676384483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.27063000</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>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 09/30/2026 3.50%</title>
        <cusip>91282CLP4</cusip>
        <identifiers>
          <isin value="US91282CLP40"/>
        </identifiers>
        <balance>317000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>315365.55000000</valUSD>
        <pctVal>0.090354331932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Upstart Securitization 06/20/2033 7.92% 144A</title>
        <cusip>91683VAB0</cusip>
        <identifiers>
          <isin value="US91683VAB09"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>555993.90000000</valUSD>
        <pctVal>0.159295957953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.92000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners LP</title>
        <cusip>87612BBQ4</cusip>
        <identifiers>
          <isin value="US87612BBQ41"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>507439.00000000</valUSD>
        <pctVal>0.145384655493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-08-05</ncom:dateSigned>
      <ncom:nameOfApplicant>World Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann MacDonald</ncom:signature>
      <ncom:signerName>Ann MacDonald</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
