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      <repPdEnd>2025-12-31</repPdEnd>
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        <name>Government National Mortgage A</name>
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        <name>Freddie Mac - STACR</name>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2023-V3 Mortgage Trust</title>
        <cusip>08163VAL1</cusip>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-2</title>
        <cusip>35563PKR9</cusip>
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          <isin value="US35563PKR90"/>
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      <invstOrSec>
        <name>CHIMERA INVESTMENT CORP</name>
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        <title>Chimera Investment Corp</title>
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          <isin value="US16934Q3074"/>
          <ticker value="CIM"/>
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        <balance>31752.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage-Backed Securities</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Trust 2021-PJ2</title>
        <cusip>36264DAX4</cusip>
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          <isin value="US36264DAX49"/>
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        <balance>58946643.75000000</balance>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <title>Nomura Securities Inc</title>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
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          <isin value="US3137HKRE69"/>
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      <invstOrSec>
        <name>Balboa Bay Loan Funding Ltd</name>
        <lei>254900FG1DS8PNX30R63</lei>
        <title>Balboa Bay Loan Funding 2024-2 Ltd</title>
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          <isin value="US05765BAA70"/>
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        <balance>290000.00000000</balance>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2038-01-20</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bear Stearns Alt-A Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns ALT-A Trust 2005-9</title>
        <cusip>07386HYF2</cusip>
        <identifiers>
          <isin value="US07386HYF27"/>
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        <balance>115276.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72384.38000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.47526500</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="RP1023056"/>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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            <repurchaseCollateral>
              <principalAmt>274579.72740000</principalAmt>
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        <securityLending>
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      <invstOrSec>
        <name>Credit-Based Asset Servicing a</name>
        <lei>N/A</lei>
        <title>Credit-Based Asset Servicing and Securitization LLC</title>
        <cusip>14983AAC3</cusip>
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          <isin value="US14983AAC36"/>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Greenwich Capital Acceptance I</name>
        <lei>213800OU9AJE7513ME91</lei>
        <title>RBS Acceptance Inc</title>
        <cusip>396782EG5</cusip>
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          <isin value="US396782EG53"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>5493005BBCF84ICNQ550</lei>
        <title>GS Mortgage Securities Corp II</title>
        <cusip>36269JAN8</cusip>
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          <isin value="US36269JAN81"/>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2007-23CB</title>
        <cusip>02151EAS1</cusip>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2021-1</title>
        <cusip>35563PWQ8</cusip>
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          <isin value="US35563PWQ89"/>
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        <balance>1310095.58000000</balance>
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        <issuerCat>USGSE</issuerCat>
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          <maturityDt>2060-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38381PWW9</cusip>
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        <balance>5780330.05000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
        <cusip>000000000</cusip>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Natixis Commercial Mortgage Se</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust 2019-FAME</title>
        <cusip>63873VAL7</cusip>
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          <isin value="US63873VAL71"/>
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        <balance>500000.00000000</balance>
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        <valUSD>326660.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Deutsche Mortgage Securities,</name>
        <lei>N/A</lei>
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        <name>Structured Adjustable Rate Mor</name>
        <lei>N/A</lei>
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        <name>Credit Suisse Mortgage Trust</name>
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      <invstOrSec>
        <name>280 Park Avenue Mortgage Trust</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <name>Balboa Bay Loan Funding Ltd</name>
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        <name>Social Professional Loan Progr</name>
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        <name>Freddie Mac</name>
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        <name>WAMU Mortgage Pass-Through Cer</name>
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        <name>Washington Mutual Mortgage Pas</name>
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        <name>Banc of America Funding Corpor</name>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
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      <invstOrSec>
        <name>BSREP Commercial Mortgage Trus</name>
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        <name>Multifamily Structured Credit</name>
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      <invstOrSec>
        <name>MASTR Adjustable Rate Mortgage</name>
        <lei>N/A</lei>
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          <isin value="US576433G423"/>
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        <name>Elevation CLO Ltd</name>
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        <name>Banc of America Funding Corpor</name>
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        <name>Countrywide Home Loans</name>
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        <name>Washington Mutual Mortgage Pas</name>
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        <title>Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 Trust</title>
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        <name>Government National Mortgage A</name>
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        <title>Government National Mortgage Association</title>
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        <name>Provident Bank Home Equity Loa</name>
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        <name>Toorak Mortgage Corp.</name>
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        <title>Nomura Securities International</title>
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        <name>National Collegiate Student Lo</name>
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        <name>LHOME Mortgage Trust</name>
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      <invstOrSec>
        <name>American Home Mortgage Assets</name>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <name>BX Trust</name>
        <lei>N/A</lei>
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        <name>Fannie Mae - CAS</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Connecticut Avenue Securities</title>
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        <name>CoreVest American Finance Ltd</name>
        <lei>N/A</lei>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <name>American Home Mortgage Investm</name>
        <lei>N/A</lei>
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        <name>REMIC FUNDING TRUST 98-1</name>
        <lei>N/A</lei>
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        <name>Starwood Mortgage Residential</name>
        <lei>N/A</lei>
        <title>Starwood Mortgage Residential Trust 2021-4</title>
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        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM 2023-AFC1 Trust</title>
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        <name>Jamestown CLO Ltd</name>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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          <transCat>Reverse repurchase</transCat>
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        <name>Fannie Mae - CAS</name>
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        <name>BWAY Mortgage Trust</name>
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        <name>Residential Asset Mortgage Pro</name>
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        <name>Citigroup Mortgage Loan Trust</name>
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      <invstOrSec>
        <name>FRESB Multifamily Mortgage Pas</name>
        <lei>N/A</lei>
        <title>FRESB 2018-SB48 Mortgage Trust</title>
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      </invstOrSec>
      <invstOrSec>
        <name>NRZ Excess Spread Collateraliz</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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      <invstOrSec>
        <name>Structured Adjustable Rate Mor</name>
        <lei>N/A</lei>
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          <isin value="US863579FR48"/>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
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        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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          <isin value="US20754CAF68"/>
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      <invstOrSec>
        <name>Freddie Mac Whole Loan Securit</name>
        <lei>N/A</lei>
        <title>Freddie Mac Whole Loan Securities Trust 2015-SC01</title>
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          <isin value="US3137G1AG26"/>
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      <invstOrSec>
        <name>New York Mortgage Trust</name>
        <lei>N/A</lei>
        <title>NYMT Loan Trust Series 2024-BPL1</title>
        <cusip>62956MAB1</cusip>
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          <isin value="US62956MAB19"/>
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        <balance>1620000.00000000</balance>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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        <name>Adjustable Rate Mortgage Trust</name>
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          <isin value="US007036LG93"/>
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        <lei>OXTKY6Q8X53C9ILVV871</lei>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
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        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities International</title>
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        <name>IndyMac INDX Mortgage Loan Tru</name>
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        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
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        <name>The Huntington National Bank</name>
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        <name>Adjustable Rate Mortgage Trust</name>
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        <name>United Wholesale Mortgage LLC</name>
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      <invstOrSec>
        <name>Wachovia Mortgage Loan Trust,</name>
        <lei>N/A</lei>
        <title>Wachovia Mortgage Loan Trust LLC Series 2005-B Trust</title>
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          <isin value="US92977YBU47"/>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-2</title>
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          <isin value="US35563PJ591"/>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Anchor Mortgage Trust</name>
        <lei>254900S7O2LYCU17JI96</lei>
        <title>Anchor Mortgage Trust 2025-RTL1</title>
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      <invstOrSec>
        <name>FULL HOUSE RESORTS INC</name>
        <lei>5493009DKIWW0H901Y82</lei>
        <title>Full House Resorts Inc</title>
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          <isin value="US359678AC31"/>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2005-J10</title>
        <cusip>12667G4G5</cusip>
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          <isin value="US12667G4G57"/>
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        <balance>360976.88000000</balance>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>2138008DC17PCNG48R87</lei>
        <title>Verus Securitization Trust 2023-4</title>
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        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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          <other otherDesc="INTERNAL" value="RP1022821"/>
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          <transCat>Reverse repurchase</transCat>
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        <name>CUSHMAN &amp; WAKEFIELD US</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>Cushman &amp; Wakefield US Borrower LLC</title>
        <cusip>23166MAC7</cusip>
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          <isin value="US23166MAC73"/>
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        <name>Renew Financial</name>
        <lei>N/A</lei>
        <title>Renew 2024-2</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYMZ</title>
        <cusip>46654GAA4</cusip>
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      <invstOrSec>
        <name>Washington Mutual Mortgage Pas</name>
        <lei>N/A</lei>
        <title>Washington Mutual Mortgage Pass-Through Certificates WMALT Ser 2006-AR10 Trust</title>
        <cusip>93935YAA8</cusip>
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          <couponKind>Floating</couponKind>
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        <name>Cent CLO LP</name>
        <lei>2549006YWAD6BJI1C841</lei>
        <title>Columbia Cent CLO 35 Ltd</title>
        <cusip>19739RAJ7</cusip>
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        <balance>500000.00000000</balance>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Stonepeak</name>
        <lei>N/A</lei>
        <title>Stonepeak 2021-1 ABS</title>
        <cusip>78433XAC4</cusip>
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        <balance>553815.41000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <name>Deutsche Mortgage Securities,</name>
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      <invstOrSec>
        <name>Farmer Mac Agricultural Real E</name>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>Lehman Mortgage Trust</name>
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        <name>Countrywide Alternative Loan T</name>
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        <name>Sierra Receivables Funding Co</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>Loanpal Solar Loan 2020-3 Ltd</name>
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        <name>BX Trust</name>
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        <name>Government National Mortgage A</name>
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        <name>MASTR Reperforming Loan Trust</name>
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        <name>Natixis Commercial Mortgage Se</name>
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        <name>MASTR Adjustable Rate Mortgage</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Tru</name>
        <lei>N/A</lei>
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        <name>280 Park Avenue Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>Verus Securitization Trust</name>
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        <name>Residential Asset Securitizati</name>
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      <invstOrSec>
        <name>Morgan Stanley Mortgage Loan T</name>
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      <invstOrSec>
        <name>Morgan Stanley Mortgage Loan T</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
        <lei>N/A</lei>
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        <name>Freddie Mac - STACR</name>
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        <name>Bayview Financial Asset Trust</name>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
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        <name>Bayview Opportunity Master Fun</name>
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        <name>Freddie Mac - STACR</name>
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        <name>New Mountain CLO Ltd</name>
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        <name>Countrywide Alternative Loan T</name>
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        <name>Citigroup Mortgage Loan Trust</name>
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        <name>IndyMac INDA Mortgage Loan Tru</name>
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        <name>BPR Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <debtSec>
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      <invstOrSec>
        <name>Countrywide Home Equity Loan T</name>
        <lei>N/A</lei>
        <title>CWABS Revolving Home Equity Loan Trust Series 2004-L</title>
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        <name>Verus Securitization Trust</name>
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        <name>National Collegiate Commutatio</name>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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          <isin value="US20754RAJ59"/>
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      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Tru</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>REMIC FUNDING TRUST 98-1</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
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      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
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        <name>Freddie Mac - STACR</name>
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        <name>GS Mortgage-Backed Securities</name>
        <lei>N/A</lei>
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        <name>Fannie Mae - CAS</name>
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        <name>IndyMac INDX Mortgage Loan Tru</name>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WAMU Mortgage Pass-Through Cer</name>
        <lei>N/A</lei>
        <title>WaMu Mortgage Pass-Through Certificates Series 2005-AR13 Trust</title>
        <cusip>92922F4V7</cusip>
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          <isin value="US92922F4V78"/>
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        <balance>56153.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55157.19000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.25239000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR Securitized Participation Interests Trust 2017-SPI1</title>
        <cusip>3137G1CG0</cusip>
        <identifiers>
          <isin value="US3137G1CG08"/>
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        <balance>736477.52000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>629813.85000000</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>2047-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.11624700</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>Verus Securitization Trust</name>
        <lei>984500BADC7CFE3B0756</lei>
        <title>Verus Securitization Trust 2023-5</title>
        <cusip>924934AE2</cusip>
        <identifiers>
          <isin value="US924934AE22"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1210445.88000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.99945900</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>Saluda Grade Alternative Mortg</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2024-RTL4</title>
        <cusip>79584CAB7</cusip>
        <identifiers>
          <isin value="US79584CAB72"/>
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        <balance>1770000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1773500.35000000</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>2030-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eagle Re Ltd</name>
        <lei>N/A</lei>
        <title>Eagle RE 2023-1 Ltd</title>
        <cusip>26982EAG1</cusip>
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          <isin value="US26982EAG17"/>
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        <balance>1290000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1366824.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-26</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2006-HY10</title>
        <cusip>12668BUF8</cusip>
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          <isin value="US12668BUF83"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="RP1022935"/>
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        <balance>-588000.00000000</balance>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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        <securityLending>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <title>Nomura Securities Inc</title>
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          <other otherDesc="INTERNAL" value="RP1022455"/>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust Series 2024-3</title>
        <cusip>46657QBB6</cusip>
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          <isin value="US46657QBB68"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Natixis Commercial Mortgage Se</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust 2022-JERI</title>
        <cusip>63875LAS2</cusip>
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          <isin value="US63875LAS25"/>
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        <balance>3500000.00000000</balance>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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          <transCat>Reverse repurchase</transCat>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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          <other otherDesc="INTERNAL" value="RP1022834"/>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2025-SPOT</title>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust 2021-J2</title>
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      <invstOrSec>
        <name>First Horizon Alternative Mort</name>
        <lei>N/A</lei>
        <title>First Horizon Alternative Mortgage Securities Trust 2006-FA6</title>
        <cusip>32052FAH9</cusip>
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        <balance>64242.43000000</balance>
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      <invstOrSec>
        <name>Apex Credit CLO LLC</name>
        <lei>549300OKB854VBBC1981</lei>
        <title>Apex Credit CLO 2019-II Ltd</title>
        <cusip>03755CBJ2</cusip>
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          <isin value="US03755CBJ27"/>
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        <balance>560000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
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          <isin value="US23245LAE02"/>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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        <name>Freddie Mac - STACR</name>
        <lei>549300MHCI0CUXMJQS62</lei>
        <title>Freddie Mac STACR Trust 2019-FTR1</title>
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          <isin value="US35564PAC23"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>SOHO Trust 2021-SOHO</name>
        <lei>N/A</lei>
        <title>Soho Trust 2021-SOHO</title>
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          <isin value="US83410JAJ79"/>
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        <balance>1000000.00000000</balance>
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      <invstOrSec>
        <name>Bear Stearns Asset Backed Secu</name>
        <lei>N/A</lei>
        <title>Bear Stearns Asset Backed Securities I Trust 2005-CL1</title>
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          <isin value="US073879U970"/>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US46630WBB54"/>
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        <securityLending>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493008J93RJW7PJFN93</lei>
        <title>Freddie Mac STACR Trust 2019-FTR2</title>
        <cusip>35564WBE2</cusip>
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          <isin value="US35564WBE21"/>
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        <balance>1270000.00000000</balance>
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        <debtSec>
          <maturityDt>2048-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.87051000</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>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC Series 2014-11R</title>
        <cusip>12649FCL0</cusip>
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        <name>Washington Mutual Mortgage Pas</name>
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        <name>DRB PRIME STUDENT LOAN TRUST</name>
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        <name>Bayview Opportunity Master Fun</name>
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        <name>Countrywide Alternative Loan T</name>
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        <name>Atrium Hotel Portfolio Trust</name>
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        <name>Fannie Mae</name>
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        <name>Loanpal Solar Loan Ltd.</name>
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        <name>CIM Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ARBOR REALTY SR INC</name>
        <lei>549300TW7RTL2CI3CN08</lei>
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        <name>Government National Mortgage A</name>
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      <invstOrSec>
        <name>EASY 2025-RTL1</name>
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        <name>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Lehman Mortgage Trust 2006-3</title>
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        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK43</title>
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        <balance>1500000.00000000</balance>
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        <name>Magnetite CLO Ltd</name>
        <lei>529900728SHVCI48J015</lei>
        <title>Magnetite XXXIX Ltd</title>
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        <name>MF1 Multifamily Housing Mortga</name>
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        <title>MF1 2021-FL7 Ltd</title>
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      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust 2005-HYB9</title>
        <cusip>126670JP4</cusip>
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        <balance>62122.96000000</balance>
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          <maturityDt>2036-02-20</maturityDt>
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      <invstOrSec>
        <name>Ocean Trails CLO</name>
        <lei>254900TWRKR5CRS1OX19</lei>
        <title>Ocean Trails CLO XIV Ltd</title>
        <cusip>67515MAG3</cusip>
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        <balance>600000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.66549000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL1</title>
        <cusip>50205DAB5</cusip>
        <identifiers>
          <isin value="US50205DAB55"/>
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        <name>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust 2024-UNIV</title>
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      <invstOrSec>
        <name>(Sunnova) Aurora I Issuer, LLC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US12649QBE35"/>
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      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2019-4</title>
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          <isin value="US64830WCK53"/>
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      <invstOrSec>
        <name>Impac CMB Trust</name>
        <lei>N/A</lei>
        <title>Impac CMB Trust Series 2004-8</title>
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          <isin value="US45254NKQ96"/>
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        <balance>18524.89000000</balance>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HIH Trust</name>
        <lei>N/A</lei>
        <title>HIH Trust 2024-61P</title>
        <cusip>40444VAL5</cusip>
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          <isin value="US40444VAL53"/>
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        <balance>1477880.67000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Farmer Mac Agricultural Real E</name>
        <lei>N/A</lei>
        <title>FARM 2024-2 Mortgage Trust</title>
        <cusip>307910AE9</cusip>
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          <isin value="US307910AE93"/>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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          <transCat>Reverse repurchase</transCat>
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        <name>Freddie Mac - STACR</name>
        <lei>5493000ISU5NYXNHD479</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA5</title>
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          <isin value="US35564KJB61"/>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>NYT Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BF 2019-NYT Mortgage Trust</title>
        <cusip>62954PAN0</cusip>
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          <isin value="US62954PAN06"/>
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        <balance>1440000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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      <invstOrSec>
        <name>Greystone Commercial Real Esta</name>
        <lei>N/A</lei>
        <title>Greystone CRE Notes 2024-HC3</title>
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          <isin value="US39808MAJ27"/>
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        <balance>610000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>54930066YOFVQE068N73</lei>
        <title>GS Mortgage Securities Trust 2015-GC32</title>
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          <isin value="US36250PAM77"/>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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          <other otherDesc="INTERNAL" value="RP1022939"/>
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        <isRestrictedSec>N</isRestrictedSec>
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          <transCat>Reverse repurchase</transCat>
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          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>6.32920000</repurchaseRt>
          <maturityDt>2026-02-20</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1923434.39300000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2025531.83000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Tru</name>
        <lei>N/A</lei>
        <title>IndyMac INDX Mortgage Loan Trust 2006-AR11</title>
        <cusip>45661KAA8</cusip>
        <identifiers>
          <isin value="US45661KAA88"/>
        </identifiers>
        <balance>194424.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150102.15000000</valUSD>
        <pctVal>0.111516162927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.42067200</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>2025-11-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Western Asset Mortgage Opportunity Fund Inc.</ncom:nameOfApplicant>
      <ncom:signature>Christopher Berarducci</ncom:signature>
      <ncom:signerName>Christopher Berarducci</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
