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      <seriesName>Obra Opportunistic Structured Products ETF</seriesName>
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        <name>WESTR 2023-1A C</name>
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        <name>ZAYO 2025-2A A2</name>
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          <annualizedRt>5.95</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>AGL 2024-30A D</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>00120VAJ5</cusip>
        <identifiers>
          <isin value="US00120VAJ52"/>
        </identifiers>
        <balance>350000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>351465.94</valUSD>
        <pctVal>0.98</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.78</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>ALLEG 2024-3A B</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>01751JAE7</cusip>
        <identifiers>
          <isin value="US01751JAE73"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>501365.5</valUSD>
        <pctVal>1.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.11</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>ANTR 2021-1A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>03666BAG9</cusip>
        <identifiers>
          <isin value="US03666BAG95"/>
        </identifiers>
        <balance>375000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>376620.49</valUSD>
        <pctVal>1.06</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.33</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>ANTR 2021-1A D</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>03666BAJ3</cusip>
        <identifiers>
          <isin value="US03666BAJ35"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>502713.65</valUSD>
        <pctVal>1.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.48</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>BCC 2020-3A DRR</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>05684CBA2</cusip>
        <identifiers>
          <isin value="US05684CBA27"/>
        </identifiers>
        <balance>76000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>76046.91</valUSD>
        <pctVal>0.21</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.42</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>BCC 2022-5A DR</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>05685JAS8</cusip>
        <identifiers>
          <isin value="US05685JAS87"/>
        </identifiers>
        <balance>375000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>378610.28</valUSD>
        <pctVal>1.06</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.57</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>BCC 2022-6A D1R</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>05685LAY0</cusip>
        <identifiers>
          <isin value="US05685LAY02"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>502802.15</valUSD>
        <pctVal>1.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.33</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>BCC 2024-1A D1</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>056920AJ0</cusip>
        <identifiers>
          <isin value="US056920AJ08"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>503608.1</valUSD>
        <pctVal>1.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.17</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>BOBA 2023-1A D1R</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>05765DAP0</cusip>
        <identifiers>
          <isin value="US05765DAP06"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500000</valUSD>
        <pctVal>1.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.07</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>BOBA 2023-1A D2R</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>05765DAQ8</cusip>
        <identifiers>
          <isin value="US05765DAQ88"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250000</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.42</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>BALLY 2024-22A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>05877GAJ2</cusip>
        <identifiers>
          <isin value="US05877GAJ22"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251232.55</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.82</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>BSP 2014-IVA D2R4</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>08180FCC3</cusip>
        <identifiers>
          <isin value="US08180FCC32"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>301231.68</valUSD>
        <pctVal>0.84</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.48</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>BSP 2016-9A CR2</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>08181BBE8</cusip>
        <identifiers>
          <isin value="US08181BBE83"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251250</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.28</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>CBAM 2017-3A DR</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>12481HAW5</cusip>
        <identifiers>
          <isin value="US12481HAW51"/>
        </identifiers>
        <balance>440000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>443266.78</valUSD>
        <pctVal>1.24</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.08</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>CIFC 2021-4A DR</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>12547DAS5</cusip>
        <identifiers>
          <isin value="US12547DAS53"/>
        </identifiers>
        <balance>600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>595387.8</valUSD>
        <pctVal>1.67</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.27</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>CLVR 2018-1A CRR</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>18914GAL5</cusip>
        <identifiers>
          <isin value="US18914GAL59"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>504521.2</valUSD>
        <pctVal>1.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.78</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>CCITY 2022-4A C1R</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>228233AU6</cusip>
        <identifiers>
          <isin value="US228233AU67"/>
        </identifiers>
        <balance>350000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>350664.2</valUSD>
        <pctVal>0.98</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.83</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>DRSLF 2017-50A D</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>262431AF6</cusip>
        <identifiers>
          <isin value="US262431AF65"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>501711.6</valUSD>
        <pctVal>1.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.83</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>ELM28 2024-4A E</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>29003PAA8</cusip>
        <identifiers>
          <isin value="US29003PAA84"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254893.15</valUSD>
        <pctVal>0.71</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.32</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>FCBSL 2022-3A D1R</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>349927AU7</cusip>
        <identifiers>
          <isin value="US349927AU70"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251275.05</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.58</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>GOCAP 2021-54A D</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>381743AG8</cusip>
        <identifiers>
          <isin value="US381743AG81"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500625</valUSD>
        <pctVal>1.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.37</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>HARUS 2024-3A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>41756FAG1</cusip>
        <identifiers>
          <isin value="US41756FAG19"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251275.45</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.43</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>KKR 2023-52A B2</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>48255XAG3</cusip>
        <identifiers>
          <isin value="US48255XAG34"/>
        </identifiers>
        <balance>330000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>330955.28</valUSD>
        <pctVal>0.93</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.18</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>MAGNE 2024-42A D2</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>55955XAN6</cusip>
        <identifiers>
          <isin value="US55955XAN66"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>754817.7</valUSD>
        <pctVal>2.11</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.27</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>MIDO 2024-17A D2</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>598014AL2</cusip>
        <identifiers>
          <isin value="US598014AL28"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>498778.8</valUSD>
        <pctVal>1.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.48</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>MVEW 2022-1A DR</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>62432UAU5</cusip>
        <identifiers>
          <isin value="US62432UAU51"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40114.1</valUSD>
        <pctVal>0.11</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.51</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>NEUB 2024-58A D1</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>640970AG4</cusip>
        <identifiers>
          <isin value="US640970AG43"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500216.6</valUSD>
        <pctVal>1.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.23</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>OAKC 2024-17A D1</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67109SAJ6</cusip>
        <identifiers>
          <isin value="US67109SAJ69"/>
        </identifiers>
        <balance>375000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>377040.9</valUSD>
        <pctVal>1.06</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.63</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>OCPA 2024-39A D1</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67120EAN3</cusip>
        <identifiers>
          <isin value="US67120EAN31"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249189.73</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.12</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>OCPA 2024-39A E</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67120HAA4</cusip>
        <identifiers>
          <isin value="US67120HAA41"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>245984.33</valUSD>
        <pctVal>0.69</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.82</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>OAKCL 2023-2A D</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67401QAG1</cusip>
        <identifiers>
          <isin value="US67401QAG10"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>502506.65</valUSD>
        <pctVal>1.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.78</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>OBRAC 2025-2A E</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>674433AA5</cusip>
        <identifiers>
          <isin value="US674433AA56"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>757650</valUSD>
        <pctVal>2.12</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0</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>OBRAC 2024-1A D2</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67443AAL5</cusip>
        <identifiers>
          <isin value="US67443AAL52"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>507872.85</valUSD>
        <pctVal>1.42</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.26</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>OBRAC 2024-1A E</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67443CAA5</cusip>
        <identifiers>
          <isin value="US67443CAA53"/>
        </identifiers>
        <balance>600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>616236.3</valUSD>
        <pctVal>1.73</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11.08</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>OCP 2023-27A ER</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67570LAA0</cusip>
        <identifiers>
          <isin value="US67570LAA08"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251482.23</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.17</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>OHALF 2013-1A D2R3</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67706HCE6</cusip>
        <identifiers>
          <isin value="US67706HCE62"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251295.83</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.82</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>PLMRS 2022-3A D1R</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>69690ABC0</cusip>
        <identifiers>
          <isin value="US69690ABC09"/>
        </identifiers>
        <balance>152000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152629.37</valUSD>
        <pctVal>0.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.28</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>PLMRS 2022-4A CR</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>69700XAU9</cusip>
        <identifiers>
          <isin value="US69700XAU90"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251742.38</valUSD>
        <pctVal>0.71</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.23</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>RAD 2023-19A D1R</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>750104AW1</cusip>
        <identifiers>
          <isin value="US750104AW15"/>
        </identifiers>
        <balance>400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>403990.28</valUSD>
        <pctVal>1.13</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.68</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>REGT7 2016-1A DR2</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>75888ABN5</cusip>
        <identifiers>
          <isin value="US75888ABN54"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100285.56</valUSD>
        <pctVal>0.28</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.63</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>ROCKT 2019-1A B1R</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>77342MAQ9</cusip>
        <identifiers>
          <isin value="US77342MAQ96"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>501548.55</valUSD>
        <pctVal>1.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.14</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>TCIFC 2024-1A D</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>88240JAJ2</cusip>
        <identifiers>
          <isin value="US88240JAJ25"/>
        </identifiers>
        <balance>375000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>375694.01</valUSD>
        <pctVal>1.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.88</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>VERUS 2023-4 M1</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>92539TAD5</cusip>
        <identifiers>
          <isin value="US92539TAD54"/>
        </identifiers>
        <balance>380000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388338.34</valUSD>
        <pctVal>1.09</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.4</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>BX 2021-ARIA E</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>05608RAL9</cusip>
        <identifiers>
          <isin value="US05608RAL96"/>
        </identifiers>
        <balance>800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>796975.44</valUSD>
        <pctVal>2.23</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.7</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>BX 2021-ARIA F</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>05608RAN5</cusip>
        <identifiers>
          <isin value="US05608RAN52"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>748100.55</valUSD>
        <pctVal>2.1</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.05</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>BXMT 2025-FL5 C</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>05613YAG8</cusip>
        <identifiers>
          <isin value="US05613YAG89"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199822.98</valUSD>
        <pctVal>0.56</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.29</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>BFLD 2024-UNIV D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>08861RAG6</cusip>
        <identifiers>
          <isin value="US08861RAG65"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500908.1</valUSD>
        <pctVal>1.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.03</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>BX 2024-GPA2 D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>12433DAG8</cusip>
        <identifiers>
          <isin value="US12433DAG88"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>501245.65</valUSD>
        <pctVal>1.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.93</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>CALI 2024-SUN D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>12988DAG7</cusip>
        <identifiers>
          <isin value="US12988DAG79"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250481.78</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.96</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>FS 2024-HULA D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>30338DAG6</cusip>
        <identifiers>
          <isin value="US30338DAG60"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100059.76</valUSD>
        <pctVal>0.28</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.28</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>FS 2024-HULA E</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>30338DAJ0</cusip>
        <identifiers>
          <isin value="US30338DAJ00"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>99875.54</valUSD>
        <pctVal>0.28</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.78</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>FMBT 2024-FBLU C</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>34461WAE0</cusip>
        <identifiers>
          <isin value="US34461WAE03"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249556.68</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.49</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>FMBT 2024-FBLU D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>34461WAG5</cusip>
        <identifiers>
          <isin value="US34461WAG50"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>748686.9</valUSD>
        <pctVal>2.1</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.94</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>GWT 2024-WLF2 D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>362414AG9</cusip>
        <identifiers>
          <isin value="US362414AG97"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>501861.45</valUSD>
        <pctVal>1.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.28</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>GWT 2024-WOLF D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>39152MAG0</cusip>
        <identifiers>
          <isin value="US39152MAG06"/>
        </identifiers>
        <balance>400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>401450</valUSD>
        <pctVal>1.12</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.23</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>HLTN 2024-DPLO C</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>40424UAE7</cusip>
        <identifiers>
          <isin value="US40424UAE73"/>
        </identifiers>
        <balance>700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>699938.75</valUSD>
        <pctVal>1.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.85</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>HLTN 2024-DPLO D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>40424UAG2</cusip>
        <identifiers>
          <isin value="US40424UAG22"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249882.7</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.65</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>TOWN 2025-STAY D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>46117WAG7</cusip>
        <identifiers>
          <isin value="US46117WAG78"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249329.58</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.19</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>JW 2024-BERY C</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>46676AAE3</cusip>
        <identifiers>
          <isin value="US46676AAE38"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>499956.3</valUSD>
        <pctVal>1.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.58</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>MF1 2025-FL19 C</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>55287KAG8</cusip>
        <identifiers>
          <isin value="US55287KAG85"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249986.1</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.19</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>MF1 2025-FL19 D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>55287KAJ2</cusip>
        <identifiers>
          <isin value="US55287KAJ25"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249724.98</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.79</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>NYC 2024-3ELV D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>62956HAG1</cusip>
        <identifiers>
          <isin value="US62956HAG11"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250047.88</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.18</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>PGA 2024-RSR2 C</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>69381CAJ6</cusip>
        <identifiers>
          <isin value="US69381CAJ62"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249618.55</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.13</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>PGA 2024-RSR2 E</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>69381CAN7</cusip>
        <identifiers>
          <isin value="US69381CAN74"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250182.08</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.23</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>SWCH 2025-DATA D</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>78489CAD1</cusip>
        <identifiers>
          <isin value="US78489CAD11"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148393.16</valUSD>
        <pctVal>0.42</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.98</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>AIMCO 2015-AA DR3</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>00900LBE3</cusip>
        <identifiers>
          <isin value="US00900LBE39"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251985.3</valUSD>
        <pctVal>0.71</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.27</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>BOBA 2023-1A D2RR</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>05765DAZ8</cusip>
        <identifiers>
          <isin value="US05765DAZ87"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249887.5</valUSD>
        <pctVal>0.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0</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>KKR 49A D1R</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>481939AX4</cusip>
        <identifiers>
          <isin value="US481939AX41"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251908.1</valUSD>
        <pctVal>0.71</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.63</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>OBRAC 2025-2A D2</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>674436AL4</cusip>
        <identifiers>
          <isin value="US674436AL43"/>
        </identifiers>
        <balance>650000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>654517.5</valUSD>
        <pctVal>1.83</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.52</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>PAID 2025-4 D</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>69547DAE6</cusip>
        <identifiers>
          <isin value="US69547DAE67"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>752377.67</valUSD>
        <pctVal>2.11</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.57</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>SEMT 2025-6 A1</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>81749YAA9</cusip>
        <identifiers>
          <isin value="US81749YAA91"/>
        </identifiers>
        <balance>350000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>352906.75</valUSD>
        <pctVal>0.99</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6</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>ACHM 2023-HE1 B</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>00092AAB2</cusip>
        <identifiers>
          <isin value="US00092AAB26"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>516615.95</valUSD>
        <pctVal>1.45</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7</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>AOMT 2024-4 A2</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>034943AB6</cusip>
        <identifiers>
          <isin value="US034943AB63"/>
        </identifiers>
        <balance>183255.3</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188499.58</valUSD>
        <pctVal>0.53</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.4</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>JPMMT 2025-NQM2 A1</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>46590SAC1</cusip>
        <identifiers>
          <isin value="US46590SAC17"/>
        </identifiers>
        <balance>786231</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>794093.48</valUSD>
        <pctVal>2.22</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMMT 2024-NQM1 M1A</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>465983AD6</cusip>
        <identifiers>
          <isin value="US465983AD68"/>
        </identifiers>
        <balance>400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>406499.48</valUSD>
        <pctVal>1.14</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.41</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>PFMT 2025-2 A1</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>74389DAA5</cusip>
        <identifiers>
          <isin value="US74389DAA54"/>
        </identifiers>
        <balance>167058.9</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169643.05</valUSD>
        <pctVal>0.48</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6</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>SEMT 2025-5 A1</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>81743GAA4</cusip>
        <identifiers>
          <isin value="US81743GAA40"/>
        </identifiers>
        <balance>488143.3</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>493253.6</valUSD>
        <pctVal>1.38</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6</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>Goldman Sachs Financ</name>
        <lei>N/A</lei>
        <title>MONEYMKT</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <ticker value="FGTXX"/>
        </identifiers>
        <balance>875308.4</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>875308.35</valUSD>
        <pctVal>2.45</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-08-13</ncom:dateSigned>
      <ncom:nameOfApplicant>Spinnaker ETF Series</ncom:nameOfApplicant>
      <ncom:signature>Pete Mccabe</ncom:signature>
      <ncom:signerName>Pete Mccabe</ncom:signerName>
      <ncom:title>Principal Accounting Officer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
