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        <name>Goldman Sachs International</name>
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        <name>Jepson</name>
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        <name>Spruce Hill Mortgage Loan Trust</name>
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        <name>JPMBB Commercial Mortgage Securities Trust</name>
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        <name>Taurus CMBS</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
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        <name>Velocity Commercial Capital Loan Trust</name>
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        <name>JPMorgan Chase Bank, National Association</name>
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        <name>VNO Mortgage Trust</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LHFC Depositor, LLC</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2019-RTL2</title>
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          <isin value="US501888AD33"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-25</maturityDt>
          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CFCRE Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CFCRE Commercial Mortgage Trust 2017-C8</title>
        <cusip>12532CAA3</cusip>
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          <isin value="US12532CAA36"/>
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        <balance>5741000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>European Residential Loan Securitization</name>
        <lei>635400RFIOEIAK5XC225</lei>
        <title>European Residential Loan Securitisation 2019-PL1 DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2052239089"/>
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        <balance>1856000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>European Loan Conduit</name>
        <lei>N/A</lei>
        <title>European Loan Conduit</title>
        <cusip>000000000</cusip>
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          <isin value="XS1844172350"/>
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        <balance>1532094.51000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>TGT CDS USD SR 5Y D14</title>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Target Corp</issuerName>
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        <securityLending>
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      <invstOrSec>
        <name>Casablanca US Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Casablanca US Holdings, Inc. 2018 1st Lien Term Loan</title>
        <cusip>14713BAF1</cusip>
        <identifiers>
          <isin value="US14713BAF13"/>
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        <balance>25087294.80000000</balance>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-29</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4</title>
        <cusip>46645UAC1</cusip>
        <identifiers>
          <isin value="US46645UAC18"/>
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        <balance>4056000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3176505.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.42000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>549300DGCY6DLBNEP961</lei>
        <title>Morgan Stanley Capital I Trust 2006-HQ9</title>
        <cusip>61750CAN7</cusip>
        <identifiers>
          <isin value="US61750CAN74"/>
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        <balance>3459964.87000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2965113.43000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.92000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>Corevest American Finance 2019-3 Trust</title>
        <cusip>21872NAN0</cusip>
        <identifiers>
          <isin value="US21872NAN03"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149389.95000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.74000000</annualizedRt>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2016-CR28 Mortgage Trust</title>
        <cusip>12593YAN3</cusip>
        <identifiers>
          <isin value="US12593YAN31"/>
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        <balance>13754000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8158218.11000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137BPCS6</cusip>
        <identifiers>
          <isin value="US3137BPCS61"/>
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        <balance>9077000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMBB Commercial Mortgage Securities Trust 2015-C33</title>
        <cusip>46645JAW2</cusip>
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          <isin value="US46645JAW27"/>
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        <balance>4285000.00000000</balance>
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          <maturityDt>2048-12-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Ellington Financial Mortgage Trust 2019-2</title>
        <cusip>31573TAE8</cusip>
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          <isin value="US31573TAE82"/>
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        <balance>165000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.07000000</annualizedRt>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust 2018-C11</title>
        <cusip>90276XAC9</cusip>
        <identifiers>
          <isin value="US90276XAC92"/>
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        <balance>2492000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1932599.38000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Series RR Trust</name>
        <lei>54930042MWG761INJ863</lei>
        <title>Series RR 2015-1 Trust</title>
        <cusip>81753VAC4</cusip>
        <identifiers>
          <isin value="US81753VAC46"/>
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        <balance>1199000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>935856.94000000</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>2048-04-26</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE EUROPEAN MORTGAGE CAPITAL</name>
        <lei>N/A</lei>
        <title>Magnolia Finance XI DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS1900133320"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>Corevest American Finance 2019-1 Trust</title>
        <cusip>21872FAG2</cusip>
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          <isin value="US21872FAG28"/>
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        <balance>202000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>DBWF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DBWF 2018-GLKS Mortgage Trust</title>
        <cusip>23307GAN6</cusip>
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          <isin value="US23307GAN60"/>
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        <balance>598000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>563911.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMBB Commercial Mortgage Securities Trust 2015-C31</title>
        <cusip>46644YBD1</cusip>
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          <isin value="US46644YBD13"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CD Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CD 2016-CD1 Mortgage Trust</title>
        <cusip>12514MAL9</cusip>
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          <isin value="US12514MAL90"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-10</maturityDt>
          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2015-CCRE23 Mortgage Trust</title>
        <cusip>12593ABF1</cusip>
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          <isin value="US12593ABF12"/>
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        <balance>958000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-10</maturityDt>
          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <identifiers>
          <isin value="US3137FPHZ14"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Credit Suisse First Boston Mortgage Securities Corp</title>
        <cusip>225470BA0</cusip>
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          <isin value="US225470BA01"/>
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        <balance>1397406.52000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1330760.08000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GCAT</name>
        <lei>N/A</lei>
        <title>GCAT 2019-NQM2 Trust</title>
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          <isin value="US36166MAE57"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98571.99000000</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>2059-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IMT Trust</name>
        <lei>N/A</lei>
        <title>IMT Trust 2017-APTS</title>
        <cusip>44974ABG1</cusip>
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          <isin value="US44974ABG13"/>
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        <balance>192000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>182635.87000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2016-UB11</title>
        <cusip>61767FAJ0</cusip>
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          <isin value="US61767FAJ03"/>
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        <balance>2077000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>Corevest American Finance 2020-1 Trust</title>
        <cusip>21872UAQ7</cusip>
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          <isin value="US21872UAQ76"/>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust 2019-1</title>
        <cusip>92537DAE0</cusip>
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          <isin value="US92537DAE04"/>
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        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>IRS 10M 2.36900% 11/01/24</title>
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        <name>Citibank, National Association</name>
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        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
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        <name>COMM Mortgage Trust</name>
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        <name>Citibank, National Association</name>
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      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
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        <name>Citibank, National Association</name>
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        <name>COMM Mortgage Trust</name>
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        <name>J.P. Morgan Securities LLC</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSAIL 2019-C17 Commercial Mortgage Trust</title>
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        <name>European Residential Loan Securitization</name>
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        <title>European Residential Loan Securitisation 2019-PL1 DAC</title>
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          <isin value="XS2052239162"/>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>5493005BBCF84ICNQ550</lei>
        <title>GS Mortgage Securities Corp II</title>
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        <name>Colony American Finance Ltd</name>
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        <name>Goldman Sachs &amp; Co. LLC</name>
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        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>DBWF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DBWF 2018-GLKS Mortgage Trust</title>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <balance>1961000.00000000</balance>
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        <name>COMM Mortgage Trust</name>
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        <name>COMM Mortgage Trust</name>
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        <name>Goldman Sachs International</name>
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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <name>Goldman Sachs International</name>
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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <name>COMM Mortgage Trust</name>
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        <name>LB-UBS Commercial Mortgage Trust</name>
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        <name>Goldman Sachs International</name>
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        <name>COMM Mortgage Trust</name>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Corp Series 2019-MARG</title>
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          <isin value="US56658LAN01"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Chicago Mercantile Exchange</name>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust 2019-INV2</title>
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          <isin value="US92537HAE18"/>
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      <invstOrSec>
        <name>CD Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CD 2006-CD3 Mortgage Trust</title>
        <cusip>14986DAJ9</cusip>
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          <isin value="US14986DAJ90"/>
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        <balance>6778734.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3648586.28000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ESH HOSPITALITY INC</name>
        <lei>54930042FMK7X7SQ2896</lei>
        <title>ESH Hospitality Inc</title>
        <cusip>26907YAB0</cusip>
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          <isin value="US26907YAB02"/>
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        <balance>154000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157703.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WF-RBS Commercial Mortgage Trust</name>
        <lei>549300FCX3YXSYSLU895</lei>
        <title>WFRBS Commercial Mortgage Trust 2014-C19</title>
        <cusip>92938VAA3</cusip>
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          <isin value="US92938VAA35"/>
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        <balance>362000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316407.36000000</valUSD>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2006-TOP23</title>
        <cusip>61749MAE9</cusip>
        <identifiers>
          <isin value="US61749MAE93"/>
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        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust 2006-GG8</title>
        <cusip>362332AJ7</cusip>
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        <balance>2297000.00000000</balance>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Prima Capital Ltd</name>
        <lei>N/A</lei>
        <title>Prima Capital CRE Securitization 2019-RK1 Ltd</title>
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          <isin value="US74166HAE71"/>
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        <balance>487000.00000000</balance>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED EUR / SOLD USD</title>
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      <invstOrSec>
        <name>GMAC Commercial Mortgage Securities Inc. Trust</name>
        <lei>N/A</lei>
        <title>GMAC Commercial Mortgage Securities Inc Series 2006-C1 Trust</title>
        <cusip>361849R46</cusip>
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        <balance>15141.29000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
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        <name>Nomura CRE CDO LTD</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.45000000</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>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>IRS 15M 2.86400% 02/24/23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="7330340692449BRYE"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-858721.00000000</valUSD>
        <pctVal>-0.13810467269</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ICE Libor USD 3 Months" floatingRtSpread="0.00000000" pmntAmt="3243.93000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
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            </floatingRecDesc>
            <fixedPmntDesc amount="-151553.33000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.86000000"/>
            <terminationDt>2023-02-24</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>15000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-858721.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prima Capital Ltd</name>
        <lei>N/A</lei>
        <title>Prima Capital CRE Securitization 2019-RK1 Ltd</title>
        <cusip>74166GAJ8</cusip>
        <identifiers>
          <isin value="US74166GAJ85"/>
        </identifiers>
        <balance>347000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>307040.57000000</valUSD>
        <pctVal>0.049380109981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</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>LB-UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LB-UBS Commercial Mortgage Trust 2006-C7</title>
        <cusip>50180CAG5</cusip>
        <identifiers>
          <isin value="US50180CAG50"/>
        </identifiers>
        <balance>4969464.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2560312.60000000</valUSD>
        <pctVal>0.411764861476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.41000000</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>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>IRS 20M 2.57650% 08/25/25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SLYLO5SUSSBT"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-704289.25000000</valUSD>
        <pctVal>-0.11326803042</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ICE Libor USD 3 Months" floatingRtSpread="0.00000000" pmntAmt="2490.98000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
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            <fixedPmntDesc amount="-73143.97000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.58000000"/>
            <terminationDt>2025-08-05</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>7000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-704289.25000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Housing Finance</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CALIFORNIA HSG FIN AGY MUNI CTFS</title>
        <cusip>13033DAB1</cusip>
        <identifiers>
          <isin value="US13033DAB10"/>
        </identifiers>
        <balance>7139046.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>162402.60000000</valUSD>
        <pctVal>0.026118562277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.29000000</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 International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>CMBX.NA.AA.1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="137BEPAA9GSKBM100501BRYE"/>
        </identifiers>
        <balance>4729196.35969000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-558045.17000000</valUSD>
        <pctVal>-0.08974817845</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CMBX.NA.AA.1</indexName>
                <indexIdentifier>137BEPAA9</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="229.89000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.25000000"/>
            <otherPmntDesc fixedOrFloating="Other">sell protection</otherPmntDesc>
            <terminationDt>2052-10-16</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-750792.78000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4729196.35969000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>192747.59000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2012-GC8</title>
        <cusip>17318UAJ3</cusip>
        <identifiers>
          <isin value="US17318UAJ34"/>
        </identifiers>
        <balance>4258000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3497956.45000000</valUSD>
        <pctVal>0.562562381283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.88000000</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>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2016-DC2 Mortgage Trust</title>
        <cusip>12594CAL4</cusip>
        <identifiers>
          <isin value="US12594CAL46"/>
        </identifiers>
        <balance>877000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>703383.47000000</valUSD>
        <pctVal>0.113122357437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.89000000</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>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2016-CR28 Mortgage Trust</title>
        <cusip>12593YAU7</cusip>
        <identifiers>
          <isin value="US12593YAU73"/>
        </identifiers>
        <balance>15121412.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3615280.11000000</valUSD>
        <pctVal>0.581431077476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2014-UBS6 Mortgage Trust</title>
        <cusip>12592PAL7</cusip>
        <identifiers>
          <isin value="US12592PAL76"/>
        </identifiers>
        <balance>9693000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4904393.57000000</valUSD>
        <pctVal>0.788754052524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.45000000</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>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2015-CCRE25 Mortgage Trust</title>
        <cusip>12593PBB7</cusip>
        <identifiers>
          <isin value="US12593PBB76"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2598445.68000000</valUSD>
        <pctVal>0.417897652607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.79000000</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>J.P. Morgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>CMBX--137BERAH0-20571017</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="137BERAH0JPM20200227V3"/>
        </identifiers>
        <balance>358000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-56767.00000000</valUSD>
        <pctVal>-0.00912961014</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>J.P. Morgan Securities LLC</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CMBX.NA.BBB-.8</indexName>
                <indexIdentifier>137BERAH0</indexIdentifier>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="208.83000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">sell protection</otherPmntDesc>
            <terminationDt>2057-10-18</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-16302.30000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>358000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-40464.70000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate." noteItem="C.11.f.i.2"/>
      <explntrNote note="After careful consideration and on the recommendation of the Investment Manager, the Board approved the liquidation, dissolution and termination of the Feeder Fund I, Feeder Fund II and the Master Fund (the Dissolution). In connection therewith, the Board also approved an amendment to each Fund is amended and restated declaration of trust to modify the vote required for dissolution (the Charter Amendment) and approved a plan and termination. The Charter Amendment and the Dissolution were subject to shareholder approval, which was obtained at a special meeting held on October 15, 2020.   Effective July 13, 2020, the Feeder Fund I suspended offers and sales of Shares, terminated its distribution reinvestment plan and does not expect to continue to offer to repurchase a portion of the Shares from shareholders four times each year.  The Investment Manager will waive its management and incentive fees from November 1, 2020 through the remaining life of the Funds. Effective the same date, the Board and the Investment Manager terminated the Expense Limitation and Reimbursement Agreement with Feeder Fund I." noteItem="B.6.b"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-01-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Blackstone Real Estate Income Master Fund</ncom:nameOfApplicant>
      <ncom:signature>Anthony Marone</ncom:signature>
      <ncom:signerName>Anthony Marone</ncom:signerName>
      <ncom:title>CFO and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
