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        <name>Equinix, Inc.</name>
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      <invstOrSec>
        <name>Lendbuzz Securitization Trust</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NatWest Group plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>INTOWN Mortgage Trust</name>
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        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Brookfield Infrastructure Holdings Canada, Inc.</name>
        <lei>549300GV8LYH0T7DZO77</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
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          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
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        <name>ORL Trust</name>
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        <name>Discovery Communications LLC</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
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        <name>DLLMT LLC</name>
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        <name>Silgan Holdings, Inc.</name>
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        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
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        <name>OneMain Financial Issuance Trust</name>
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        <name>Bank of Ireland Group plc</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group plc</title>
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        <invCountry>IE</invCountry>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>DLLST LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Societe Generale SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Air Lease Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oportun Issuance Trust</name>
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        <name>BPCE SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Utah Acquisition Sub, Inc.</name>
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        <name>Jabil, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prosper Marketplace Issuance Trust</name>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Affiliated Managers Group, Inc.</name>
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        <name>Santander UK Group Holdings plc</name>
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        <invCountry>GB</invCountry>
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        <name>Berry Global, Inc.</name>
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        <title>Berry Global, Inc.</title>
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        <name>FHLMC</name>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.90000000</annualizedRt>
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        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia (The)</title>
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        <balance>700000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-16</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>DB Master Finance LLC</name>
        <lei>549300F17UZJL70BPB08</lei>
        <title>DB Master Finance LLC, Series 2021-1A, Class A2I</title>
        <cusip>233046AN1</cusip>
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          <isin value="US233046AN14"/>
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        <balance>588650.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>567137.37000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-20</maturityDt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GLA5</cusip>
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          <isin value="US06051GLA57"/>
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        <balance>3497000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3497037.14000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.82700000</annualizedRt>
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      <invstOrSec>
        <name>CROWN CASTLE INTERNATIONAL Corp.</name>
        <lei>N/A</lei>
        <title>Crown Castle International Corp.</title>
        <cusip>22823PV59</cusip>
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          <isin value="US22823PV599"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1094474.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>OneMain Financial Issuance Trust</name>
        <lei>N/A</lei>
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        <cusip>68268VAB1</cusip>
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          <isin value="US68268VAB18"/>
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        <balance>840000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>843422.24000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.24000000</annualizedRt>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
        <cusip>15135BAR2</cusip>
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          <isin value="US15135BAR24"/>
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        <balance>1823000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1796516.19000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Chesapeake Funding II LLC</name>
        <lei>5493000HT7H4OFOD6Z12</lei>
        <title>Chesapeake Funding II LLC, Series 2024-1A, Class A2</title>
        <cusip>165183DJ0</cusip>
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          <isin value="US165183DJ06"/>
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        <balance>106997.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106943.33000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Stack Infrastructure Issuer LLC</name>
        <lei>254900AV7V87H3A2WM57</lei>
        <title>Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2</title>
        <cusip>85236KAE2</cusip>
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          <isin value="US85236KAE29"/>
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        <balance>1325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1294241.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87700000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2024-43, Class FB</title>
        <cusip>38384KNV9</cusip>
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          <isin value="US38384KNV97"/>
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        <balance>385185.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>385643.17000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>JDE Peet's NV</name>
        <lei>724500EHG519SE5ZRT89</lei>
        <title>JDE Peet's NV</title>
        <cusip>47216QAB9</cusip>
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          <isin value="US47216QAB95"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
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      <invstOrSec>
        <name>Rocket Mortgage LLC</name>
        <lei>N/A</lei>
        <title>Rocket Mortgage LLC</title>
        <cusip>77313LAA1</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
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        <name>Delta Air Lines, Inc.</name>
        <lei>N/A</lei>
        <title>Delta Air Lines, Inc.</title>
        <cusip>830867AB3</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Domino's Pizza Master Issuer LLC</name>
        <lei>N/A</lei>
        <title>Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II</title>
        <cusip>25755TAE0</cusip>
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          <isin value="US25755TAE01"/>
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        <curCd>USD</curCd>
        <valUSD>1607797.36000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-25</maturityDt>
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        <name>Octane Receivables Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-20</maturityDt>
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        <name>Marlette Funding Trust</name>
        <lei>N/A</lei>
        <title>Marlette Funding Trust, Series 2023-1A, Class B</title>
        <cusip>57110PAB7</cusip>
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          <isin value="US57110PAB76"/>
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        <balance>735476.41000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Macquarie Group Ltd.</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>Macquarie Group Ltd.</title>
        <cusip>55608JBF4</cusip>
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          <isin value="US55608JBF49"/>
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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>275105.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-09</maturityDt>
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          <annualizedRt>5.10800000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ACM Auto Trust</name>
        <lei>N/A</lei>
        <title>ACM Auto Trust, Series 2025-1A, Class A</title>
        <cusip>00161EAA2</cusip>
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          <isin value="US00161EAA29"/>
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        <balance>392417.46000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 5443, Class FA</title>
        <cusip>3137HDXH8</cusip>
        <identifiers>
          <isin value="US3137HDXH83"/>
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        <balance>282136.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>283213.30000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chesapeake Funding II LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program Trust</name>
        <lei>N/A</lei>
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        <cusip>83407HAA5</cusip>
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          <isin value="US83407HAA59"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lendbuzz Securitization Trust</name>
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        <cusip>525935AB8</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Reach ABS Trust</name>
        <lei>N/A</lei>
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          <isin value="US75525HAA86"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class B</title>
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          <isin value="US02007G4C45"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BHG Securitization Trust</name>
        <lei>N/A</lei>
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          <isin value="US08860DAB91"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
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        <balance>1675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1678904.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.71000000</annualizedRt>
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      <invstOrSec>
        <name>STAR Trust</name>
        <lei>N/A</lei>
        <title>STAR Trust, Series 2025-SFR5, Class A</title>
        <cusip>85520CAA3</cusip>
        <identifiers>
          <isin value="US85520CAA36"/>
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        <balance>425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>425759.48000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-17</maturityDt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>166364.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>Clarus Capital Funding LLC</name>
        <lei>N/A</lei>
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          <isin value="US18271JAB89"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC</title>
        <cusip>161175AY0</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90800000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>38384CBT5</cusip>
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        <balance>1230258.15000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1228300.75000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.20184880</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 5529, Class AF</title>
        <cusip>3137HKU51</cusip>
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          <isin value="US3137HKU517"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2055-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.30516880</annualizedRt>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ABU8</cusip>
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          <isin value="US87264ABU88"/>
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        <balance>83000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Mortgage Trust, Series 2023-HE2, Class A1</title>
        <cusip>46657FAA3</cusip>
        <identifiers>
          <isin value="US46657FAA30"/>
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        <balance>465825.71000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-20</maturityDt>
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      <invstOrSec>
        <name>Bank of New York Mellon (The)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>Bank of New York Mellon (The)</title>
        <cusip>06405LAF8</cusip>
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          <isin value="US06405LAF85"/>
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        <balance>535000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>536315.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.58700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Canpack SA</name>
        <lei>N/A</lei>
        <title>Canpack SA</title>
        <cusip>13805AAA5</cusip>
        <identifiers>
          <isin value="US13805AAA51"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247947.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
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      <invstOrSec>
        <name>Verdant Receivables LLC</name>
        <lei>N/A</lei>
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          <isin value="US92340GAB68"/>
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        <balance>1055000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1058454.49000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mileage Plus Holdings LLC</name>
        <lei>N/A</lei>
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        <cusip>599191AA1</cusip>
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          <isin value="US599191AA16"/>
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        <balance>694000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>695344.28000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Western Union Co. (The)</name>
        <lei>28ID94QU1140NC23S047</lei>
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        <cusip>959802AZ2</cusip>
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          <isin value="US959802AZ22"/>
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        <balance>229500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>224169.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.35000000</annualizedRt>
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      <invstOrSec>
        <name>Amur Equipment Finance Receivables XII LLC</name>
        <lei>5493000K1GV1VHEHGY40</lei>
        <title>Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2</title>
        <cusip>03236YAB1</cusip>
        <identifiers>
          <isin value="US03236YAB11"/>
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        <balance>45032.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45483.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.09000000</annualizedRt>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing LLC, Series 2023-1, Class A2</title>
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          <isin value="US29375CAB54"/>
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        <balance>75531.14000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75776.65000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.51000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Extended Stay America Trust</name>
        <lei>N/A</lei>
        <title>Extended Stay America Trust, Series 2021-ESH, Class B</title>
        <cusip>30227FAE0</cusip>
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          <isin value="US30227FAE07"/>
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        <balance>161252.81000000</balance>
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        <curCd>USD</curCd>
        <valUSD>161417.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.80647960</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>89114TZD7</cusip>
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          <isin value="US89114TZD70"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>466556.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.20000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
        <cusip>517834AE7</cusip>
        <identifiers>
          <isin value="US517834AE74"/>
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        <balance>2102000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2074870.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Duke Energy Progress LLC</name>
        <lei>0NIFZ782LS46WOC9QK20</lei>
        <title>Duke Energy Progress LLC</title>
        <cusip>26442UAA2</cusip>
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          <isin value="US26442UAA25"/>
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        <balance>124000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>123800.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Alterna Funding III LLC</name>
        <lei>N/A</lei>
        <title>Alterna Funding III LLC, Series 2024-1A, Class A</title>
        <cusip>02157JAA3</cusip>
        <identifiers>
          <isin value="US02157JAA34"/>
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        <balance>167274.17000000</balance>
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        <curCd>USD</curCd>
        <valUSD>168963.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.26000000</annualizedRt>
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      <invstOrSec>
        <name>Lendbuzz Securitization Trust</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust, Series 2024-3A, Class A2</title>
        <cusip>52609YAB7</cusip>
        <identifiers>
          <isin value="US52609YAB74"/>
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        <balance>85062.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85176.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.97000000</annualizedRt>
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      <invstOrSec>
        <name>Home RE Ltd.</name>
        <lei>N/A</lei>
        <title>Home RE Ltd., Series 2021-2, Class B1</title>
        <cusip>43730VAE8</cusip>
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          <isin value="US43730VAE83"/>
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        <balance>555000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>569477.18000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.45516880</annualizedRt>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738ECC7</cusip>
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          <isin value="US06738ECC75"/>
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        <balance>1525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1537768.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-02</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GM Financial Consumer Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A</title>
        <cusip>36268GAB1</cusip>
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          <isin value="US36268GAB14"/>
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        <balance>5475.53000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5480.44000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1</title>
        <cusip>20754LAA7</cusip>
        <identifiers>
          <isin value="US20754LAA70"/>
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        <balance>176407.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176903.48000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 2 Year Notes</title>
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          <other otherDesc="Inhouse Sedol" value="TUU5COS"/>
          <other otherDesc="Future Ticker" value="TUU5 Comdty"/>
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        <curCd>USD</curCd>
        <valUSD>-4921.89000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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      <invstOrSec>
        <name>Taco Bell Funding LLC</name>
        <lei>N/A</lei>
        <title>Taco Bell Funding LLC, Series 2021-1A, Class A2I</title>
        <cusip>87342RAG9</cusip>
        <identifiers>
          <isin value="US87342RAG92"/>
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        <balance>594412.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>567064.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander UK Group Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US46656UAA16"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Concentrix Corp.</name>
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        <title>Concentrix Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-03</maturityDt>
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      <invstOrSec>
        <name>Enel Finance International NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PNC Bank NA</name>
        <lei>AD6GFRVSDT01YPT1CS68</lei>
        <title>PNC Bank NA</title>
        <cusip>69353RFY9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ABN AMRO Bank NV</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank NV</title>
        <cusip>00080QAF2</cusip>
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        <balance>827000.00000000</balance>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lendbuzz Securitization Trust</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust, Series 2025-2A, Class A2</title>
        <cusip>52611JAB6</cusip>
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        <balance>650000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Theorem Funding Trust</name>
        <lei>N/A</lei>
        <title>Theorem Funding Trust, Series 2022-3A, Class A</title>
        <cusip>882925AA8</cusip>
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          <isin value="US882925AA84"/>
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        <balance>69277.54000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.60000000</annualizedRt>
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      <invstOrSec>
        <name>Chase Auto Credit Linked Notes</name>
        <lei>N/A</lei>
        <title>Chase Auto Credit Linked Notes, Series 2025-1, Class B</title>
        <cusip>46591HCS7</cusip>
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          <isin value="US46591HCS76"/>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75300000</annualizedRt>
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        <name>GA Global Funding Trust</name>
        <lei>54930029I8ROQ4OROZ88</lei>
        <title>GA Global Funding Trust</title>
        <cusip>36143L2G9</cusip>
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          <isin value="US36143L2G95"/>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>Alaska Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>Alaska Airlines Pass-Through Trust, Series 2020-1, Class A</title>
        <cusip>01166VAA7</cusip>
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          <isin value="US01166VAA70"/>
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        <balance>744340.66000000</balance>
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          <maturityDt>2027-08-15</maturityDt>
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          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Prosper Marketplace Issuance Trust</name>
        <lei>N/A</lei>
        <title>Prosper Marketplace Issuance Trust, Series 2023-1A, Class B</title>
        <cusip>74390NAC6</cusip>
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          <isin value="US74390NAC65"/>
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        <balance>68647.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68760.71000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.48000000</annualizedRt>
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        <name>Goldman Sachs Bank USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>Goldman Sachs Bank USA</title>
        <cusip>38151LAG5</cusip>
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        <balance>555000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>559675.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.41400000</annualizedRt>
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        <name>COPT Defense Properties LP</name>
        <lei>H0TWO5VRNEP6CQAWPX27</lei>
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      <invstOrSec>
        <name>American Airlines, Inc.</name>
        <lei>N/A</lei>
        <title>American Airlines, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US91282CKS97"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Auto Trust</name>
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          <isin value="US06054YAB39"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lendbuzz Securitization Trust</name>
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          <isin value="US52608MAB46"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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          <isin value="US46647PBW59"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>5299007DSRZLE19EYU93</lei>
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        <cusip>465985AA7</cusip>
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          <isin value="US465985AA77"/>
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        <balance>37711.69000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2023-46, Class FA</title>
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          <isin value="US3136BQLF40"/>
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        <balance>420974.53000000</balance>
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        <curCd>USD</curCd>
        <valUSD>422301.63000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class B</title>
        <cusip>02007GZ55</cusip>
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          <isin value="US02007GZ551"/>
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      <invstOrSec>
        <name>BPR Trust</name>
        <lei>N/A</lei>
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          <isin value="US05602HAA14"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05609VAA35"/>
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      <invstOrSec>
        <name>Wingspire Equipment Finance LLC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Blue Owl Asset Leasing Trust LLC</name>
        <lei>N/A</lei>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <name>Delta Air Lines, Inc.</name>
        <lei>N/A</lei>
        <title>Delta Air Lines, Inc./SkyMiles IP Ltd.</title>
        <cusip>830867AA5</cusip>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Notes</title>
        <cusip>N/A</cusip>
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        <name>Oceanview Mortgage Trust</name>
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        <name>FHLMC</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Smithfield Foods, Inc.</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Taco Bell Funding LLC</name>
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        <name>Vantage Data Centers Issuer LLC</name>
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        <name>United Airlines, Inc.</name>
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        <name>GLS Auto Select Receivables Trust</name>
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        <name>Octane Receivables Trust</name>
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        <name>Hexcel Corp.</name>
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        <title>Hexcel Corp.</title>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <name>Berry Global, Inc.</name>
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        <name>Ally Financial, Inc.</name>
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        <name>Mercury Financial Credit Card Master Trust</name>
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        <name>Domino's Pizza Master Issuer LLC</name>
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        <name>Marex Group plc</name>
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        <name>Dell International LLC</name>
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        <name>Tricon Residential Trust</name>
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        <name>Bayer US Finance II LLC</name>
        <lei>529900XWNEXYNJ3X6T40</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>Lendbuzz Securitization Trust</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust, Series 2025-1A, Class A2</title>
        <cusip>525938AC0</cusip>
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          <isin value="US525938AC09"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180660.29000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>N/A</lei>
        <title>BRAVO Residential Funding Trust, Series 2021-HE1, Class M1</title>
        <cusip>10569QAD6</cusip>
        <identifiers>
          <isin value="US10569QAD60"/>
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        <balance>2427000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2430379.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.80516920</annualizedRt>
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      <invstOrSec>
        <name>Oscar US Funding XVI LLC</name>
        <lei>3538004TGTV49T7RNL88</lei>
        <title>Oscar US Funding XVI LLC, Series 2024-1A, Class A2</title>
        <cusip>68784GAB9</cusip>
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          <isin value="US68784GAB95"/>
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        <balance>105485.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105826.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-10</maturityDt>
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          <annualizedRt>5.48000000</annualizedRt>
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      <invstOrSec>
        <name>TX Trust</name>
        <lei>N/A</lei>
        <title>TX Trust, Series 2024-HOU, Class A</title>
        <cusip>90216DAA0</cusip>
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          <isin value="US90216DAA00"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>139343.22000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.90313240</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119CY3</cusip>
        <identifiers>
          <isin value="US404119CY34"/>
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        <balance>491000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498440.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Driven Brands Funding LLC</name>
        <lei>N/A</lei>
        <title>Driven Brands Funding LLC, Series 2019-1A, Class A2</title>
        <cusip>26208LAD0</cusip>
        <identifiers>
          <isin value="US26208LAD01"/>
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        <balance>497626.22000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495946.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.64100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
        <cusip>891906AC3</cusip>
        <identifiers>
          <isin value="US891906AC37"/>
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        <balance>1080000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1079626.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brookfield Infrastructure Holdings Canada, Inc.</name>
        <lei>549300GV8LYH0T7DZO77</lei>
        <title>Brookfield Infrastructure Holdings Canada, Inc.</title>
        <cusip>11275MU87</cusip>
        <identifiers>
          <isin value="US11275MU875"/>
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        <balance>1090000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-08</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jefferies Financial Group, Inc.</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group, Inc.</title>
        <cusip>47233WHZ5</cusip>
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          <isin value="US47233WHZ59"/>
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        <balance>722000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>722084.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95000U3C5</cusip>
        <identifiers>
          <isin value="US95000U3C57"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>949820.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.54000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HLTN Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class A</title>
        <cusip>40424UAA5</cusip>
        <identifiers>
          <isin value="US40424UAA51"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>140289.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.95325880</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PEAC Solutions Receivables LLC</name>
        <lei>N/A</lei>
        <title>PEAC Solutions Receivables LLC, Series 2024-1A, Class A2</title>
        <cusip>69433BAB3</cusip>
        <identifiers>
          <isin value="US69433BAB36"/>
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        <balance>235339.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>237240.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.79000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SFS Auto Receivables Securitization Trust</name>
        <lei>N/A</lei>
        <title>SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A2</title>
        <cusip>78435VAB8</cusip>
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          <isin value="US78435VAB80"/>
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        <balance>4455.51000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4458.08000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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      <invstOrSec>
        <name>Driven Brands Funding LLC</name>
        <lei>N/A</lei>
        <title>Driven Brands Funding LLC, Series 2020-1A, Class A2</title>
        <cusip>26209XAA9</cusip>
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          <isin value="US26209XAA90"/>
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        <balance>330863.92000000</balance>
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        <curCd>USD</curCd>
        <valUSD>323321.02000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.78600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>549300BI6Y5SI6BYPB26</lei>
        <title>Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class</title>
        <cusip>61747C707</cusip>
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          <isin value="US61747C7074"/>
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        <balance>3362161.95000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp.</title>
        <cusip>87161CAN5</cusip>
        <identifiers>
          <isin value="US87161CAN56"/>
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        <balance>1847500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1846850.38000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC STACR REMIC Trust</name>
        <lei>529900N6M839KA246662</lei>
        <title>FHLMC STACR REMIC Trust, Series 2024-DNA1, Class M1</title>
        <cusip>35564NAX1</cusip>
        <identifiers>
          <isin value="US35564NAX12"/>
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        <balance>299423.39000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301020.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.65517160</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oportun Issuance Trust</name>
        <lei>N/A</lei>
        <title>Oportun Issuance Trust, Series 2024-1A, Class B</title>
        <cusip>68377JAC4</cusip>
        <identifiers>
          <isin value="US68377JAC45"/>
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        <balance>155964.44000000</balance>
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        <curCd>USD</curCd>
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        <name>AES Corp. (The)</name>
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        <name>DB Master Finance LLC</name>
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        <name>FHLMC</name>
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        <name>Synchrony Financial</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <name>ACM Auto Trust</name>
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        <name>FHLMC STACR REMIC Trust</name>
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        <name>Pagaya Ai Debt Grantor Trust</name>
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        <name>Eaton Vance Floating-Rate ETF</name>
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        <title>Eaton Vance Floating-Rate ETF</title>
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        <name>Celanese US Holdings LLC</name>
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        <name>HAT Holdings I LLC</name>
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        <name>MHC Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>Radnor Re Ltd.</name>
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        <title>Radnor Re Ltd., Series 2023-1, Class M1A</title>
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        <name>Oportun Issuance Trust</name>
        <lei>N/A</lei>
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        <cusip>68377GAB2</cusip>
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        <name>SoFi Consumer Loan Program Trust</name>
        <lei>N/A</lei>
        <title>SoFi Consumer Loan Program Trust, Series 2025-1, Class A</title>
        <cusip>83406YAA9</cusip>
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        <balance>693600.39000000</balance>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing LLC, Series 2024-2, Class A2</title>
        <cusip>29375RAB2</cusip>
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          <isin value="US29375RAB24"/>
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        <curCd>USD</curCd>
        <valUSD>103057.46000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Royalty Pharma plc</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma plc</title>
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          <isin value="US78081BAH69"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-02</maturityDt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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          <isin value="US902613AU26"/>
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        <balance>372000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-12</maturityDt>
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          <annualizedRt>5.71100000</annualizedRt>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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          <isin value="US83368RBV33"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506340.28000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-19</maturityDt>
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          <annualizedRt>5.51900000</annualizedRt>
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      <invstOrSec>
        <name>OneMain Financial Issuance Trust</name>
        <lei>N/A</lei>
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        <cusip>68267HAA5</cusip>
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          <isin value="US68267HAA59"/>
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        <balance>3437126.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3425235.31000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-14</maturityDt>
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          <annualizedRt>4.13000000</annualizedRt>
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      <invstOrSec>
        <name>Citadel LP</name>
        <lei>549300IPM6EKPVUPFL67</lei>
        <title>Citadel LP</title>
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          <isin value="US17288XAB01"/>
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        <balance>788000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>786278.82000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ADU8</cusip>
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          <isin value="US44891ADU88"/>
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        <balance>1048000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1054492.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
        <cusip>404280BX6</cusip>
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          <isin value="US404280BX62"/>
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        <balance>1439000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1437625.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.29200000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Auxilior Term Funding LLC</name>
        <lei>N/A</lei>
        <title>Auxilior Term Funding LLC, Series 2024-1A, Class A2</title>
        <cusip>05335FAB7</cusip>
        <identifiers>
          <isin value="US05335FAB76"/>
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        <balance>481184.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>483722.28000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.84000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>Sprint LLC</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>Sprint LLC</title>
        <cusip>85207UAK1</cusip>
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          <isin value="US85207UAK16"/>
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        <balance>480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>484644.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2024-33, Class KF</title>
        <cusip>3136BSFC4</cusip>
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          <isin value="US3136BSFC49"/>
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        <balance>302544.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>303578.63000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PBT2</cusip>
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        <balance>2293000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.04500000</annualizedRt>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040HCU7</cusip>
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          <isin value="US14040HCU77"/>
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        <balance>465000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-24</maturityDt>
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      <invstOrSec>
        <name>Theorem Funding Trust</name>
        <lei>N/A</lei>
        <title>Theorem Funding Trust, Series 2022-2A, Class B</title>
        <cusip>88339FAB9</cusip>
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          <isin value="US88339FAB94"/>
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        <balance>90000.00000000</balance>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
        <cusip>89788MAH5</cusip>
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          <isin value="US89788MAH51"/>
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        <balance>2713000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-28</maturityDt>
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      <invstOrSec>
        <name>Algonquin Power &amp; Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp.</title>
        <cusip>015857AF2</cusip>
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        <balance>1642000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.36500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Reach Abs Trust</name>
        <lei>N/A</lei>
        <title>Reach Abs Trust, Series 2024-1A, Class A</title>
        <cusip>75526PAA9</cusip>
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          <isin value="US75526PAA93"/>
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        <balance>60507.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60655.42000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
        <cusip>12803RAB0</cusip>
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          <isin value="US12803RAB06"/>
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        <balance>1990000.00000000</balance>
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        <name>Tricon Residential Trust</name>
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        <name>Theorem Funding Trust</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>ING Groep NV</name>
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        <name>Octane Receivables Trust</name>
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        <name>Extended Stay America Trust</name>
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        <name>Fifth Third Bank NA</name>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650CL2</cusip>
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          <isin value="US126650CL25"/>
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        <balance>860000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>859354.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Prodigy Finance DAC</name>
        <lei>635400HTAZNW3LYYMQ40</lei>
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        <cusip>742855AA7</cusip>
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          <isin value="US742855AA76"/>
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        <balance>784531.91000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-25</maturityDt>
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      <invstOrSec>
        <name>Reach ABS Trust</name>
        <lei>N/A</lei>
        <title>Reach ABS Trust, Series 2025-1A, Class A</title>
        <cusip>75525PAA0</cusip>
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          <isin value="US75525PAA03"/>
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        <balance>530783.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>530912.79000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.96000000</annualizedRt>
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      <invstOrSec>
        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A4A6</cusip>
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          <isin value="US04685A4A66"/>
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        <balance>679000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>682064.93000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.86000000</annualizedRt>
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      <invstOrSec>
        <name>PNC Bank NA</name>
        <lei>AD6GFRVSDT01YPT1CS68</lei>
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          <isin value="US69353RFX17"/>
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        <curCd>USD</curCd>
        <valUSD>1061839.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.77500000</annualizedRt>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>490484.96000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oportun Funding Trust</name>
        <lei>N/A</lei>
        <title>Oportun Funding Trust, Series 2024-3, Class A</title>
        <cusip>68377NAA9</cusip>
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          <isin value="US68377NAA90"/>
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        <balance>208871.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208957.71000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.26000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wendy's Funding LLC</name>
        <lei>5493009DRVSTWJOXUL48</lei>
        <title>Wendy's Funding LLC, Series 2019-1A, Class A2I</title>
        <cusip>95058XAG3</cusip>
        <identifiers>
          <isin value="US95058XAG34"/>
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        <balance>513234.15000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506619.43000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.78300000</annualizedRt>
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      <invstOrSec>
        <name>American National Group, Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American National Group, Inc.</title>
        <cusip>025676AM9</cusip>
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          <isin value="US025676AM95"/>
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        <balance>1645000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1652306.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FHF Issuer Trust</name>
        <lei>N/A</lei>
        <title>FHF Issuer Trust, Series 2023-2A, Class A2</title>
        <cusip>30333LAB4</cusip>
        <identifiers>
          <isin value="US30333LAB45"/>
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        <balance>87681.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88948.97000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DB Master Finance LLC</name>
        <lei>549300F17UZJL70BPB08</lei>
        <title>DB Master Finance LLC, Series 2019-1A, Class A2II</title>
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        <balance>315737.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>313139.20000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.02100000</annualizedRt>
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      <invstOrSec>
        <name>Research-Driven Pagaya Motor Asset Trust</name>
        <lei>N/A</lei>
        <title>Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class A</title>
        <cusip>76089YAA7</cusip>
        <identifiers>
          <isin value="US76089YAA73"/>
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        <balance>906961.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>905673.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.04400000</annualizedRt>
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        <name>US Bank NA</name>
        <lei>6BYL5QZYBDK8S7L73M02</lei>
        <title>US Bank NA</title>
        <cusip>90331HPS6</cusip>
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          <isin value="US90331HPS66"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.73000000</annualizedRt>
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      <invstOrSec>
        <name>Pagaya AI Debt Grantor Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2</title>
        <cusip>69544NAB3</cusip>
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          <isin value="US69544NAB38"/>
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        <balance>599948.76000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15600000</annualizedRt>
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      <invstOrSec>
        <name>Cajun Global LLC</name>
        <lei>N/A</lei>
        <title>Cajun Global LLC, Series 2021-1, Class A2</title>
        <cusip>12803VAA3</cusip>
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          <isin value="US12803VAA35"/>
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        <balance>621298.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>608614.13000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 5410, Class FE</title>
        <cusip>3137HCV82</cusip>
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          <isin value="US3137HCV827"/>
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        <balance>173274.59000000</balance>
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        <curCd>USD</curCd>
        <valUSD>173691.67000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.40516960</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397C43</cusip>
        <identifiers>
          <isin value="US345397C437"/>
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        <balance>1505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1519727.37000000</valUSD>
        <pctVal>0.703538854760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KBS8</cusip>
        <identifiers>
          <isin value="US65339KBS87"/>
        </identifiers>
        <balance>1305000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1306969.11000000</valUSD>
        <pctVal>0.605045068613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.74900000</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>Oportun Funding Trust</name>
        <lei>N/A</lei>
        <title>Oportun Funding Trust, Series 2024-3, Class B</title>
        <cusip>68377NAB7</cusip>
        <identifiers>
          <isin value="US68377NAB73"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150208.65000000</valUSD>
        <pctVal>0.069537223374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.48000000</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 Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust, Series 2022-CSMO, Class A</title>
        <cusip>05610MAA0</cusip>
        <identifiers>
          <isin value="US05610MAA09"/>
        </identifiers>
        <balance>415000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>418135.33000000</valUSD>
        <pctVal>0.193570542328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.42656160</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>Crossroads Asset Trust</name>
        <lei>N/A</lei>
        <title>Crossroads Asset Trust, Series 2025-A, Class A2</title>
        <cusip>22767VAB4</cusip>
        <identifiers>
          <isin value="US22767VAB45"/>
        </identifiers>
        <balance>2150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2156844.74000000</valUSD>
        <pctVal>0.998484404656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.91000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Radian Group, Inc.</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group, Inc.</title>
        <cusip>750236AW1</cusip>
        <identifiers>
          <isin value="US750236AW16"/>
        </identifiers>
        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1301669.71000000</valUSD>
        <pctVal>0.602591777398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>Swedbank AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>Swedbank AB</title>
        <cusip>87020PAX5</cusip>
        <identifiers>
          <isin value="US87020PAX50"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>715203.57000000</valUSD>
        <pctVal>0.331094583469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13600000</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>Synchrony Bank</name>
        <lei>549300UATVPGSLE43Z27</lei>
        <title>Synchrony Bank</title>
        <cusip>87166FAD5</cusip>
        <identifiers>
          <isin value="US87166FAD50"/>
        </identifiers>
        <balance>1103000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1102812.10000000</valUSD>
        <pctVal>0.510533124009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</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>ACHV ABS Trust</name>
        <lei>N/A</lei>
        <title>ACHV ABS Trust, Series 2024-3AL, Class B</title>
        <cusip>00092KAB0</cusip>
        <identifiers>
          <isin value="US00092KAB08"/>
        </identifiers>
        <balance>87156.56000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>87723.87000000</valUSD>
        <pctVal>0.040610672843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-26</maturityDt>
          <couponKind>Fixed</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Francis J. Smith</ncom:signature>
      <ncom:signerName>Francis J. Smith</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
