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        <name>Freddie Mac</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>ESKOM HOLDINGS SOC LTD</name>
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        <title>Williams Cos Inc/The</title>
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        <title>United States Treasury Strip Coupon</title>
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        <name>arbor multifamily mortgage sec</name>
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          <isin value="US03882KAA07"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC 2022-RPL4 Trust</title>
        <cusip>12663TAA7</cusip>
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          <isin value="US12663TAA79"/>
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        <balance>76367.80000000</balance>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCC Trust</name>
        <lei>N/A</lei>
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          <isin value="US74970WAG50"/>
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        <balance>480000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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          <ticker value="N/A"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Carlyle C17 CLO</name>
        <lei>N/A</lei>
        <title>Carlyle C17 CLO Ltd</title>
        <cusip>14307PAC9</cusip>
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          <isin value="US14307PAC95"/>
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        <balance>57767.76000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57800.80000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-30</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>254900FMI2GPXLO84795</lei>
        <title>Towd Point Mortgage Trust 2025-CES1</title>
        <cusip>89183HAA2</cusip>
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          <isin value="US89183HAA23"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500982.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70500000</annualizedRt>
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      <invstOrSec>
        <name>Elmwood CLO 29 Ltd</name>
        <lei>N/A</lei>
        <title>Elmwood CLO 29 Ltd</title>
        <cusip>289913AC9</cusip>
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          <isin value="US289913AC92"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.78947000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Greywolf CLO Ltd</name>
        <lei>5493006V5AX99BBCEZ73</lei>
        <title>GREYWOLF CLO VI Ltd</title>
        <cusip>39809GAA3</cusip>
        <identifiers>
          <isin value="US39809GAA31"/>
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        <balance>63459.35000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63397.00000000</valUSD>
        <pctVal>0.013722723829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.57423000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trus</name>
        <lei>254900UJENIYH5UEYD42</lei>
        <title>BRAVO Residential Funding Trust 2024-CES1</title>
        <cusip>10570NAA6</cusip>
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          <isin value="US10570NAA63"/>
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        <balance>387369.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>391278.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>EDISON INTERNATIONAL</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International</title>
        <cusip>281020AY3</cusip>
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          <isin value="US281020AY36"/>
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        <balance>130000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PETROLEOS MEXICANOS</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
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          <isin value="US71654QCK67"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>WFCM Commercial Mortgage Trust 2024-GRP</title>
        <cusip>95003YAE2</cusip>
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          <isin value="US95003YAE23"/>
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        <balance>275000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>MINERAL RESOURCES LTD</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>Mineral Resources Ltd</title>
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          <isin value="US603051AE37"/>
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        <invCountry>AU</invCountry>
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        <name>BANK5 2024-5YR9</name>
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        <title>BANK5 2024-5YR9</title>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <title>CURRENCY CONTRACT - EUR</title>
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      <invstOrSec>
        <name>Ocean Trails CLO</name>
        <lei>254900R3RT6TSDP3UQ20</lei>
        <title>Ocean Trails Clo XVI Ltd</title>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>WCORE Commercial Mortgage Trus</name>
        <lei>N/A</lei>
        <title>WCORE Commercial Mortgage Trust 2024-CORE</title>
        <cusip>951913AG7</cusip>
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          <isin value="US951913AG77"/>
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        <balance>780000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>AKER BP ASA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JBS USA SARL/FOOD/GRP</name>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
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      <invstOrSec>
        <name>Ballyrock Ltd</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
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        <title>Wells Fargo Commercial Mortgage Trust 2016-C35</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RPM INTERNATIONAL INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citibank, National Association</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>AKER BP ASA</name>
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        <title>Aker BP ASA</title>
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        <name>COLT Funding LLC</name>
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        <name>BELLIS ACQUISITION CO PL</name>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>Government National Mortgage A</name>
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        <title>Ginnie Mae II Pool</title>
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        <name>FISERV INC</name>
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        <title>Fiserv Inc</title>
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        <name>ROCC Trust</name>
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        <title>ROCK Trust 2024-CNTR</title>
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        <name>Freddie Mac</name>
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        <name>Lugo Funding DAC</name>
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        <name>Avis Budget Rental Car Funding</name>
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        <name>UNITED WHOLESALE MTGE LL</name>
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        <name>IP 2025-IP Mortgage Trust</name>
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        <name>Government National Mortgage A</name>
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        <name>Wells Fargo Commercial Mortgag</name>
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        <name>BNP PARIBAS</name>
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        <name>STRIPS</name>
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        <title>United States Treasury Strip Coupon</title>
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        <name>KONTOOR BRANDS INC</name>
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        <name>BNP PARIBAS</name>
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        <name>Affirm Inc</name>
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        <title>Citigroup Inc</title>
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        <name>Freddie Mac</name>
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        <name>CROWN CASTLE INC</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
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        <name>ONEOK INC</name>
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        <title>ONEOK Inc</title>
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          <maturityDt>2049-09-01</maturityDt>
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        <name>JEFFERIES FIN GROUP INC</name>
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        <title>Jefferies Financial Group Inc</title>
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        <balance>120000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>VIATRIS INC</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>Viatris Inc</title>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>SMYRNA READY MIX CONCRET</name>
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        <name>APTARGROUP INC</name>
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        <name>JACOBS ENGINEERING GROUP</name>
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        <title>Jacobs Engineering Group Inc</title>
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      <invstOrSec>
        <name>One New York Plaza Trust 2020-</name>
        <lei>N/A</lei>
        <title>One New York Plaza Trust 2020-1NYP</title>
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        <name>Affirm Inc</name>
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        <name>ANTERO MIDSTREAM PART/FI</name>
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        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <name>JEFFERSON MILL CLO LTD</name>
        <lei>549300RV1TCF15DHXS87</lei>
        <title>Jefferson Mill CLO Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RFR Trust</name>
        <lei>N/A</lei>
        <title>RFR Trust 2025-SGRM</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Towd Point Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ANTERO RESOURCES CORP</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust</title>
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          <isin value="US89182FAA75"/>
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        <balance>66228.85000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IVORY COAST</name>
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        <title>Ivory Coast Government International Bond</title>
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          <isin value="XS1793329225"/>
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        <invCountry>CI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWD344"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Diamond Sports Net, LLC</name>
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          <isin value="US25277EAB83"/>
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        <balance>6737.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6046.98000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PETROLEOS MEXICANOS</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
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          <isin value="US71654QCG55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FISERV INC</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv Inc</title>
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          <isin value="US337738BD90"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DELTA AIR LINES/SKYMILES</name>
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        <title>Delta Air Lines Inc / SkyMiles IP Ltd</title>
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          <isin value="US830867AB33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBER TECHNOLOGIES INC</name>
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        <title>Uber Technologies Inc</title>
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        <name>BARCLAYS PLC</name>
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        <title>Barclays PLC</title>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <name>MAVIS TIRE EXPRESS SERVI</name>
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        <title>Mavis Tire Express Services Topco Corp</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Carlyle Global Market Strategi</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <balance>534000.00000000</balance>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <name>Citibank, National Association</name>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <name>Citibank, National Association</name>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank, National Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Citibank, National Association</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>MORGAN STANLEY</issuerName>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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                <issuerName>IHS MARKIT LTD</issuerName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
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        <title>CURRENCY CONTRACT - CLP</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <balance>-267000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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                    <invOthCountry>US</invOthCountry>
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                  <amtCurSold>N/A</amtCurSold>
                  <curSold>BRL</curSold>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>CDS UNITEDHEALTH GROUP INC</title>
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        <balance>1.00000000</balance>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <cusip>000000000</cusip>
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        <curCd>USD</curCd>
        <valUSD>-9546.60000000</valUSD>
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        <securityLending>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>USD</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>COP</curPur>
                  <settlementDt>2025-06-05</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>0.01000000</principalAmt>
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            <exercisePrice>5200.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-05</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-3.33000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank, National Association</name>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTZAR__00051284"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3669.55000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank, National Association</counterpartyName>
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            <amtCurSold>-90000.00000000</amtCurSold>
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            <unrealizedAppr>3669.55000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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          <ticker value="N/A"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-121.42000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
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            <amtCurSold>-9748442.50000000</amtCurSold>
            <curSold>PHP</curSold>
            <amtCurPur>174500.00000000</amtCurPur>
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            <unrealizedAppr>-121.42000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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          <other otherDesc="INTERNAL" value="B8ADXSKF0"/>
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        <balance>-3910000.00000000</balance>
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        <descOthUnits>OTHER</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-1275.96000000</valUSD>
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        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                    <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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                  </counterparties>
                  <derivAddlInfo>
                    <name>GOLDMAN SACHS INTERNATIONAL</name>
                    <lei>W22LROWP2IHZNBB6K528</lei>
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                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="B8ADXSKF0SO"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DCR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>GB</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>IHS MARKIT LTD</issuerName>
                      <issueTitle>CDX.NA.IG.44.V1</issueTitle>
                      <identifiers>
                        <cusip value="000000000"/>
                        <other otherDesc="INTERNAL" value="2I65BYEH4_INDEX_US"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
                  <otherPmntDesc fixedOrFloating="Other">Default Event</otherPmntDesc>
                  <terminationDt>2030-06-30</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>USD</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>N/A</notionalAmt>
                  <curCd>N/A</curCd>
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              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>0.01000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>80.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1891.14000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>USD CALL VERSUS JPY PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="B8ADYGHW2"/>
        </identifiers>
        <balance>277000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>0.61000000</valUSD>
        <pctVal>0.000000132038</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <fwdDeriv derivCat="FWD">
                  <counterparties>
                    <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
                    <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>GOLDMAN SACHS INTERNATIONAL</name>
                    <lei>W22LROWP2IHZNBB6K528</lei>
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                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="467963_B8ADYGHW2_GSILGB2_S"/>
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                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>GB</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>USD</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>CNY</curPur>
                  <settlementDt>2025-06-30</settlementDt>
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            </descRefInstrmnt>
            <principalAmt>0.01000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>165.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>0.60000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>EUR CALL VERSUS PLN PUT</title>
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        <identifiers>
          <other otherDesc="Internal" value="B8ADX3FD6"/>
        </identifiers>
        <balance>-236000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88070750"/>
        <valUSD>-2107.49000000</valUSD>
        <pctVal>-0.00045618094</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <fwdDeriv derivCat="FWD">
                  <counterparties>
                    <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
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                  <derivAddlInfo>
                    <name>CITIBANK, NATIONAL ASSOCIATION</name>
                    <lei>E57ODZWZ7FF32TWEFA76</lei>
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                    <identifiers>
                      <other otherDesc="INTERNAL" value="467963_B8ADX3FD6_CITIGB2_B"/>
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                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="PLN" exchangeRt="0.00000000"/>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>EUR</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>PLN</curPur>
                  <settlementDt>2025-06-20</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>0.01000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>4.25000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2025-06-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>312.34000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>CDS REPUBLIC OF GREECE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="B8ADGPJR1"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1678.68000000</valUSD>
        <pctVal>0.000363362020</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>HELLENIC REPUBLIC GOVERNMENT BOND</issuerName>
                <issueTitle>HELLENIC REPUBLIC GOVERNMENT BOND</issueTitle>
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                  <cusip value="000000000"/>
                  <isin value="GR0118019679"/>
                  <other otherDesc="SEDOL" value="BK8QFN7"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Default Event</otherPmntDesc>
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            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-95000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>316.97000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00053331"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>16831.85000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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            <amtCurSold>-9004801.79000000</amtCurSold>
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            <amtCurPur>1591235.52000000</amtCurPur>
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            <settlementDt>2025-06-03</settlementDt>
            <unrealizedAppr>16831.85000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <cusip>000000000</cusip>
        <identifiers>
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        <balance>4700000.00000000</balance>
        <units>OU</units>
        <descOthUnits>OTHER</descOthUnits>
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        <pctVal>0.002275720570</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <counterparties>
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                  <derivAddlInfo>
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                    <balance>0.00000000</balance>
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                    <curCd>USD</curCd>
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                    <assetCat>DCR</assetCat>
                    <issuerCat>CORP</issuerCat>
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                  <otherRecDesc fixedOrFloating="Other">Default Event</otherRecDesc>
                  <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
                  <terminationDt>2035-08-20</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>USD</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>N/A</notionalAmt>
                  <curCd>N/A</curCd>
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              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>0.01000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>62.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>878.50000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>INR CALL VERSUS USD PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="B8ADEMDD7"/>
        </identifiers>
        <balance>1260000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>267.68000000</valUSD>
        <pctVal>0.000057941207</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Government National Mortgage A</name>
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        <name>Fannie Mae</name>
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        <name>Government National Mortgage A</name>
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        <name>MHC Commercial Mortgage Trust</name>
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        <name>JPMDB Commercial Mortgage Secu</name>
        <lei>N/A</lei>
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          <isin value="US46652JAX00"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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          <ticker value="TYU5"/>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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                <issuerName>US TREASURY N/B</issuerName>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-01</maturityDt>
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        <name>Tikehau US CLO Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRONTIER COMMUNICATIONS</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Madison Park Funding Ltd</name>
        <lei>N/A</lei>
        <title>Madison Park Funding XXXVIII Ltd</title>
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          <isin value="US55821KAC09"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250295.05000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-17</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ELEVANCE HEALTH INC</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health Inc</title>
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        <balance>745000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>694383.32000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>VOYAGER PARENT LLC</name>
        <lei>2549002DYVI4ACSV4V71</lei>
        <title>Voyager Parent LLC</title>
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          <isin value="US92921EAA01"/>
          <other otherDesc="SEDOL" value="BVK4MV3"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>175516.01000000</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>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS Mortgage-Backed Securities</name>
        <lei>254900W4Z6DJOVCWAH28</lei>
        <title>GS Mortgage-Backed Securities Trust 2024-HE2</title>
        <cusip>36271AAA1</cusip>
        <identifiers>
          <isin value="US36271AAA16"/>
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        <balance>338620.69000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338821.42000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-PAT</title>
        <cusip>05612FAA3</cusip>
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          <isin value="US05612FAA30"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>VIKING CRUISES LTD</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>Viking Cruises Ltd</title>
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          <other otherDesc="SEDOL" value="BFB5M46"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49974.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2021-B28 Mortgage Trust</title>
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          <isin value="US08163GAQ38"/>
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        <balance>273292.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>266036.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>CURRENCY CONTRACT - CLP</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="CCTCLP__00049555"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>919.97000000</valUSD>
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        <name>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
        <cusip>01F030678</cusip>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>425390.09000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <name>PIONEER NATURAL RESOURCE</name>
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        <title>Pioneer Natural Resources Co</title>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109469.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>AMERICAN AIRLINES/AADVAN</name>
        <lei>N/A</lei>
        <title>American Airlines Inc/AAdvantage Loyalty IP Ltd</title>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147160.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUNOCO LP/FINANCE CORP</name>
        <lei>N/A</lei>
        <title>Sunoco LP / Sunoco Finance Corp</title>
        <cusip>86765KAA7</cusip>
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          <other otherDesc="SEDOL" value="BS9C0C4"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>231208.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DCP MIDSTREAM OPERATING</name>
        <lei>549300Y6CTBSE0QIPL28</lei>
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          <isin value="US23311VAJ61"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>549911.69000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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      <invstOrSec>
        <name>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
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          <isin value="US01F0206619"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-15</maturityDt>
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      <invstOrSec>
        <name>APTIV SWISS HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>Aptiv Swiss Holdings Ltd</title>
        <cusip>03837AAA8</cusip>
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          <isin value="US03837AAA88"/>
          <other otherDesc="SEDOL" value="BRV1WV5"/>
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        <balance>585000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COREWEAVE INC</name>
        <lei>984500511DP2B6186053</lei>
        <title>CoreWeave Inc</title>
        <cusip>21873SAB4</cusip>
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          <isin value="US21873SAB43"/>
          <other otherDesc="SEDOL" value="BVF9138"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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      <invstOrSec>
        <name>ADAPTHEALTH LLC</name>
        <lei>N/A</lei>
        <title>AdaptHealth LLC</title>
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          <isin value="US00653VAA98"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VENTURE GLOBAL LNG INC</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG Inc</title>
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          <isin value="US92332YAF88"/>
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        <balance>505000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <title>MXN CALL VERSUS USD PUT</title>
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        <balance>-133000.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>RHP HOTEL PPTY/RHP FINAN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIV OF CALIFORNIA CA RGTS MED</name>
        <lei>N/A</lei>
        <title>Regents of the University of California Medical Center Pooled Revenue</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-15</maturityDt>
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      <invstOrSec>
        <name>NRG ENERGY INC</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy Inc</title>
        <cusip>629377CQ3</cusip>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
        <lei>N/A</lei>
        <title>RCKT Mortgage Trust 2024-CES7</title>
        <cusip>749414AA6</cusip>
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          <isin value="US749414AA67"/>
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        <balance>351068.94000000</balance>
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        <curCd>USD</curCd>
        <valUSD>349348.42000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Tikehau</name>
        <lei>6354006QUI9OYIL7LT78</lei>
        <title>Tikehau CLO XIII DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3006147287"/>
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        <balance>2250000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88070750"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BELRON UK FINANCE PLC</name>
        <lei>9845006BC9D1A77B8178</lei>
        <title>Belron UK Finance PLC</title>
        <cusip>080782AA3</cusip>
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          <isin value="US080782AA38"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LPL HOLDINGS INC</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
        <title>LPL Holdings Inc</title>
        <cusip>50212YAJ3</cusip>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>177908.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Park Avenue Institutional Advi</name>
        <lei>N/A</lei>
        <title>Park Avenue Institutional Advisers CLO Ltd 2018-1</title>
        <cusip>70016RAL9</cusip>
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          <isin value="US70016RAL96"/>
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        <balance>8328.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8324.22000000</valUSD>
        <pctVal>0.001801835609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.53108000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Affirm Master Trust</name>
        <lei>N/A</lei>
        <title>Affirm Master Trust</title>
        <cusip>00833BAA6</cusip>
        <identifiers>
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        <name>Bank5</name>
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        <name>Fannie Mae</name>
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        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
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        <name>Anchorage Capital CLO LTD</name>
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        <title>Anchorage Capital CLO 25 Ltd</title>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>Fannie Mae</name>
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        <name>Taubman Centers Commercial Mor</name>
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        <name>Barrow Hanley CLO LTD</name>
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      </invstOrSec>
      <invstOrSec>
        <name>ONEOK INC</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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          <ticker value="SFRZ5P96.25"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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                  <payOffProf>Short</payOffProf>
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                    <otherRefInst>
                      <issuerName>THE SECURED OVERNIGHT FINANCING RATE</issuerName>
                      <issueTitle>THE SECURED OVERNIGHT FINANCING RATE</issueTitle>
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                        <cusip value="000000000"/>
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                  <expDate>2026-03-17</expDate>
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            <shareNo>2500.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-1238.10000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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          <other otherDesc="Internal" value="B8ADXL8D4"/>
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        <balance>-243000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <putOrCall>Call</putOrCall>
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                    <invCountry>US</invCountry>
                    <invOthCountry>US</invOthCountry>
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                  <amtCurSold>N/A</amtCurSold>
                  <curSold>EUR</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>MXN</curPur>
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            <exercisePriceCurCd>EUR</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>74.31000000</unrealizedAppr>
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      <invstOrSec>
        <name>BX Trust</name>
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          <isin value="US05613QAA85"/>
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        <balance>479590.08000000</balance>
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        <curCd>USD</curCd>
        <valUSD>480039.70000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STRIPS</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Strip Coupon</title>
        <cusip>912834PT9</cusip>
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          <isin value="US912834PT99"/>
          <other otherDesc="SEDOL" value="BPSP3C4"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19093.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>AGCO CORP</name>
        <lei>LYOM0B2GCF1JWXK5ZG04</lei>
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          <isin value="US001084AR30"/>
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        <balance>120000.00000000</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>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GLOBAL PLAQUE</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>Venture Global Plaquemines LNG LLC</title>
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          <isin value="US922966AB20"/>
          <other otherDesc="SEDOL" value="BV8H0F4"/>
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        <balance>62000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65336.83000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partne</name>
        <lei>N/A</lei>
        <title>PRET 2025-NPL1 Trust</title>
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          <isin value="US74143VAA26"/>
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        <balance>657693.81000000</balance>
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        <curCd>USD</curCd>
        <valUSD>657249.27000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FREEDOM MORTGAGE HOLD</name>
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        <title>Freedom Mortgage Holdings LLC</title>
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          <other otherDesc="SEDOL" value="BRXZ5C7"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79263.31000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWC924"/>
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        <balance>551843.67000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
        <lei>N/A</lei>
        <title>RCKT Mortgage Trust 2024-CES9</title>
        <cusip>749426AA0</cusip>
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          <isin value="US749426AA06"/>
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        <balance>375575.35000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ONEOK PARTNERS LP</name>
        <lei>T4DHW82NMF6BXJT50795</lei>
        <title>ONEOK Partners LP</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
        <cusip>01F052664</cusip>
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        <balance>4000000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>USD CALL VERSUS COP PUT</title>
        <cusip>000000000</cusip>
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        <balance>534000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <writtenOrPur>Purchased</writtenOrPur>
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                    <name>HSBC BANK PLC</name>
                    <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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                    <cusip>000000000</cusip>
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                    <balance>0.00000000</balance>
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      </invstOrSec>
      <invstOrSec>
        <name>BIMBO BAKERIES USA INC</name>
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        <title>Bimbo Bakeries USA Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>H&amp;E EQUIPMENT SERVICES</name>
        <lei>254900KVLRCDMQRYY541</lei>
        <title>H&amp;E Equipment Services Inc</title>
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          <isin value="US404030AJ72"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Greensky Home Improvement Issu</name>
        <lei>N/A</lei>
        <title>GreenSky Home Improvement Trust 2024-1</title>
        <cusip>39571MAD0</cusip>
        <identifiers>
          <isin value="US39571MAD02"/>
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        <balance>57028.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58005.30000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.67000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWEL37"/>
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        <balance>314978.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>305498.33000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OneMain Direct Auto Receivable</name>
        <lei>N/A</lei>
        <title>OneMain Direct Auto Receivables Trust 2025-1</title>
        <cusip>682684AB1</cusip>
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          <isin value="US682684AB13"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>816223.52000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UNUM GROUP</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>Unum Group</title>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <title>CURRENCY CONTRACT - BRL</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTBRL__00051246"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4257.19000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>WYNN MACAU LTD</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd</title>
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          <isin value="US98313RAD89"/>
          <other otherDesc="SEDOL" value="BFB5MD5"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>196312.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>BMO Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BMO 2024-5C6 Mortgage Trust</title>
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          <isin value="US05593QAC87"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bluemountain CLO Ltd</name>
        <lei>N/A</lei>
        <title>BlueMountain CLO XXXI Ltd</title>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>TRI POINTE HOMES INC</name>
        <lei>N/A</lei>
        <title>Tri Pointe Homes Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank5</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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      <invstOrSec>
        <name>OneMain Direct Auto Receivable</name>
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          <isin value="US682684AA30"/>
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        <name>WILLIAMS SCOTSMAN INC</name>
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        <title>Williams Scotsman Inc</title>
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        <name>BROOKFIELD RESID PROPERT</name>
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        <invCountry>CA</invCountry>
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        <name>CIM Trust</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
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          <other otherDesc="Internal" value="B8ADVKL19"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                  <derivAddlInfo>
                    <name>HSBC BANK PLC</name>
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                    <curCd>USD</curCd>
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                    <invOthCountry>US</invOthCountry>
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                  <amtCurSold>N/A</amtCurSold>
                  <curSold>USD</curSold>
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                  <curPur>COP</curPur>
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            <curCd>USD</curCd>
            <exercisePrice>4350.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>7283.39000000</unrealizedAppr>
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      <invstOrSec>
        <name>ONE Park Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ONE 2021-PARK Mortgage Trust</title>
        <cusip>682413AG4</cusip>
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          <isin value="US682413AG40"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
          <annualizedRt>5.94348000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>549300818AKCJ4Q9TD76</lei>
        <title>CSMC 2014-USA OA LLC</title>
        <cusip>12649AAC3</cusip>
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          <isin value="US12649AAC36"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>232500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
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          <isin value="US55336VAT70"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48311.46000000</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>2049-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CAMELOT RETURN MERGER SU</name>
        <lei>N/A</lei>
        <title>Camelot Return Merger Sub Inc</title>
        <cusip>13323NAA0</cusip>
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          <isin value="US13323NAA00"/>
          <other otherDesc="SEDOL" value="BP4V0D6"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>155016.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GEN DIGITAL INC</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital Inc</title>
        <cusip>668771AM0</cusip>
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          <isin value="US668771AM05"/>
          <other otherDesc="SEDOL" value="BRXB086"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50572.12000000</valUSD>
        <pctVal>0.010946688900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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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>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-XL4</title>
        <cusip>05611VAA9</cusip>
        <identifiers>
          <isin value="US05611VAA98"/>
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        <balance>1335227.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1336894.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.77074000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2017-COR2 Mortgage Trust</title>
        <cusip>12595EAD7</cusip>
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          <isin value="US12595EAD76"/>
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        <balance>372728.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>361580.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.51000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITEDHEALTH GROUP INC</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc</title>
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          <isin value="US91324PFK30"/>
          <other otherDesc="SEDOL" value="BPDY8C1"/>
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        <balance>1515000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1424757.15000000</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>2044-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>NEWMONT / NEWCREST FIN</name>
        <lei>N/A</lei>
        <title>Newmont Corp / Newcrest Finance Pty Ltd</title>
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          <isin value="US65163LAR06"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>353473.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CVS HEALTH CORP</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp</title>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
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      <invstOrSec>
        <name>BRIXMOR OPERATING PART</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>Brixmor Operating Partnership LP</title>
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          <isin value="US11120VAM54"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184206.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>NEW GOLD INC</name>
        <lei>5493005G0GNCHP0H6L96</lei>
        <title>New Gold Inc</title>
        <cusip>644535AJ5</cusip>
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        <balance>35000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2023-V2 Mortgage Trust</title>
        <cusip>08163TAC6</cusip>
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          <isin value="US08163TAC62"/>
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        <balance>500000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83368RBH4</cusip>
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        <balance>195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>188111.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae or Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TELEDYNE TECHNOLOGIES IN</name>
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        <name>Bank of America, National Association</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>Government National Mortgage A</name>
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        <name>CSC Holdings LLC</name>
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        <name>LEVEL 3 FINANCING INC</name>
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      <invstOrSec>
        <name>Atlas Senior Loan Fund LTD</name>
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        <name>HUNTINGTON BANCSHARES</name>
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        <name>Government National Mortgage A</name>
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        <name>Fannie Mae</name>
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        <name>Galaxy CLO Ltd</name>
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        <name>Freddie Mac</name>
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        <name>Citibank, National Association</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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      <invstOrSec>
        <name>ALTA EQUIPMENT GROUP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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      <invstOrSec>
        <name>DANSKE BANK A/S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BOEING CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <name>SOCIETE GENERALE</name>
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        <name>Citibank, National Association</name>
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        <name>AEP TEXAS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FannieMaeorFreddieMac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>STEEL DYNAMICS INC</name>
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        <name>KBC GROUP NV</name>
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        <name>AMERICAN HONDA FINANCE</name>
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        <name>BAT CAPITAL CORP</name>
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        <name>UNIV SOUTHERN CALIFORNIA</name>
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        <title>University of Southern California</title>
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        <name>Grosvenor Place CLO</name>
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        <name>MGM RESORTS INTL</name>
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        <title>MGM Resorts International</title>
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        <name>FORD MOTOR CREDIT CO LLC</name>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LINDBLAD EXPEDITIONS LLC</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>Cross Mortgage Trust</name>
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        <name>COMMONSPIRIT HEALTH</name>
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        <name>Ellington Financial Mortgage T</name>
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        <name>Tricon Residential</name>
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        <name>EG GLOBAL FINANCE PLC</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Aurium CLO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROMANIA</name>
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        <title>Romanian Government International Bond</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANCO SANTANDER SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ONEMAIN FINANCE CORP</name>
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        <title>OneMain Finance Corp</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MPT OPER PARTNERSP/FINL</name>
        <lei>N/A</lei>
        <title>MPT Operating Partnership LP / MPT Finance Corp</title>
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          <isin value="US55342UAH77"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOEING CO</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co/The</title>
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        <balance>280000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-01</maturityDt>
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        <name>SHIRE ACQ INV IRELAND DA</name>
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        <title>Shire Acquisitions Investments Ireland DAC</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</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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        <name>ABBVIE INC</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CCO HLDGS LLC/CAP CORP</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC / CCO Holdings Capital Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CANADIAN NATL RESOURCES</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CIFC Funding Ltd</name>
        <lei>635400A7PBKNR7KBOY58</lei>
        <title>CIFC Funding 2018-II Ltd</title>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2021-B26 Mortgage Trust</title>
        <cusip>08163EBJ3</cusip>
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        <balance>18164000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust 2018-GS10</title>
        <cusip>36250SAD1</cusip>
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        <name>Bank5</name>
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        <name>BAUSCH HEALTH COS INC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Woodward Capital Management</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHARTER COMM OPT LLC/CAP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>1011778 BC / NEW RED FIN</name>
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        <name>Avis Budget Rental Car Funding</name>
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        <name>AEP TEXAS INC</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Shackleton CLO LTD</name>
        <lei>549300OM5GJJFIKCOZ48</lei>
        <title>Shackleton 2014-V-R CLO Ltd</title>
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          <isin value="US81881JAE29"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>601586.94000000</valUSD>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corportation Trust 2021-IP</title>
        <cusip>36262MAJ7</cusip>
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          <isin value="US36262MAJ71"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176413.03000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.99348000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418ECR9</cusip>
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          <isin value="US31418ECR99"/>
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        <balance>1385122.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1180548.15000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS INC</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc</title>
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          <isin value="US071734AN72"/>
          <other otherDesc="SEDOL" value="BLB14D9"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20406.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HERC HOLDINGS ESCROW INC</name>
        <lei>N/A</lei>
        <title>Herc Holdings Escrow Inc</title>
        <cusip>42703NAB7</cusip>
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          <isin value="US42703NAB73"/>
          <other otherDesc="SEDOL" value="BNYDKQ1"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51438.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <title>BRL CALL VERSUS USD PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="B8ADVL4N8"/>
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        <balance>-267000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-538.65000000</valUSD>
        <pctVal>-0.00011659455</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                    <name>CITIBANK, NATIONAL ASSOCIATION</name>
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                      <other otherDesc="INTERNAL" value="467963_B8ADVL4N8_CITIGB2_S"/>
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                    <units>NC</units>
                    <currencyConditional curCd="BRL" exchangeRt="0.00000000"/>
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                    <invOthCountry>US</invOthCountry>
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                  <amtCurSold>N/A</amtCurSold>
                  <curSold>BRL</curSold>
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            <exercisePrice>5.65000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>1000.77000000</unrealizedAppr>
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      <invstOrSec>
        <name>MOTOROLA SOLUTIONS INC</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
        <title>Motorola Solutions Inc</title>
        <cusip>620076BU2</cusip>
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          <isin value="US620076BU23"/>
          <other otherDesc="SEDOL" value="BN0WLH0"/>
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        <balance>1060000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>938814.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Trinitas Euro CLO</name>
        <lei>635400LWFWL9KRF4UY56</lei>
        <title>Trinitas Euro CLO VI DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2754366313"/>
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        <balance>1250000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88070750"/>
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        <pctVal>0.307837679341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.87900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOUTHERN CAL EDISON</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co</title>
        <cusip>842400HU0</cusip>
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          <isin value="US842400HU08"/>
          <other otherDesc="SEDOL" value="BQMS2G3"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111145.25000000</valUSD>
        <pctVal>0.024058166328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage S</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust 2020-C7</title>
        <cusip>05492VAH8</cusip>
        <identifiers>
          <isin value="US05492VAH87"/>
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        <balance>1019000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44080.00000000</valUSD>
        <pctVal>0.009541424143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.97067500</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>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWE25</cusip>
        <identifiers>
          <isin value="US3132DWE250"/>
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        <balance>90826.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91862.67000000</valUSD>
        <pctVal>0.019884317091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>BRIXMOR OPERATING PART</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>Brixmor Operating Partnership LP</title>
        <cusip>11120VAE3</cusip>
        <identifiers>
          <isin value="US11120VAE39"/>
          <other otherDesc="SEDOL" value="BF0BHP1"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>690849.36000000</valUSD>
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        <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>3.90000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SMITHFIELD FOODS INC</name>
        <lei>CVTIPZRZJC0JQEZLL598</lei>
        <title>Smithfield Foods Inc</title>
        <cusip>832248AZ1</cusip>
        <identifiers>
          <isin value="US832248AZ15"/>
          <other otherDesc="SEDOL" value="BD7F912"/>
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        <balance>1180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1164889.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Crown City CLO</name>
        <lei>549300TQXORNUWLBOD84</lei>
        <title>Crown City CLO II</title>
        <cusip>22823KAQ7</cusip>
        <identifiers>
          <isin value="US22823KAQ76"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249635.03000000</valUSD>
        <pctVal>0.054035247328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.60947000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EAP5</cusip>
        <identifiers>
          <isin value="US31418EAP51"/>
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        <balance>761580.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>648204.41000000</valUSD>
        <pctVal>0.140308375847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418FE45</cusip>
        <identifiers>
          <isin value="US31418FE453"/>
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        <name>Citibank, National Association</name>
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        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage S</name>
        <lei>N/A</lei>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1161003.03000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>BOYD GAMING CORP</name>
        <lei>254900787YGRYS2A1Z35</lei>
        <title>Boyd Gaming Corp</title>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VNO Mortgage Trust</name>
        <lei>N/A</lei>
        <title>VNDO Trust 2016-350P</title>
        <cusip>91831UAA5</cusip>
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          <isin value="US91831UAA51"/>
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        <balance>985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>965485.97000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80500000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWBJ1</cusip>
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          <isin value="US3132DWBJ18"/>
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        <balance>427095.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350219.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ONEOK INC</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK Inc</title>
        <cusip>682680CF8</cusip>
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          <isin value="US682680CF86"/>
          <other otherDesc="SEDOL" value="BRBVNB2"/>
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        <balance>590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>528345.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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          <isin value="US172967ML25"/>
          <other otherDesc="SEDOL" value="BKMH5R0"/>
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        <balance>990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>895623.02000000</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>2031-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.66600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>CURRENCY CONTRACT - INR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTINR__00053853"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1186.89000000</valUSD>
        <pctVal>-0.00025691063</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JPMorgan Chase Bank, National Association</counterpartyName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CNH INDUSTRIAL CAP LLC</name>
        <lei>549300PNSJ5B81UMVO28</lei>
        <title>CNH Industrial Capital LLC</title>
        <cusip>12592BAR5</cusip>
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          <isin value="US12592BAR50"/>
          <other otherDesc="SEDOL" value="BN4JNG0"/>
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        <balance>390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>399947.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>ROMANIA</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>Romanian Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2364199757"/>
          <other otherDesc="SEDOL" value="BL53JR0"/>
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        <balance>160000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88070750"/>
        <valUSD>153621.95000000</valUSD>
        <pctVal>0.033252544978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PETROLEOS MEXICANOS</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QDC3</cusip>
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          <isin value="US71654QDC33"/>
          <other otherDesc="SEDOL" value="BMBTPL5"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>467475.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.84000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WYNN RESORTS FINANCE LLC</name>
        <lei>N/A</lei>
        <title>Wynn Resorts Finance LLC / Wynn Resorts Capital Corp</title>
        <cusip>983133AD1</cusip>
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          <isin value="US983133AD10"/>
          <other otherDesc="SEDOL" value="BRBQDX9"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34624.24000000</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>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>CENTURY COMMUNITIES</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>Century Communities Inc</title>
        <cusip>156504AL6</cusip>
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          <isin value="US156504AL63"/>
          <other otherDesc="SEDOL" value="BK20397"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
        <cusip>06051GKD0</cusip>
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          <other otherDesc="SEDOL" value="BNTG8M7"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>585629.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.57200000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DV6U4</cusip>
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          <isin value="US3132DV6U44"/>
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        <balance>469236.63000000</balance>
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        <curCd>USD</curCd>
        <valUSD>386568.36000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>DIAMOND SPORTS GRP LLC- CS</name>
        <lei>N/A</lei>
        <title>DIAMOND SPORTS GRP LLC- CS</title>
        <cusip>000000000</cusip>
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          <ticker value="DSPORT"/>
          <other otherDesc="INTERNAL" value="B8AC5MQN3"/>
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        <balance>1016.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14435.33000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QPKN6</cusip>
        <identifiers>
          <isin value="US3140QPKN64"/>
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        <balance>390244.86000000</balance>
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        <curCd>USD</curCd>
        <valUSD>348131.82000000</valUSD>
        <pctVal>0.075355566070</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES / NOTE</name>
        <lei>N/A</lei>
        <title>VICI Properties LP / VICI Note Co Inc</title>
        <cusip>92564RAJ4</cusip>
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          <isin value="US92564RAJ41"/>
          <other otherDesc="SEDOL" value="BMGMNJ3"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1010319.38000000</valUSD>
        <pctVal>0.218690692485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DISH DBS CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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        <balance>755000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mcafee Corp</name>
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        <payoffProfile>Long</payoffProfile>
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      <invstOrSec>
        <name>MPT OPER PARTNERSP/FINL</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <balance>464561.86000000</balance>
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        <name>LHOME Mortgage Trust</name>
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        <name>RELX CAPITAL INC</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418D6B3</cusip>
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        <balance>518479.29000000</balance>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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      <invstOrSec>
        <name>ROCKFORD TOWER EUROPE CLO</name>
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        <title>Rockford Tower Europe CLO 2018-1 DAC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>AMGEN INC</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen Inc</title>
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          <isin value="US031162DS61"/>
          <other otherDesc="SEDOL" value="BMTY5V2"/>
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        <balance>205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>198672.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-02</maturityDt>
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          <annualizedRt>5.60000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>DCP MIDSTREAM OPERATING</name>
        <lei>549300Y6CTBSE0QIPL28</lei>
        <title>DCP Midstream Operating LP</title>
        <cusip>23311RAA4</cusip>
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          <isin value="US23311RAA41"/>
          <other otherDesc="SEDOL" value="B4K4RG4"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>318165.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XFE1</cusip>
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          <isin value="US37045XFE13"/>
          <other otherDesc="SEDOL" value="BPJL5N6"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225597.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SEMPRA</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BM0</cusip>
        <identifiers>
          <isin value="US816851BM02"/>
          <other otherDesc="SEDOL" value="BMVVWC1"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113559.37000000</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>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2025-ROIC</title>
        <cusip>05593VAA1</cusip>
        <identifiers>
          <isin value="US05593VAA17"/>
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        <balance>1160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1151300.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.47254000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MICHIGAN ST UNIV REVENUES</name>
        <lei>N/A</lei>
        <title>Michigan State University</title>
        <cusip>594712WY3</cusip>
        <identifiers>
          <isin value="US594712WY39"/>
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        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31927.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2122-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.16500000</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>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>06738EBK0</cusip>
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          <isin value="US06738EBK01"/>
          <other otherDesc="SEDOL" value="BJMRXR9"/>
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        <balance>395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>393254.42000000</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>2030-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.08800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRIXMOR OPERATING PART</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>Brixmor Operating Partnership LP</title>
        <cusip>11120VAJ2</cusip>
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          <isin value="US11120VAJ26"/>
          <other otherDesc="SEDOL" value="BMC8VY6"/>
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        <balance>145000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138961.13000000</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>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ECHOSTAR CORP</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp</title>
        <cusip>278768AC0</cusip>
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          <isin value="US278768AC00"/>
          <other otherDesc="SEDOL" value="BR54DP1"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>930234.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <title>CDS CDX.NA.HY.44.V1</title>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>IHS MARKIT LTD</issuerName>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust 2022-A</title>
        <cusip>17330VAA4</cusip>
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          <isin value="US17330VAA44"/>
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        <balance>77730.72000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>1011778 BC / NEW RED FIN</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC / New Red Finance Inc</title>
        <cusip>68245XAT6</cusip>
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          <isin value="US68245XAT63"/>
          <other otherDesc="SEDOL" value="BMWBTG3"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SUN COMMUNITIES OPER LP</name>
        <lei>549300PUNBPJCGT6X741</lei>
        <title>Sun Communities Operating LP</title>
        <cusip>866677AH0</cusip>
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          <isin value="US866677AH07"/>
          <other otherDesc="SEDOL" value="BNNKK74"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74807.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>Capital Street Master Trust</name>
        <lei>N/A</lei>
        <title>Capital Street Master Trust</title>
        <cusip>14051LAA0</cusip>
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          <isin value="US14051LAA08"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>299831.43000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ACT2</cusip>
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          <isin value="US44891ACT25"/>
          <other otherDesc="SEDOL" value="BQS6YC1"/>
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        <balance>355000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>356834.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CF INDUSTRIES INC</name>
        <lei>5FVKT86LAD2F40NPC183</lei>
        <title>CF Industries Inc</title>
        <cusip>12527GAF0</cusip>
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          <isin value="US12527GAF00"/>
          <other otherDesc="SEDOL" value="BKL56K5"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126150.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Fannie Mae</name>
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        <name>MORGAN STANLEY</name>
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      <invstOrSec>
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        <name>Freddie Mac</name>
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        <name>UNIV OF MICHIGAN MI</name>
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        <name>ORACLE CORP</name>
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        <name>EG GLOBAL FINANCE PLC</name>
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        <name>NYC Commercial Mortgage Trust</name>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>BANCO SANTANDER SA</name>
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        <name>CLEVELAND-CLIFFS INC</name>
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        <name>DISH DBS CORP</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>BOOZ ALLEN HAMILTON INC</name>
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        <title>Booz Allen Hamilton Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EQT CORP</name>
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        <balance>25000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CO</name>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BROADCOM INC</name>
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        <title>Broadcom Inc</title>
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        <balance>205000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TICP CLO Ltd</name>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Fannie Mae</name>
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        <name>NYC Commercial Mortgage Trust</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
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        <name>Government National Mortgage A</name>
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        <name>LAS VEGAS SANDS CORP</name>
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        <name>BAUSCH HEALTH COS INC</name>
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        <name>Citibank, National Association</name>
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        <name>Bank</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>BX Trust</name>
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        <name>Government National Mortgage A</name>
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        <title>Ginnie Mae II Pool</title>
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          <annualizedRt>5.20000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REPUBLIC OF COLOMBIA</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Colombia Government International Bond</title>
        <cusip>195325ER2</cusip>
        <identifiers>
          <isin value="US195325ER27"/>
          <other otherDesc="SEDOL" value="BVBM6Q9"/>
        </identifiers>
        <balance>785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>808471.50000000</valUSD>
        <pctVal>0.174999307832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTJPY__00051248"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1079.09000000</valUSD>
        <pctVal>-0.00023357657</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank, National Association</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <amtCurSold>-87135.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>14046748.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2025-07-22</settlementDt>
            <unrealizedAppr>-1079.09000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENOVUS ENERGY INC</name>
        <lei>549300F4XPHJ7NOSP309</lei>
        <title>Cenovus Energy Inc</title>
        <cusip>15135UAR0</cusip>
        <identifiers>
          <isin value="US15135UAR05"/>
          <other otherDesc="SEDOL" value="BFNL6J5"/>
        </identifiers>
        <balance>760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>652660.64000000</valUSD>
        <pctVal>0.141272957982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-15</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>Bain Capital Credit CLO, Limit</name>
        <lei>N/A</lei>
        <title>Bain Capital Credit CLO 2022-1 Ltd</title>
        <cusip>05684UAA3</cusip>
        <identifiers>
          <isin value="US05684UAA34"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250398.20000000</valUSD>
        <pctVal>0.054200440810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.58947000</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>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWC84</cusip>
        <identifiers>
          <isin value="US3132DWC841"/>
        </identifiers>
        <balance>390122.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>332547.61000000</valUSD>
        <pctVal>0.071982254874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMN HEALTHCARE INC</name>
        <lei>549300H27NUKBFFQEE84</lei>
        <title>AMN Healthcare Inc</title>
        <cusip>00175PAB9</cusip>
        <identifiers>
          <isin value="US00175PAB94"/>
          <other otherDesc="SEDOL" value="BJVRC95"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145159.38000000</valUSD>
        <pctVal>0.031420762544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <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 Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2025-DIME</title>
        <cusip>05613UAA9</cusip>
        <identifiers>
          <isin value="US05613UAA97"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747187.50000000</valUSD>
        <pctVal>0.161733957624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.47871000</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>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>95000U3L5</cusip>
        <identifiers>
          <isin value="US95000U3L56"/>
          <other otherDesc="SEDOL" value="BQKVR25"/>
        </identifiers>
        <balance>740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>753677.17000000</valUSD>
        <pctVal>0.163138692061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70700000</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>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
        <cusip>01F050676</cusip>
        <identifiers>
          <isin value="US01F0506760"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>483615.59000000</valUSD>
        <pctVal>0.104681975192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEXICO CITY ARPT TRUST</name>
        <lei>N/A</lei>
        <title>Mexico City Airport Trust</title>
        <cusip>59284MAD6</cusip>
        <identifiers>
          <isin value="US59284MAD65"/>
          <other otherDesc="SEDOL" value="BDZSCY7"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>477498.00000000</valUSD>
        <pctVal>0.103357780072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000IS4M3TZMRB410</lei>
        <title>Freddie Mac STACR REMIC Trust 2022-DNA3</title>
        <cusip>35564KUX5</cusip>
        <identifiers>
          <isin value="US35564KUX52"/>
        </identifiers>
        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>319361.19000000</valUSD>
        <pctVal>0.069127962084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.22197000</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>BELLIS FINCO PLC</name>
        <lei>259400ELWH6Z4ICFTD70</lei>
        <title>Bellis Finco PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2303072883"/>
          <other otherDesc="SEDOL" value="BMVMCH9"/>
        </identifiers>
        <balance>218000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74219700"/>
        <valUSD>285968.28000000</valUSD>
        <pctVal>0.061899833280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>BRL CALL VERSUS USD PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="B8ADWAMX9"/>
        </identifiers>
        <balance>-267000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1104.89000000</valUSD>
        <pctVal>-0.00023916116</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <fwdDeriv derivCat="FWD">
                  <counterparties>
                    <counterpartyName>HSBC BANK PLC</counterpartyName>
                    <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>HSBC BANK PLC</name>
                    <lei>MP6I5ZYZBEU3UXPYFY54</lei>
                    <title>BRL CALL VERSUS USD PUT</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="467963_B8ADWAMX9_HSKSW_S"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="BRL" exchangeRt="0.00000000"/>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>GB</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>BRL</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>USD</curPur>
                  <settlementDt>2025-06-13</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>0.01000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>5.65000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-12</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>2339.68000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2025-SPOT</title>
        <cusip>12433FAC2</cusip>
        <identifiers>
          <isin value="US12433FAC23"/>
        </identifiers>
        <balance>295000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>293347.53000000</valUSD>
        <pctVal>0.063497123528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.07166000</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>Barclays Commercial Mortgage S</name>
        <lei>N/A</lei>
        <title>BBCMS 2020-BID Mortgage Trust</title>
        <cusip>05493BAA6</cusip>
        <identifiers>
          <isin value="US05493BAA61"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300000.00000000</valUSD>
        <pctVal>0.064937097164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.58348000</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>SOUTHERN CAL EDISON</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co</title>
        <cusip>842400HN6</cusip>
        <identifiers>
          <isin value="US842400HN64"/>
          <other otherDesc="SEDOL" value="BP4ZDL7"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18384.45000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>St Pauls CLO</name>
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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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STANDARD INDUSTRI INC/NY</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMN HEALTHCARE INC</name>
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        <title>AMN Healthcare Inc</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
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        <title>RCKT Mortgage Trust 2025-CES2</title>
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          <isin value="US74942BAA98"/>
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        <balance>579578.53000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-25</maturityDt>
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      <invstOrSec>
        <name>Cantor Commercial Real Estate</name>
        <lei>N/A</lei>
        <title>Cantor Commercial Real Estate Lending 2019-CF2</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SMITHFIELD FOODS INC</name>
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        <title>Smithfield Foods Inc</title>
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        <balance>830000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <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>WINDSTREAM SERVICES/ESCR</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trus</name>
        <lei>N/A</lei>
        <title>CSAIL 2019-C16 Commercial Mortgage Trust</title>
        <cusip>12596WAB0</cusip>
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          <isin value="US12596WAB00"/>
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        <balance>226681.13000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.06670000</annualizedRt>
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      <invstOrSec>
        <name>ELM Trust 2024</name>
        <lei>N/A</lei>
        <title>ELM Trust 2024-ELM</title>
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          <isin value="US26860XAL55"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EGT1</cusip>
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          <isin value="US31418EGT10"/>
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        <balance>1046280.73000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust 2025-CRM1</title>
        <cusip>891946AA3</cusip>
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        <balance>473341.54000000</balance>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179VVX5</cusip>
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      <invstOrSec>
        <name>RELX CAPITAL INC</name>
        <lei>2R15C3RTKJN1RCBOV146</lei>
        <title>RELX Capital Inc</title>
        <cusip>74949LAE2</cusip>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179WZB7</cusip>
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          <isin value="US36179WZB70"/>
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        <balance>850274.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>758640.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EQT CORP</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp</title>
        <cusip>26884LBA6</cusip>
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          <isin value="US26884LBA61"/>
          <other otherDesc="SEDOL" value="BS6ZPY3"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27156.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY MUTUAL GROUP INC</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>Liberty Mutual Group Inc</title>
        <cusip>53079EBG8</cusip>
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          <isin value="US53079EBG89"/>
          <other otherDesc="SEDOL" value="BHWZ164"/>
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        <balance>165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>163615.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.56900000</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>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YEL5</cusip>
        <identifiers>
          <isin value="US61747YEL56"/>
          <other otherDesc="SEDOL" value="BMG9M19"/>
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        <balance>970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>852749.43000000</valUSD>
        <pctVal>0.184583575308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.94300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>6174468L6</cusip>
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          <isin value="US6174468L62"/>
          <other otherDesc="SEDOL" value="BH3T5Q3"/>
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        <balance>1475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1346311.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.69900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00050174"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-204924.35000000</valUSD>
        <pctVal>-0.04435730809</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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            <amtCurSold>-5252614.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>5779608.76000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-07-22</settlementDt>
            <unrealizedAppr>-204924.35000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HOWARD HUGHES CORP</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>Howard Hughes Corp/The</title>
        <cusip>44267DAF4</cusip>
        <identifiers>
          <isin value="US44267DAF42"/>
          <other otherDesc="SEDOL" value="BMDJ438"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45432.09000000</valUSD>
        <pctVal>0.009834093475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>95000U3D3</cusip>
        <identifiers>
          <isin value="US95000U3D31"/>
          <other otherDesc="SEDOL" value="BJJRN16"/>
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        <balance>125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125544.77000000</valUSD>
        <pctVal>0.027175043093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWE82</cusip>
        <identifiers>
          <isin value="US3132DWE821"/>
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        <balance>1775178.94000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1761895.05000000</valUSD>
        <pctVal>0.381374500182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
        <cusip>01F050668</cusip>
        <identifiers>
          <isin value="US01F0506687"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4839280.85000000</valUSD>
        <pctVal>1.047496169201</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132E0TN2</cusip>
        <identifiers>
          <isin value="US3132E0TN23"/>
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        <balance>180770.36000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156057.52000000</valUSD>
        <pctVal>0.033779741131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>OZLM Ltd</name>
        <lei>5493002SZMQH8ZTTHX49</lei>
        <title>OZLM XVIII Ltd</title>
        <cusip>67112GAA6</cusip>
        <identifiers>
          <isin value="US67112GAA67"/>
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        <balance>57147.94000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57245.10000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HOWARD HUGHES CORP</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>Howard Hughes Corp/The</title>
        <cusip>44267DAD9</cusip>
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          <isin value="US44267DAD93"/>
          <other otherDesc="SEDOL" value="BMF3VS2"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147263.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWDT7</cusip>
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          <isin value="US3132DWDT71"/>
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        <balance>3902901.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3466816.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Sixth Street CLO XVI, Ltd.</name>
        <lei>549300YD05LZSDNMVF16</lei>
        <title>Sixth Street CLO XVI Ltd</title>
        <cusip>83012DAQ6</cusip>
        <identifiers>
          <isin value="US83012DAQ60"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1255617.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.05947000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEWELL BRANDS INC</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>Newell Brands Inc</title>
        <cusip>651229BE5</cusip>
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          <isin value="US651229BE57"/>
          <other otherDesc="SEDOL" value="BRK14C1"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18510.78000000</valUSD>
        <pctVal>0.004006787731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>CURRENCY CONTRACT - HUF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTHUF__00050815"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2349.77000000</valUSD>
        <pctVal>0.000508624142</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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        </derivativeInfo>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWBP77"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2017-C40</title>
        <cusip>95000YAX3</cusip>
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          <isin value="US95000YAX31"/>
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        <balance>105000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EES5</cusip>
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          <isin value="US31418EES54"/>
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        <balance>2575223.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>(PIPA070) PGIM Core Government Money Market Fund</name>
        <lei>N/A</lei>
        <title>(PIPA070) PGIM Core Government Money Market Fund</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="74440W862"/>
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        <balance>29620874.65000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29620874.65000000</valUSD>
        <pctVal>6.411645384100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BXP Trust</name>
        <lei>N/A</lei>
        <title>BXP Trust 2021-601L</title>
        <cusip>05607TAA0</cusip>
        <identifiers>
          <isin value="US05607TAA07"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>126902.07000000</valUSD>
        <pctVal>0.027468840166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.61800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VAR ENERGI ASA</name>
        <lei>549300LIVN3FFOJN2K47</lei>
        <title>Var Energi ASA</title>
        <cusip>92212WAA8</cusip>
        <identifiers>
          <isin value="US92212WAA80"/>
          <other otherDesc="SEDOL" value="BPMPBJ3"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200354.52000000</valUSD>
        <pctVal>0.043368136441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LABORATORY CORP OF AMER</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>Laboratory Corp of America Holdings</title>
        <cusip>50540RBB7</cusip>
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          <isin value="US50540RBB78"/>
          <other otherDesc="SEDOL" value="BMZLFM8"/>
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        <balance>780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>748546.85000000</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>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NJ Trust 2023-GSP</name>
        <lei>N/A</lei>
        <title>NJ Trust 2023-GSP</title>
        <cusip>65486XAA1</cusip>
        <identifiers>
          <isin value="US65486XAA19"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>208938.00000000</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>2029-01-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.48075800</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
        <cusip>01F060675</cusip>
        <identifiers>
          <isin value="US01F0606750"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>504255.73000000</valUSD>
        <pctVal>0.109149677781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAUSCH HEALTH COS INC</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc</title>
        <cusip>071734AJ6</cusip>
        <identifiers>
          <isin value="US071734AJ60"/>
          <other otherDesc="SEDOL" value="BKPNQC7"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14375.00000000</valUSD>
        <pctVal>0.003111569239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>CURRENCY CONTRACT - TWD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTTWD__00050542"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9298.61000000</valUSD>
        <pctVal>0.002012749136</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Citibank, National Association</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
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            <amtCurSold>-131000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>4180865.00000000</amtCurPur>
            <curPur>TWD</curPur>
            <settlementDt>2025-06-18</settlementDt>
            <unrealizedAppr>9298.61000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD 2024-WRHS Mortgage Trust</title>
        <cusip>05555HAA8</cusip>
        <identifiers>
          <isin value="US05555HAA86"/>
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        <balance>278099.12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>278653.01000000</valUSD>
        <pctVal>0.060316391951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.82081000</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>WESTERN MIDSTREAM OPERAT</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>Western Midstream Operating LP</title>
        <cusip>958254AF1</cusip>
        <identifiers>
          <isin value="US958254AF13"/>
          <other otherDesc="SEDOL" value="BD2NKX0"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149581.53000000</valUSD>
        <pctVal>0.032377967825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LITHIA MOTORS INC</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>Lithia Motors Inc</title>
        <cusip>536797AG8</cusip>
        <identifiers>
          <isin value="US536797AG85"/>
          <other otherDesc="SEDOL" value="BM9BQR6"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141347.95000000</valUSD>
        <pctVal>0.030595751876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>95000U3G6</cusip>
        <identifiers>
          <isin value="US95000U3G61"/>
          <other otherDesc="SEDOL" value="BLB0XW8"/>
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        <balance>685000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>719034.29000000</valUSD>
        <pctVal>0.155639998513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30300000</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>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418DV66</cusip>
        <identifiers>
          <isin value="US31418DV668"/>
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        <balance>553030.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>408385.04000000</valUSD>
        <pctVal>0.088397796742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</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>AlbaCore Euro CLO</name>
        <lei>549300WN8XXHR94EX575</lei>
        <title>AlbaCore EURO CLO II DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2314651626"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88070750"/>
        <valUSD>849800.85000000</valUSD>
        <pctVal>0.183945334555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <balance>1697590.92000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1558784.51000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CARNIVAL CORP</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>AGL CLO Ltd.</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-20</maturityDt>
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          <annualizedRt>5.63947000</annualizedRt>
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      <invstOrSec>
        <name>NEWELL BRANDS INC</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>Newell Brands Inc</title>
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          <isin value="US651229BF23"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47068.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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          <other otherDesc="INTERNAL" value="B8ADJ71C0"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TARGA RESOURCES CORP</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>Targa Resources Corp</title>
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          <isin value="US87612GAF81"/>
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        <balance>565000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-30</maturityDt>
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      <invstOrSec>
        <name>Greenwood Park CLO, Ltd</name>
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        <title>Greenwood Park CLO Ltd</title>
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          <isin value="US39729RAB42"/>
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        <balance>53333.63000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53308.59000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>SCG Hotel Issuer Inc</name>
        <lei>N/A</lei>
        <title>SCG Commercial Mortgage Trust 2025-DLFN</title>
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          <isin value="US78398EAE59"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146814.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.02871000</annualizedRt>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
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          <isin value="US912810SX72"/>
          <other otherDesc="SEDOL" value="BMHV4V8"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>324843.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EF47</cusip>
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          <isin value="US31418EF479"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS INC</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc</title>
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        <balance>25000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>MEXICO CITY ARPT TRUST</name>
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        <title>Mexico City Airport Trust</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <name>NCL CORPORATION LTD</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Commercial Mortgage</name>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.78200000</annualizedRt>
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        <name>The Bank of New York Mellon</name>
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        <title>CURRENCY CONTRACT - USD</title>
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        <curCd>USD</curCd>
        <valUSD>-35668.18000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418DV74</cusip>
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          <isin value="US31418DV742"/>
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        <balance>2950277.18000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2313622.65000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crown City CLO</name>
        <lei>549300AGQI0XSPNAK945</lei>
        <title>Crown City CLO IV</title>
        <cusip>228233AL6</cusip>
        <identifiers>
          <isin value="US228233AL68"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1004393.50000000</valUSD>
        <pctVal>0.217407994334</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.87947000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418DY22</cusip>
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          <isin value="US31418DY225"/>
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        <balance>638125.96000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CARNIVAL CORP</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp</title>
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          <isin value="US143658BN13"/>
          <other otherDesc="SEDOL" value="BMHYR18"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150267.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PENSKE TRUCK LEASING/PTL</name>
        <lei>N/A</lei>
        <title>Penske Truck Leasing Co Lp / PTL Finance Corp</title>
        <cusip>709599CA0</cusip>
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          <isin value="US709599CA09"/>
          <other otherDesc="SEDOL" value="BPLRNB6"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>405661.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DAVITA INC</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita Inc</title>
        <cusip>23918KAW8</cusip>
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          <isin value="US23918KAW80"/>
          <other otherDesc="SEDOL" value="BP813J9"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76198.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INVITATION HOMES OP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>Invitation Homes Operating Partnership LP</title>
        <cusip>46188BAA0</cusip>
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          <isin value="US46188BAA08"/>
          <other otherDesc="SEDOL" value="BMWH1M1"/>
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        <balance>270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>225798.86000000</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>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STRIPS</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Strip Coupon</title>
        <cusip>912834MT2</cusip>
        <identifiers>
          <isin value="US912834MT27"/>
          <other otherDesc="SEDOL" value="BP9F475"/>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64623.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <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>345397A45</cusip>
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          <isin value="US345397A456"/>
          <other otherDesc="SEDOL" value="BKM3QM0"/>
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        <balance>930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>909253.45000000</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>2027-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.27100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XDW3</cusip>
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          <isin value="US37045XDW39"/>
          <other otherDesc="SEDOL" value="BMH9QY9"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180258.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>CURRENCY CONTRACT - TRY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTTRY__00051467"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11497.33000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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        <securityLending>
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      <invstOrSec>
        <name>LAMB WESTON HLD</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>Lamb Weston Holdings Inc</title>
        <cusip>513272AD6</cusip>
        <identifiers>
          <isin value="US513272AD65"/>
          <other otherDesc="SEDOL" value="BMVRF31"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23585.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
        <cusip>316773DF4</cusip>
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          <isin value="US316773DF47"/>
          <other otherDesc="SEDOL" value="BQ6C3H9"/>
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        <balance>201000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>188578.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UNITED RENTALS NORTH AM</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America Inc</title>
        <cusip>911365BP8</cusip>
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          <isin value="US911365BP80"/>
          <other otherDesc="SEDOL" value="BNBWPS8"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44874.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Rockford Tower CLO Ltd</name>
        <lei>N/A</lei>
        <title>Rockford Tower CLO 2023-1 Ltd</title>
        <cusip>77341RAA4</cusip>
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          <isin value="US77341RAA41"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1004454.90000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Regional Management Issuance T</name>
        <lei>N/A</lei>
        <title>Regional Management Issuance Trust 2022-1</title>
        <cusip>75907DAA5</cusip>
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          <isin value="US75907DAA54"/>
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        <balance>68333.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67725.23000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.07000000</annualizedRt>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust 2018-C8</title>
        <cusip>90276VAD1</cusip>
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          <isin value="US90276VAD10"/>
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        <balance>486511.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>475267.20000000</valUSD>
        <pctVal>0.102874907817</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.72000000</annualizedRt>
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      <invstOrSec>
        <name>REPUBLIC OF SOUTH AFRICA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BRINKER INTERNATIONAL IN</name>
        <lei>52990067JY6PBGJNTG76</lei>
        <title>Brinker International Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MEDLINE BORROWER LP</name>
        <lei>254900QT3R363TVK6F09</lei>
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          <other otherDesc="SEDOL" value="BMW4P42"/>
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        <name>Monument CLO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLIC OF SERBIA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRIFFON CORPORATION</name>
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        <name>RXO INC</name>
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        <title>RXO Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GoodLeap Sustainable Home Impr</name>
        <lei>N/A</lei>
        <title>Goodleap Sustainable Home Solutions Trust 2023-4</title>
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        <name>LAMB WESTON HLD</name>
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        <name>ORGANON &amp; CO/ORGANON FOR</name>
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      <invstOrSec>
        <name>PGIM AAA CLO ETF</name>
        <lei>5493000IJ4TGDWNHKI54</lei>
        <title>PGIM AAA CLO ETF</title>
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          <ticker value="PAAA"/>
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        <name>JBS USA HOLD/FOOD/LUX CO</name>
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        <title>JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl</title>
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        <name>LEVEL 3 FINANCING INC</name>
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        <title>Level 3 Financing Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE BANK AKTIENGESELLSCHAFT</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>SWOP IRS USD</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLP Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avoca CLO</name>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLUE OPCO LLC</name>
        <lei>N/A</lei>
        <title>Clue Opco LLC</title>
        <cusip>36267QAA2</cusip>
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          <isin value="US36267QAA22"/>
          <other otherDesc="SEDOL" value="BSB8268"/>
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        <balance>800000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179V7D6</cusip>
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          <isin value="US36179V7D62"/>
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        <balance>480781.83000000</balance>
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        <curCd>USD</curCd>
        <valUSD>386320.95000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc</title>
        <cusip>25278XAZ2</cusip>
        <identifiers>
          <isin value="US25278XAZ24"/>
          <other otherDesc="SEDOL" value="BMDPVS0"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225945.08000000</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>2034-04-18</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Elevation CLO Ltd</name>
        <lei>N/A</lei>
        <title>Elevation CLO 2021-12 Ltd</title>
        <cusip>28623MAS8</cusip>
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          <isin value="US28623MAS89"/>
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        <balance>1500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>WOLVERINE WORLD WIDE</name>
        <lei>549300OVC7PK14LQ8D87</lei>
        <title>Wolverine World Wide Inc</title>
        <cusip>978097AG8</cusip>
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          <other otherDesc="SEDOL" value="BMY10J1"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XJT94</cusip>
        <identifiers>
          <isin value="US3140XJT942"/>
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        <balance>337077.99000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>PRP Advisors, LLC</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust 2024-CES2</title>
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      <invstOrSec>
        <name>BALL CORP</name>
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        <title>Ball Corp</title>
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      <invstOrSec>
        <name>TOYOTA MOTOR CREDIT CORP</name>
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        <name>LBA Trust</name>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
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        <title>Ginnie Mae II Pool</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BENCHMARK Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CELANESE US HOLDINGS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CAPSTONE COPPER CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>STATE OF MINAS GERAIS</name>
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        <name>US TREASURY N/B</name>
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        <name>PMT CREDIT RISK TRANSFER TRUST</name>
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        <name>Fannie Mae</name>
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        <name>CSAIL Commercial Mortgage Trus</name>
        <lei>N/A</lei>
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          <isin value="US12652UAT60"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WARNERMEDIA HOLDINGS INC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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          <isin value="US3133USKS93"/>
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        <balance>982006.06000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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          <other otherDesc="INTERNAL" value="B8ADUTGM1"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
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                      <issuerName>IHS MARKIT LTD</issuerName>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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          <isin value="US3140QLJG29"/>
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        <balance>476265.92000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TARGA RESOURCES CORP</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>Targa Resources Corp</title>
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          <isin value="US87612GAA94"/>
          <other otherDesc="SEDOL" value="BMYXYW8"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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      <invstOrSec>
        <name>PHINIA INC</name>
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        <title>Phinia Inc</title>
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          <isin value="US71880KAA97"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40942.06000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VAR ENERGI ASA</name>
        <lei>549300LIVN3FFOJN2K47</lei>
        <title>Var Energi ASA</title>
        <cusip>92212WAG5</cusip>
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          <isin value="US92212WAG50"/>
          <other otherDesc="SEDOL" value="BMGHPL4"/>
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        <balance>1170000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
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          <isin value="US06541UBR68"/>
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        <balance>1950000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI Properties LP</title>
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          <isin value="US925650AB99"/>
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        <balance>60000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IVORY COAST</name>
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        <title>Ivory Coast Government International Bond</title>
        <cusip>000000000</cusip>
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          <isin value="XS2264871828"/>
          <other otherDesc="SEDOL" value="BMYD8L5"/>
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        <balance>126000.00000000</balance>
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        <invCountry>CI</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OneMain Direct Auto Receivable</name>
        <lei>N/A</lei>
        <title>OneMain Direct Auto Receivables Trust 2023-1</title>
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          <isin value="US682685AC60"/>
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        <balance>100000.00000000</balance>
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        <name>ENERGY TRANSFER LP</name>
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        <title>Energy Transfer LP</title>
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        <name>FORD MOTOR CREDIT CO LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co LLC</title>
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        <balance>200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>MXN CALL VERSUS USD PUT</title>
        <cusip>000000000</cusip>
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        <balance>133000.00000000</balance>
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        <valUSD>1.76000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FIFTH THIRD BANCORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PPL ELECTRIC UTILITIES</name>
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      <invstOrSec>
        <name>Clue Opco LLC</name>
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      <invstOrSec>
        <name>Generate CLO Ltd.</name>
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        <name>BRASKEM NETHERLANDS</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>UNITED AIRLINES INC</name>
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        <title>United Airlines Inc</title>
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      <invstOrSec>
        <name>ARES Commercial Mortgage Trust</name>
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        <name>Pretium Mortgage Credit Partne</name>
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        <name>LIFEPOINT HEALTH INC</name>
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        <name>Ellington Financial Mortgage T</name>
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        <name>NEW YORK NY</name>
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        <name>Atlas Senior Loan Fund LTD</name>
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        <title>Atlas Senior Loan Fund XXIII Ltd</title>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Fannie Mae</name>
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        <name>BOEING CO</name>
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      <invstOrSec>
        <name>DEUTSCHE BANK NY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WESTERN MIDSTREAM OPERAT</name>
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        <title>Western Midstream Operating LP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VISTRA OPERATIONS CO LLC</name>
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        <title>Vistra Operations Co LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK CITY NY HSG DEV CORP</name>
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        <title>New York City Housing Development Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>STAR LEASING CO LLC</name>
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        <title>Star Leasing Co LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Citibank, National Association</name>
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      <invstOrSec>
        <name>PMT CREDIT RISK TRANSFER TRUST</name>
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        <title>PMT Credit Risk Transfer Trust 2024-3R</title>
        <cusip>69392AAA6</cusip>
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          <isin value="US69392AAA60"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
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          <isin value="US55336VBX73"/>
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        <balance>460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>454102.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Freddie Mac - STACR</name>
        <lei>529900WZAMS87JCAOC53</lei>
        <title>Freddie Mac STACR REMIC Trust 2025-DNA1</title>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COX COMMUNICATIONS INC</name>
        <lei>5493001NEDZNIFRP2R92</lei>
        <title>Cox Communications Inc</title>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>537304.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust 2024-CES1</title>
        <cusip>89183CAA3</cusip>
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          <isin value="US89183CAA36"/>
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        <balance>71364.40000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71475.54000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>MEXICO CITY ARPT TRUST</name>
        <lei>N/A</lei>
        <title>Mexico City Airport Trust</title>
        <cusip>000000000</cusip>
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          <other otherDesc="SEDOL" value="BFB5ML3"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2018-B7 Mortgage Trust</title>
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          <isin value="US08162TBA07"/>
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        <balance>590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>578362.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FIVE POINT OP CO LP/FIVE</name>
        <lei>N/A</lei>
        <title>Five Point Operating Co LP / Five Point Capital Corp</title>
        <cusip>33834YAB4</cusip>
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          <isin value="US33834YAB48"/>
          <other otherDesc="SEDOL" value="BQXH9Y6"/>
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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>280505.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>SHEA HOMES LP/FNDG CP</name>
        <lei>N/A</lei>
        <title>Shea Homes LP / Shea Homes Funding Corp</title>
        <cusip>82088KAJ7</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>JACOBS ENTERTAINMENT INC</name>
        <lei>5493004U9JIWY3HSUO63</lei>
        <title>Jacobs Entertainment Inc</title>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>166695.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>SWOP IRS USD</title>
        <cusip>000000000</cusip>
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        <balance>-1520000.00000000</balance>
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        <valUSD>-1237.63000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>BROADCOM INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BOMBARDIER INC</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>Wellfleet CLO Ltd</name>
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      <invstOrSec>
        <name>HERC HOLDINGS INC</name>
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        <name>Invitation Homes Trust</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STRIPS</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Strip Coupon</title>
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          <isin value="US912834MZ86"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STRIPS</name>
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        <title>United States Treasury Strip Coupon</title>
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          <isin value="US912834KV90"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>BOMBARDIER INC</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier Inc</title>
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          <isin value="US097751BT78"/>
          <other otherDesc="SEDOL" value="BHL3S24"/>
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        <balance>123000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>123153.75000000</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>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>BAT INTL FINANCE PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>BAT International Finance PLC</title>
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          <isin value="US05530QAP54"/>
          <other otherDesc="SEDOL" value="BPK5YW9"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.44800000</annualizedRt>
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      <invstOrSec>
        <name>FERTITTA ENTERTAINMENT</name>
        <lei>N/A</lei>
        <title>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc</title>
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          <isin value="US31556TAA79"/>
          <other otherDesc="SEDOL" value="BMH29D8"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>GLP CAPITAL LP / FIN II</name>
        <lei>N/A</lei>
        <title>GLP Capital LP / GLP Financing II Inc</title>
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          <isin value="US361841AR08"/>
          <other otherDesc="SEDOL" value="BPNXM93"/>
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        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47614.45000000</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>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VISTRA OPERATIONS CO LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co LLC</title>
        <cusip>92840VAH5</cusip>
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          <isin value="US92840VAH50"/>
          <other otherDesc="SEDOL" value="BN0ZRZ9"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48347.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418DVB5</cusip>
        <identifiers>
          <isin value="US31418DVB53"/>
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        <balance>404416.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>298393.03000000</valUSD>
        <pctVal>0.064589257273</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAT INTL FINANCE PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>BAT International Finance PLC</title>
        <cusip>05530QAQ3</cusip>
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          <isin value="US05530QAQ38"/>
          <other otherDesc="SEDOL" value="BRJ5082"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26111.28000000</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>2029-02-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.93100000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>CURRENCY CONTRACT - TRY</title>
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          <other otherDesc="INTERNAL" value="CCTTRY__00053851"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1537.55000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PENSKE TRUCK LEASING/PTL</name>
        <lei>N/A</lei>
        <title>Penske Truck Leasing Co Lp / PTL Finance Corp</title>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302721.75000000</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>2026-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>UNITI GROUP/CSL CAPITAL</name>
        <lei>N/A</lei>
        <title>Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC</title>
        <cusip>91327TAA9</cusip>
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          <isin value="US91327TAA97"/>
          <other otherDesc="SEDOL" value="BR1H7L8"/>
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        <balance>430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>455877.94000000</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>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
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        <name>WILLIAMS COMPANIES INC</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos Inc/The</title>
        <cusip>969457CH1</cusip>
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          <other otherDesc="SEDOL" value="BQMS229"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95539.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <name>SUBURBAN PROPANE PARTNRS</name>
        <lei>N/A</lei>
        <title>Suburban Propane Partners LP/Suburban Energy Finance Corp</title>
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          <other otherDesc="SEDOL" value="BN0WMR7"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>HOST HOTELS &amp; RESORTS LP</name>
        <lei>FXB7X4WXVA8QPMNOGS12</lei>
        <title>Host Hotels &amp; Resorts LP</title>
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          <other otherDesc="SEDOL" value="BKKF758"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>740594.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWBC6</cusip>
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          <isin value="US3132DWBC64"/>
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        <balance>505398.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>414245.74000000</valUSD>
        <pctVal>0.089666386227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <name>ENERGY TRANSFER LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KINROSS GOLD CORP</name>
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        <invCountry>CA</invCountry>
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        <name>BPCE SA</name>
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        <name>COX COMMUNICATIONS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NUTRIEN LTD</name>
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        <name>Citibank, National Association</name>
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        <name>Fannie Mae - CAS</name>
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        <name>STREAM INNOVATIONS ISSUER TRUS</name>
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        <name>UNIVISION COMMUNICATIONS</name>
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        <name>MARRIOTT INTERNATIONAL</name>
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        <name>Bank5</name>
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        <name>Bank</name>
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        <name>Government National Mortgage A</name>
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        <name>Freddie Mac</name>
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        <name>Madison Park Funding Ltd</name>
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        <name>BEAZER HOMES USA</name>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
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        <name>TRANSCONT GAS PIPE LINE</name>
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        <name>BENCHMARK Mortgage Trust</name>
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        <name>Freddie Mac</name>
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        <name>REALTY INCOME CORP</name>
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        <name>BXMT Ltd</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>JBS USA HOLD/FOOD/LUX CO</name>
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        <name>Trinitas CLO Ltd</name>
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        <name>Fannie Mae</name>
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        <name>CLARIOS GLOBAL LP/US FIN</name>
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        <name>Freddie Mac</name>
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        <name>OneMain Financial Issuance Tru</name>
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        <name>Fannie Mae</name>
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        <name>WCORE Commercial Mortgage Trus</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWCQ42"/>
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        <balance>435715.89000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.73900000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.57197000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CCUBS Commercial Mortgage Trust 2017-C1</title>
        <cusip>12508GAT3</cusip>
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          <isin value="US12508GAT31"/>
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        <balance>1159780.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1118007.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.28300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FMC CORP</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp</title>
        <cusip>302491AY1</cusip>
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          <isin value="US302491AY14"/>
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        <balance>430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>395274.91000000</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>2053-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KINROSS GOLD CORP</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp</title>
        <cusip>496902AQ0</cusip>
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          <isin value="US496902AQ09"/>
          <other otherDesc="SEDOL" value="BG34680"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149540.70000000</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>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EXPAND ENERGY CORP</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Expand Energy Corp</title>
        <cusip>845467AR0</cusip>
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          <isin value="US845467AR03"/>
          <other otherDesc="SEDOL" value="BPGBGP8"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49956.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH CO/INBEV</name>
        <lei>N/A</lei>
        <title>Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc</title>
        <cusip>03522AAJ9</cusip>
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          <isin value="US03522AAJ97"/>
          <other otherDesc="SEDOL" value="BJXS2M9"/>
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        <balance>38000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34213.10000000</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>2046-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EBT6</cusip>
        <identifiers>
          <isin value="US31418EBT64"/>
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        <balance>877346.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747863.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>CURRENCY CONTRACT - SGD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTSGD__00052246"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3731.73000000</valUSD>
        <pctVal>0.000807759045</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>TRUIST FINANCIAL CORP</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
        <cusip>89788MAQ5</cusip>
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          <isin value="US89788MAQ50"/>
          <other otherDesc="SEDOL" value="BN71NT6"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91471.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.16100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PRESBYTERIAN HEALTHC SER</name>
        <lei>549300PILQ3W3CCH7D05</lei>
        <title>Presbyterian Healthcare Services</title>
        <cusip>74071PAB9</cusip>
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          <isin value="US74071PAB94"/>
          <other otherDesc="SEDOL" value="BNG8GV1"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>B&amp;G FOODS INC</name>
        <lei>549300TRW1LZMDJZAQ78</lei>
        <title>B&amp;G Foods Inc</title>
        <cusip>05508WAC9</cusip>
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          <isin value="US05508WAC91"/>
          <other otherDesc="SEDOL" value="BNNJF10"/>
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        <balance>150000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179XFL5</cusip>
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          <isin value="US36179XFL55"/>
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        <balance>429444.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>437011.18000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912810TT5</cusip>
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          <isin value="US912810TT51"/>
          <other otherDesc="SEDOL" value="BRT3QH7"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>590203.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000IS30HKV5IAS29</lei>
        <title>Freddie Mac STACR REMIC Trust 2022-DNA6</title>
        <cusip>35564KH44</cusip>
        <identifiers>
          <isin value="US35564KH446"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>631595.40000000</valUSD>
        <pctVal>0.136713239527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.02197000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
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        <name>PENNYMAC FIN SVCS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <name>CDW LLC/CDW FINANCE</name>
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        <name>Government National Mortgage A</name>
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        <name>STREAM INNOVATIONS ISSUER TRUS</name>
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        <name>CLYDESDALE ACQUISITION</name>
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        <title>First Quantum Minerals Ltd</title>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLYDESDALE ACQUISITION</name>
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        <title>Clydesdale Acquisition Holdings Inc</title>
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          <isin value="US18972EAB11"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ECOPETROL SA</name>
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        <title>Ecopetrol SA</title>
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        <balance>489000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DSD748"/>
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        <balance>497478.40000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWAF05"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EBU3</cusip>
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          <isin value="US31418EBU38"/>
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        <balance>1651138.40000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>CURRENCY CONTRACT - CLP</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTCLP__00051169"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>997.27000000</valUSD>
        <pctVal>0.000215866062</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>VIKING OCEAN CRUISES SHI</name>
        <lei>N/A</lei>
        <title>Viking Ocean Cruises Ship VII Ltd</title>
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          <isin value="US92682RAA05"/>
          <other otherDesc="SEDOL" value="BMGS3Q8"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49274.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHILIP MORRIS INTL INC</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International Inc</title>
        <cusip>718172DA4</cusip>
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          <isin value="US718172DA46"/>
          <other otherDesc="SEDOL" value="BNKBZN1"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>459625.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IVORY COAST</name>
        <lei>254900ICW11T82O6H590</lei>
        <title>Ivory Coast Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2064786754"/>
          <other otherDesc="SEDOL" value="BL0HM90"/>
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        <balance>726000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88070750"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JBS USA HOLD/FOOD/LUX CO</name>
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        <title>JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
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        <title>United States Treasury Note/Bond</title>
        <cusip>912810TS7</cusip>
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          <isin value="US912810TS78"/>
          <other otherDesc="SEDOL" value="BLB3TM9"/>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VIRGIN MEDIA SECURED FIN</name>
        <lei>213800X3RLP4NOTPY579</lei>
        <title>Virgin Media Secured Finance PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <name>OneMain Financial Issuance Tru</name>
        <lei>N/A</lei>
        <title>OneMain Financial Issuance Trust 2023-1</title>
        <cusip>68269JAE1</cusip>
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          <isin value="US68269JAE10"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2038-06-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>NCR ATLEOS LLC</name>
        <lei>9845005FC3S0VA714741</lei>
        <title>NCR Atleos Corp</title>
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        <balance>79000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86261.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179VDQ0</cusip>
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        <balance>452899.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>418162.87000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CIGNA GROUP/THE</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Group/The</title>
        <cusip>125523CJ7</cusip>
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        <balance>235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>174602.12000000</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>2040-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>PGIM ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Christian J. Kelly</ncom:signature>
      <ncom:signerName>Christian J. Kelly</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
