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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>FedEx Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Intel Corp.</name>
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        <name>Home Equity Mortgage Loan Asset-Backed Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BlueMountain CLO Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Pfizer, Inc.</name>
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        <name>State of California</name>
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        <name>Expand Energy Corp.</name>
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        <name>Pacific Gas &amp; Electric Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Port of Beaumont Navigation District</name>
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        <name>EQT Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM1, Class A1</title>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3133KPKT4</cusip>
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          <isin value="US3133KPKT48"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dryden 85 CLO Ltd.</name>
        <lei>549300XS2BVK8BZTXN05</lei>
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        <cusip>26246BBG8</cusip>
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          <isin value="US26246BBG86"/>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CIFC Funding Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US12575MAC55"/>
          <other otherDesc="Inhouse Asset ID" value="12575MAC5"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.81316120</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust, Series 2026-INV1, Class A1</title>
        <cusip>24381GAA1</cusip>
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          <isin value="US24381GAA13"/>
          <other otherDesc="Inhouse Asset ID" value="24381GAA1"/>
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        <balance>892943.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>885713.93000000</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>2070-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.79700000</annualizedRt>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3133KRVS0</cusip>
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          <isin value="US3133KRVS02"/>
          <other otherDesc="Inhouse Asset ID" value="3133KRVS0"/>
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        <balance>74836.87000000</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>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="633358"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Societe Generale</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Trident Energy Finance plc</name>
        <lei>9845004ECK3FYO64I382</lei>
        <title>Trident Energy Finance plc</title>
        <cusip>N/A</cusip>
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          <isin value="XS2818827169"/>
          <other otherDesc="Inhouse Asset ID" value="BYD21CUX4"/>
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        <balance>328000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>348611.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Extra Space Storage LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>Extra Space Storage LP</title>
        <cusip>30225VAK3</cusip>
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          <isin value="US30225VAK35"/>
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        <balance>81000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83089.46000000</valUSD>
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        <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>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BAY Mortgage Trust, Series 2025-LIVN, Class A</title>
        <cusip>072925AA8</cusip>
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          <isin value="US072925AA82"/>
          <other otherDesc="Inhouse Asset ID" value="072925AA8"/>
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        <balance>293000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>291443.99000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.47300080</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>Charter Communications Operating LLC</title>
        <cusip>161175BA1</cusip>
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          <isin value="US161175BA14"/>
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        <balance>53000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48864.15000000</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>2045-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.48400000</annualizedRt>
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      <invstOrSec>
        <name>Thermo Fisher Scientific, Inc.</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific, Inc.</title>
        <cusip>883556DH2</cusip>
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          <isin value="US883556DH21"/>
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        <balance>147000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>145241.34000000</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>2033-06-15</maturityDt>
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          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XDX0</cusip>
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          <isin value="US68389XDX03"/>
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        <balance>121000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118391.22000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pacific Gas &amp; Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas &amp; Electric Co.</title>
        <cusip>694308KZ9</cusip>
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          <isin value="US694308KZ97"/>
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        <balance>1080000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1037366.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36180DSX6</cusip>
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          <isin value="US36180DSX65"/>
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        <balance>18563.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17443.18000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2010H</title>
        <cusip>6499022F9</cusip>
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          <isin value="US6499022F94"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59745.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38900000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cirkul Sr Sec</name>
        <lei>N/A</lei>
        <title>Cirkul Sr Sec, 1st Lien Term Loan</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="BYDHXXW91"/>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Republic of Colombia</name>
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        <title>Titulos de Tesoreria</title>
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        <name>Great Lakes CLO IX Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>SJM International Ltd.</name>
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        <name>N/A</name>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Republic of Ecuador</name>
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        <name>BBCMS Mortgage Trust</name>
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        <name>General Motors Co.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Alphabet, Inc.</name>
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        <name>ROCK Trust</name>
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        <name>Eversource Energy</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Ares LXX CLO Ltd.</name>
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        <name>CIFC Funding Ltd.</name>
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        <name>FIGRE Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Petroleos Mexicanos</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>CSX Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>UK Logistics DAC</name>
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      <invstOrSec>
        <name>Bank of America Merrill Lynch Commercial Mortgage Trust</name>
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        <name>Carrier Global Corp.</name>
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        <title>Carrier Global Corp.</title>
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        <name>Apple, Inc.</name>
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        <name>CIFC Funding Ltd.</name>
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        <name>Washington Mutual Mortgage Pass-Through Certificates WMALT Trust</name>
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        <name>Southern California Edison Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Georgia Power Co.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>PENN Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vale Overseas Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="FFN620266"/>
          <other otherDesc="Future Ticker" value="FFN6 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atlas Funding plc</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US3140QQWT89"/>
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        <balance>48307.72100000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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          <isin value="US58013MEF77"/>
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        <balance>343000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>373972.07000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
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      <invstOrSec>
        <name>Upgrade Master Pass-Thru Trust</name>
        <lei>N/A</lei>
        <title>Upgrade Master Pass-Thru Trust, Series 2025-ST7, Class B</title>
        <cusip>91533RAB1</cusip>
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          <isin value="US91533RAB15"/>
          <other otherDesc="Inhouse Asset ID" value="91533RAB1"/>
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        <balance>187000.00000000</balance>
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        <curCd>USD</curCd>
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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>Fixed</couponKind>
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      <invstOrSec>
        <name>CHL Mortgage Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust, Series 2007-9, Class A1</title>
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          <isin value="US12544XAA37"/>
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        <balance>55642.52370000</balance>
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        <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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="635886"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <balance>129000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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      <invstOrSec>
        <name>MSCI, Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI, Inc.</title>
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          <isin value="US55354GAR11"/>
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        <balance>78000.00000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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          <isin value="US036752AD58"/>
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        <balance>60000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Conseco Finance Securitizations Corp.</name>
        <lei>N/A</lei>
        <title>Conseco Finance Securitizations Corp., Series 2000-4, Class A6</title>
        <cusip>20846QDV7</cusip>
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        <balance>151157.38000000</balance>
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      <invstOrSec>
        <name>Baltimore Gas &amp; Electric Co.</name>
        <lei>88V8C2WYSOD1SPSSLH72</lei>
        <title>Baltimore Gas &amp; Electric Co.</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <curCd>N/A</curCd>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>Oracle Corp.</name>
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        <name>Brenntag Finance BV</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Republic of Poland</name>
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        <name>Federal National Mortgage Association</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-18</maturityDt>
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      <invstOrSec>
        <name>Melco Resorts Finance Ltd.</name>
        <lei>5493000FQDBWKDBZEF60</lei>
        <title>Melco Resorts Finance Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="USG5975LAE68"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Sierra Pacific Power Co.</name>
        <lei>QB888G5GSVGE1LD1WV84</lei>
        <title>Sierra Pacific Power Co.</title>
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          <isin value="US826418BR51"/>
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        <balance>122000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
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        <title>Post Holdings, Inc.</title>
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          <isin value="US737446AV69"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98514.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Madison Park Funding LXXIII Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US55823HAE18"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250495.30000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-17</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>3</fairValLevel>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3138WEAC3</cusip>
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          <isin value="US3138WEAC35"/>
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        <balance>54368.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53350.87000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Argento LLC</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="BYJ0AC494"/>
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        <balance>197000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>189120.00000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-24</maturityDt>
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          <annualizedRt>7.49062000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>01F020646</cusip>
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          <isin value="US01F0206460"/>
          <other otherDesc="Inhouse Asset ID" value="BYDYNFW45"/>
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        <balance>-179000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-144136.95000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-25</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt Treasury Bills</title>
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          <isin value="EGT9980HBQ14"/>
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        <balance>1025000.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EG</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-17</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD Currency</title>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US31417TM624"/>
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        <name>Bear Stearns Asset-Backed Securities I Trust</name>
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          <isin value="US073852AD76"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2037-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.49303040</annualizedRt>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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          <isin value="US74432QBN43"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109972.02000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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      <invstOrSec>
        <name>Wyeth LLC</name>
        <lei>549300Q9GR3WRH4N4836</lei>
        <title>Wyeth LLC</title>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68901.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>01F032641</cusip>
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          <isin value="US01F0326417"/>
          <other otherDesc="Inhouse Asset ID" value="BYDV203V9"/>
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        <balance>-12663000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-11607463.35000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Solaris Energy Infrastructure, Inc.</name>
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        <name>People's Republic of China</name>
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        <name>Government National Mortgage Association</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Taco Bell Funding LLC</name>
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        <name>Sempra</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Realty Income Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Poland</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>BX Commercial Mortgage Trust</name>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>Salesforce, Inc.</name>
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        <name>United States of America</name>
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        <name>Federal National Mortgage Association</name>
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        <name>SCG Mortgage Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Regatta 35 Funding Ltd.</name>
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      <invstOrSec>
        <name>WOM Chile Holdco SpA</name>
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        <name>N/A</name>
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        <name>Fifth Third Bancorp</name>
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        <name>Arab Republic of Egypt</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Alphabet, Inc.</name>
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      <invstOrSec>
        <name>United States of America</name>
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      <invstOrSec>
        <name>Alabama Power Co.</name>
        <lei>0RL818ELFOHP5JHOFU19</lei>
        <title>Alabama Power Co.</title>
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        <balance>43000.00000000</balance>
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        <valUSD>42630.76000000</valUSD>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Benefit Street Partners CLO 44 Ltd.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Fidelity National Information Services, Inc.</name>
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      <invstOrSec>
        <name>Marriott International, Inc.</name>
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      <invstOrSec>
        <name>Duke Energy Ohio, Inc.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Crescent Energy Finance LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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          <isin value="US01F0426407"/>
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        <debtSec>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Quikrete Holdings, Inc.</name>
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        <name>Pepsico Singapore Financing I Pte. Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>GoodLeap Home Improvement Solutions Trust</name>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>CWABS, Inc. Asset-Backed Certificates Trust</name>
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      <invstOrSec>
        <name>Xerox Corp.</name>
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        <name>N/A</name>
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        <name>Dowson plc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BX Commercial Mortgage Trust</name>
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        <name>BX Trust</name>
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        <name>CSX Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Edenbrook Mortgage Funding plc</name>
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        <name>UK Logistics DAC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Garuda Indonesia Persero Tbk. PT</name>
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        <name>United States of America</name>
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        <name>Vista Energy Argentina SAU</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Federal Home Loan Mortgage Corp.</title>
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        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Volkswagen Financial Services NV</name>
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        <name>Elstree 1st plc</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Velocity Commercial Capital Loan Trust</name>
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        <name>Federal National Mortgage Association</name>
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        <name>1988 CLO 2 Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Pepsico Singapore Financing I Pte. Ltd.</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>ABN AMRO Bank NV</name>
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        <name>Atrium Hotel Portfolio Trust</name>
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        <name>United States of America</name>
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        <name>Blue Owl Finance LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Velocity Commercial Capital Loan Trust</name>
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        <name>Cigna Group (The)</name>
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        <name>Samarco Mineracao SA</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>OEG Finance plc</name>
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        <name>Government National Mortgage Association</name>
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        <name>ITG Communications LLC</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Columbus McKinnon Corp.</name>
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        <name>Baxter International, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>International Business Machines Corp.</name>
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        <name>Six Flags Entertainment Corp.</name>
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        <name>AbbVie, Inc.</name>
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        <name>GS Finance Corp.</name>
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        <name>AppLovin Corp.</name>
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        <name>Morgan Stanley ABS Capital I, Inc. Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Morgan Stanley Capital I Trust</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Caterpillar Financial Services Corp.</name>
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        <name>CSFB Mortgage-Backed Pass-Through Certificates</name>
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        <name>Impac Secured Assets Trust</name>
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        <name>Washington Mutual Escrow Bonds</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>American Honda Finance Corp.</name>
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        <name>Mariner Finance Issuance Trust</name>
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      <invstOrSec>
        <name>PRA Group Europe Holding II SARL</name>
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      <invstOrSec>
        <name>Oncor Electric Delivery Co. LLC</name>
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      <invstOrSec>
        <name>BBAM US CLO I Ltd.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>N/A</name>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <invCountry>US</invCountry>
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        <name>Republic of Indonesia</name>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Expand Energy Corp.</name>
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        <title>Expand Energy Corp.</title>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>State of Illinois</name>
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        <name>Secucor Finance DAC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>SC Austria SARL</name>
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      <invstOrSec>
        <name>Marsh &amp; McLennan Cos., Inc.</name>
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      <invstOrSec>
        <name>Welltower OP LLC</name>
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        <name>Cross Mortgage Trust</name>
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        <name>Verisk Analytics, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Trinitas CLO XVIII Ltd.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CFCRE Commercial Mortgage Trust</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>CSTL Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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                <indexName>Markit CMBX North American BBB- 9</indexName>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Nelnet Student Loan Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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        <name>SCG Commercial Mortgage Trust</name>
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        <name>Bank of Nova Scotia (The)</name>
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        <name>GS Mortgage-Backed Securities Trust</name>
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        <name>BFLD Commercial Mortgage Trust</name>
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      <invstOrSec>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Ashton Woods USA LLC</name>
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        <name>N/A</name>
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        <name>DTE Electric Co.</name>
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        <name>Ellington Financial Mortgage Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>Sunoco LP</name>
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        <title>Sunoco LP</title>
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        <name>Directv Financing LLC</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
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      <invstOrSec>
        <name>Bayview Commercial Asset Trust</name>
        <lei>N/A</lei>
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          <isin value="US07324NAA19"/>
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        <balance>4383.10000000</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>
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        <fairValLevel>2</fairValLevel>
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        <name>Affirm Master Trust</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Oaktree CLO Ltd.</name>
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      <invstOrSec>
        <name>Comcast Corp.</name>
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        <title>Comcast Corp.</title>
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      <invstOrSec>
        <name>OH Partners LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Diamondback Energy, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Home Equity Asset Trust</name>
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        <name>Citigroup, Inc.</name>
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        <name>N/A</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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      <invstOrSec>
        <name>John Deere Capital Corp.</name>
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        <title>John Deere Capital Corp.</title>
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      <invstOrSec>
        <name>Santander Mortgage Asset Receivable Trust</name>
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        <name>PepsiCo, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Teleflex, Inc.</name>
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        <name>KB Home</name>
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        <name>Lagarino European Loan Conduit No. 40 DAC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>UBS AG</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Sofi Consumer Loan Program Trust</name>
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        <name>N/A</name>
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        <name>Chubb INA Holdings LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
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        <name>Melco Resorts Finance Ltd.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Enbridge, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>London Cards No3 plc</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>LGI Homes, Inc.</name>
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        <name>Golub Capital Partners 48 LP</name>
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        <name>Golub Capital Partners CLO 44M Ltd.</name>
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        <name>APS Resecuritization Trust</name>
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        <name>United States of America</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>PepsiCo, Inc.</name>
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        <name>Commercial Mortgage Trust</name>
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        <name>United States of America</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>FedEx Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Methanex Corp.</name>
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        <name>CSMC Trust</name>
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      <invstOrSec>
        <name>Baker Hughes Holdings LLC</name>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
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        <title>Union Pacific Corp.</title>
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        <name>Boeing Co. (The)</name>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>DGWD Trust</name>
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        <name>NOVA Chemicals Corp.</name>
        <lei>549300ZOD6N7RI2FJP09</lei>
        <title>NOVA Chemicals Corp.</title>
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        <name>Usavflow II Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>Sagard-Halseypoint CLO 8 Ltd.</name>
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        <name>GSAMP Trust</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <balance>439867.00000000</balance>
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        <name>Democratic Socialist Republic of Sri Lanka</name>
        <lei>254900IG6Y30I2QE2R92</lei>
        <title>Sri Lanka Government Bond</title>
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        <invCountry>LK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3132DWDQ3</cusip>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
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        <name>C-BASS Trust</name>
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      <invstOrSec>
        <name>Romania New Leu</name>
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        <name>CD Mortgage Trust</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Salesforce, Inc.</name>
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        <title>Salesforce, Inc.</title>
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      <invstOrSec>
        <name>Deepocean Ltd.</name>
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        <title>Deepocean Ltd.</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>Santander Holdings USA, Inc.</title>
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        <name>RCKT Mortgage Trust</name>
        <lei>N/A</lei>
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          <couponKind>Variable</couponKind>
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        <name>Origen Manufactured Housing Contract Trust</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Eastern Energy Gas Holdings LLC</name>
        <lei>549300BFOD6TDMVV4O24</lei>
        <title>Eastern Energy Gas Holdings LLC</title>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <balance>189000.00000000</balance>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intel Corp.</name>
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        <name>Stream Innovations Issuer Trust</name>
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      <invstOrSec>
        <name>Evergy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AGL CLO 42 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Worldline SA</name>
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      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
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      <invstOrSec>
        <name>Lehman Brothers Holdings, Inc.</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>McDonald's Corp.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <name>Secucor Finance DAC</name>
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        <name>Morgan Stanley</name>
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        <name>Barrow Hanley CLO II Ltd.</name>
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      <invstOrSec>
        <name>Mila BV</name>
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        <name>Raizen Fuels Finance SA</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>N/A</name>
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        <name>CSMC Trust</name>
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        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>Santander Consumo 10 FT</name>
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        <invCountry>ES</invCountry>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program Trust</name>
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        <name>Fontainebleau Miami Beach Mortgage Trust</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PRPM Trust</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>CPV Fairview LLC</name>
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        <name>SCG Commercial Mortgage Trust</name>
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        <name>GreenSky Home Improvement Issuer Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>American Municipal Power, Inc.</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>Dryden 40 Senior Loan Fund</name>
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        <name>Gilead Sciences, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BBCMS Mortgage Trust</name>
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        <name>Cleveland-Cliffs, Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs, Inc.</title>
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        <name>Samarco Mineracao SA</name>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Capital Certificates</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Gaea Mortgage Loan Trust</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. Variable Rate Notes, Series 5543, Class FC</title>
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        <name>Amgen, Inc.</name>
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        <name>United States of America</name>
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        <name>Walt Disney Co. (The)</name>
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        <name>Compass Datacenters Issuer III LLC</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>EP Infrastructure A/S</name>
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        <name>Aon North America, Inc.</name>
        <lei>N/A</lei>
        <title>Aon North America, Inc.</title>
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        <name>Abbott Laboratories</name>
        <lei>HQD377W2YR662HK5JX27</lei>
        <title>Abbott Laboratories</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <name>United States of America</name>
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        <name>Verus Securitization Trust</name>
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      <invstOrSec>
        <name>Intel Corp.</name>
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        <name>Banco Santander SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Government National Mortgage Association</name>
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        <name>N/A</name>
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        <name>Energy Transfer LP</name>
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        <name>Kingdom of Spain</name>
        <lei>9598007A56S18711AH60</lei>
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      <invstOrSec>
        <name>EQT Corp.</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
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      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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      <invstOrSec>
        <name>Chobani LLC</name>
        <lei>549300ISVDMZ91KNTR38</lei>
        <title>Chobani LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Reynolds American, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="620742"/>
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              <counterpartyName>Citibank</counterpartyName>
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      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-02-15</maturityDt>
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      <invstOrSec>
        <name>Alternative Loan Trust</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-25</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="BYJ16HPT9"/>
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        <balance>-175000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>HSBC Bank</counterpartyName>
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>Regatta IX Funding Ltd.</name>
        <lei>254900JVS76S6N8G1I74</lei>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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          <isin value="US126650EL07"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-15</maturityDt>
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      <invstOrSec>
        <name>Six Flags Entertainment Corp.</name>
        <lei>529900AS2CYWYFHRS781</lei>
        <title>Six Flags Entertainment Corp.</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="637931"/>
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        <balance>1.00000000</balance>
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      <invstOrSec>
        <name>TransCanada PipeLines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TransCanada PipeLines Ltd.</title>
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          <isin value="US89352HAM16"/>
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        <invCountry>CA</invCountry>
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        <name>BXP Trust</name>
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        <balance>60000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-13</maturityDt>
          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 30-Year Bond</title>
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          <other otherDesc="Inhouse Asset ID" value="Z97DQF7S9"/>
          <other otherDesc="Option Ticker" value="USK6C 115.0 Comdty"/>
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        <balance>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1593.75000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <name>American Express Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>HSBC Holdings plc</name>
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        <name>Waste Management, Inc.</name>
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        <name>Pacific Gas &amp; Electric Co.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Telecom Argentina SA</name>
        <lei>549300MKPIRSJD8SB782</lei>
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        <name>Alphabet, Inc.</name>
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          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>LEX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Sempra</name>
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        <name>HOMES Trust</name>
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        <name>KKR CLO 34 Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>ARES XLIV CLO Ltd.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Time Warner Cable LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BFLD Commercial Mortgage Trust</name>
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        <name>CWHEQ Revolving Home Equity Loan Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <assetCat>ABS-MBS</assetCat>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Apple, Inc.</name>
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        <name>Energean Israel Finance Ltd.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Beazer Homes USA, Inc.</name>
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        <name>Deephaven Residential Mortgage Trust</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Trust Fibra Uno</name>
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        <name>Bbva Consumer Fondo de Titulizacion</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>SoftBank Group Corp.</name>
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        <name>Alternative Loan Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Intel Corp.</name>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <name>BCMSC Trust</name>
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      <invstOrSec>
        <name>Upgrade Master Pass-Thru Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Public Service Co. of Colorado</name>
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        <name>Yuan Renminbi</name>
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        <name>United States of America</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Reynolds American, Inc.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>New Jersey Turnpike Authority</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Wellington Management CLO 4 Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Hess Corp.</name>
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        <name>Toronto-Dominion Bank (The)</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>Cencora, Inc.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Canadian Dollar</name>
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        <name>N/A</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Bank of America Corp.</name>
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        <name>Velocity Commercial Capital Loan Trust</name>
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        <name>Republic of Colombia</name>
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        <name>Merrill Lynch Alternative Note Asset Trust</name>
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      <invstOrSec>
        <name>Expand Energy Corp.</name>
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        <name>Intercontinental Exchange, Inc.</name>
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        <name>Commercial Mortgage Trust</name>
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        <name>UNIV Trust</name>
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        <name>N/A</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>US Bancorp</name>
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        <name>Union Pacific Corp.</name>
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        <title>Union Pacific Corp.</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Canadian National Railway Co.</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>N/A</name>
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        <name>Homes Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Target Corp.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Bletchley Park Funding plc</name>
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        <name>SG Residential Mortgage Trust</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>Benefit Street Partners CLO 48 Ltd.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>United Overseas Bank Ltd.</name>
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        <name>SELF Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Infinity Natural Resources LLC</name>
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      <invstOrSec>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <name>Dell International LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Union Pacific Corp.</name>
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        <title>Union Pacific Corp.</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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      <invstOrSec>
        <name>Blue Owl Credit Income Corp.</name>
        <lei>5493003I42XBWPE05N35</lei>
        <title>Blue Owl Credit Income Corp.</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>ConocoPhillips Co.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>OZLM Funding II Ltd.</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Government National Mortgage Association</name>
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        <name>Household Capital RMBS</name>
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        <name>Vista Point Securitization Trust</name>
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        <name>Upland CLO Ltd.</name>
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        <name>Santander Consumo 10 FT</name>
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        <name>Cloud Software Group, Inc.</name>
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        <title>Cloud Software Group, Inc.</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>West Deptford Energy Holdings LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Apple, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>DB Master Finance LLC</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Bayview Commercial Asset Trust</name>
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        <name>Comcast Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Microsoft Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Level 3 Financing, Inc.</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>N/A</name>
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        <name>Virginia Electric &amp; Power Co.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Diamondback Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BBCMS Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05548WAA53"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cassia SRL</name>
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          <isin value="XS2459127739"/>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-22</maturityDt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Variable Rate Notes, Series 2024-63, Class FH</title>
        <cusip>3136BSQY4</cusip>
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          <isin value="US3136BSQY40"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Atrium Hotel Portfolio Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association Variable Rate Notes, Series 2025-9, Class FE</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Franklin Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <balance>32547.30000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30224.26000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-25</maturityDt>
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      <invstOrSec>
        <name>Concord Music Royalties LLC</name>
        <lei>N/A</lei>
        <title>Concord Music Royalties LLC, Series 2024-1A, Class A</title>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US3138W5MS45"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>GLP Pte. Ltd.</name>
        <lei>254900PC2NNG9BLIJO15</lei>
        <title>GLP Pte. Ltd.</title>
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          <isin value="XS3071310059"/>
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        <curCd>USD</curCd>
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        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BBCMS Trust</name>
        <lei>N/A</lei>
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          <isin value="US05547HAA95"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Mills, Inc.</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
        <title>General Mills, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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      <invstOrSec>
        <name>Silver Point CLO 12 Ltd.</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
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              <counterpartyName>ICE Clear US</counterpartyName>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>CVS Health Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>OCP CLO Ltd.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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          <isin value="US3140QETF92"/>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RHP Hotel Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Express Co.</name>
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        <title>American Express Co.</title>
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        <curCd>USD</curCd>
        <valUSD>157238.02000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <balance>182000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic Finance Issuance Trust</name>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <valUSD>224996.02000000</valUSD>
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        <name>Entergy Louisiana LLC</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>XHR LP</name>
        <lei>549300M88BPT83ZL2164</lei>
        <title>XHR LP</title>
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        <name>Czech Republic</name>
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        <title>Czech Republic</title>
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        <invCountry>CZ</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <balance>19732.63000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19942.75000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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        <name>UK Logistics DAC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Lagarino European Loan Conduit No. 40 DAC</name>
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        <name>F&amp;G Annuities &amp; Life, Inc.</name>
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        <name>Czech Koruna</name>
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        <name>Credit-Based Asset Servicing &amp; Securitization LLC</name>
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        <name>SELF Commercial Mortgage Trust</name>
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        <name>Ukraine</name>
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        <name>Ownit Mortgage Loan Trust</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
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        <name>Fremont Home Loan Trust</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Sempra</name>
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        <name>United States of America</name>
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        <name>United States of America</name>
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        <name>United Mexican States</name>
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        <name>BankAmerica Manufactured Housing Contract Trust</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Ellington Financial Mortgage Trust</name>
        <lei>254900ZO1GLQXE3JWX68</lei>
        <title>Ellington Financial Mortgage Trust, Series 2025-INV2, Class A1</title>
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        <name>Pfizer, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>JW Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>FMC Corp.</name>
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      <invstOrSec>
        <name>Worldline SA</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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          <isin value="US01F0206460"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3140J5GJ2</cusip>
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          <isin value="US3140J5GJ21"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
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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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      <invstOrSec>
        <name>Sofi Consumer Loan Program Trust</name>
        <lei>N/A</lei>
        <title>Sofi Consumer Loan Program Trust, Series 2026-B, Class C</title>
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          <isin value="US83407MAC01"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Oakwood Mortgage Investors, Inc.</name>
        <lei>N/A</lei>
        <title>Oakwood Mortgage Investors, Inc., Series 2001-D, Class A2</title>
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      <invstOrSec>
        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean International Ltd.</title>
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      <invstOrSec>
        <name>Leidos, Inc.</name>
        <lei>5493006I78VIN6J1BQ95</lei>
        <title>Leidos, Inc.</title>
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        <name>N/A</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>QXO, Inc.</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Stryker Corp.</name>
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        <name>Cross Mortgage Trust</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Union Electric Co.</name>
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        <name>American Tower Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Federal Home Loan Mortgage Corp.</title>
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      <invstOrSec>
        <name>Cipher Compute LLC</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
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        <title>Alphabet, Inc.</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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          <isin value="US01F0224448"/>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>NGPL PipeCo LLC</name>
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        <name>Walmart, Inc.</name>
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        <title>Walmart, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
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      <invstOrSec>
        <name>Ashford Hospitality Trust</name>
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        <name>Virginia Electric &amp; Power Co.</name>
        <lei>CQKUMNNZVDJLRYV2PT43</lei>
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        <name>SURA Asset Management SA</name>
        <lei>549300013ETMS1C0EA22</lei>
        <title>SURA Asset Management SA</title>
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        <invCountry>CO</invCountry>
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        <name>Carrington Mortgage Loan Trust</name>
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        <balance>12381.80000000</balance>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RK6</cusip>
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        <name>BPR Commercial Mortgage Trust</name>
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          <isin value="US05619DAA19"/>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141GXA7</cusip>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Federal National Mortgage Association</name>
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        <name>Romania</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Southern California Edison Co.</name>
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        <name>Parker-Hannifin Corp.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Ohio Power Co.</name>
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        <name>Barbados</name>
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      <invstOrSec>
        <name>Adler Financing SARL</name>
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          <isin value="DE000A4D5RA0"/>
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        <invCountry>LU</invCountry>
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      <invstOrSec>
        <name>PayPal Holdings, Inc.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
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          <isin value="US70450YAK91"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BBCMS Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05556YAC66"/>
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        <balance>55000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canyon CLO Ltd.</name>
        <lei>25490032WO5XW3V7KL43</lei>
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          <isin value="US13876RAN44"/>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS</title>
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          <other otherDesc="Inhouse Asset ID" value="BYDU51JH0"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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        <name>Takeda Pharmaceutical Co. Ltd.</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>Takeda Pharmaceutical Co. Ltd.</title>
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        <invCountry>JP</invCountry>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt</title>
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      <invstOrSec>
        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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      <invstOrSec>
        <name>Atrium Hotel Portfolio Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Garda World Security Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>MAC Trust</name>
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      <invstOrSec>
        <name>Philip Morris International, Inc.</name>
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        <name>Trestles CLO IX Ltd.</name>
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      <invstOrSec>
        <name>Brookfield Residential Properties, Inc.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>United States of America</name>
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        <name>Duke Energy Carolinas LLC</name>
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        <name>BX Commercial Mortgage Trust</name>
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        <name>N/A</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>United States of America</name>
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        <name>AMC Networks, Inc.</name>
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        <name>Enterprise Products Operating LLC</name>
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      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avianca Midco 2 plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3138WHXT4</cusip>
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          <isin value="US3138WHXT44"/>
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        <balance>95347.26000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>Constellation Energy Generation LLC</title>
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        <balance>100000.00000000</balance>
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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>
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      <invstOrSec>
        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX Corp.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3138EH3N0</cusip>
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        <balance>37876.93000000</balance>
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      <invstOrSec>
        <name>Credit-Based Asset Servicing &amp; Securitization LLC</name>
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        <balance>29518.81000000</balance>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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        <balance>690000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Weekley Homes LLC</name>
        <lei>5493009MTTQO8ZN53F13</lei>
        <title>Weekley Homes LLC</title>
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        <name>Bayview Financial Revolving Asset Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3140XFGT2</cusip>
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        <name>Cardiff Auto Receivables Securitisation plc</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Dowson plc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Venture Global LNG, Inc.</name>
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        <title>Venture Global LNG, Inc.</title>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>EQT Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>Rakuten Group, Inc.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Raizen Fuels Finance SA</name>
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        <name>Service Properties Trust</name>
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        <name>Federal National Mortgage Association</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810QE10"/>
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        <name>HILT Commercial Mortgage Trust</name>
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        <name>N/A</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <name>CIFC Funding Ltd.</name>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Bank of America Corp.</name>
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        <name>Upgrade Master Pass-Thru Trust</name>
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      <invstOrSec>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <name>NYC Trust</name>
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        <name>AT&amp;T, Inc.</name>
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        <name>OHA Credit Funding 7 Ltd.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Republic of Indonesia</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Reynolds American, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>CHL Mortgage Pass-Through Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Motorola Solutions, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Boeing Co. (The)</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Republic of Peru</name>
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        <name>GS Mortgage Securities Corp. Trust</name>
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        <name>Kenvue, Inc.</name>
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      <invstOrSec>
        <name>OAK-Eagle Acquireco, Inc.</name>
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        <title>OAK-Eagle Acquireco, Inc.</title>
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      <invstOrSec>
        <name>GoodLeap Home Improvement Solutions Trust</name>
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      <invstOrSec>
        <name>Devon Energy Corp.</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Brookfield Finance, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>PacifiCorp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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          <isin value="US3132A5H404"/>
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      <invstOrSec>
        <name>Option One Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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          <isin value="US01F0606420"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>HarborView Mortgage Loan Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CIP Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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      <invstOrSec>
        <name>CHL Mortgage Pass-Through Trust</name>
        <lei>N/A</lei>
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          <isin value="US12544XAV73"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
        <lei>N/A</lei>
        <title>Velocity Commercial Capital Loan Trust, Series 2023-1, Class M5</title>
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          <isin value="US92259VAR78"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
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          <isin value="US458140AT73"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regional Management Issuance Trust</name>
        <lei>N/A</lei>
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        <cusip>75907AAA1</cusip>
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          <isin value="US75907AAA16"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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          <isin value="US31335BKV70"/>
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        <balance>63700.21680000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Paraguay Government International Bond</name>
        <lei>529900UXKJTJPCU0HK83</lei>
        <title>Republic of Paraguay</title>
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          <isin value="US699149CC21"/>
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        <balance>877000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="635598"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Wells Fargo Bank</counterpartyName>
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      <invstOrSec>
        <name>Banc of America Funding Trust</name>
        <lei>N/A</lei>
        <title>Banc of America Funding Trust, Series 2014-R2, Class 1C</title>
        <cusip>05968KAC8</cusip>
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          <isin value="US05968KAC80"/>
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        <balance>113143.64900000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-26</maturityDt>
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      <invstOrSec>
        <name>Fiserv, Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv, Inc.</title>
        <cusip>337738BK3</cusip>
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          <isin value="US337738BK34"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RALI Trust</name>
        <lei>N/A</lei>
        <title>RALI Trust, Series 2007-QH9, Class A1</title>
        <cusip>749241AA3</cusip>
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          <isin value="US749241AA33"/>
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        <balance>18239.24030000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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          <other otherDesc="Inhouse Asset ID" value="592385"/>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>COLT Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>COLT Mortgage Loan Trust, Series 2025-8, Class A1</title>
        <cusip>19689DAA7</cusip>
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          <isin value="US19689DAA72"/>
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        <balance>182836.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183465.66000000</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>Variable</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3140X83Z8</cusip>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>3-mo. SOFR</title>
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          <other otherDesc="Inhouse Asset ID" value="SFRZ72026"/>
          <other otherDesc="Future Ticker" value="SFRZ7 Comdty"/>
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        <curCd>USD</curCd>
        <valUSD>-13298.18000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Long</payOffProf>
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        <securityLending>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
        <cusip>054989AD0</cusip>
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          <isin value="US054989AD07"/>
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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>2053-08-02</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brazilian Real</name>
        <lei>N/A</lei>
        <title>Brazilian Real</title>
        <cusip>N/A</cusip>
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        <balance>216293.34000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
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        <valUSD>41756.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3140J76Q3</cusip>
        <identifiers>
          <isin value="US3140J76Q39"/>
          <other otherDesc="Inhouse Asset ID" value="3140J76Q3"/>
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        <balance>68248.82310000</balance>
        <units>PA</units>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Walmart, Inc.</name>
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        <name>Simon Property Group LP</name>
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        <name>BRAVO Residential Funding Trust</name>
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        <name>FirstEnergy Transmission LLC</name>
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        <name>Synchrony Financial</name>
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        <name>Washington Mutual Mortgage Pass-Through Certificates WMALT Trust</name>
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        <name>Microsoft Corp.</name>
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        <title>Microsoft Corp.</title>
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        <name>Verus Securitization Trust</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Conagra Brands, Inc.</name>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
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      <invstOrSec>
        <name>American Tower Corp.</name>
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      <invstOrSec>
        <name>Rio Tinto Alcan, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GSAA Home Equity Trust</name>
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        <name>Cali</name>
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        <name>Boeing Co. (The)</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Intercontinental Exchange, Inc.</name>
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        <name>Kinder Morgan, Inc.</name>
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      <invstOrSec>
        <name>RR 24 Ltd.</name>
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      <invstOrSec>
        <name>TCI Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Romania</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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          <isin value="US3133KQQT66"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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          <isin value="US3140QSA764"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Alternative Loan Trust</name>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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      <invstOrSec>
        <name>MF1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US21H0306413"/>
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        <balance>2899000.00000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2056-04-15</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="596903"/>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>3M Co.</name>
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        <title>3M Co.</title>
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      <invstOrSec>
        <name>LPL Holdings, Inc.</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
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      <invstOrSec>
        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <name>Republic of Indonesia</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Republic of Indonesia</title>
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        <invCountry>ID</invCountry>
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      <invstOrSec>
        <name>NSTAR Electric Co.</name>
        <lei>54930080R72Y2Z31UR68</lei>
        <title>NSTAR Electric Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
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        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
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        <balance>195000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
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      <invstOrSec>
        <name>Brookfield Finance, Inc.</name>
        <lei>549300XH8D8K6OYWGD17</lei>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Sandstone Peak II Ltd.</name>
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        <name>RTX Corp.</name>
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        <name>BFLD Commercial Mortgage Trust</name>
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        <name>Thaioil Treasury Center Co. Ltd.</name>
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        <name>United States of America</name>
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        <name>Amgen, Inc.</name>
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        <title>Amgen, Inc.</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <name>EchoStar Corp.</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <name>GoldenTree Loan Management US CLO 23 Ltd.</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
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      <invstOrSec>
        <name>Air Lease Corp.</name>
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        <title>Air Lease Corp.</title>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
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        <title>CMS Energy Corp.</title>
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        <name>Royal Bank of Canada</name>
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        <name>N/A</name>
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        <name>Golden Bar Securitisation SRL</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <name>BlackRock Allocation Target Shares</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>WESCO Distribution, Inc.</name>
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      <invstOrSec>
        <name>Oriental Republic of Uruguay</name>
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      <invstOrSec>
        <name>American Tower Corp.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>PBF Energy, Inc.</name>
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        <name>Diameter Capital CLO 12 Ltd.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Sofi Consumer Loan Program Trust</name>
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        <name>ION Platform Finance SARL</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>PennyMac Financial Services, Inc.</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PennyMac Financial Services, Inc.</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <invCountry>DE</invCountry>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ConocoPhillips Co.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Edge Finco plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>Rocket Cos., Inc.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Crown Castle, Inc.</name>
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      <invstOrSec>
        <name>Washington Mutual Asset-Backed CertificatesTrust</name>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
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        <name>BRCK Trust</name>
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      <invstOrSec>
        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
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        <name>BBCMS Mortgage Trust</name>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Constellation Energy Generation LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Lebanese Republic</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Morgan Stanley</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>280 Park Avenue Mortgage Trust</name>
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      <invstOrSec>
        <name>Washington Mutual Asset-Backed Certificates Trust</name>
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        <name>Oncor Electric Delivery Co. LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <title>Uniform Mortgage-Backed Securities</title>
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        <name>Cellnex Finance Co. SA</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <name>Fidelity National Information Services, Inc.</name>
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        <title>Fidelity National Information Services, Inc.</title>
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      <invstOrSec>
        <name>EQT Corp.</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Sunoco LP</name>
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        <title>Sunoco LP</title>
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      <invstOrSec>
        <name>PFP Ltd.</name>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YGA7</cusip>
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          <isin value="US61747YGA73"/>
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        <balance>415000.00000000</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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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
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      <invstOrSec>
        <name>Baxter International, Inc.</name>
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        <name>Sycamore Tree CLO Ltd.</name>
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        <name>AbbVie, Inc.</name>
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        <name>Zoetis, Inc.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>San Miguel Global Power Holdings Corp.</name>
        <lei>549300HBCE80QXKII590</lei>
        <title>San Miguel Global Power Holdings Corp.</title>
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        <name>Czech Republic</name>
        <lei>3157007EFDLQABN47912</lei>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Charter Communications Operating LLC</name>
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        <name>United Mexican States</name>
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      <invstOrSec>
        <name>Telefonica Europe BV</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>CSTL Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>New York City Municipal Water Finance Authority</name>
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        <name>Mondelez International, Inc.</name>
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        <title>Mondelez International, Inc.</title>
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        <name>American Airlines Pass-Through Trust</name>
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        <name>Arab Republic of Egypt</name>
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        <invCountry>EG</invCountry>
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        <name>Republic of Colombia</name>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>213800BXPAJOYIE7S264</lei>
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      <invstOrSec>
        <name>EQT Corp.</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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          <isin value="US3128M6RM21"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cencora, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federative Republic of Brazil</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
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        <curCd>USD</curCd>
        <valUSD>78220.35000000</valUSD>
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      <invstOrSec>
        <name>HOMES Trust</name>
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          <isin value="US43762CAG69"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US3138W7G400"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US3132DM2W45"/>
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        <balance>45198.02570000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Huntington Bancshares, Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>N/A</name>
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        <name>Walt Disney Co. (The)</name>
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        <title>Walt Disney Co. (The)</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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        <balance>44414.15000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41563.34000000</valUSD>
        <pctVal>0.004245716124</pctVal>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bund</title>
        <cusip>N/A</cusip>
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          <isin value="DE000F2Y2EY1"/>
          <other otherDesc="Inhouse Asset ID" value="RXM620265"/>
          <other otherDesc="Future Ticker" value="RXM6 Comdty"/>
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        <balance>-22.00000000</balance>
        <units>NC</units>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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                  <ticker value="RXM6 Comdty"/>
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            <expDate>2026-06-08</expDate>
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            <unrealizedAppr>36892.80000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>EUR/MXN One-touch barrier option; Barrier price EUR 19.80000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="BYDYYX9R9"/>
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        <balance>18000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
        <valUSD>484.83000000</valUSD>
        <pctVal>0.000049525628</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>Alliant Holdings Intermediate LLC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Arizona Public Service Co.</name>
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        <name>Salesforce, Inc.</name>
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        <name>EQT Corp.</name>
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        <name>QUALCOMM, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>AbbVie, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>EQT Corp.</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
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        <name>Comcast Corp.</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <name>AbbVie, Inc.</name>
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        <name>Madison Park Funding LVII Ltd.</name>
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        <name>FS Rialto Issuer LLC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>International Paper Co.</name>
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        <name>Apple, Inc.</name>
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        <title>Apple, Inc.</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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        <name>Vedanta Resources Finance II plc</name>
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        <name>CIFC Funding Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Golub Capital Partners CLO 17 Ltd.</name>
        <lei>N/A</lei>
        <title>Golub Capital Partners CLO 17 Ltd., Series 2013-17A, Class A1RR</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>United States of America</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Blue Owl Credit Income Corp.</name>
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        <name>Republic of Costa Rica</name>
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        <name>N/A</name>
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        <name>Government National Mortgage Association</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>Mehilainen Yhtiot Oy</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Fairfax Financial Holdings Ltd.</name>
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        <name>PRPM Trust</name>
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        <name>A&amp;D Mortgage Trust</name>
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        <name>Plains All American Pipeline LP</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Federal Home Loan Mortgage Corp.</title>
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        <name>Midwest Gaming Borrower LLC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US3140QKWK01"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Silver Point CLO 8 Ltd.</name>
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        <cusip>827918AA1</cusip>
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          <isin value="US827918AA13"/>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAFL Issuer LLC</name>
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          <isin value="US12770DAA28"/>
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      <invstOrSec>
        <name>Benefit Street Partners CLO XXXVII Ltd.</name>
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          <isin value="US08182TAA79"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>TAGUS-Sociedade de Titularizacao de Creditos SA</name>
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        <title>TAGUS - Sociedade de Titularizacao de Creditos SA, Series 2, Class D</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PTTGCEOM0029"/>
          <other otherDesc="Inhouse Asset ID" value="BYD8YXJX2"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>UPG HI Issuer Trust</name>
        <lei>N/A</lei>
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          <isin value="US90321EAA01"/>
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        <balance>138247.78000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
        <lei>N/A</lei>
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        <name>Grand City Properties SA</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Benefit Street Partners CLO XXV Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>Realty Income Corp.</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>Realty Income Corp.</title>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CJT99"/>
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        <balance>2094800.00000000</balance>
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        <name>Federal National Mortgage Association</name>
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        <name>State of California</name>
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        <name>Barclays Mortgage Loan Trust</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>NYC Commercial Mortgage Trust</name>
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        <name>N/A</name>
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        <name>Mariner Finance Issuance Trust</name>
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        <name>United States of America</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Rio Tinto Alcan, Inc.</name>
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      <invstOrSec>
        <name>Gray Media, Inc.</name>
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        <name>Vodafone Group plc</name>
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      <invstOrSec>
        <name>Truist Bank Auto Credit-Linked Notes</name>
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      <invstOrSec>
        <name>Kraft Heinz Foods Co.</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>Kraft Heinz Foods Co.</title>
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        <name>Kennedy Lewis CLO 4 Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Equinix, Inc.</name>
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        <name>Kennedy Lewis CLO 19 Ltd.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>Global Payments, Inc.</name>
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        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
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        <name>Expand Energy Corp.</name>
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        <name>United States of America</name>
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        <name>Southwestern Electric Power Co.</name>
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        <name>Romania</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Boeing Co. (The)</name>
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        <name>Goldstory SAS</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>GS Finance Corp.</name>
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        <name>Service Properties Trust</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Republic Services, Inc.</name>
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        <name>Broadcom, Inc.</name>
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        <name>NYC Trust</name>
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        <name>Sabine Pass Liquefaction LLC</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Alternative Loan Trust</name>
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      <invstOrSec>
        <name>Puma International Financing SA</name>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GSMPS Mortgage Loan Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>CWHEQ Revolving Home Equity Loan Trust</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
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        <title>Lowe's Cos., Inc.</title>
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          <isin value="US548661DV65"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Rain City Mortgage Trust</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>CHI Commercial Mortgage Trust</name>
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        <title>CHI Commercial Mortgage Trust, Series 2025-110W, Class D</title>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <name>Severn Trent Utilities Finance plc</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Uniform Mortgage-Backed Securities</title>
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        <name>Federal National Mortgage Association</name>
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        <name>N/A</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Federal National Mortgage Association</name>
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        <name>Palmer Square CLO Ltd.</name>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Banc of America Funding Corp.</name>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
        <lei>5493007ASGBOUR3XJY69</lei>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Macquarie Bank Ltd.</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Broadcom, Inc.</name>
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        <name>BX Commercial Mortgage Trust</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Cardiff Auto Receivables Securitisation plc</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Verus Securitization Trust</name>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>EQT Corp.</name>
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      <invstOrSec>
        <name>QUALCOMM, Inc.</name>
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      <invstOrSec>
        <name>Toorak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ACE Securities Corp. Home Equity Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Edgewell Personal Care Co.</name>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Texas Instruments, Inc.</name>
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        <title>Texas Instruments, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GreenSky Home Improvement Issuer Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BXP Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>CoreWeave, Inc.</name>
        <lei>984500511DP2B6186053</lei>
        <title>CoreWeave, Inc.</title>
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        <name>N/A</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
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      <invstOrSec>
        <name>Keurig Dr Pepper, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Roper Technologies, Inc.</name>
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        <name>Lagarino European Loan Conduit No. 40 DAC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>KeyBank NA</name>
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        <name>Government National Mortgage Association</name>
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        <name>Berkshire Hathaway Finance Corp.</name>
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        <name>Elmwood CLO 36 Ltd.</name>
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        <name>Lebanese Republic</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>NYC Commercial Mortgage Trust</name>
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        <name>Government National Mortgage Association</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Morgan Stanley Bank of America Merrill Lynch Trust</name>
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      <invstOrSec>
        <name>Antero Resources Corp.</name>
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      <invstOrSec>
        <name>Bracelet Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>UBS</counterpartyName>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>BlueMountain CLO Ltd.</name>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
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        <title>J.P. Morgan Mortgage Trust, Series 2024-VIS1, Class B2</title>
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      <invstOrSec>
        <name>Cigna Group (The)</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Group (The)</title>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Argentine Republic (The)</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Treasury BONCER</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Neptune Bidco US, Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
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      <invstOrSec>
        <name>Durst Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3140QGKD8</cusip>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>eBay, Inc.</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay, Inc.</title>
        <cusip>278642AU7</cusip>
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      <invstOrSec>
        <name>Diameter Capital CLO 10 Ltd.</name>
        <lei>N/A</lei>
        <title>Diameter Capital CLO 10 Ltd., Series 2025-10A, Class A</title>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Baltimore Gas &amp; Electric Co.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Blue Owl Capital Corp.</name>
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        <name>N/A</name>
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        <title>IRS</title>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>Cross Mortgage Trust</name>
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      <invstOrSec>
        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>Caterpillar Financial Services Corp.</title>
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      <invstOrSec>
        <name>Irwin Home Equity Loan Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
        <title>University of California, Series 2012AD</title>
        <cusip>91412GHA6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>Government National Mortgage Association</name>
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        <name>Pavillion Consumer plc</name>
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        <name>Citigroup, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Creeksource Dunes Creek CLO Ltd.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>N/A</name>
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        <name>Last Mile Logistics Pan Euro Finance DAC</name>
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        <name>Ballyrock CLO 32 Ltd.</name>
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        <name>ZF Europe Finance BV</name>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>New Residential Mortgage Loan Trust</name>
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      <invstOrSec>
        <name>Deutsche Alt-B Securities Mortgage Loan Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association or Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>MidAmerican Energy Co.</name>
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        <name>John Deere Capital Corp.</name>
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        <name>AerCap Ireland Capital DAC</name>
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        <invCountry>IE</invCountry>
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      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>American Express Co.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Select Medical Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Wisconsin Electric Power Co.</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>N/A</name>
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        <name>Warwick Capital CLO 5 Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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        <name>FTA Consumo Santander</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <issuerCat>UST</issuerCat>
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      <invstOrSec>
        <name>Alliant Energy Corp.</name>
        <lei>5493009ML300G373MZ12</lei>
        <title>Alliant Energy Corp.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>MASTR Specialized Loan Trust</name>
        <lei>N/A</lei>
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          <maturityDt>2046-06-25</maturityDt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Invesco US CLO Ltd.</name>
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        <name>Zloty</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Abbott Laboratories</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>WOM Mobile SA</name>
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        <name>Government National Mortgage Association</name>
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        <name>Alternative Loan Trust</name>
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      <invstOrSec>
        <name>NCR Atleos Corp.</name>
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        <name>Paramount Global</name>
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        <name>MSCI, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <name>Viper Energy Partners LLC</name>
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        <name>AbbVie, Inc.</name>
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        <name>United Mexican States</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Amphenol Corp.</name>
        <lei>549300D3L3G0R4U4VT04</lei>
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        <invCountry>KY</invCountry>
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        <name>UPX HIL Issuer Trust</name>
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        <name>BAT Capital Corp.</name>
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        <name>UNIV Trust</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Pacific Gas &amp; Electric Co.</name>
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        <name>GSR Mortgage Loan Trust</name>
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        <name>Service Properties Trust</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Morgan Stanley ABS Capital I, Inc. Trust</name>
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        <name>Bbva Consumer Fondo de Titulizacion</name>
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        <name>GoodLeap Home Improvement Solutions Trust</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Rad CLO 14 Ltd.</name>
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        <invCountry>KY</invCountry>
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        <name>Cigna Group (The)</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Group (The)</title>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>United Rentals North America, Inc.</name>
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        <name>Commonwealth Edison Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Ellington Financial Mortgage Trust</name>
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        <name>Baltimore Gas &amp; Electric Co.</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Mizuho Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EURO</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GreenSky Home Improvement Issuer Trust</name>
        <lei>N/A</lei>
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        <name>Pound Sterling</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Last Mile Securities PE DAC</name>
        <lei>635400UJZKP57EXKMQ33</lei>
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          <isin value="XS2320421683"/>
          <other otherDesc="Inhouse Asset ID" value="BRWK0J4M7"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CSMC Trust</name>
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          <isin value="US12661NAB01"/>
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        <name>BX Commercial Mortgage Trust</name>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <name>NRZT</name>
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        <invCountry>US</invCountry>
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        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="608004"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>Dow Chemical Co. (The)</name>
        <lei>ZQUIP1CSZO8LXRBSOU78</lei>
        <title>Dow Chemical Co. (The)</title>
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          <isin value="US260543CR27"/>
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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>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
        <cusip>097023AS4</cusip>
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          <isin value="US097023AS49"/>
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        <balance>162000.00000000</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>2038-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US31418ET595"/>
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        <curCd>USD</curCd>
        <valUSD>516153.88000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US3132DWJK09"/>
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        <curCd>USD</curCd>
        <valUSD>656704.83000000</valUSD>
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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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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Willis North America, Inc.</name>
        <lei>5493004KVU1HWZCP0C66</lei>
        <title>Willis North America, Inc.</title>
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          <isin value="US970648AL56"/>
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        <balance>234000.00000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
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          <isin value="US37940XAV47"/>
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        <balance>100000.00000000</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>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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          <isin value="US404119CV94"/>
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        <balance>191000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184353.89000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GCAT Trust</name>
        <lei>N/A</lei>
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          <isin value="US36274BAC28"/>
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        <balance>762609.93000000</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>
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          <maturityDt>2070-12-25</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atrium Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>Atrium Hotel Portfolio Trust, Series 2025-ATRM, Class G</title>
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          <isin value="US049917AN77"/>
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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>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95000U3D3</cusip>
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          <isin value="US95000U3D31"/>
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        <balance>166000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>168486.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.38900000</annualizedRt>
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      <invstOrSec>
        <name>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
        <cusip>N/A</cusip>
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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>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-26</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PRPM Trust</name>
        <lei>N/A</lei>
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        <cusip>69383FAB4</cusip>
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          <isin value="US69383FAB40"/>
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        <valUSD>230236.01000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2070-10-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
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          <other otherDesc="Inhouse Asset ID" value="BYD8G1W74"/>
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        <balance>849000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>Dominion Energy, Inc.</issuerName>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3140XGPU7</cusip>
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        <curCd>USD</curCd>
        <valUSD>346647.69000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XDT9</cusip>
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        <curCd>USD</curCd>
        <valUSD>424540.94000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Genius Sports Ltd.</name>
        <lei>N/A</lei>
        <title>Genius Sports Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="GG00BMF1JR16"/>
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        <balance>28152.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124713.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>2138009XAW9T934GL239</lei>
        <title>Verus Securitization Trust, Series 2025-12, Class A1LC</title>
        <cusip>92490FAE0</cusip>
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          <isin value="US92490FAE07"/>
          <other otherDesc="Inhouse Asset ID" value="92490FAE0"/>
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        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>139054.19000000</valUSD>
        <pctVal>0.014204455576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.10999840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diameter Capital CLO 5 Ltd.</name>
        <lei>254900DQ6NEBLANVO137</lei>
        <title>Diameter Capital CLO 5 Ltd., Series 2023-5A, Class A1R</title>
        <cusip>25255RAL3</cusip>
        <identifiers>
          <isin value="US25255RAL33"/>
          <other otherDesc="Inhouse Asset ID" value="25255RAL3"/>
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        <name>Republic of Poland</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3140NBPH8</cusip>
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          <isin value="US3140NBPH82"/>
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        <valUSD>40958.59000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <identifiers>
          <isin value="US46647PAK21"/>
          <other otherDesc="Inhouse Asset ID" value="46647PAK2"/>
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        <balance>174000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>137426.35000000</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>2048-07-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.03200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TCO Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>TCO Commercial Mortgage Trust, Series 2024-DPM, Class A</title>
        <cusip>87231EAA5</cusip>
        <identifiers>
          <isin value="US87231EAA55"/>
          <other otherDesc="Inhouse Asset ID" value="87231EAA5"/>
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        <balance>439000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>438314.06000000</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>2039-12-15</maturityDt>
          <couponKind>Floating</couponKind>
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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>
      <invstOrSec>
        <name>Resurgent Trade and Investments Ltd.</name>
        <lei>89450041TCNTI3YL5A08</lei>
        <title>Resurgent Trade and Investments Ltd.</title>
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          <isin value="USV7688NAA73"/>
          <other otherDesc="Inhouse Asset ID" value="BYDUN9UG2"/>
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        <balance>718000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>715343.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.51000000</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>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. Variable Rate Notes, Series 5502, Class EF</title>
        <cusip>3137HJSS7</cusip>
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          <isin value="US3137HJSS73"/>
          <other otherDesc="Inhouse Asset ID" value="3137HJSS7"/>
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        <balance>223233.71130000</balance>
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        <curCd>USD</curCd>
        <valUSD>225134.37000000</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>2055-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.06189880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KSL Trust</name>
        <lei>N/A</lei>
        <title>KSL Trust</title>
        <cusip>50116JAA2</cusip>
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          <isin value="US50116JAA25"/>
          <other otherDesc="Inhouse Asset ID" value="50116JAA2"/>
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        <balance>126000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125963.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.56512840</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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GJW0</cusip>
        <identifiers>
          <isin value="US06051GJW06"/>
          <other otherDesc="Inhouse Asset ID" value="06051GJW0"/>
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        <balance>291000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>221908.74000000</valUSD>
        <pctVal>0.022668089608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.31100000</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>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36179RD71</cusip>
        <identifiers>
          <isin value="US36179RD719"/>
          <other otherDesc="Inhouse Asset ID" value="36179RD71"/>
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        <balance>32784.21240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30876.68000000</valUSD>
        <pctVal>0.003154068420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>COLT Mortgage Loan Trust</name>
        <lei>213800A53WDNKWGEVL75</lei>
        <title>COLT Mortgage Loan Trust, Series 2025-12, Class B1</title>
        <cusip>19688UAM4</cusip>
        <identifiers>
          <isin value="US19688UAM45"/>
          <other otherDesc="Inhouse Asset ID" value="19688UAM4"/>
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        <balance>128000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127815.88000000</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>2071-01-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.86099880</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278XAR0</cusip>
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          <isin value="US25278XAR08"/>
          <other otherDesc="Inhouse Asset ID" value="25278XAR0"/>
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        <balance>2018000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1870937.56000000</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>2031-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="632315"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank</counterpartyName>
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            <settlementDt>2026-04-24</settlementDt>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDSCMBX</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="BRT8DTKL6"/>
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        <balance>9994.89785999</balance>
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        <curCd>USD</curCd>
        <valUSD>-2033.05000000</valUSD>
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        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>J.P. Morgan Securities</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CMBX North American BBB- 10</indexName>
                <indexIdentifier>137BERAJ6</indexIdentifier>
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      <invstOrSec>
        <name>COLT Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>COLT Mortgage Loan Trust, Series 2025-7, Class A1</title>
        <cusip>19689CAA9</cusip>
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          <isin value="US19689CAA99"/>
          <other otherDesc="Inhouse Asset ID" value="19689CAA9"/>
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        <balance>363648.23000000</balance>
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        <curCd>USD</curCd>
        <valUSD>364680.45000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2070-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.46999840</annualizedRt>
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      <invstOrSec>
        <name>Option One Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Option One Mortgage Loan Trust, Series 2007-CP1, Class 2A3</title>
        <cusip>68402YAD8</cusip>
        <identifiers>
          <isin value="US68402YAD85"/>
          <other otherDesc="Inhouse Asset ID" value="68402YAD8"/>
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        <balance>90000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77770.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00303080</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206RDH2</cusip>
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          <isin value="US00206RDH21"/>
          <other otherDesc="Inhouse Asset ID" value="00206RDH2"/>
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        <balance>547000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500052.14000000</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>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</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>Northern States Power Co.</name>
        <lei>3S1GHB0TEH85KX44SB51</lei>
        <title>Northern States Power Co.</title>
        <cusip>665772CE7</cusip>
        <identifiers>
          <isin value="US665772CE73"/>
          <other otherDesc="Inhouse Asset ID" value="665772CE7"/>
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        <balance>21000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20906.09000000</valUSD>
        <pctVal>0.002135567627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>CSTL Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Corebridge Financial, Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial, Inc.</title>
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          <isin value="US21871XAP42"/>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co.</name>
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        <title>Bristol-Myers Squibb Co.</title>
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        <balance>101000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Federal Home Loan Mortgage Corp.</title>
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        <balance>7214.48470000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <balance>504000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>3140QELS9</cusip>
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          <isin value="US3140QELS95"/>
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        <curCd>USD</curCd>
        <valUSD>446923.87000000</valUSD>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Variable Rate Notes, Series 2025-35, Class FJ</title>
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          <isin value="US3136BVN464"/>
          <other otherDesc="Inhouse Asset ID" value="3136BVN46"/>
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        <balance>372302.49410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>377071.17000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36189MS74</cusip>
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          <isin value="US36189MS741"/>
          <other otherDesc="Inhouse Asset ID" value="36189MS74"/>
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        <balance>2881.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2713.78000000</valUSD>
        <pctVal>0.000277213994</pctVal>
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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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      <invstOrSec>
        <name>Taurus UK DAC</name>
        <lei>635400ZUSGYHROR9ZX12</lei>
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        <identifiers>
          <isin value="XS3025430623"/>
          <other otherDesc="Inhouse Asset ID" value="BYDG3JQ29"/>
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        <balance>90338.75210000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75551526"/>
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        <assetCat>ABS-MBS</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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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hungary</name>
        <lei>5299003F3UFKGCCMAP43</lei>
        <title>Hungary Government Bond</title>
        <cusip>N/A</cusip>
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        <balance>51060000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD Currency</title>
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        <balance>-272000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>HSBC Bank</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>ACRES LLC</name>
        <lei>N/A</lei>
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          <isin value="US00501DAA37"/>
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        <balance>1036000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1036290.18000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>NRTH Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>NIKE, Inc.</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE, Inc.</title>
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          <isin value="US654106AL77"/>
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        <balance>108000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84954.66000000</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>2040-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bolivarian Republic of Venezuela</name>
        <lei>529900XM8PJTJK5OJI77</lei>
        <title>Bolivarian Republic of Venezuela</title>
        <cusip>N/A</cusip>
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          <isin value="USP17625AD98"/>
          <other otherDesc="Inhouse Asset ID" value="BRSCK1520"/>
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        <balance>70700.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35986.30000000</valUSD>
        <pctVal>0.003676018678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>VE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.95000000</annualizedRt>
          <isDefault>Y</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>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>AbbVie, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Chevron USA, Inc.</name>
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        <name>N/A</name>
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        <name>Oriental Republic of Uruguay</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Gilead Sciences, Inc.</name>
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        <name>Canadian Pacific Railway Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Bank of America Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
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        <name>VoltaGrid LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BHMS Commercial Mortgage Trust</name>
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          <isin value="US088928AA44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>VEGAS</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co.</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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      <invstOrSec>
        <name>Bear Stearns Mortgage Funding Trust</name>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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        <name>Ukraine</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>LCM 29 Ltd.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>LQR Trust</name>
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        <name>Dolcetto Holdco SpA</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Rockford Tower CLO Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Eastman Chemical Co.</name>
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        <title>Eastman Chemical Co.</title>
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        <name>BAHA Trust</name>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>Ellington Financial Mortgage Trust</name>
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        <name>N/A</name>
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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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        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <name>Republic of the Philippines</name>
        <lei>529900RAHBALMYIJ3T08</lei>
        <title>Republic of Philippines</title>
        <cusip>718286CP0</cusip>
        <identifiers>
          <isin value="US718286CP01"/>
          <other otherDesc="Inhouse Asset ID" value="718286CP0"/>
        </identifiers>
        <balance>829000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>569523.00000000</valUSD>
        <pctVal>0.058177061426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-06</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>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36213FZ22</cusip>
        <identifiers>
          <isin value="US36213FZ227"/>
          <other otherDesc="Inhouse Asset ID" value="36213FZ22"/>
        </identifiers>
        <balance>13037.80000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12279.28000000</valUSD>
        <pctVal>0.001254334639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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 B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>

      <explntrNote note="IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate." noteItem="C.11.f.i.2"/>




    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Variable Series Funds II, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
