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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>DRYDEN 50 SENIOR LOAN FUND &amp; LLC</name>
        <lei>549300AS2O1RYPD2ED41</lei>
        <title>DRSLF 2013-30A BR</title>
        <cusip>26249BAS0</cusip>
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          <isin value="US26249BAS07"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>576034.20000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GNR 2013-63 IO</title>
        <cusip>38378KPD5</cusip>
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        <balance>21284634.69000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.79296100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avery Point IV CLO, Limited/ Avery Point IV CLO, Corp</name>
        <lei>549300RWY6OWBAXCT467</lei>
        <title>AVERY 2014-1A CR</title>
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          <isin value="US05363UAW36"/>
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        <balance>2662000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Delta Air Lines Inc</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>DAL 3 3/4 10/28/29</title>
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          <isin value="US247361ZT81"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-28</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Money Market</name>
        <lei>25490005VWJDWX717014</lei>
        <title>FED-TREAS OBL-IS</title>
        <cusip>60934N500</cusip>
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          <isin value="US60934N5005"/>
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        <balance>27615215.74000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27615215.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2012-53 IO</title>
        <cusip>38378BTK5</cusip>
        <identifiers>
          <isin value="US38378BTK51"/>
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        <balance>42129268.69300000</balance>
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        <curCd>USD</curCd>
        <valUSD>1136226.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.95460800</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2013-146 IO</title>
        <cusip>38378NFX6</cusip>
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          <isin value="US38378NFX66"/>
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        <balance>25164074.50000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.73831000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Octagon Investment Partners XIX</name>
        <lei>N/A</lei>
        <title>OCT19 2014-1A CR</title>
        <cusip>67590LAU2</cusip>
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          <isin value="US67590LAU26"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>741366.75000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2011-119 IO</title>
        <cusip>38376G3S7</cusip>
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          <isin value="US38376G3S78"/>
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        <balance>6881427.32900000</balance>
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        <curCd>USD</curCd>
        <valUSD>52918.18000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.35741900</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2012-109 IO</title>
        <cusip>38378BH28</cusip>
        <identifiers>
          <isin value="US38378BH280"/>
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        <balance>14937364.56300000</balance>
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        <curCd>USD</curCd>
        <valUSD>281121.20000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.71331800</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2016-36 IO</title>
        <cusip>38379RHB2</cusip>
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        <balance>25162.22900000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-16</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2015-21 IO</title>
        <cusip>38379KBF4</cusip>
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          <isin value="US38379KBF49"/>
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        <balance>2824626.67100000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-16</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>AerCap Holdings N.V.</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AER 5 7/8 10/10/79</title>
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          <isin value="US00774YAA73"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Madison Park Funding XV Ltd.</name>
        <lei>N/A</lei>
        <title>MDPK 2014-15A A2R</title>
        <cusip>55818VAY3</cusip>
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        <balance>3620000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CIFC Funding 2011-I Ltd.</name>
        <lei>N/A</lei>
        <title>CIFC 2013-2A A2LR</title>
        <cusip>12549BAS7</cusip>
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          <isin value="US12549BAS79"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2909988.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-18</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>TCW CLO 2019-1 AMR LTD</name>
        <lei>N/A</lei>
        <title>TCW 2019-1A B</title>
        <cusip>87241EAG0</cusip>
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          <isin value="US87241EAG08"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2435030.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2015-120 IO</title>
        <cusip>38379KF37</cusip>
        <identifiers>
          <isin value="US38379KF374"/>
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        <balance>17811764.62700000</balance>
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        <curCd>USD</curCd>
        <valUSD>678628.23000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-03-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.82207100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Madison Park Funding XIII Ltd.</name>
        <lei>N/A</lei>
        <title>MDPK 2014-13A CR2</title>
        <cusip>55818MBE6</cusip>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2014-92 AI</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Magnetite VIII Ltd/Llc</name>
        <lei>549300NJNSVWVLHGRY73</lei>
        <title>MAGNE 2014-8A BR2</title>
        <cusip>55952YAR8</cusip>
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          <isin value="US55952YAR80"/>
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        <curCd>USD</curCd>
        <valUSD>773983.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCM XX Limited Partnership / LCM XX LLC</name>
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        <title>LCM 20A BR</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MAGNETITE XVI LIMITED</name>
        <lei>549300Z3WHVYABE20I45</lei>
        <title>MAGNE 2015-16A C2R</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Madison Park Funding XIII Ltd.</name>
        <lei>N/A</lei>
        <title>MDPK 2014-13A BR2</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-19</maturityDt>
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        <name>MAGNETITE XVI LIMITED</name>
        <lei>549300Z3WHVYABE20I45</lei>
        <title>MAGNE 2015-16A C1R</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Dryden XXXIII Senior Loan Fund</name>
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        <name>Atrium Xiii</name>
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        <name>Avis Budget Car Rental LLC/Avis Budget Finance Inc.</name>
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        <name>Wind River Clo I Ltd/Corp</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2015-47 IO</title>
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        <name>Kohls Corporation</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>KSS 9 1/2 05/15/25</title>
        <cusip>500255AW4</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Madison Park Funding Xi Ltd</name>
        <lei>N/A</lei>
        <title>MDPK 2013-11A CR</title>
        <cusip>55818KAT8</cusip>
        <identifiers>
          <isin value="US55818KAT88"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>768471.20000000</valUSD>
        <pctVal>0.665104940470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.24299900</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>GNR 2014-186 IA</title>
        <cusip>38378XW49</cusip>
        <identifiers>
          <isin value="US38378XW499"/>
        </identifiers>
        <balance>34534751.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133304.14000000</valUSD>
        <pctVal>0.115373539176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.30000000</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>GNR 2016-106 IO</title>
        <cusip>38379UD37</cusip>
        <identifiers>
          <isin value="US38379UD378"/>
        </identifiers>
        <balance>6223198.62200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>377872.62000000</valUSD>
        <pctVal>0.327045368037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-09-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.01495200</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>Seneca Park CLO Ltd.</name>
        <lei>549300K5MVLC6DMKBC14</lei>
        <title>SPARK 2014-1A CR</title>
        <cusip>817176AS9</cusip>
        <identifiers>
          <isin value="US817176AS94"/>
        </identifiers>
        <balance>1725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1702631.93000000</valUSD>
        <pctVal>1.473612685089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.28488100</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>PALMER SQUARE LOAN FUNDING 2018-3 ltd/llc</name>
        <lei>54930074K7VGDXSC1K18</lei>
        <title>PSTAT 2018-3A A2</title>
        <cusip>69700LAC5</cusip>
        <identifiers>
          <isin value="US69700LAC54"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>242496.50000000</valUSD>
        <pctVal>0.209878548729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.74237800</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>HIGHBRIDGE LOAN MANAGEMENT LTD</name>
        <lei>N/A</lei>
        <title>HLM 7A-2015 CR</title>
        <cusip>40437RAE9</cusip>
        <identifiers>
          <isin value="US40437RAE99"/>
        </identifiers>
        <balance>2970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2797722.18000000</valUSD>
        <pctVal>2.421403487836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.09238100</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>GNR 2012-132 IO</title>
        <cusip>38378BX95</cusip>
        <identifiers>
          <isin value="US38378BX956"/>
        </identifiers>
        <balance>39720811.06500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>831753.78000000</valUSD>
        <pctVal>0.719875446643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.68119900</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>Federal Home Loan Mortgage Corporation</name>
        <lei>N/A</lei>
        <title>FHMS K051 X1</title>
        <cusip>3137BM7D2</cusip>
        <identifiers>
          <isin value="US3137BM7D20"/>
        </identifiers>
        <balance>6188245.94100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150807.55000000</valUSD>
        <pctVal>0.130522583754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.54433100</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>ALM XVI Ltd.</name>
        <lei>54930061X0YU68FM6A54</lei>
        <title>ALM 2015-16A BR2</title>
        <cusip>00162LCU9</cusip>
        <identifiers>
          <isin value="US00162LCU98"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2434882.50000000</valUSD>
        <pctVal>2.107368994719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.11888200</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>Barings Clo Limited</name>
        <lei>549300LYPY4755WERL49</lei>
        <title>BABSN 2015-2A B2R</title>
        <cusip>06759FAD8</cusip>
        <identifiers>
          <isin value="US06759FAD87"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>239997.50000000</valUSD>
        <pctVal>0.207715686613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.72525000</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>GNR 2014-164 IA</title>
        <cusip>38378XZA2</cusip>
        <identifiers>
          <isin value="US38378XZA26"/>
        </identifiers>
        <balance>12651903.33700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22710.17000000</valUSD>
        <pctVal>0.019655448721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pc Prepay Prm 30</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHMS KF18 A</title>
        <cusip>3137BQR74</cusip>
        <identifiers>
          <isin value="US3137BQR745"/>
        </identifiers>
        <balance>17899.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17857.44000000</valUSD>
        <pctVal>0.015455454372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.84962900</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>Octagon Investment Partners Ltd</name>
        <lei>N/A</lei>
        <title>OCT25 2015-1A BR</title>
        <cusip>67575BAN9</cusip>
        <identifiers>
          <isin value="US67575BAN91"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>480608.50000000</valUSD>
        <pctVal>0.415962351981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.33525200</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="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-06-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Leader Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Erik Naviloff</ncom:signature>
      <ncom:signerName>Erik Naviloff</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
