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        <name>STARWOOD PROPERTY TRUST</name>
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        <name>Republic Finance Issuance Trust</name>
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          <isin value="US76042GAA22"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BROADCOM INC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>AMERICAN TOWER CORP</name>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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      <invstOrSec>
        <name>STATION CASINOS LLC</name>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLIED UNIVERSAL HOLDCO</name>
        <lei>98450038B4549046D794</lei>
        <title>Allied Universal Holdco LLC</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <name>OUTFRONT MEDIA CAP LLC/C</name>
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        <name>CAMERON LNG LLC</name>
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        <name>Bank of America Corp</name>
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        <name>UMBS, TBA</name>
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        <name>MGM RESORTS INTL</name>
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        <name>Intuit Inc</name>
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        <title>Intuit Inc</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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        <name>CHENIERE ENERGY PARTNERS</name>
        <lei>5493005UEC8AZ34LDV29</lei>
        <title>Cheniere Energy Partners LP</title>
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        <name>MASTR Reperforming Loan Trust</name>
        <lei>N/A</lei>
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        <name>CALPINE CORP</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp</title>
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        <name>Dominion Energy Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <name>CIFC Funding Ltd</name>
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        <name>BXMT Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-18</maturityDt>
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        <name>BX Trust</name>
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        <name>EUROPEAN UNION</name>
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        <name>UMBS, TBA</name>
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          <isin value="US01F0506505"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CIFC Funding Ltd</name>
        <lei>N/A</lei>
        <title>CIFC Funding 2019-VI Ltd</title>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>PRP Advisors, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DK Trust</name>
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        <title>DK Trust 2024-SPBX</title>
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        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>PURCHASED USD / SOLD JPY</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CEV9</cusip>
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        <issuerCat>UST</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>Banc of America Merrill Lynch Large Loan Inc</name>
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        <title>BAMLL Trust 2024-BHP</title>
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          <couponKind>Floating</couponKind>
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        <name>ENLINK MIDSTREAM LLC</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK Inc</title>
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        <balance>17000.00000000</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>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED USD / SOLD JPY</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DVL94</cusip>
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          <isin value="US3132DVL943"/>
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        <balance>468425.53000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>DUKE ENERGY CAROLINAS</name>
        <lei>MWIUSDMN17TCR56VW396</lei>
        <title>Duke Energy Carolinas LLC</title>
        <cusip>26442CBL7</cusip>
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          <isin value="US26442CBL72"/>
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        <balance>28000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26685.36000000</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>2054-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179SYS0</cusip>
        <identifiers>
          <isin value="US36179SYS03"/>
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        <balance>37120.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34112.50000000</valUSD>
        <pctVal>0.017473141584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-20</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QNZ39</cusip>
        <identifiers>
          <isin value="US3140QNZ390"/>
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        <balance>12006.97000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11603.48000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</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>MCR Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MCR 2024-TWA Mortgage Trust</title>
        <cusip>582923AE8</cusip>
        <identifiers>
          <isin value="US582923AE88"/>
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        <balance>16000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16133.90000000</valUSD>
        <pctVal>0.008264123679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.73000000</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>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VBB5</cusip>
        <identifiers>
          <isin value="US29273VBB53"/>
        </identifiers>
        <balance>62000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56631.10000000</valUSD>
        <pctVal>0.029007643192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CMF5</cusip>
        <identifiers>
          <isin value="US91282CMF58"/>
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        <balance>28000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28469.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OHIO POWER COMPANY</name>
        <lei>06ZODLC132CY1O2Y7D77</lei>
        <title>Ohio Power Co</title>
        <cusip>677415CR0</cusip>
        <identifiers>
          <isin value="US677415CR01"/>
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        <balance>21000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15605.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>17327CAW3</cusip>
        <identifiers>
          <isin value="US17327CAW38"/>
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        <balance>112000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>112552.55000000</valUSD>
        <pctVal>0.057651788694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.79000000</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>Bear Stearns Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Asset Backed Securities I Trust 2007-HE5</title>
        <cusip>073859AH3</cusip>
        <identifiers>
          <isin value="US073859AH34"/>
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        <balance>89625.83000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75763.76000000</valUSD>
        <pctVal>0.038807794956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.82000000</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>OWENS-BROCKWAY</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
        <title>Owens-Brockway Glass Container Inc</title>
        <cusip>69073TAU7</cusip>
        <identifiers>
          <isin value="US69073TAU79"/>
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        <balance>24000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23833.12000000</valUSD>
        <pctVal>0.012207826461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</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>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2020-VIV4</title>
        <cusip>05608MAA4</cusip>
        <identifiers>
          <isin value="US05608MAA45"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90626.44000000</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>2044-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.84000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AT&amp;T INC</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
        <cusip>00206RMN9</cusip>
        <identifiers>
          <isin value="US00206RMN97"/>
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        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30976.21000000</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>2057-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</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>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38141GB29</cusip>
        <identifiers>
          <isin value="US38141GB292"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25297.79000000</valUSD>
        <pctVal>0.012958061310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VIKING CRUISES LTD</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>Viking Cruises Ltd</title>
        <cusip>92676XAF4</cusip>
        <identifiers>
          <isin value="US92676XAF42"/>
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        <balance>24000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24086.24000000</valUSD>
        <pctVal>0.012337479861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alabama Power Co</name>
        <lei>0RL818ELFOHP5JHOFU19</lei>
        <title>Alabama Power Co</title>
        <cusip>010392FJ2</cusip>
        <identifiers>
          <isin value="US010392FJ25"/>
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        <balance>9000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7127.73000000</valUSD>
        <pctVal>0.003650973557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QQWF8</cusip>
        <identifiers>
          <isin value="US3140QQWF85"/>
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        <balance>37355.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38157.45000000</valUSD>
        <pctVal>0.019545050241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VBF6</cusip>
        <identifiers>
          <isin value="US29273VBF67"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9382.48000000</valUSD>
        <pctVal>0.004805904036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES / NOTE</name>
        <lei>N/A</lei>
        <title>VICI Properties LP / VICI Note Co Inc</title>
        <cusip>92564RAB1</cusip>
        <identifiers>
          <isin value="US92564RAB15"/>
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        <balance>402000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>390445.15000000</valUSD>
        <pctVal>0.199994236334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
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          <isin value="US01F0606594"/>
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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>NCR VOYIX CORP</name>
        <lei>549300YKTY8JX1DV2R67</lei>
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          <isin value="US62886EAY41"/>
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        <balance>17000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vistra Corp</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OPEN Trust</name>
        <lei>N/A</lei>
        <title>OPEN Trust 2023-AIR</title>
        <cusip>68373BAA9</cusip>
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          <isin value="US68373BAA98"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CCP41"/>
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        <balance>885500.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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          <isin value="US31418DZU98"/>
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        <balance>28144.17000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418D4X7</cusip>
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          <isin value="US31418D4X74"/>
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        <balance>662304.39000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CFF3</cusip>
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          <isin value="US91282CFF32"/>
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        <balance>678000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>626117.11000000</valUSD>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SUBWAY FUNDING LLC</name>
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        <balance>29850.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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        <fairValLevel>2</fairValLevel>
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        <name>LCH Ltd.</name>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>TENNECO INC</name>
        <lei>549300U0EXXFAQFAD785</lei>
        <title>Tenneco Inc</title>
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      <invstOrSec>
        <name>Westways Funding Ltd</name>
        <lei>N/A</lei>
        <title>WEST Trust 2025-ROSE</title>
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          <couponKind>Variable</couponKind>
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        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2022-CSMO</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Appalachian Power Co</name>
        <lei>3SCHO1ABYYIG382BEI70</lei>
        <title>Appalachian Power Co</title>
        <cusip>037735CX3</cusip>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11898.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QTEX3</cusip>
        <identifiers>
          <isin value="US3140QTEX33"/>
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        <balance>141133.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146896.43000000</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>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>COMSTOCK RESOURCES INC</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>Comstock Resources Inc</title>
        <cusip>205768AU8</cusip>
        <identifiers>
          <isin value="US205768AU84"/>
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        <balance>17000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16108.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Mutual Mortgage Pass-Through CTFS</name>
        <lei>N/A</lei>
        <title>Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA1 Trust</title>
        <cusip>93935NAB0</cusip>
        <identifiers>
          <isin value="US93935NAB01"/>
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        <balance>124921.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97995.66000000</valUSD>
        <pctVal>0.050195442780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.29000000</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>BAT Capital Corp</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp</title>
        <cusip>05526DBF1</cusip>
        <identifiers>
          <isin value="US05526DBF15"/>
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        <balance>189000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148732.62000000</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>2047-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.54000000</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>Spruce Hill Mortgage Acquisition Company, LLC</name>
        <lei>N/A</lei>
        <title>Spruce Hill Mortgage Loan Trust 2020-SH2</title>
        <cusip>85214RAC7</cusip>
        <identifiers>
          <isin value="US85214RAC79"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97252.44000000</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>2055-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</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>Progressive Corp/The</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp/The</title>
        <cusip>743315103</cusip>
        <identifiers>
          <isin value="US7433151039"/>
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        <balance>51.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14368.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QE1</cusip>
        <identifiers>
          <isin value="US912810QE10"/>
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        <balance>54900.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55680.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</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>ACREC LLC</name>
        <lei>N/A</lei>
        <title>Acrec 2025 Fl 3 LLC</title>
        <cusip>00112HAA5</cusip>
        <identifiers>
          <isin value="US00112HAA59"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99030.84000000</valUSD>
        <pctVal>0.050725683798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QUHR0</cusip>
        <identifiers>
          <isin value="US3140QUHR01"/>
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        <balance>31680.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32404.13000000</valUSD>
        <pctVal>0.016598078458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Residential Accredit Loans, Inc.</name>
        <lei>N/A</lei>
        <title>RALI Series 2006-QA10 Trust</title>
        <cusip>74922NAB5</cusip>
        <identifiers>
          <isin value="US74922NAB55"/>
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        <balance>195242.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>168371.40000000</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>2036-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VEGAS Trust</name>
        <lei>N/A</lei>
        <title>VEGAS 2024-GCS</title>
        <cusip>92254BAC9</cusip>
        <identifiers>
          <isin value="US92254BAC90"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93559.56000000</valUSD>
        <pctVal>0.047923178848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.42000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TALLGRASS NRG PRTNR/FIN</name>
        <lei>N/A</lei>
        <title>Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp</title>
        <cusip>87470LAG6</cusip>
        <identifiers>
          <isin value="US87470LAG68"/>
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        <balance>16000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15793.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ReadyCap Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Ready Capital Mortgage Financing 2022-FL9 LLC</title>
        <cusip>75574EAA5</cusip>
        <identifiers>
          <isin value="US75574EAA55"/>
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        <balance>32927.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32895.42000000</valUSD>
        <pctVal>0.016849727552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.79000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JW Commercial Mortgage Trust 2024-MRCO</name>
        <lei>N/A</lei>
        <title>JW Commercial Mortgage Trust 2024-MRCO</title>
        <cusip>46657XAA4</cusip>
        <identifiers>
          <isin value="US46657XAA46"/>
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        <balance>113000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112364.38000000</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>2039-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.94000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Union Pacific Corp</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp</title>
        <cusip>907818108</cusip>
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          <isin value="US9078181081"/>
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        <balance>57.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12292.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAESARS ENTERTAIN INC</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment Inc</title>
        <cusip>28470RAK8</cusip>
        <identifiers>
          <isin value="US28470RAK86"/>
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        <balance>7000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7021.04000000</valUSD>
        <pctVal>0.003596324690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.13000000</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>State of California</name>
        <lei>N/A</lei>
        <title>CALIFORNIA ST</title>
        <cusip>13063DGE2</cusip>
        <identifiers>
          <isin value="US13063DGE22"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>142338.62000000</valUSD>
        <pctVal>0.072908841633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</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>ARES Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ARES Commercial Mortgage Trust 2024-IND</title>
        <cusip>03990DAA5</cusip>
        <identifiers>
          <isin value="US03990DAA54"/>
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        <balance>293000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>293000.00000000</valUSD>
        <pctVal>0.150080776380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>GLP CAPITAL LP / FIN II</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DSQ625"/>
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        <balance>231613.30000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Owl Rock CLO Ltd</name>
        <lei>N/A</lei>
        <title>Owl Rock CLO VII LLC</title>
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          <isin value="US69121BAQ77"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>254900TZWRKTBX2YNW23</lei>
        <title>BRAVO Residential Funding Trust 2025-NQM2</title>
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          <isin value="US10569NAC56"/>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <balance>766800.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Mercantile Exchange</name>
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      <invstOrSec>
        <name>APPLOVIN CORP</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp</title>
        <cusip>03831WAC2</cusip>
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          <isin value="US03831WAC29"/>
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        <balance>346000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Milford Park CLO, Ltd.</name>
        <lei>N/A</lei>
        <title>Milford Park CLO Ltd</title>
        <cusip>59966PAN2</cusip>
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          <isin value="US59966PAN24"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248125.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Altria Group Inc</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group Inc</title>
        <cusip>02209SBG7</cusip>
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          <isin value="US02209SBG75"/>
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        <balance>28000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HIH Trust</name>
        <lei>N/A</lei>
        <title>HIH Trust 2024-61P</title>
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          <isin value="US40444VAA98"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QFNX3</cusip>
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        <balance>208882.95000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>Angel Oak Mortgage Trust</name>
        <lei>2549003MM0537Y3QHI22</lei>
        <title>Angel Oak Mortgage Trust 2024-1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
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        <name>AEP TEXAS INC</name>
        <lei>5493001L78U618KXNZ75</lei>
        <title>AEP Texas Inc</title>
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          <isin value="US00108WAN02"/>
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        <balance>54000.00000000</balance>
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        <balance>3599000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>VEGAS Trust</name>
        <lei>N/A</lei>
        <title>VEGAS 2024-GCS</title>
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      <invstOrSec>
        <name>iShares 0-5 Year High Yield Corporate Bond ETF</name>
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        <title>iShares 0-5 Year High Yield Corporate Bond ETF</title>
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          <isin value="US46434V4077"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>Ginnie Mae</title>
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      <invstOrSec>
        <name>TEGNA INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XNFL3</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CAP CORP</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KSL Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>KSL Commercial Mortgage Trust 2024-HT2</title>
        <cusip>500937AA5</cusip>
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          <isin value="US500937AA54"/>
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        <balance>325000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-15</maturityDt>
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      <invstOrSec>
        <name>Pfizer Inc</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PECO ENERGY CO</name>
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        <title>PECO Energy Co</title>
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          <isin value="US693304BC00"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Palmer Square Loan Funding Ltd</name>
        <lei>N/A</lei>
        <title>Palmer Square Loan Funding 2022-3 Ltd</title>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>VENTURE GLOBAL LNG INC</name>
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        <title>Venture Global LNG Inc</title>
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        <name>AEP Transmission Co LLC</name>
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        <name>Regatta XVIII Funding Ltd</name>
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        <name>EQUIPMENTSHARE.COM INC</name>
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        <title>EquipmentShare.com Inc</title>
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      <invstOrSec>
        <name>SMB Private Education Loan Trust</name>
        <lei>N/A</lei>
        <title>SMB Private Education Loan Trust 2021-A</title>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>CHARTER COMM OPT LLC/CAP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DUKE ENERGY PROGRESS LLC</name>
        <lei>0NIFZ782LS46WOC9QK20</lei>
        <title>Duke Energy Progress LLC</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Private Education Loan Trust 2020-A</title>
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          <isin value="US63941FAB22"/>
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        <balance>101781.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98152.56000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.46000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SW99"/>
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        <balance>325600.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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          <isin value="US3140XQQ422"/>
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        <balance>12578.26000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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          <other otherDesc="BlackRock Identifier" value="BYDEHBW03"/>
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        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Call</putOrCall>
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                      <other otherDesc="Internal Identifier" value="OP003ZV13E"/>
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                    <units>OU</units>
                    <descOthUnits>Notional Amount</descOthUnits>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XL3X4</cusip>
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          <isin value="US3140XL3X46"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALTRIA GROUP INC</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group Inc</title>
        <cusip>02209SBM4</cusip>
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          <isin value="US02209SBM44"/>
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        <curCd>USD</curCd>
        <valUSD>137443.28000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CDL2</cusip>
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          <isin value="US91282CDL28"/>
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        <balance>1144000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1062668.75000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CJT9</cusip>
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          <isin value="US91282CJT99"/>
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        <balance>472500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>475083.98000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
        <cusip>06051GLG2</cusip>
        <identifiers>
          <isin value="US06051GLG28"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76609.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>TALLGRASS NRG PRTNR/FIN</name>
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        <title>Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp</title>
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          <isin value="US87470LAL53"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.38000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140X9X34</cusip>
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          <isin value="US3140X9X349"/>
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        <balance>36765.95000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>124857AT0</cusip>
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          <isin value="US124857AT09"/>
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        <balance>141000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136384.69000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.38000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QAB58</cusip>
        <identifiers>
          <isin value="US3140QAB588"/>
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        <balance>149811.13000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>EQT Corp</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp</title>
        <cusip>26884LAF6</cusip>
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          <isin value="US26884LAF67"/>
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        <balance>147000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>144201.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YFY6</cusip>
        <identifiers>
          <isin value="US61747YFY68"/>
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        <balance>291000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>294969.56000000</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>2029-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.99000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNB CORP</name>
        <lei>PCYSKIGYNYFDTBLVZU83</lei>
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        <name>United States Treasury</name>
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        <name>Onslow Bay Financial LLC</name>
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        <name>LCH Ltd.</name>
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        <name>Bank of America Corp</name>
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        <name>Symphony CLO Ltd</name>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>VITAL ENERGY INC</name>
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        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <name>Social Professional Loan Program LLC</name>
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        <name>Lendmark Funding Trust</name>
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        <name>CNX RESOURCES CORP</name>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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      <invstOrSec>
        <name>Great Wolf Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <name>EQT CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Orchard Park CLO, LTD.</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>LBA Trust</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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      <invstOrSec>
        <name>Barclays Bank PLC</name>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury Bonds</title>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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      <invstOrSec>
        <name>XEROX HOLDINGS CORP</name>
        <lei>5493000Y33XDVO2CXC18</lei>
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      <invstOrSec>
        <name>SCG Hotel Issuer Inc</name>
        <lei>N/A</lei>
        <title>SCG 2024-MSP Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DUKE ENERGY FLORIDA LLC</name>
        <lei>7MOHLM3DKE63RX2ZCN83</lei>
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        <curCd>USD</curCd>
        <valUSD>6295.18000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CKW00"/>
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        <balance>658000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>671699.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc</title>
        <cusip>11135FBV2</cusip>
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          <isin value="US11135FBV22"/>
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        <balance>17000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16281.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.93000000</annualizedRt>
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      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Private Education Loan Trust 2020-A</title>
        <cusip>63941FAD8</cusip>
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          <isin value="US63941FAD87"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89757.09000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.16000000</annualizedRt>
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      <invstOrSec>
        <name>Duke Energy Progress LLC</name>
        <lei>0NIFZ782LS46WOC9QK20</lei>
        <title>Duke Energy Progress LLC</title>
        <cusip>26442UAE4</cusip>
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          <isin value="US26442UAE47"/>
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        <balance>26000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18825.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>BBAM US CLO LTD.</name>
        <lei>549300LRECI1GZTZLF38</lei>
        <title>BBAM US CLO I Ltd</title>
        <cusip>054978AL5</cusip>
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          <isin value="US054978AL59"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>246728.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.46000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc</title>
        <cusip>29444UBT2</cusip>
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          <isin value="US29444UBT25"/>
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        <balance>19000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12438.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JAPAN (30 YEAR ISSUE)</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1300861R49"/>
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        <balance>25350000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="142.98000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</annualizedRt>
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      <invstOrSec>
        <name>QUIKRETE HOLDINGS INC</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>Quikrete Holdings Inc</title>
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          <isin value="US74843PAA84"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50281.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.38000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CET4</cusip>
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          <isin value="US91282CET45"/>
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        <balance>920000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>901959.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CME8</cusip>
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          <isin value="US91282CME83"/>
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        <balance>21000.00000000</balance>
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        <valUSD>21190.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>1011778 BC / NEW RED FIN</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC / New Red Finance Inc</title>
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          <isin value="US68245XAP42"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI Properties LP</title>
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          <isin value="US925650AD55"/>
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        <curCd>USD</curCd>
        <valUSD>225092.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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      <invstOrSec>
        <name>SMB Private Education Loan Trust</name>
        <lei>549300QHI21JZK7YIR34</lei>
        <title>SMB Private Education Loan Trust 2018-A</title>
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          <isin value="US78449PAC32"/>
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        <balance>67813.72000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.24000000</annualizedRt>
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        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc</title>
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          <isin value="US11135FAQ46"/>
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        <balance>37000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36061.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
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          <other otherDesc="BlackRock Identifier" value="BYDJ0RTL3"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <name>Thermo Fisher Scientific Inc</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
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      <invstOrSec>
        <name>Costco Wholesale Corp</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
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          <isin value="US22160K1051"/>
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      <invstOrSec>
        <name>BX Trust</name>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
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        <title>General Motors Financial Co Inc</title>
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          <isin value="US37045XEF96"/>
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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>Castle Hill INGOTS Ltd</name>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>United States Treasury</name>
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        <name>THE 2023-MIC Trust</name>
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        <name>AGL Core CLO</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>LCH Ltd.</name>
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        <name>Edison International</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XLZ35</cusip>
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          <isin value="US3140XLZ358"/>
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        <balance>81062.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76743.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KINDER MORGAN INC</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan Inc</title>
        <cusip>49456BBC4</cusip>
        <identifiers>
          <isin value="US49456BBC46"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20249.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>54930012YCNUERXJ1I74</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2024-BPRC</title>
        <cusip>95004AAE3</cusip>
        <identifiers>
          <isin value="US95004AAE38"/>
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        <balance>219000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>225827.67000000</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>2043-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.22000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SDAL Trust</name>
        <lei>N/A</lei>
        <title>SDAL Trust 2025-DAL</title>
        <cusip>78437RAA7</cusip>
        <identifiers>
          <isin value="US78437RAA77"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99874.90000000</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>2042-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.74000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc</title>
        <cusip>11135FCC3</cusip>
        <identifiers>
          <isin value="US11135FCC32"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9800.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRANSDIGM INC</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm Inc</title>
        <cusip>893647BP1</cusip>
        <identifiers>
          <isin value="US893647BP15"/>
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        <balance>23000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22122.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</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>
        <name>AEP TEXAS INC</name>
        <lei>5493001L78U618KXNZ75</lei>
        <title>AEP Texas Inc</title>
        <cusip>00108WAR1</cusip>
        <identifiers>
          <isin value="US00108WAR16"/>
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        <balance>14000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13996.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banc of America Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Banc of America Alternative Loan Trust 2006-7</title>
        <cusip>059469AD8</cusip>
        <identifiers>
          <isin value="US059469AD88"/>
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        <balance>6975.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1904.51000000</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>2036-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc</title>
        <cusip>29444UBM7</cusip>
        <identifiers>
          <isin value="US29444UBM71"/>
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        <balance>57000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34168.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Micron Technology Inc</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
        <title>Micron Technology Inc</title>
        <cusip>595112103</cusip>
        <identifiers>
          <isin value="US5951121038"/>
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        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12388.95000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PERMIAN RESOURC OPTG LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>Permian Resources Operating LLC</title>
        <cusip>27034RAA1</cusip>
        <identifiers>
          <isin value="US27034RAA14"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20351.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SC3</cusip>
        <identifiers>
          <isin value="US912810SC36"/>
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        <balance>192000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>147202.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.13000000</annualizedRt>
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      <invstOrSec>
        <name>EQM MIDSTREAM PARTNERS L</name>
        <lei>549300NELT611CL6XM83</lei>
        <title>EQM Midstream Partners LP</title>
        <cusip>26885BAH3</cusip>
        <identifiers>
          <isin value="US26885BAH33"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111845.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>CHARTER COMM OPT LLC/CAP</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital</title>
        <cusip>161175BY9</cusip>
        <identifiers>
          <isin value="US161175BY99"/>
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        <balance>154000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91145.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>226373AT5</cusip>
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          <isin value="US226373AT56"/>
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        <balance>137000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>143387.82000000</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>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.38000000</annualizedRt>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DQXP6</cusip>
        <identifiers>
          <isin value="US3132DQXP61"/>
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        <balance>29460.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29408.94000000</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>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>OHIO POWER COMPANY</name>
        <lei>06ZODLC132CY1O2Y7D77</lei>
        <title>Ohio Power Co</title>
        <cusip>677415CU3</cusip>
        <identifiers>
          <isin value="US677415CU30"/>
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        <balance>54000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32489.44000000</valUSD>
        <pctVal>0.016641776038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MTN Commercial Mortgage Trust 2022-LPFL</name>
        <lei>N/A</lei>
        <title>MTN Commercial Mortgage Trust 2022-LPFL</title>
        <cusip>62475WAA3</cusip>
        <identifiers>
          <isin value="US62475WAA36"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99875.00000000</valUSD>
        <pctVal>0.051158080344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS AG</name>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>172000.00000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOWE'S COS INC</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos Inc</title>
        <cusip>548661DE4</cusip>
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          <isin value="US548661DE41"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15587.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNA Trust</name>
        <lei>N/A</lei>
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          <isin value="US30340WAA36"/>
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        <balance>97695.25000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98323.16000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.62000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC 2021-BHAR</title>
        <cusip>12659VAA8</cusip>
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          <isin value="US12659VAA89"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79679.98000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
        <cusip>46647PEQ5</cusip>
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          <isin value="US46647PEQ54"/>
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        <balance>184000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183875.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SERVICE PROPERTIES TRUST</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>Service Properties Trust</title>
        <cusip>81761LAD4</cusip>
        <identifiers>
          <isin value="US81761LAD47"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24447.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NRG ENERGY INC</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy Inc</title>
        <cusip>629377CT7</cusip>
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          <isin value="US629377CT71"/>
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        <balance>355000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382486.23000000</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>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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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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        <balance>232000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252095.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.08000000</annualizedRt>
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      <invstOrSec>
        <name>DT MIDSTREAM INC</name>
        <lei>N/A</lei>
        <title>DT Midstream Inc</title>
        <cusip>23345MAA5</cusip>
        <identifiers>
          <isin value="US23345MAA53"/>
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        <balance>17000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15954.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SOUTHERN CAL EDISON</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co</title>
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          <isin value="US842400HY20"/>
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        <balance>57000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58570.41000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EAW0</cusip>
        <identifiers>
          <isin value="US31418EAW03"/>
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        <balance>152968.57000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>FIRSTCASH INC</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FirstCash Inc</title>
        <cusip>31944TAA8</cusip>
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          <isin value="US31944TAA88"/>
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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>Altria Group Inc</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group Inc</title>
        <cusip>02209SBE2</cusip>
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          <isin value="US02209SBE28"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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      <invstOrSec>
        <name>LBA Trust</name>
        <lei>N/A</lei>
        <title>LBA Trust 2024-BOLT</title>
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          <isin value="US50177BAQ05"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9823.97000000</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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          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-PAT</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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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <curCd>USD</curCd>
        <valUSD>70568.12000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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                <issuerName>Goldman Sachs Group, Inc.</issuerName>
                <issueTitle>Goldman Sachs Group, Inc.</issueTitle>
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        <name>Government National Mortgage Association</name>
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        <name>United States Treasury</name>
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        <name>Greensky Home Improvement Issuer Trust</name>
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        <name>United States Treasury</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TARGA RESOURCES CORP</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>Targa Resources Corp</title>
        <cusip>87612GAB7</cusip>
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          <isin value="US87612GAB77"/>
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        <balance>90000.00000000</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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          <maturityDt>2052-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828ZS2</cusip>
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          <isin value="US912828ZS21"/>
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        <balance>823400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>772452.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp</title>
        <cusip>03027XBA7</cusip>
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          <isin value="US03027XBA72"/>
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        <balance>112000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM 2022-AFC1 Trust</title>
        <cusip>69377CAA1</cusip>
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          <isin value="US69377CAA18"/>
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        <balance>114215.67000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112945.72000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indonesia Government International Bonds</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Indonesia Government International Bonds</title>
        <cusip>455780CQ7</cusip>
        <identifiers>
          <isin value="US455780CQ75"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>369200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Voya CLO Ltd</name>
        <lei>5493007ASGBOUR3XJY69</lei>
        <title>Voya CLO 2013-2 Ltd</title>
        <cusip>92916WAA7</cusip>
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          <isin value="US92916WAA71"/>
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        <balance>292654.44000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WARNERMEDIA HOLDINGS INC</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Warnermedia Holdings Inc</title>
        <cusip>55903VBE2</cusip>
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          <isin value="US55903VBE20"/>
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        <balance>26000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17775.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.14000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reynolds American Inc</name>
        <lei>02S2RPPVO9RP4NEU2740</lei>
        <title>Reynolds American Inc</title>
        <cusip>761713BB1</cusip>
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          <isin value="US761713BB19"/>
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        <balance>208000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>194864.63000000</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>2045-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BlackRock Funds III</name>
        <lei>5493008LW2651I1QB503</lei>
        <title>BlackRock Cash Funds: Treasury, SL Agency Shares</title>
        <cusip>066922477</cusip>
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          <isin value="US0669224778"/>
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        <balance>1141013.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1141013.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2022-VAMF</title>
        <cusip>05609TAA8</cusip>
        <identifiers>
          <isin value="US05609TAA88"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149250.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Duke Energy Corp</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp</title>
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        <balance>26000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19038.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179VN30</cusip>
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          <isin value="US36179VN306"/>
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        <balance>61570.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54702.37000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>FOUNDRY JV HOLDCO LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
        <cusip>350930AC7</cusip>
        <identifiers>
          <isin value="US350930AC75"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207766.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
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      <invstOrSec>
        <name>Cross Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Cross 2025-H1 Mortgage Trust</title>
        <cusip>22758NAF4</cusip>
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          <isin value="US22758NAF42"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>351324.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.48000000</annualizedRt>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CFU0</cusip>
        <identifiers>
          <isin value="US91282CFU09"/>
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        <balance>596000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>603566.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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        <name>NGL ENRGY OP/FIN CORP</name>
        <lei>5299005YSRP46BE8Z459</lei>
        <title>NGL Energy Operating LLC / NGL Energy Finance Corp</title>
        <cusip>62922LAD0</cusip>
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          <isin value="US62922LAD01"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20969.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38000000</annualizedRt>
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      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp</title>
        <cusip>03027XBM1</cusip>
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          <isin value="US03027XBM11"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10669.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3133AMPP5</cusip>
        <identifiers>
          <isin value="US3133AMPP59"/>
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        <balance>10574.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7966.24000000</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>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XMQV1</cusip>
        <identifiers>
          <isin value="US3140XMQV13"/>
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        <balance>585670.57000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>492951.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INV 2024-IND Mortgage Trust</name>
        <lei>N/A</lei>
        <title>INV 2024-IND Mortgage Trust</title>
        <cusip>45000DAA4</cusip>
        <identifiers>
          <isin value="US45000DAA46"/>
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        <balance>168000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>167580.00000000</valUSD>
        <pctVal>0.085838008552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.06000000</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>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp</title>
        <cusip>126650CN8</cusip>
        <identifiers>
          <isin value="US126650CN80"/>
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        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39023.45000000</valUSD>
        <pctVal>0.019988633696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36202FPG5</cusip>
        <identifiers>
          <isin value="US36202FPG53"/>
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        <balance>25744.12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25545.53000000</valUSD>
        <pctVal>0.013084958960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MidOcean Credit CLO</name>
        <lei>5493000CPZWPTWX7TF71</lei>
        <title>MidOcean Credit CLO XII Ltd</title>
        <cusip>59803TAQ4</cusip>
        <identifiers>
          <isin value="US59803TAQ40"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250000.00000000</valUSD>
        <pctVal>0.128055269949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.61000000</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UF3</cusip>
        <identifiers>
          <isin value="US912810UF39"/>
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        <balance>115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>113850.00000000</valUSD>
        <pctVal>0.058316369934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CKF7</cusip>
        <identifiers>
          <isin value="US91282CKF76"/>
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        <balance>1112800.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1129361.59000000</valUSD>
        <pctVal>0.578482813111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</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>The BAHA Trust</name>
        <lei>N/A</lei>
        <title>BAHA Trust 2024-MAR</title>
        <cusip>05493XAE0</cusip>
        <identifiers>
          <isin value="US05493XAE04"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10221.13000000</valUSD>
        <pctVal>0.005235478245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.07000000</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>DUKE ENERGY CAROLINAS</name>
        <lei>MWIUSDMN17TCR56VW396</lei>
        <title>Duke Energy Carolinas LLC</title>
        <cusip>26442CAT1</cusip>
        <identifiers>
          <isin value="US26442CAT18"/>
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        <balance>27000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19859.03000000</valUSD>
        <pctVal>0.010172213790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HIH Trust</name>
        <lei>N/A</lei>
        <title>HIH Trust 2024-61P</title>
        <cusip>40444VAG6</cusip>
        <identifiers>
          <isin value="US40444VAG68"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9862.43000000</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>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.96000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIBANK NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>1Y RTR 3.740000 16-MAY-2025</title>
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          <other otherDesc="BlackRock Identifier" value="BYDBVX0Q3"/>
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        <balance>6233000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>7060.68000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                    <lei>E57ODZWZ7FF32TWEFA76</lei>
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                      <other otherDesc="Internal Identifier" value="OP003V6C6E"/>
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                    <descOthUnits>Notional Amount</descOthUnits>
                    <curCd>N/A</curCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>-5346.39000000</unrealizedAppr>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2024-WCL1 MORTGAGE TRUST</title>
        <cusip>20047DAC8</cusip>
        <identifiers>
          <isin value="US20047DAC83"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10855.63000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GLP CAPITAL LP / FIN II</name>
        <lei>N/A</lei>
        <title>GLP Capital LP / GLP Financing II Inc</title>
        <cusip>361841AL3</cusip>
        <identifiers>
          <isin value="US361841AL38"/>
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        <balance>167000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>166837.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEAR CHANNEL OUTDOOR HO</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings Inc</title>
        <cusip>18453HAA4</cusip>
        <identifiers>
          <isin value="US18453HAA41"/>
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        <balance>27000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26251.76000000</valUSD>
        <pctVal>0.013446704853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust 2018-C15</title>
        <cusip>90278LBC2</cusip>
        <identifiers>
          <isin value="US90278LBC28"/>
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        <balance>71000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68609.96000000</valUSD>
        <pctVal>0.035143467796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.92000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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      <invstOrSec>
        <name>Banc of America Merrill Lynch Large Loan Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140QQ3U7</cusip>
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          <isin value="US3140QQ3U75"/>
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        <balance>60800.96000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PG&amp;E CORP</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
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          <isin value="US69331CAM01"/>
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        <balance>274000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>265996.51000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132E0GX42"/>
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        <balance>89664.91000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88037.68000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae</title>
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          <isin value="US21H0226553"/>
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        <balance>1593000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc</title>
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          <isin value="US11135FBL40"/>
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        <balance>153000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134423.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.47000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2025-ROIC</title>
        <cusip>05593VAN3</cusip>
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          <isin value="US05593VAN38"/>
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        <balance>96000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>92163.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.26000000</annualizedRt>
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      <invstOrSec>
        <name>Madison Park Funding Ltd</name>
        <lei>N/A</lei>
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        <cusip>55817DAA6</cusip>
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          <isin value="US55817DAA63"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248375.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.41000000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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          <other otherDesc="Trade Identifier" value="25DBKBB2HG9"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75022240"/>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLP CAPITAL LP / FIN II</name>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75410.53000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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        <valUSD>1541.70000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CITIBANK NA</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>Lex Commercial Loan Master Trust</name>
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        <name>Government National Mortgage Association</name>
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        <name>SELF Commercial Mortgage Trust</name>
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        <name>NOTA DO TESOURO NACIONAL</name>
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        <name>Uruguay Government International Bonds</name>
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        <name>United States Treasury</name>
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        <name>RR Ltd</name>
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        <invCountry>KY</invCountry>
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        <name>Verus Securitization Trust</name>
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      <invstOrSec>
        <name>AS MILEAGE PLAN IP LTD</name>
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      <invstOrSec>
        <name>Residential Funding Mtg Sec I</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US92259LAB45"/>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CBQ33"/>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL</name>
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        <title>Paramount Global</title>
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          <isin value="US92556HAE71"/>
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        <curCd>USD</curCd>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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          <isin value="US3133KQ2Z87"/>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XRV28</cusip>
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          <isin value="US3140XRV289"/>
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        <balance>343486.57000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>DIRECTV FIN LLC/COINC</name>
        <lei>N/A</lei>
        <title>Directv Financing LLC / Directv Financing Co-Obligor Inc</title>
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          <isin value="US25461LAA08"/>
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        <balance>30000.00000000</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>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHARTER COMM OPT LLC/CAP</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QPDV6</cusip>
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          <isin value="US3140QPDV63"/>
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        <balance>5621.17000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <name>Juniper Networks Inc</name>
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        <name>Soundview Home Equity Loan Trust</name>
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        <title>Soundview Home Loan Trust 2005-OPT3</title>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>NEW YORK CITY NY MUNI WTR FIN AUTH WTR &amp; SWR SYS REVENUE</title>
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        <invCountry>US</invCountry>
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        <name>PFIZER INC</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc</title>
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        <balance>64000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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      <invstOrSec>
        <name>Symphony CLO Ltd</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NOVA CHEMICALS CORP</name>
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        <title>NOVA Chemicals Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BROADCOM INC</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2005-55CW</title>
        <cusip>12668AUP8</cusip>
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          <isin value="US12668AUP82"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
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      <invstOrSec>
        <name>Affirm Master Trust</name>
        <lei>N/A</lei>
        <title>Affirm Master Trust</title>
        <cusip>00833BAA6</cusip>
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          <isin value="US00833BAA61"/>
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        <balance>133000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TRANSDIGM INC</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm Inc</title>
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          <isin value="US893647BV82"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25608.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38381JDG9</cusip>
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          <isin value="US38381JDG94"/>
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        <balance>4861.74000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4440.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-09-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>MidAmerican Energy Co</name>
        <lei>NINLOILYRTLIMK26MZ18</lei>
        <title>MidAmerican Energy Co</title>
        <cusip>595620AS4</cusip>
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          <isin value="US595620AS49"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3712.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLP CAPITAL LP / FIN II</name>
        <lei>2549005PXW31DRW8EC44</lei>
        <title>GLP Capital LP / GLP Financing II Inc</title>
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          <isin value="US361841AK54"/>
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        <balance>134000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136116.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>D.R. HORTON INC</name>
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        <title>DR Horton Inc</title>
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          <isin value="US23331ABU25"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10010.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CMP3</cusip>
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          <isin value="US91282CMP31"/>
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        <balance>1466000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1478369.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NCL CORPORATION LTD</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp Ltd</title>
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          <isin value="US62886HBE09"/>
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        <balance>24000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23888.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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      <invstOrSec>
        <name>LBA Trust</name>
        <lei>N/A</lei>
        <title>LBA Trust 2024-BOLT</title>
        <cusip>50177BAA5</cusip>
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          <isin value="US50177BAA52"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>170000.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.91000000</annualizedRt>
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      <invstOrSec>
        <name>VENTURE GLOBAL CALCASIEU</name>
        <lei>549300GKHS6RS20NLH85</lei>
        <title>Venture Global Calcasieu Pass LLC</title>
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          <isin value="US92328MAA18"/>
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        <balance>17000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15569.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88000000</annualizedRt>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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          <other otherDesc="BlackRock Identifier" value="BYDGX3NP3"/>
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        <valUSD>-919.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2005-59</title>
        <cusip>12668AEV3</cusip>
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          <isin value="US12668AEV35"/>
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        <balance>2567.70000000</balance>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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          <isin value="US46647PEJ12"/>
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        <balance>632000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>641138.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>Peru Government International Bonds</name>
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        <name>HCA INC</name>
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        <name>AREIT CRE Trust</name>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>Fannie Mae</name>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED WHOLESALE MTGE LL</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>SOUTHERN CO</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Lam Research Corp</name>
        <lei>549300I4GMO6D34U1T02</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Barclays Bank PLC</name>
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          <other otherDesc="Trade Identifier" value="25CKKBBX9FN"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Barclays Bank PLC</counterpartyName>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
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          <isin value="US01F0626550"/>
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        <balance>46000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
        <lei>N/A</lei>
        <title>Nelnet Student Loan Trust 2025-A</title>
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          <isin value="US64033XAE40"/>
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        <balance>275000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-03-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>New Jersey Turnpike Authority</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE</title>
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          <isin value="US646139W353"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>College Ave Student Loans</name>
        <lei>N/A</lei>
        <title>College Ave Student Loans 2021-C LLC</title>
        <cusip>19424WAB3</cusip>
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          <isin value="US19424WAB37"/>
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        <balance>183260.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165462.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.32000000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Home Improvement Trust Issuer Trust</name>
        <lei>N/A</lei>
        <title>Goldman Home Improvement Trust 2022-GRN1 Issuer Trust</title>
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          <isin value="US38150YAA10"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>PILGRIM'S PRIDE CORP</name>
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        <title>Pilgrim's Pride Corp</title>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc</title>
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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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        <name>SOUTHERN CAL EDISON</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co</title>
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        <balance>18000.00000000</balance>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALABAMA POWER CO</name>
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        <title>Alabama Power Co</title>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>FOUNDRY JV HOLDCO LLC</name>
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        <title>Foundry JV Holdco LLC</title>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Mexico Government International Bonds</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bonds</title>
        <cusip>91087BAV2</cusip>
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          <isin value="US91087BAV27"/>
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        <balance>463000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XG3A5</cusip>
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        <balance>20928.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20594.89000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Coast Investment Grade</name>
        <lei>N/A</lei>
        <title>COAST Commercial Mortgage Trust 2023-2HTL</title>
        <cusip>19033EAA8</cusip>
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          <isin value="US19033EAA82"/>
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        <balance>210000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mexico Government International Bonds</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <cusip>91087BAR1</cusip>
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          <isin value="US91087BAR15"/>
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        <curCd>USD</curCd>
        <valUSD>163876.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300JPCJUA5JJLRW54</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EQT CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61748UAF93"/>
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        <balance>296000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>VIPER ENERGY INC</name>
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        <name>MINERAL RESOURCES LTD</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Banc of America Funding Corporation</name>
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        <name>State of Texas</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lockheed Martin Corp</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Government National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>OneMain Financial Issuance Trust</name>
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        <name>ROCKETMTGE CO-ISSUER INC</name>
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        <name>Freddie Mac</name>
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        <name>BX Trust</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>MCR Mortgage Trust</name>
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        <name>Regional Management Issuance Trust</name>
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        <name>Freddie Mac</name>
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        <name>Chicago Board of Trade</name>
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        <name>Cascade Funding Mortgage Trust</name>
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        <name>Diameter Capital CLO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CRESCENT ENERGY FINANCE</name>
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        <name>BX Trust</name>
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        <name>ELM Trust 2024</name>
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        <name>Microsoft Corp</name>
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        <name>DBGS Mortgage Trust</name>
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        <name>Fannie Mae</name>
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        <name>Uruguay Government International Bonds</name>
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        <name>ELM Trust 2024</name>
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        <name>VICI PROPERTIES LP</name>
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        <name>Navient Student Loan Trust</name>
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      <invstOrSec>
        <name>UNION PACIFIC CORP</name>
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        <curCd>USD</curCd>
        <valUSD>15073.89000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vertiv Holdings Co</name>
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          <isin value="US92537N1081"/>
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        <curCd>USD</curCd>
        <valUSD>15368.40000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COMCAST CORP</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp</title>
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          <isin value="US20030NDW83"/>
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        <curCd>USD</curCd>
        <valUSD>70762.41000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>META PLATFORMS INC</name>
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        <title>Meta Platforms Inc</title>
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          <isin value="US30303M8R66"/>
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        <balance>46000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45989.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
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        <descOthUnits>Notional Amount</descOthUnits>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                      <other otherDesc="Internal Identifier" value="OP003WSF3E"/>
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        <name>LCH Ltd.</name>
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      <invstOrSec>
        <name>FIRSTENERGY CORP</name>
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        <title>FirstEnergy Corp</title>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2005-29CB</title>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>SERVICE PROPERTIES TRUST</name>
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        <name>BX Trust</name>
        <lei>N/A</lei>
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        <name>Countrywide Asset-Backed Certificates</name>
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        <curCd>USD</curCd>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>BFLD Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>WYNN RESORTS FINANCE LLC</name>
        <lei>N/A</lei>
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          <isin value="US983133AA70"/>
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        <curCd>USD</curCd>
        <valUSD>15426.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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      <invstOrSec>
        <name>Diameter Capital CLO</name>
        <lei>254900L1QJX98W5ORK78</lei>
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          <isin value="US25255JAL17"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.59000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SX7</cusip>
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          <isin value="US912810SX72"/>
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        <balance>577600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>370295.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.38000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWCP68"/>
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        <balance>12446.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10371.59000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140X8ZF7</cusip>
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          <isin value="US3140X8ZF79"/>
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        <balance>337124.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>298793.93000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TARGA RESOURCES PARTNERS</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners LP / Targa Resources Partners Finance Corp</title>
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          <isin value="US87612BBS07"/>
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        <balance>91000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88503.38000000</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>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TN8</cusip>
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          <isin value="US912810TN81"/>
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        <balance>368700.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>305156.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.63000000</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>
        <name>DIAMONDBACK ENERGY INC</name>
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        <title>Diamondback Energy Inc</title>
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          <isin value="US25278XAN93"/>
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        <balance>271000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257329.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-1383.60000000</valUSD>
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        <assetCat>DO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>VERIZON COMMUNICATIONS</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>APA CORP</name>
        <lei>549300VCIWLRHYVSHC79</lei>
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          <isin value="US03743QAJ76"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6365.68000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>FLORIDA POWER &amp; LIGHT CO</name>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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          <isin value="US617932AA69"/>
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        <curCd>USD</curCd>
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        <name>BANK OF AMERICA NA</name>
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      <invstOrSec>
        <name>Stryker Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PGA National Resort Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US69381CAA53"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
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          <isin value="US05612HAJ05"/>
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        <balance>84528.30000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Trane Technologies PLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <balance>429305.18000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAT CAPITAL CORP</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>EFMT 2025-NQM1</title>
        <cusip>26846CAN6</cusip>
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          <isin value="US26846CAN65"/>
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        <curCd>USD</curCd>
        <valUSD>355189.84000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>AREIT CRE Trust</name>
        <lei>N/A</lei>
        <title>AREIT 2025-CRE10 Ltd</title>
        <cusip>00193DAA6</cusip>
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          <isin value="US00193DAA63"/>
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        <balance>323000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>319755.47000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-17</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <title>Pacific Gas and Electric Co</title>
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          <couponKind>Fixed</couponKind>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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        <name>Morgan Stanley &amp; Co. International PLC</name>
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        <name>CHARTER COMM OPT LLC/CAP</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital</title>
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          <isin value="US161175CA05"/>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2017-ASHF</title>
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        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-GPA3</title>
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          <isin value="US123910AC54"/>
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      <invstOrSec>
        <name>FIRSTENERGY CORP</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FirstEnergy Corp</title>
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        <balance>12000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partners LLC</name>
        <lei>254900YWXIBNNDQF0Y67</lei>
        <title>PRET 2024-NPL5 LLC</title>
        <cusip>74143QAA3</cusip>
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          <isin value="US74143QAA31"/>
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        <balance>141715.22000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141084.47000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Olin Corp</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>Olin Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NVIDIA Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BANK OF AMERICA NA</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <title>Wells Fargo Commercial Mortgage Trust 2024-BPRC</title>
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        <name>CRESCENT ENERGY FINANCE</name>
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      <invstOrSec>
        <name>BELGIUM KINGDOM</name>
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        <title>Kingdom of Belgium Government Bond</title>
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        <balance>401226.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88272900"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>VISTRA OPERATIONS CO LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co LLC</title>
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          <isin value="US92840VAT98"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100431.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>OHA Loan Funding Ltd</name>
        <lei>54930016024GMIAF7A82</lei>
        <title>OHA Loan Funding 2016-1 Ltd</title>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250206.70000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>UNION PACIFIC CORP</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp</title>
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          <isin value="US907818FV55"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6610.31000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SERVICE PROPERTIES TRUST</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>Service Properties Trust</title>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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        <name>SYNCHRONY FINANCIAL</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
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        <balance>253000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-28</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CHEMOURS CO</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>Chemours Co/The</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CHENIERE ENERGY PARTNERS</name>
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        <title>Cheniere Energy Partners LP</title>
        <cusip>16411QAN1</cusip>
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        <balance>120000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.25000000</annualizedRt>
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        <name>CAMERON LNG LLC</name>
        <lei>549300C39FLHGVD73K22</lei>
        <title>Cameron LNG LLC</title>
        <cusip>133434AB6</cusip>
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        <balance>104000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87344.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <balance>4000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4083.75000000</valUSD>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MCR Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MCR 2024-TWA Mortgage Trust</title>
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        <balance>71000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>983.14000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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          <isin value="US3140QC3S38"/>
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        <balance>125888.27000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CFK Trust</name>
        <lei>N/A</lei>
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          <isin value="US12529AAC80"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DUKE ENERGY PROGRESS LLC</name>
        <lei>0NIFZ782LS46WOC9QK20</lei>
        <title>Duke Energy Progress LLC</title>
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          <isin value="US26442UAP93"/>
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        <balance>9000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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          <isin value="US87264ADS15"/>
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        <balance>63000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
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      <invstOrSec>
        <name>SCOTTS MIRACLE-GRO CO</name>
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          <isin value="US810186AW67"/>
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        <curCd>USD</curCd>
        <valUSD>21781.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61748UAE29"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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      <invstOrSec>
        <name>Take-Two Interactive Software Inc</name>
        <lei>BOMSTHHJK882EWYX3334</lei>
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        <balance>70.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XL5C8</cusip>
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          <isin value="US3140XL5C80"/>
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        <balance>341511.87000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>EDISON INTERNATIONAL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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        <name>DIAMONDBACK ENERGY INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>AMERICAN TOWER CORP</name>
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        <name>LCH Ltd.</name>
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        <name>UNITED AIRLINES INC</name>
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        <name>New York Mortgage Trust</name>
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        <title>NYMT Loan Trust 2024-INV1</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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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>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc</title>
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          <isin value="US02079K1079"/>
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        <curCd>USD</curCd>
        <valUSD>13514.76000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
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        <cusip>05612FAE5</cusip>
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          <isin value="US05612FAE51"/>
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        <balance>34000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33542.45000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
        <cusip>87264ACX1</cusip>
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          <isin value="US87264ACX19"/>
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        <balance>176000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>169625.86000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Private Education Refi Loan Trust 2019-C</title>
        <cusip>63940YAB2</cusip>
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          <isin value="US63940YAB20"/>
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        <balance>57118.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56138.96000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.13000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
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        <title>Bank of America Corp</title>
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          <isin value="US06051GJF72"/>
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        <balance>269000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>233278.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CBS9</cusip>
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          <isin value="US91282CBS98"/>
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        <balance>257200.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>240652.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Soundview Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>Soundview Home Loan Trust 2007-NS1</title>
        <cusip>83612QAE8</cusip>
        <identifiers>
          <isin value="US83612QAE89"/>
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        <balance>148581.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138761.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bear Stearns Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Asset Backed Securities I Trust 2006-IM1</title>
        <cusip>07387UFW6</cusip>
        <identifiers>
          <isin value="US07387UFW62"/>
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        <balance>116431.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>107197.37000000</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>2036-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2006-OC7</title>
        <cusip>23243VAD2</cusip>
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          <isin value="US23243VAD29"/>
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        <balance>195690.67000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165964.08000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.94000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Florida Power &amp; Light Co</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>Florida Power &amp; Light Co</title>
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          <isin value="US341081FU66"/>
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        <balance>64000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50021.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.99000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
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          <isin value="US37045XEP78"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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          <other otherDesc="BlackRock Identifier" value="BYDGA1168"/>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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      <invstOrSec>
        <name>FRONTIER COMMUNICATIONS</name>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22973.99000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SESAC Finance, LLC</name>
        <lei>N/A</lei>
        <title>Sesac Finance LLC</title>
        <cusip>78396YAA1</cusip>
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          <isin value="US78396YAA10"/>
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        <balance>103675.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102662.24000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2049-07-25</maturityDt>
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          <annualizedRt>5.22000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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          <isin value="US87264ACV52"/>
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        <curCd>USD</curCd>
        <valUSD>27150.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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        <curCd>USD</curCd>
        <valUSD>3627.68000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae</title>
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          <isin value="US21H0626513"/>
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        <balance>431000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>440578.02000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>EQT CORP</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp</title>
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          <isin value="US26884LAS88"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81342.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>MILEAGE PLUS HLDINGS LLC</name>
        <lei>N/A</lei>
        <title>Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd</title>
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          <isin value="US599191AA16"/>
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        <curCd>USD</curCd>
        <valUSD>31474.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>BMP Trust</name>
        <lei>N/A</lei>
        <title>BMP 2024-MF23</title>
        <cusip>05593JAG5</cusip>
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          <isin value="US05593JAG58"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99250.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.71000000</annualizedRt>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2025-SPOT</title>
        <cusip>12433FAA6</cusip>
        <identifiers>
          <isin value="US12433FAA66"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>189448.05000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.77000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EB90</cusip>
        <identifiers>
          <isin value="US31418EB908"/>
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        <balance>876822.76000000</balance>
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        <curCd>USD</curCd>
        <valUSD>731100.95000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140J6GJ0</cusip>
        <identifiers>
          <isin value="US3140J6GJ04"/>
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        <balance>9815.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9024.97000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>AEP Transmission Co LLC</name>
        <lei>549300X123Z1I0LA3Y84</lei>
        <title>AEP Transmission Co LLC</title>
        <cusip>00115AAH2</cusip>
        <identifiers>
          <isin value="US00115AAH23"/>
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        <balance>21000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15544.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2024-RTL5</title>
        <cusip>795935AA3</cusip>
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          <isin value="US795935AA37"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100381.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CEM9</cusip>
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          <isin value="US91282CEM91"/>
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        <balance>514000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499102.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.88000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QRER0</cusip>
        <identifiers>
          <isin value="US3140QRER09"/>
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        <balance>125824.73000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>ELEVANCE HEALTH INC</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health Inc</title>
        <cusip>036752AS2</cusip>
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          <isin value="US036752AS28"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33548.96000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>TARGA RESOURCES CORP</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>Targa Resources Corp</title>
        <cusip>87612GAA9</cusip>
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          <isin value="US87612GAA94"/>
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        <balance>88000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80362.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>EXPAND ENERGY CORP</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Expand Energy Corp</title>
        <cusip>845467AT6</cusip>
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          <isin value="US845467AT68"/>
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        <balance>299000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>280528.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>DUKE ENERGY CAROLINAS</name>
        <lei>MWIUSDMN17TCR56VW396</lei>
        <title>Duke Energy Carolinas LLC</title>
        <cusip>26442CBK9</cusip>
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          <isin value="US26442CBK99"/>
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        <balance>49000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46030.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DIAMONDBACK ENERGY INC</name>
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        <name>CVS HEALTH CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK NA</name>
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        <name>GARTNER INC</name>
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        <name>State of Illinois</name>
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        <name>LCH Ltd.</name>
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        <name>Morgan Stanley ReRemic Trust</name>
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        <name>EQT CORP</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
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        <name>COMM Mortgage Trust</name>
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      <invstOrSec>
        <name>Eurex Deutschland</name>
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        <name>GS Mortgage Securities Trust</name>
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      <invstOrSec>
        <name>SAN DIEGO G &amp; E</name>
        <lei>KNIRVXKVNJJ4P8OTMS63</lei>
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          <isin value="US797440BV50"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-01</maturityDt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CFJ53"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-31</maturityDt>
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      <invstOrSec>
        <name>APPLOVIN CORP</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp</title>
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          <isin value="US03831WAB46"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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      <invstOrSec>
        <name>Bluemountain CLO Ltd</name>
        <lei>549300EYIDIF4X8MHI21</lei>
        <title>BlueMountain CLO 2016-3 Ltd</title>
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          <isin value="US09628VAW46"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc</title>
        <cusip>11135FBY6</cusip>
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          <isin value="US11135FBY60"/>
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        <balance>52000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53007.55000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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      <invstOrSec>
        <name>UNION PACIFIC CORP</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp</title>
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          <isin value="US907818FN30"/>
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        <balance>59000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33725.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.97000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CAL5</cusip>
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          <isin value="US91282CAL54"/>
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        <balance>453600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>420111.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.38000000</annualizedRt>
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      <invstOrSec>
        <name>NORTHROP GRUMMAN CORP</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp</title>
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          <isin value="US666807BU55"/>
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        <curCd>USD</curCd>
        <valUSD>10177.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>HILTON DOMESTIC OPERATIN</name>
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        <title>Hilton Domestic Operating Co Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SLM Student Loan Trust</name>
        <lei>549300JEA36NHBYED811</lei>
        <title>SLM Private Education Loan Trust 2010-C</title>
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          <isin value="US78445QAE17"/>
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        <balance>57313.37000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60174.44000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-17</maturityDt>
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          <annualizedRt>5.19000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
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          <isin value="US36179W2U15"/>
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        <balance>230133.50000000</balance>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>BMP Trust</name>
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        <title>BMP 2024-MF23</title>
        <cusip>05593JAJ9</cusip>
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        <name>ENERGIZER HOLDINGS INC</name>
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        <title>Energizer Holdings Inc</title>
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        <name>CLEVELAND-CLIFFS INC</name>
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        <name>BOEING CO/THE</name>
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        <name>BANK OF AMERICA NA</name>
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        <name>Government National Mortgage Association</name>
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        <name>Countrywide Alternative Loan Trust</name>
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        <name>United States Treasury</name>
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        <name>Bank of America Corp</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>HOWARD HUGHES CORP</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>United States Treasury</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Apidos CLO Ltd</name>
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        <name>HCA INC</name>
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        <name>Citigroup Mortgage Loan Trust Inc</name>
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        <name>MAUSER PACKAGING SOLUT</name>
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        <name>LCH Ltd.</name>
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        <name>LCH Ltd.</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>SMB Private Education Loan Trust</name>
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      <invstOrSec>
        <name>Fontainebleau Miami Beach Trust</name>
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          <isin value="US34461WAA80"/>
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        <name>SABINE PASS LIQUEFACTION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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      <invstOrSec>
        <name>Greensky Home Improvement Issuer Trust</name>
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        <title>GreenSky Home Improvement Trust 2024-1</title>
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        <name>PACIFIC GAS &amp; ELECTRIC</name>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
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          <isin value="US38141GC936"/>
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        <curCd>USD</curCd>
        <valUSD>256649.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JP Morgan Mortgage Acquisition Corp</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Acquisition Trust 2007-CH1</title>
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          <isin value="US46630LAH78"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>203155.46000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>LIVE NATION ENTERTAINMEN</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>Live Nation Entertainment Inc</title>
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          <isin value="US538034AX75"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QEXQ0</cusip>
        <identifiers>
          <isin value="US3140QEXQ02"/>
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        <balance>159275.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128053.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>SELF Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SELF Commercial Mortgage Trust 2024-STRG</title>
        <cusip>81631WAA4</cusip>
        <identifiers>
          <isin value="US81631WAA45"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>140272.23000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>STORE CAPITAL LLC</name>
        <lei>254900Z9PIEFQ6AYXK50</lei>
        <title>Store Capital LLC</title>
        <cusip>862123AA4</cusip>
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          <isin value="US862123AA45"/>
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        <balance>95000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94752.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>CART</name>
        <lei>N/A</lei>
        <title>CONE Trust 2024-DFW1</title>
        <cusip>20682AAN0</cusip>
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          <isin value="US20682AAN00"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44326.91000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US6174468U61"/>
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        <balance>94000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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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>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <title>J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI</title>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QR3K7</cusip>
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          <isin value="US3140QR3K75"/>
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        <balance>89876.63000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <name>TransDigm Group Inc</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <name>OneMain Financial Issuance Trust</name>
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        <name>Netflix Inc</name>
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        <title>Netflix Inc</title>
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        <assetCat>EC</assetCat>
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        <name>EUROPEAN UNION</name>
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        <name>LCH Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CJG78"/>
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        <balance>860600.00000000</balance>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mastercard Inc</name>
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        <title>Mastercard Inc</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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          <isin value="US172967NE72"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PRM5 Trust</name>
        <lei>N/A</lei>
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          <isin value="US693980AG99"/>
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        <balance>69000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-10</maturityDt>
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      <invstOrSec>
        <name>The BAHA Trust</name>
        <lei>N/A</lei>
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          <isin value="US05493XAA81"/>
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        <balance>210000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-10</maturityDt>
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        <name>Park Blue CLO Ltd</name>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partners LLC</name>
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        <title>PRET 2024-NPL4 LLC</title>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-25</maturityDt>
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      <invstOrSec>
        <name>Brink's Co/The</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>Brink's Co/The</title>
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          <isin value="US109696AA22"/>
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        <balance>11000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AEP TRANSMISSION CO LLC</name>
        <lei>549300X123Z1I0LA3Y84</lei>
        <title>AEP Transmission Co LLC</title>
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        <balance>38000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
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      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust 2024-1</title>
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          <isin value="US24380QAC69"/>
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        <balance>88576.98000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.74000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EDC1</cusip>
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        <balance>586997.55000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SM Energy Co</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co</title>
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        <balance>15000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GARTNER INC</name>
        <lei>PP55B5R38BFB8O8HH686</lei>
        <title>Gartner Inc</title>
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        <name>SOUTHERN CO</name>
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        <title>Southern Co/The</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Bank of America Corp</name>
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        <title>Bank of America Corp</title>
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        <assetCat>EC</assetCat>
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        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI Properties LP</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <balance>332904.20000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>FERRELLGAS LP/FERRELLGAS</name>
        <lei>N/A</lei>
        <title>Ferrellgas LP / Ferrellgas Finance Corp</title>
        <cusip>315289AC2</cusip>
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        <balance>24000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EQT CORP</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BHMS Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>05549GAA9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>LCH Ltd.</name>
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          <other otherDesc="BlackRock Identifier" value="BRYVWTAC9"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORTHROP GRUMMAN CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HOME DEPOT INC</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc/The</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GCAT</name>
        <lei>N/A</lei>
        <title>GCAT 2022-CM1 Trust</title>
        <cusip>36168XAA7</cusip>
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          <isin value="US36168XAA72"/>
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        <balance>168745.93000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157150.57000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.89000000</annualizedRt>
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      <invstOrSec>
        <name>University of California</name>
        <lei>N/A</lei>
        <title>UNIV OF CALIFORNIA REVENUES</title>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>ARCHROCK PARTNERS LP/FIN</name>
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        <title>Archrock Partners LP / Archrock Partners Finance Corp</title>
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        <balance>11000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>EQT CORP</name>
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        <title>EQT Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK NA</name>
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        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Altria Group Inc</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIBANK NA</name>
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        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
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                  <derivAddlInfo>
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            <unrealizedAppr>-4929.07000000</unrealizedAppr>
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      <invstOrSec>
        <name>EQT CORP</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
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      <invstOrSec>
        <name>CLARIOS GLOBAL LP/US FIN</name>
        <lei>N/A</lei>
        <title>Clarios Global LP / Clarios US Finance Co</title>
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          <isin value="US18060TAD72"/>
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        <balance>50000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <title>Pacific Gas and Electric Co</title>
        <cusip>694308KR7</cusip>
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          <isin value="US694308KR71"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063A5G5</cusip>
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          <isin value="US13063A5G50"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42253.34000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.55000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>GLP CAPITAL LP / FIN II</name>
        <lei>N/A</lei>
        <title>GLP Capital LP / GLP Financing II Inc</title>
        <cusip>361841AU3</cusip>
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          <isin value="US361841AU37"/>
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        <balance>159000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149947.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NRG Energy Inc</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy Inc</title>
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          <isin value="US629377CL46"/>
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        <balance>52000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50635.79000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CLF67"/>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2938.59000000</valUSD>
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        <issuerCat>UST</issuerCat>
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        <name>SOUTHERN CAL EDISON</name>
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        <title>Southern California Edison Co</title>
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        <name>Freddie Mac</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>Saluda Grade Alternative Mortgage Trust</name>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>92553PBB7</cusip>
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          <isin value="US92553PBB76"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64514.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>EQT Trust 2024-EXTR</name>
        <lei>N/A</lei>
        <title>EQT Trust 2024-EXTR</title>
        <cusip>29439DAA9</cusip>
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          <isin value="US29439DAA90"/>
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        <balance>71000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72516.26000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-05</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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          <isin value="US46647PAN69"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11584.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418ES43</cusip>
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          <isin value="US31418ES431"/>
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        <balance>534582.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>524466.90000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>95000U3J0</cusip>
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          <isin value="US95000U3J01"/>
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        <balance>79000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80583.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Horizon Alternative Mortgage Securities</name>
        <lei>N/A</lei>
        <title>First Horizon Alternative Mortgage Securities Trust 2006-AA7</title>
        <cusip>32052CAA1</cusip>
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          <isin value="US32052CAA18"/>
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        <balance>113399.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88787.32000000</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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          <maturityDt>2037-01-25</maturityDt>
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      <invstOrSec>
        <name>Benefit Street Partners CLO Ltd</name>
        <lei>254900WANE6M5S0NC534</lei>
        <title>Benefit Street Partners CLO XXVII Ltd</title>
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          <isin value="US08179PAQ54"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250000.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
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          <other otherDesc="BlackRock Identifier" value="BYDGS8CU9"/>
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        <balance>246000.00000000</balance>
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        <descOthUnits>Notional Amount</descOthUnits>
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        <valUSD>-915.89000000</valUSD>
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        <assetCat>DO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
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      <invstOrSec>
        <name>JW Commercial Mortgage Trust 2024-MRCO</name>
        <lei>N/A</lei>
        <title>JW Commercial Mortgage Trust 2024-MRCO</title>
        <cusip>46657XAG1</cusip>
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          <isin value="US46657XAG16"/>
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        <balance>10000.00000000</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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          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
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          <isin value="US68389XCK90"/>
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        <balance>53000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57016.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAT CAPITAL CORP</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp</title>
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          <isin value="US05526DCD57"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19535.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>BAT CAPITAL CORP</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp</title>
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          <isin value="US05526DBK00"/>
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        <balance>159000.00000000</balance>
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        <valUSD>127306.27000000</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>2049-09-06</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMERICAN AIRLINES/AADVAN</name>
        <lei>N/A</lei>
        <title>American Airlines Inc/AAdvantage Loyalty IP Ltd</title>
        <cusip>00253XAB7</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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          <isin value="US95000U2U64"/>
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        <balance>11000.00000000</balance>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RD2</cusip>
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          <isin value="US912810RD28"/>
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        <balance>217300.00000000</balance>
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        <valUSD>191826.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QW1</cusip>
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          <isin value="US912810QW18"/>
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        <balance>53000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42681.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QDJY1</cusip>
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          <isin value="US3140QDJY19"/>
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        <balance>65186.46000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60927.94000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RR Ltd</name>
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        <name>ROCC Trust</name>
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        <name>BNP Paribas SA</name>
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        <name>Republic Finance Issuance Trust</name>
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        <name>BANK OF AMERICA CORP</name>
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        <name>Alabama Power Co</name>
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        <name>Municipal Electric Authority of Georgia</name>
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        <name>MCR Mortgage Trust</name>
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        <name>LCH Ltd.</name>
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        <name>DOMINION ENERGY INC</name>
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        <name>CITIGROUP INC</name>
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        <title>Citigroup Inc</title>
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        <name>BX Trust</name>
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        <name>Regional Management Issuance Trust</name>
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        <title>Regional Management Issuance Trust 2025-1</title>
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        <name>One New York Plaza Trust 2020-1NYP</name>
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        <name>United States Treasury</name>
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        <name>HalseyPoint CLO Ltd.</name>
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      <invstOrSec>
        <name>AMC NETWORKS INC</name>
        <lei>549300VGG9K75226LR46</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LEVEL 3 FINANCING INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
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          <isin value="US01F0626634"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BUILDERS FIRSTSOURCE INC</name>
        <lei>549300W0SKP6L3H7DP63</lei>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>LCH Ltd.</name>
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        <name>GEORGIA POWER CO</name>
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        <name>Freddie Mac</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mexico Government International Bonds</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bonds</title>
        <cusip>000000000</cusip>
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        <curCd>USD</curCd>
        <valUSD>243120.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.88000000</annualizedRt>
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      <invstOrSec>
        <name>CreekSource (Dunes Creek) CLO Ltd</name>
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        <title>Creeksource 2024-1 Dunes Creek Clo Ltd</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>META PLATFORMS INC</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>EXPEDIA GROUP INC</name>
        <lei>N/A</lei>
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          <isin value="US30212PBL85"/>
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        <curCd>USD</curCd>
        <valUSD>54141.01000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179UCC4</cusip>
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          <isin value="US36179UCC45"/>
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        <balance>59435.63000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc</title>
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          <isin value="US11135FBK66"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
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          <isin value="US01F0224513"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CROWN CASTLE INC</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SMB Private Education Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <balance>102918.71000000</balance>
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        <name>TEXAS INSTRUMENTS INC</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments Inc</title>
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        <balance>44000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34295.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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        <name>CHENIERE CORP CHRISTI HD</name>
        <lei>549300I7CIEWU1BBLQ53</lei>
        <title>Cheniere Corpus Christi Holdings LLC</title>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138198.11000000</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>2039-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.74000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NYC Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <name>DUKE ENERGY PROGRESS LLC</name>
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        <name>VICI PROPERTIES / NOTE</name>
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        <name>EQT CORP</name>
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        <name>DUKE ENERGY FLORIDA LLC</name>
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        <name>Fannie Mae</name>
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        <name>SMB Private Education Loan Trust</name>
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        <name>VERISIGN INC</name>
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        <name>DEVON ENERGY CORPORATION</name>
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        <name>Freddie Mac</name>
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        <name>UBS AG</name>
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        <name>Mariner Finance Issuance Trust</name>
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        <name>Kinder Morgan Inc</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>United States Treasury</name>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
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      <invstOrSec>
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        <name>CITIBANK NA</name>
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        <name>GFL ENVIRONMENTAL INC</name>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>CHURCHILL DOWNS INC</name>
        <lei>529900FODTBQC8MIS994</lei>
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        <name>Freddie Mac</name>
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        <name>NEWELL BRANDS INC</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>ALBERTSONS COS/SAFEWAY</name>
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        <name>ServiceNow Inc</name>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>549300ZUZB9UCBWEBN39</lei>
        <title>Navient Private Education Refi Loan Trust 2019-A</title>
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        <balance>129000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124320.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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      <invstOrSec>
        <name>BROOKFIELD RESID PROPERT</name>
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        <invCountry>CA</invCountry>
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        <name>BARCLAYS BANK PLC</name>
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        <name>BX Trust</name>
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        <name>DK Trust</name>
        <lei>N/A</lei>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>DUKE ENERGY CAROLINAS</name>
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        <title>Duke Energy Carolinas LLC</title>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED USD / SOLD BRL</title>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
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        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Clover CLO</name>
        <lei>N/A</lei>
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          <isin value="US18915FAA03"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHS/COMMUNITY HEALTH SYS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Union Pacific Corp</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp</title>
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          <isin value="US907818EG97"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7556.22000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LOWE'S COS INC</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos Inc</title>
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          <isin value="US548661DJ38"/>
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        <curCd>USD</curCd>
        <valUSD>33021.11000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PIEDMONT NATURAL GAS CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK NA</name>
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        <name>EXPAND ENERGY CORP</name>
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        <name>AT&amp;T INC</name>
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        <name>Snowflake Inc</name>
        <lei>254900CJNSY1K7T53Z16</lei>
        <title>Snowflake Inc</title>
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        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bear Stearns Mortgage Funding Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Mortgage Funding Trust 2007-AR2</title>
        <cusip>07401TAA4</cusip>
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          <isin value="US07401TAA43"/>
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        <balance>75473.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69694.93000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES / NOTE</name>
        <lei>N/A</lei>
        <title>VICI Properties LP / VICI Note Co Inc</title>
        <cusip>92564RAL9</cusip>
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          <isin value="US92564RAL96"/>
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        <balance>53000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50753.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Firstkey Homes Trust</name>
        <lei>N/A</lei>
        <title>FirstKey Homes 2022-SFR1 Trust</title>
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          <isin value="US33768NAL64"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust 2024-UNIV</title>
        <cusip>08861RAJ0</cusip>
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          <isin value="US08861RAJ05"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12882.17000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.96000000</annualizedRt>
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      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAG</name>
        <lei>54930012YCNUERXJ1I74</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAG</title>
        <cusip>95004AAC7</cusip>
        <identifiers>
          <isin value="US95004AAC71"/>
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        <balance>153000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1417.68000000</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>2043-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.31000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AMGEN INC</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen Inc</title>
        <cusip>031162DU1</cusip>
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          <isin value="US031162DU18"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90344.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Atrium Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>Atrium Hotel Portfolio Trust 2024-ATRM</title>
        <cusip>04963XAL8</cusip>
        <identifiers>
          <isin value="US04963XAL82"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10043.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Greensky Home Improvement Issuer Trust</name>
        <lei>N/A</lei>
        <title>GreenSky Home Improvement Issuer Trust 2024-2</title>
        <cusip>39571XAE4</cusip>
        <identifiers>
          <isin value="US39571XAE40"/>
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        <balance>183000.00000000</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>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.26000000</annualizedRt>
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      <invstOrSec>
        <name>BRAND INDUSTRIAL SERVICE</name>
        <lei>549300B658W2BPDQMW42</lei>
        <title>Brand Industrial Services Inc</title>
        <cusip>104931AA8</cusip>
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          <isin value="US104931AA85"/>
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        <balance>38000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36097.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.38000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RX8</cusip>
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          <isin value="US912810RX81"/>
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        <balance>225500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
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          <isin value="US68389XDB82"/>
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        <balance>254000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247068.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CCV1</cusip>
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          <isin value="US91282CCV19"/>
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        <balance>343000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316390.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.13000000</annualizedRt>
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      <invstOrSec>
        <name>LoanCore Issuer, Ltd.</name>
        <lei>N/A</lei>
        <title>LoanCore 2025 2025-CRE8 Issuer LLC</title>
        <cusip>53947FAA9</cusip>
        <identifiers>
          <isin value="US53947FAA93"/>
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        <balance>116000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114668.34000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.71000000</annualizedRt>
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      <invstOrSec>
        <name>TENET HEALTHCARE CORP</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp</title>
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          <isin value="US88033GDH02"/>
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        <balance>16000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHENIERE ENERGY PARTNERS</name>
        <lei>5493005UEC8AZ34LDV29</lei>
        <title>Cheniere Energy Partners LP</title>
        <cusip>16411QAS0</cusip>
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        <balance>136000.00000000</balance>
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        <valUSD>136379.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>SWP: EUR 2.510500 01-MAR-2054 EUR</title>
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          <other otherDesc="BlackRock Identifier" value="BRYWBVX89"/>
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      <invstOrSec>
        <name>FORTREA HOLDINGS INC</name>
        <lei>5493000FIVFABOVCDU97</lei>
        <title>Fortrea Holdings Inc</title>
        <cusip>34965KAA5</cusip>
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        <balance>24000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs Inc</title>
        <cusip>185899AS0</cusip>
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          <isin value="US185899AS01"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22257.75000000</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>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F030454</cusip>
        <identifiers>
          <isin value="US01F0304547"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256320.60000000</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>2037-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
        <lei>N/A</lei>
        <title>Velocity Commercial Capital Loan Trust 2024-1</title>
        <cusip>92261CAA2</cusip>
        <identifiers>
          <isin value="US92261CAA27"/>
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        <balance>74275.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74824.23000000</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>2054-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.55000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust 2024-UNIV</title>
        <cusip>08861RAA9</cusip>
        <identifiers>
          <isin value="US08861RAA95"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19993.75000000</valUSD>
        <pctVal>0.010241220214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.81000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CCF6</cusip>
        <identifiers>
          <isin value="US91282CCF68"/>
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        <balance>306000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>295935.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</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>
        <name>OCP CLO Ltd</name>
        <lei>N/A</lei>
        <title>OCP CLO 2024-38 Ltd</title>
        <cusip>67120KAA7</cusip>
        <identifiers>
          <isin value="US67120KAA79"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249731.58000000</valUSD>
        <pctVal>0.127917779567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.68000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWBQ5</cusip>
        <identifiers>
          <isin value="US3132DWBQ50"/>
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        <balance>70461.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58958.64000000</valUSD>
        <pctVal>0.030199858244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
        <cusip>06051GJP5</cusip>
        <identifiers>
          <isin value="US06051GJP54"/>
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        <balance>41000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36370.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-VLT4</title>
        <cusip>05612TAE5</cusip>
        <identifiers>
          <isin value="US05612TAE55"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98750.00000000</valUSD>
        <pctVal>0.050581831630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.46000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TTAN</name>
        <lei>N/A</lei>
        <title>TTAN 2021-MHC</title>
        <cusip>87303TAQ0</cusip>
        <identifiers>
          <isin value="US87303TAQ04"/>
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        <balance>97668.65000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>96936.14000000</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>2038-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.34000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>PORT AUTH OF NEW YORK &amp; NEW JERSEY NY</title>
        <cusip>73358WRP1</cusip>
        <identifiers>
          <isin value="US73358WRP13"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46970.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.96000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DNAY9</cusip>
        <identifiers>
          <isin value="US3132DNAY94"/>
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        <balance>77160.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64970.19000000</valUSD>
        <pctVal>0.033279100876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NORTHERN OIL &amp; GAS INC</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
        <title>Northern Oil &amp; Gas Inc</title>
        <cusip>665530AB7</cusip>
        <identifiers>
          <isin value="US665530AB71"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24018.25000000</valUSD>
        <pctVal>0.012302653949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CCE9</cusip>
        <identifiers>
          <isin value="US91282CCE93"/>
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        <balance>489000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>455725.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bear Stearns Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Asset Backed Securities I Trust 2006-AC2</title>
        <cusip>07387UGB1</cusip>
        <identifiers>
          <isin value="US07387UGB17"/>
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        <balance>13721.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3561.38000000</valUSD>
        <pctVal>0.001824213909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.79000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AEP TRANSMISSION CO LLC</name>
        <lei>549300X123Z1I0LA3Y84</lei>
        <title>AEP Transmission Co LLC</title>
        <cusip>00115AAN9</cusip>
        <identifiers>
          <isin value="US00115AAN90"/>
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        <balance>21000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12497.84000000</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>2051-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHARTER COMM OPT LLC/CAP</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital</title>
        <cusip>161175CC6</cusip>
        <identifiers>
          <isin value="US161175CC60"/>
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        <balance>143000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>92856.27000000</valUSD>
        <pctVal>0.047562938885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
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      <invstOrSec>
        <name>Boeing Co/The</name>
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        <name>PECO ENERGY CO</name>
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        <name>Fannie Mae</name>
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        <name>Countrywide Home Loans</name>
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        <name>Autodesk Inc</name>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XNGB4</cusip>
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          <isin value="US3140XNGB42"/>
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        <name>GE Vernova Inc</name>
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        <name>LCH Ltd.</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>ALTRIA GROUP INC</name>
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        <title>Altria Group Inc</title>
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        <name>BRAVO Residential Funding Trust</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>FIGRE Trust</name>
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        <name>Countrywide Home Loans</name>
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        <name>Banc of America Commercial Mortgage Trust</name>
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        <name>Barclays Bank PLC</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <name>BDS Ltd</name>
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        <name>United States Treasury</name>
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        <name>ZIONS BANCORP NA</name>
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        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2024-WCL1 MORTGAGE TRUST</title>
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        <name>Saxon Asset Securities Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3131XU2J52"/>
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        <balance>267524.37000000</balance>
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        <curCd>USD</curCd>
        <valUSD>239460.14000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
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      <invstOrSec>
        <name>SOUTHERN CO</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The</title>
        <cusip>842587EA1</cusip>
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          <isin value="US842587EA18"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oracle Corp</name>
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        <title>Oracle Corp</title>
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        <balance>28000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BNP PARIBAS SA</name>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
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          <isin value="CA74625PAB00"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <title>TRSWAP: GSISDRV5 INDEX</title>
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        <name>MINERAL RESOURCES LTD</name>
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        <balance>23000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc</title>
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        <balance>84000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Whitebox CLO III Ltd</name>
        <lei>549300JXCQSPB1A61C68</lei>
        <title>Whitebox CLO III Ltd</title>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-VLT4</title>
        <cusip>05612TAA3</cusip>
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          <isin value="US05612TAA34"/>
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        <balance>249000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>EQUINIX INC</name>
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        <title>Equinix Inc</title>
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      <invstOrSec>
        <name>College Ave Student Loans</name>
        <lei>N/A</lei>
        <title>College Ave Student Loans 2023-A LLC</title>
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        <valUSD>73858.74000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179W5B0</cusip>
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        <balance>128785.39000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>ENTEGRIS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LV Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Mortgage Loan Trust 2006-12XS</title>
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          <isin value="US61749EAE77"/>
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        <name>United States Treasury</name>
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          <isin value="US91282CLJ89"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Mortgage Loan Trust</name>
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          <isin value="US76119DAF69"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>YUM! BRANDS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLIANT HOLD / CO-ISSUER</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cross Mortgage Trust</name>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
        <valUSD>49149.49000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Option One Mortgage Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US68402VAF94"/>
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        <name>CNTRL PARENT/CDK GLB INC</name>
        <lei>N/A</lei>
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          <isin value="US15477CAA36"/>
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      <invstOrSec>
        <name>EMRLD BOR / EMRLD CO-ISS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
        <cusip>68389XDC6</cusip>
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          <isin value="US68389XDC65"/>
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        <curCd>USD</curCd>
        <valUSD>630190.05000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Japan Government Thirty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="JP1300851R17"/>
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        <balance>77050000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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        <name>BAT CAPITAL CORP</name>
        <lei>2138005GYEXN7XRHFA84</lei>
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        <curCd>USD</curCd>
        <valUSD>34317.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Chicago Mercantile Exchange</name>
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        <title>FSWP: OIS 3.793700 16-MAY-2026 SOF</title>
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        <name>U.K. Gilts</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <cusip>000000000</cusip>
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        <name>OPEN TEXT CORP</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <name>CITIBANK NA</name>
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        <name>Chicago Board of Trade</name>
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        <name>Fannie Mae</name>
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        <name>United States Treasury</name>
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        <name>T-MOBILE USA INC</name>
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        <name>JP Morgan ReRemic</name>
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        <name>AT&amp;T REIGN II LB PTT</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>Barclays Bank PLC</name>
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        <name>Countrywide Asset-Backed Certificates</name>
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        <name>Generate CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GSMPS Mortgage Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US36242DJQ79"/>
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        <name>Synchrony Financial</name>
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        <name>J.P. Morgan Alternative Loan Trust</name>
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        <name>Ingersoll Rand Inc</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>SLG Office Trust</name>
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        <name>AEP Texas Inc</name>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Fannie Mae</name>
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        <name>HOMES Trust</name>
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        <name>Fannie Mae</name>
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        <name>LCH Ltd.</name>
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        <name>Fannie Mae</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>BX Trust</name>
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        <name>United States Treasury</name>
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        <name>Freddie Mac</name>
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        <name>BPR Trust</name>
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        <name>FLORIDA POWER &amp; LIGHT CO</name>
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        <name>SMB Private Education Loan Trust</name>
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        <name>Fannie Mae</name>
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        <name>ELM Trust 2024</name>
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        <name>Regatta IX Funding Ltd</name>
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        <name>CHARTER COMM OPT LLC/CAP</name>
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        <name>RTX CORP</name>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US91282CHM64"/>
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        <name>GOLDMAN SACHS GROUP INC</name>
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          <isin value="US38141GYM04"/>
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        <name>CIM Trust</name>
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        <name>Masimo Corp</name>
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        <title>Masimo Corp</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOEING CO/THE</name>
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      <invstOrSec>
        <name>NORTHROP GRUMMAN CORP</name>
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        <name>American Home Mortgage Investment Trust</name>
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        <name>BX Trust</name>
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        <curCd>USD</curCd>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Blackstone Mortgage Trust Inc</name>
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        <name>1011778 BC / NEW RED FIN</name>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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        <name>McKesson Corp</name>
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        <name>BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES</name>
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        <name>Citigroup Mortgage Loan Trust Inc</name>
        <lei>549300R1KUK063S4I339</lei>
        <title>Citigroup Mortgage Loan Trust Inc</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>AMERICAN AXLE &amp; MFG INC</name>
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        <name>Social Professional Loan Program LLC</name>
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        <name>Fannie Mae</name>
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        <name>DC Commercial Mortgage Trust</name>
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        <name>Impac Secured Assets Corp.</name>
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        <name>United States Treasury</name>
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        <name>Structured Asset Securities Corporation</name>
        <lei>549300164ZV2301BC703</lei>
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        <name>United States Treasury</name>
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        <name>Citibank NA</name>
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        <name>Banc of America Merrill Lynch Large Loan Inc</name>
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        <name>Financial Select Sector SPDR Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DUKE ENERGY PROGRESS LLC</name>
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        <title>Duke Energy Progress LLC</title>
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          <isin value="US26442UAR59"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ELFI Graduate Loan Program LLC</name>
        <lei>N/A</lei>
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        <name>ANSYS Inc</name>
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        <name>LCH Ltd.</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <title>Wells Fargo Commercial Mortgage Trust 2015-C31</title>
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        <name>Regatta XX Funding Ltd</name>
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        <name>MCR Mortgage Trust</name>
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        <title>MCR 2024-HTL Mortgage Trust</title>
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        <name>DIAMONDBACK ENERGY INC</name>
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        <title>Diamondback Energy Inc</title>
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        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC</title>
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        <name>PECO ENERGY CO</name>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</name>
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          <isin value="US07337BAC81"/>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US36179WLN64"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Navient Student Loan Trust</name>
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          <isin value="US63943CAA99"/>
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      <invstOrSec>
        <name>RR Ltd</name>
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          <isin value="US74988CAA27"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chase Mortgage Finance Corporation</name>
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        <name>LBA Trust</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae</title>
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          <isin value="US21H0426534"/>
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        <balance>834000.00000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUE OWL CAPITAL CORP</name>
        <lei>2549000BD79OOCPF2L94</lei>
        <title>Blue Owl Capital Corp</title>
        <cusip>69121KAH7</cusip>
        <identifiers>
          <isin value="US69121KAH77"/>
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        <balance>218000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>216360.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DQ2C9</cusip>
        <identifiers>
          <isin value="US3132DQ2C99"/>
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        <balance>476013.91000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>401473.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOMES Trust</name>
        <lei>254900LUV7YA0N50XT86</lei>
        <title>HOMES 2025-NQM1 Trust</title>
        <cusip>43761DAF7</cusip>
        <identifiers>
          <isin value="US43761DAF78"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100607.97000000</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>2070-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.52000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>SWP: IFS 2.869500 15-APR-2028 USC</title>
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          <other otherDesc="BlackRock Identifier" value="BYDGTYSM2"/>
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        <balance>616000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-2502.18000000</valUSD>
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        <assetCat>DO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-MDHS</title>
        <cusip>12433BAA5</cusip>
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          <isin value="US12433BAA52"/>
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        <balance>272457.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>272287.53000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.96000000</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>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140AQGF3</cusip>
        <identifiers>
          <isin value="US3140AQGF34"/>
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        <balance>25621.21000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26254.33000000</valUSD>
        <pctVal>0.013448021261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XP6Q7</cusip>
        <identifiers>
          <isin value="US3140XP6Q76"/>
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        <balance>319919.12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254393.84000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179TSH9</cusip>
        <identifiers>
          <isin value="US36179TSH94"/>
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        <balance>74179.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69778.06000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Silver Point CLO, Ltd</name>
        <lei>254900UZNMKMPK9GWJ82</lei>
        <title>Silver Point CLO 7 LTD</title>
        <cusip>82808UAA3</cusip>
        <identifiers>
          <isin value="US82808UAA34"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249927.65000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>SWP: IFS 2.648000 15-APR-2029 USC</title>
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          <other otherDesc="BlackRock Identifier" value="BYDH2R8W4"/>
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        <assetCat>DO</assetCat>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2021-LBA</title>
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          <isin value="US05609BCD91"/>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>VISTRA OPERATIONS CO LLC</name>
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        <title>Vistra Operations Co LLC</title>
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          <isin value="US92840VAS16"/>
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        <balance>146000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>UMBS, TBA</name>
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          <isin value="US01F0404537"/>
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        <balance>83000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81060.98000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Howmet Aerospace Inc</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>Howmet Aerospace Inc</title>
        <cusip>443201108</cusip>
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          <isin value="US4432011082"/>
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        <balance>114.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15798.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2024-NSTB</title>
        <cusip>61690BAA0</cusip>
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          <isin value="US61690BAA08"/>
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        <balance>88181.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85303.60000000</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>2057-09-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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        <name>LCH Ltd.</name>
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        <name>DISCOVERY COMMUNICATIONS</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>Argent Securities Inc.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHARLES RIVER LABORATORI</name>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CKE02"/>
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        <balance>472500.00000000</balance>
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          <maturityDt>2027-03-15</maturityDt>
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      <invstOrSec>
        <name>Bear Stearns Structured Products Inc.</name>
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          <isin value="US07402LAC63"/>
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        <curCd>USD</curCd>
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        <name>GoodLeap Home Improvement Solutions Trust</name>
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        <name>T-Mobile US Inc</name>
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        <name>LCH Ltd.</name>
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        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <name>Angel Oak Mortgage Trust</name>
        <lei>254900HC0S1X9R2JZB30</lei>
        <title>Angel Oak Mortgage Trust 2025-1</title>
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        <name>Benefit Street Partners CLO Ltd</name>
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        <title>Benefit Street Partners CLO XXIX</title>
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        <invCountry>JE</invCountry>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>CIVITAS RESOURCES INC</name>
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        <title>Gartner Inc</title>
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        <name>New Mountain CLO Ltd</name>
        <lei>549300CEYMYPINCEX579</lei>
        <title>New Mountain CLO 3 Ltd</title>
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        <balance>250000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ANGLO AMERICAN CAPITAL</name>
        <lei>TINT358G1SSHR3L3PW36</lei>
        <title>Anglo American Capital PLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T INC</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHENIERE CORP CHRISTI HD</name>
        <lei>549300I7CIEWU1BBLQ53</lei>
        <title>Cheniere Corpus Christi Holdings LLC</title>
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          <isin value="US16412XAG07"/>
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        <balance>68000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68755.77000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DANA INC</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
        <title>Dana Inc</title>
        <cusip>235825AG1</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49582.22000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.63000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GSAMP Trust</name>
        <lei>N/A</lei>
        <title>GSAMP Trust 2006-HE4</title>
        <cusip>362439AF8</cusip>
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          <isin value="US362439AF81"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41327.79000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.89000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rockford Tower CLO Ltd</name>
        <lei>549300KPFGDIQ0PMP224</lei>
        <title>Rockford Tower CLO 2018-1 Ltd</title>
        <cusip>77342JAA1</cusip>
        <identifiers>
          <isin value="US77342JAA16"/>
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        <balance>106542.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106516.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.68000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QGV79</cusip>
        <identifiers>
          <isin value="US3140QGV799"/>
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        <balance>34330.89000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32143.59000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CMW8</cusip>
        <identifiers>
          <isin value="US91282CMW81"/>
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        <balance>777000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>780581.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CreekSource (Dunes Creek) CLO Ltd</name>
        <lei>254900CZYOXX4AZ15302</lei>
        <title>Creeksource 2024-1 Dunes Creek Clo Ltd</title>
        <cusip>225914AA8</cusip>
        <identifiers>
          <isin value="US225914AA89"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250004.73000000</valUSD>
        <pctVal>0.128057692755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.74000000</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>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132CXBV3</cusip>
        <identifiers>
          <isin value="US3132CXBV38"/>
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        <balance>29086.27000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27824.89000000</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>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corp</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
        <cusip>68389XBY0</cusip>
        <identifiers>
          <isin value="US68389XBY04"/>
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        <balance>70000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46841.94000000</valUSD>
        <pctVal>0.023993429086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLOBAL PAYMENTS INC</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments Inc</title>
        <cusip>37940XAR3</cusip>
        <identifiers>
          <isin value="US37940XAR35"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9152.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>NRG ENERGY INC</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy Inc</title>
        <cusip>629377CR1</cusip>
        <identifiers>
          <isin value="US629377CR16"/>
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        <balance>24000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21570.54000000</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>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.63000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MidOcean Credit CLO</name>
        <lei>N/A</lei>
        <title>MidOcean Credit CLO XI Ltd</title>
        <cusip>59801ABA1</cusip>
        <identifiers>
          <isin value="US59801ABA16"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247908.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.48000000</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>LIVE NATION ENTERTAINMEN</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>Live Nation Entertainment Inc</title>
        <cusip>538034AR0</cusip>
        <identifiers>
          <isin value="US538034AR08"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11745.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>ARES Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ARES1 2024-IND2</title>
        <cusip>04021EAA4</cusip>
        <identifiers>
          <isin value="US04021EAA47"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79950.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.76000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QC5</cusip>
        <identifiers>
          <isin value="US912810QC53"/>
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        <balance>68300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68553.46000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWDC4</cusip>
        <identifiers>
          <isin value="US3132DWDC47"/>
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        <balance>1694936.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1345905.19000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>OCP CLO Ltd</name>
        <lei>N/A</lei>
        <title>OCP CLO 2023-26 Ltd</title>
        <cusip>67116HAJ1</cusip>
        <identifiers>
          <isin value="US67116HAJ14"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247441.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN CAL EDISON</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co</title>
        <cusip>842400FF5</cusip>
        <identifiers>
          <isin value="US842400FF58"/>
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        <balance>33000.00000000</balance>
        <units>PA</units>
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        <name>Chicago Board of Trade</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>Freddie Mac</name>
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        <name>Government National Mortgage Association</name>
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        <name>United States Treasury</name>
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        <name>S&amp;P Global Inc</name>
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        <name>KEY BANK NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIONSTAR MTG HLD INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>arbor multifamily mortgage securities trust</name>
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          <isin value="US03882LAJ98"/>
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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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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XMHW9</cusip>
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          <isin value="US3140XMHW96"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Romark CLO Ltd</name>
        <lei>N/A</lei>
        <title>Romark WM-R Ltd</title>
        <cusip>77587AAC0</cusip>
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        <balance>113103.64000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>BANK OF AMERICA CORP</name>
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        <title>Bank of America Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
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        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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        <invCountry>US</invCountry>
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        <name>VIRGINIA ELEC &amp; POWER CO</name>
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        <title>Virginia Electric and Power Co</title>
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        <name>Amazon.com Inc</name>
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        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG</title>
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          <isin value="US46593KAA97"/>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CKK61"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Firstkey Homes Trust</name>
        <lei>N/A</lei>
        <title>FirstKey Homes 2022-SFR3 Trust</title>
        <cusip>33768EAL6</cusip>
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          <isin value="US33768EAL65"/>
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        <balance>184000.00000000</balance>
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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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          <maturityDt>2038-07-17</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>Reynolds American Inc</name>
        <lei>02S2RPPVO9RP4NEU2740</lei>
        <title>Reynolds American Inc</title>
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          <isin value="US761713BW55"/>
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        <balance>17000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Homeward Opportunities Fund I Trust</name>
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        <name>CBAM CLO Management</name>
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        <invCountry>KY</invCountry>
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        <name>New York City Municipal Water Finance Authority</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Philippines Government International Bonds</name>
        <lei>529900RAHBALMYIJ3T08</lei>
        <title>Philippines Government International Bonds</title>
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          <isin value="US718286CC97"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>578250.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Generate CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Generate CLO 20 Ltd</title>
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          <isin value="US370912AA51"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CJZ5</cusip>
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          <isin value="US91282CJZ59"/>
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        <balance>919200.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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          <isin value="US172967NN71"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QQ4</cusip>
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          <isin value="US912810QQ40"/>
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        <balance>130300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127368.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Rain City Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Rain City Mortgage Trust 2024-RTL1</title>
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          <isin value="US75079KAA16"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <title>Pacific Gas and Electric Co</title>
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          <isin value="US694308KH99"/>
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        <balance>336000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338244.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>GoodLeap Home Improvement Solutions Trust</name>
        <lei>N/A</lei>
        <title>GoodLeap Home Improvement Solutions Trust 2024-1</title>
        <cusip>381935AA3</cusip>
        <identifiers>
          <isin value="US381935AA36"/>
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        <balance>104759.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105513.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>Extra Space Storage LP</title>
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          <isin value="US30225VAR87"/>
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        <balance>208000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217158.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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          <isin value="US46647PEL67"/>
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        <balance>226000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>228635.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.98000000</annualizedRt>
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      <invstOrSec>
        <name>HIH Trust</name>
        <lei>N/A</lei>
        <title>HIH Trust 2024-61P</title>
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          <isin value="US40444VAE11"/>
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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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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TW8</cusip>
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          <isin value="US912810TW80"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2019-JWDR</title>
        <cusip>95002NAA5</cusip>
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          <isin value="US95002NAA54"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.58000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XMX76</cusip>
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        <balance>8980.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8993.11000000</valUSD>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>CHARTER COMM OPT LLC/CAP</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>SWP: IFS 2.685000 15-APR-2029 USC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CMK44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oak Hill Credit</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Invitation Homes Inc</name>
        <lei>N/A</lei>
        <title>Invitation Homes Inc</title>
        <cusip>46187W107</cusip>
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          <isin value="US46187W1071"/>
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        <balance>1137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38874.03000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STAR 2025-SFR5 Trust</name>
        <lei>N/A</lei>
        <title>STAR 2025-SFR5 Trust</title>
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          <isin value="US85520CAG06"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>353743.53000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-17</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Banc of America Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Banc of America Alternative Loan Trust 2003-8</title>
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          <isin value="US05948XTV37"/>
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        <balance>95648.23000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-XL5</title>
        <cusip>05612GAG8</cusip>
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          <isin value="US05612GAG82"/>
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        <balance>88199.74000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87042.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.01000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132A5HR9</cusip>
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          <isin value="US3132A5HR91"/>
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        <balance>171674.78000000</balance>
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        <curCd>USD</curCd>
        <valUSD>161614.10000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTHERN CAL EDISON</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co</title>
        <cusip>842400FC2</cusip>
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          <isin value="US842400FC28"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49048.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.63000000</annualizedRt>
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      <invstOrSec>
        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
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        <balance>86.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15502.36000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>VERIZON COMMUNICATIONS</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc</title>
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        <balance>17000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14592.98000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CMB4</cusip>
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          <isin value="US91282CMB45"/>
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        <balance>27000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27287.93000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
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        <name>A&amp;D Mortgage Trust</name>
        <lei>9845006Z1DC68561N347</lei>
        <title>A&amp;D Mortgage Trust 2024-NQM5</title>
        <cusip>00039KAF7</cusip>
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          <isin value="US00039KAF75"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100907.64000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2069-11-25</maturityDt>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900CBDGTUOOQONB64</lei>
        <title>JP Morgan Mortgage Trust 2025-VIS1</title>
        <cusip>46659BAF9</cusip>
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        <balance>253000.00000000</balance>
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        <name>UMBS, TBA</name>
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        <balance>1127000.00000000</balance>
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          <maturityDt>2054-05-01</maturityDt>
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      <invstOrSec>
        <name>Panama Government International Bonds</name>
        <lei>549300SHS4T08CL0LP14</lei>
        <title>Panama Government International Bonds</title>
        <cusip>698299BF0</cusip>
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          <isin value="US698299BF03"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88000000</annualizedRt>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG</title>
        <cusip>46593KAL5</cusip>
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        <balance>34000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-09</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae</title>
        <cusip>21H050656</cusip>
        <identifiers>
          <isin value="US21H0506566"/>
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        <balance>1120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1098549.97000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENCOMPASS HEALTH CORP</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp</title>
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        <balance>25000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EDISON INTERNATIONAL</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International</title>
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        <curCd>USD</curCd>
        <valUSD>42564.34000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Neuberger Berman CLO Ltd</name>
        <lei>549300Y2YE54ON4DJE28</lei>
        <title>Neuberger Berman Loan Advisers Clo 40 Ltd</title>
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          <isin value="US64134JAA16"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.58000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SS8</cusip>
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          <isin value="US912810SS87"/>
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        <balance>186900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99633.76000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.63000000</annualizedRt>
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      <invstOrSec>
        <name>BX Trust</name>
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        <title>BX Trust 2018-GW</title>
        <cusip>12433UAG0</cusip>
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          <isin value="US12433UAG04"/>
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        <balance>168000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>167229.25000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CMT52"/>
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        <balance>49000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49581.88000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-31</maturityDt>
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        <name>Galaxy CLO Ltd</name>
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        <title>Galaxy XX CLO Ltd</title>
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        <curCd>USD</curCd>
        <valUSD>249377.50000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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        <name>GEORGIA POWER CO</name>
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          <isin value="US373334KP56"/>
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        <curCd>USD</curCd>
        <valUSD>67015.45000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <curCd>USD</curCd>
        <valUSD>98788.86000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>TARGA RESOURCES CORP</name>
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        <curCd>USD</curCd>
        <valUSD>30231.76000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FRONTIER COMMUNICATIONS</name>
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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>HLTN Commercial Mortgage Trust 2024-DPLO</name>
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        <title>HLTN Commercial Mortgage Trust 2024-DPLO</title>
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        <balance>263000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>261356.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>5.96000000</annualizedRt>
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      <invstOrSec>
        <name>BHMS Mortgage Trust</name>
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        <title>BHMS 2018-ATLS</title>
        <cusip>05549GAG6</cusip>
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          <isin value="US05549GAG64"/>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CIT Mortgage Loan Trust</name>
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          <isin value="US12559QAH56"/>
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        <name>LCH Ltd.</name>
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        <name>MORGAN STANLEY BANK NA</name>
        <lei>G1MLHIS0N32I3QPILB75</lei>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWG800"/>
        </identifiers>
        <balance>135742.40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133173.82000000</valUSD>
        <pctVal>0.068214437881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="BYDCNF543 - Goldman Sachs Intraday Delta Replication VX Series 5 Excess Return Strategy aims to benefit from the potential for delta-replicated out-of-the-money call options to outperform nearer at the-money call options on a delta-equivalent basis on average, particularly when such delta replication is performed on an intraday basis. The Strategy provides synthetic short exposure to call spread options and long exposure to delta-replicated call options on the VIX Index." noteItem="C.11.f.i.2"/>




      <explntrNote note="BYD2F3GH0 - Goldman Sachs Intraday Delta Replication VX Series 5 Excess Return Strategy aims to benefit from the potential for delta-replicated out-of-the-money call options to outperform nearer at the-money call options on a delta-equivalent basis on average, particularly when such delta replication is performed on an intraday basis. The Strategy provides synthetic short exposure to call spread options and long exposure to delta-replicated call options on the VIX Index." noteItem="C.11.f.i.2"/>
      <explntrNote note="IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate." noteItem="C.11.f.i.2"/>
      <explntrNote note="BYD5MS871 - Goldman Sachs Intraday Delta Replication VX Series 5 Excess Return Strategy aims to benefit from the potential for delta-replicated out-of-the-money call options to outperform nearer at the-money call options on a delta-equivalent basis on average, particularly when such delta replication is performed on an intraday basis. The Strategy provides synthetic short exposure to call spread options and long exposure to delta-replicated call options on the VIX Index." noteItem="C.11.f.i.2"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="BYDDWPTV3 - Goldman Sachs Intraday Delta Replication VX Series 5 Excess Return Strategy aims to benefit from the potential for delta-replicated out-of-the-money call options to outperform nearer at the-money call options on a delta-equivalent basis on average, particularly when such delta replication is performed on an intraday basis. The Strategy provides synthetic short exposure to call spread options and long exposure to delta-replicated call options on the VIX Index." noteItem="C.11.f.i.2"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock ETF Trust II</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>
