<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000722574</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000017688</seriesId>
        <classId>C000048884</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Fidelity Advisor Series I</regName>
      <regFileNumber>811-03785</regFileNumber>
      <regCik>0000722574</regCik>
      <regLei>C7J4FOV6ELAVE39B7M82</regLei>
      <regStreet1>245 Summer Street</regStreet1>
      <regCity>Boston</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02210</regZipOrPostalCode>
      <regPhone>1-800-FIDELITY</regPhone>
      <seriesName>Fidelity Real Estate High Income Fund</seriesName>
      <seriesId>S000017688</seriesId>
      <seriesLei>VC3DWMJ0Z58CVJ2Y1Q08</seriesLei>
      <repPdEnd>2026-11-30</repPdEnd>
      <repPdDate>2026-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>721228459.86</totAssets>
      <totLiabs>5500035.68</totLiabs>
      <netAssets>715728424.18</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00000000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="50533.26354900" period1Yr="31243.97643233" period30Yr="768.30349080" period3Mon="1189.33959861" period5Yr="99993.79594187"/>
          <intrstRtRiskdv100 period10Yr="5053326.39000318" period1Yr="3124397.70048825" period30Yr="76830.42006230" period3Mon="118933.97430274" period5Yr="9999379.64411038"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="35434.04444270" period1Yr="18589.66776500" period30Yr="576.87875410" period3Mon="1533.35675942" period5Yr="59296.96172148"/>
      <creditSprdRiskNonInvstGrade period10Yr="6566.71976240" period1Yr="39430.13907223" period30Yr="0.00000000" period3Mon="3015.05244979" period5Yr="63805.27367112"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000048884" rtn1="-0.79000000" rtn2="0.56000000" rtn3="0.05000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="318302.11000000" netUnrealizedAppr="-9444159.31000000"/>
        <othMon2 netRealizedGain="180596.41000000" netUnrealizedAppr="639709.38000000"/>
        <othMon3 netRealizedGain="-3023021.67000000" netUnrealizedAppr="900660.48000000"/>
      </returnInfo>
      <mon1Flow redemption="0.00000000" reinvestment="2167757.43000000" sales="3500000.00000000"/>
      <mon2Flow redemption="2167011.20000000" reinvestment="2074318.22000000" sales="0.00000000"/>
      <mon3Flow redemption="10008584.33000000" reinvestment="2072023.96000000" sales="0.00000000"/>



    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>MHP 2025-MHIL2</name>
        <lei>N/A</lei>
        <title>MHP 2025-MHIL2 TSFR1M+350 09/15/2030 144A</title>
        <cusip>59317DAJ4</cusip>
        <identifiers>
          <isin value="US59317DAJ46"/>
        </identifiers>
        <balance>3195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3199490.57000000</valUSD>
        <pctVal>0.447025779878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07127090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNW 2003-W10 2B5 CSTR 6/43</title>
        <cusip>31393DUN9</cusip>
        <identifiers>
          <isin value="US31393DUN91"/>
        </identifiers>
        <balance>3279.39860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497.81000000</valUSD>
        <pctVal>0.000069552917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03901960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG</name>
        <lei>N/A</lei>
        <title>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG E TSFR1M+418.849 11/15/2034 144A</title>
        <cusip>81631WAJ5</cusip>
        <identifiers>
          <isin value="US81631WAJ53"/>
        </identifiers>
        <balance>1838900.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1833001.91000000</valUSD>
        <pctVal>0.256102992150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07815580</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2025-B41 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2025-B41 MTG TR 6.13645% 07/15/2068 144A</title>
        <cusip>081935BC1</cusip>
        <identifiers>
          <isin value="US081935BC13"/>
        </identifiers>
        <balance>825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>818790.80000000</valUSD>
        <pctVal>0.114399648293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06136450</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2020-BN28</name>
        <lei>N/A</lei>
        <title>BANK 2020-BN28 2.5% 03/15/2063 144A</title>
        <cusip>06540YBH1</cusip>
        <identifiers>
          <isin value="US06540YBH18"/>
        </identifiers>
        <balance>903000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>670855.41000000</valUSD>
        <pctVal>0.093730441231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSWF COMMERCIAL MORTGAGE TRUST 23-2</name>
        <lei>N/A</lei>
        <title>MSWF COMMERCIAL MORTGAGE TRUST 23-2 B 7.252% 12/15/2056</title>
        <cusip>55361AAY0</cusip>
        <identifiers>
          <isin value="US55361AAY01"/>
        </identifiers>
        <balance>1070000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1142267.59000000</valUSD>
        <pctVal>0.159595113371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07102591</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 F CSTR 5/10/45 144A</title>
        <cusip>90269GAS0</cusip>
        <identifiers>
          <isin value="US90269GAS03"/>
        </identifiers>
        <balance>2484000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>720812.34000000</valUSD>
        <pctVal>0.100710313527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2017-BNK4</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK4 D 3.357% 05/15/2050 144A</title>
        <cusip>06541FAJ8</cusip>
        <identifiers>
          <isin value="US06541FAJ84"/>
        </identifiers>
        <balance>2308000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1532059.40000000</valUSD>
        <pctVal>0.214055967073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03357000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2022-C1 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2022-C1 MORTGAGE TRUST CSTR 02/15/2042 144A</title>
        <cusip>05609MDC6</cusip>
        <identifiers>
          <isin value="US05609MDC64"/>
        </identifiers>
        <balance>1638000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1311629.48000000</valUSD>
        <pctVal>0.183257983850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04069949</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS Mortgage Trust 2022-C14</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust 2022-C14 A5 2.946% 02/15/2055</title>
        <cusip>07336AAE7</cusip>
        <identifiers>
          <isin value="US07336AAE73"/>
        </identifiers>
        <balance>3302000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2961480.26000000</valUSD>
        <pctVal>0.413771503261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02946000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2020-GC45</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2020-GC45 3.21854% 12/13/2039 144A</title>
        <cusip>36258YAY4</cusip>
        <identifiers>
          <isin value="US36258YAY41"/>
        </identifiers>
        <balance>1764000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1423897.62000000</valUSD>
        <pctVal>0.198943841252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03325825</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METRONET INFRASTRUCTURE ISSUER LLC</name>
        <lei>5493000BIROCAEATAQ61</lei>
        <title>METRONET INFRASTRUCTURE ISSUER LLC 7.83% 08/20/2055 144A</title>
        <cusip>59170JBB3</cusip>
        <identifiers>
          <isin value="US59170JBB35"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>509929.90000000</valUSD>
        <pctVal>0.071246283195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07830000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6</name>
        <lei>N/A</lei>
        <title>MORGAN STAN BAML TR-2012-C6 F CSTR 11/15/2045 144A</title>
        <cusip>61761DAU6</cusip>
        <identifiers>
          <isin value="US61761DAU63"/>
        </identifiers>
        <balance>1575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>212483.25000000</valUSD>
        <pctVal>0.029687691982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04489368</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL MORTGAGE CD 2016-CD2 MTG TR</name>
        <lei>N/A</lei>
        <title>CD 2016-CD2 D CSTR 11/49</title>
        <cusip>12515AAN0</cusip>
        <identifiers>
          <isin value="US12515AAN00"/>
        </identifiers>
        <balance>800024.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>181064.14000000</valUSD>
        <pctVal>0.025297883091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02839731</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBGS 2019-1735 MTG TR</name>
        <lei>N/A</lei>
        <title>DBGS 2019-1735 F CSTR 04/10/2037 144A</title>
        <cusip>23307EAN1</cusip>
        <identifiers>
          <isin value="US23307EAN13"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>705926.80000000</valUSD>
        <pctVal>0.098630538644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04334368</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIXIS COML MTG SECS TR 2019-10K</name>
        <lei>N/A</lei>
        <title>NATIXIS COML MTG SECS TR 2019-10K CSTR 05/15/2039 144A</title>
        <cusip>63874UAN4</cusip>
        <identifiers>
          <isin value="US63874UAN46"/>
        </identifiers>
        <balance>3014000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2708662.21000000</valUSD>
        <pctVal>0.378448321806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04272420</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2020-B21 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2020-B21 MTG TR 2% 12/17/2053 144A</title>
        <cusip>08163LBC2</cusip>
        <identifiers>
          <isin value="US08163LBC28"/>
        </identifiers>
        <balance>1638000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1139119.58000000</valUSD>
        <pctVal>0.159155280343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCC 2024-CNTR E</name>
        <lei>N/A</lei>
        <title>ROCC 2024-CNTR E 8.81906% 11/13/2041 144A</title>
        <cusip>74970WAJ9</cusip>
        <identifiers>
          <isin value="US74970WAJ99"/>
        </identifiers>
        <balance>4917000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5122656.48000000</valUSD>
        <pctVal>0.715726287644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08819060</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9</name>
        <lei>549300PFVBG5704L7K74</lei>
        <title>MSBAM 13-C9 D CSTR 5/15/46</title>
        <cusip>61762DAG6</cusip>
        <identifiers>
          <isin value="US61762DAG60"/>
        </identifiers>
        <balance>1740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1584603.73000000</valUSD>
        <pctVal>0.221397345203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03916926</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 7.25% 06/01/2033 144A</title>
        <cusip>489399AS4</cusip>
        <identifiers>
          <isin value="US489399AS44"/>
        </identifiers>
        <balance>2100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2134840.03000000</valUSD>
        <pctVal>0.298275149886</pctVal>
        <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>0.07250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2018-C44</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COML MTG TR 2018-C44 3% 05/15/2051 144A</title>
        <cusip>95001JAC1</cusip>
        <identifiers>
          <isin value="US95001JAC18"/>
        </identifiers>
        <balance>1864000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1461188.85000000</valUSD>
        <pctVal>0.204154089824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2020-C8</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2020-C8 2.25% 10/15/2053 144A</title>
        <cusip>05552AAC2</cusip>
        <identifiers>
          <isin value="US05552AAC27"/>
        </identifiers>
        <balance>3013000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2060612.39000000</valUSD>
        <pctVal>0.287904227411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2017-COR2</name>
        <lei>N/A</lei>
        <title>COMM 2017-COR2 D 3% 09/10/2050 144A</title>
        <cusip>12595EAN5</cusip>
        <identifiers>
          <isin value="US12595EAN58"/>
        </identifiers>
        <balance>1146000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1030161.40000000</valUSD>
        <pctVal>0.143931883267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VASA TR 2021-VASA</name>
        <lei>N/A</lei>
        <title>VASA TR 2021-VASA F TSFR1M+401.448 04/15/2060 144A</title>
        <cusip>92230AAL0</cusip>
        <identifiers>
          <isin value="US92230AAL08"/>
        </identifiers>
        <balance>3009000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2622270.68000000</valUSD>
        <pctVal>0.366377887395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07642480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ</name>
        <lei>N/A</lei>
        <title>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ E VAR 07/13/2044 144A</title>
        <cusip>91825CAJ4</cusip>
        <identifiers>
          <isin value="US91825CAJ45"/>
        </identifiers>
        <balance>1080000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1096342.67000000</valUSD>
        <pctVal>0.153178584636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07931433</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2015-SG1</name>
        <lei>549300ZJL46M82UL2Z22</lei>
        <title>WELLS FARGO COML MTG TR 2020-C57 D 2.5% 08/15/2053 144A</title>
        <cusip>95002XAC9</cusip>
        <identifiers>
          <isin value="US95002XAC92"/>
        </identifiers>
        <balance>2108000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1681001.20000000</valUSD>
        <pctVal>0.234865787526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSMS 2026-DAWN B</name>
        <lei>N/A</lei>
        <title>GSMS 2026-DAWN B VAR 04/10/2031 144A</title>
        <cusip>36274LAC0</cusip>
        <identifiers>
          <isin value="US36274LAC00"/>
        </identifiers>
        <balance>758899.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>753479.09000000</valUSD>
        <pctVal>0.105274439933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06361200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE STREAM ISSUER LLC</name>
        <lei>N/A</lei>
        <title>BLUE STREAM ISSUER LLC 8.71% 11/20/2054 144A</title>
        <cusip>09606BAL8</cusip>
        <identifiers>
          <isin value="US09606BAL80"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1806489.13000000</valUSD>
        <pctVal>0.252398684888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08710000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWITCH ABS ISSUER LLC</name>
        <lei>N/A</lei>
        <title>SWITCH ABS ISSUER LLC 6.5% 03/25/2054 144A</title>
        <cusip>871044AC7</cusip>
        <identifiers>
          <isin value="US871044AC73"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1248191.38000000</valUSD>
        <pctVal>0.174394552155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSTL COML MTG TR 2025-GATE2</name>
        <lei>N/A</lei>
        <title>CSTL COML MTG TR 2025-GATE2 A CSTR 11/10/2042 144A</title>
        <cusip>12676JAJ5</cusip>
        <identifiers>
          <isin value="US12676JAJ51"/>
        </identifiers>
        <balance>3516000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3453166.62000000</valUSD>
        <pctVal>0.482468839204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06566616</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C3</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C3 D CSTR 3/44</title>
        <cusip>92935VAS7</cusip>
        <identifiers>
          <isin value="US92935VAS79"/>
        </identifiers>
        <balance>1284756.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>462486.48000000</valUSD>
        <pctVal>0.064617592982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06049660</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
        <lei>N/A</lei>
        <title>J P MORGAN CHASE COML MTG SECS TR 2020-NNN GFX CSTR 01/16/2037 144A</title>
        <cusip>46652BBQ1</cusip>
        <identifiers>
          <isin value="US46652BBQ14"/>
        </identifiers>
        <balance>942000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93276.84000000</valUSD>
        <pctVal>0.013032434768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04844463</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2023-BNK46</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK46 B 6.963% 08/15/2056</title>
        <cusip>06541DBT0</cusip>
        <identifiers>
          <isin value="US06541DBT00"/>
        </identifiers>
        <balance>1675000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1740523.99000000</valUSD>
        <pctVal>0.243182180726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06999960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2025-C32</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-C32 VAR 02/15/2063</title>
        <cusip>07337AAH9</cusip>
        <identifiers>
          <isin value="US07337AAH95"/>
        </identifiers>
        <balance>2732000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2729829.97000000</valUSD>
        <pctVal>0.381405834640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2023-C4 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-C4 MTG TR CSTR 02/15/2056</title>
        <cusip>05610CAL8</cusip>
        <identifiers>
          <isin value="US05610CAL81"/>
        </identifiers>
        <balance>2468000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2421192.65000000</valUSD>
        <pctVal>0.338283707647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06057583</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSMS 2026-DAWN B</name>
        <lei>N/A</lei>
        <title>GSMS 2026-DAWN B 7.173803% 04/10/2031 144A</title>
        <cusip>36274LAE6</cusip>
        <identifiers>
          <isin value="US36274LAE65"/>
        </identifiers>
        <balance>564181.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>560239.56000000</valUSD>
        <pctVal>0.078275438151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07321776</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRES COML MTG TR 2025-ATCAP</name>
        <lei>N/A</lei>
        <title>BRES COML MTG TR 2025-ATCAP F TSFR1M+518.85 11/15/2042 144A</title>
        <cusip>05619GAL0</cusip>
        <identifiers>
          <isin value="US05619GAL05"/>
        </identifiers>
        <balance>3017000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2996718.82000000</valUSD>
        <pctVal>0.418694957299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08815600</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 C 3.071% 08/15/2049</title>
        <cusip>95000GBE3</cusip>
        <identifiers>
          <isin value="US95000GBE35"/>
        </identifiers>
        <balance>520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>369287.20000000</valUSD>
        <pctVal>0.051595994727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03071000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2013-C13</name>
        <lei>N/A</lei>
        <title>WFRBS COML MTG TR 2013-C13 D CSTR 05/15/2045 144A</title>
        <cusip>92937UAJ7</cusip>
        <identifiers>
          <isin value="US92937UAJ79"/>
        </identifiers>
        <balance>1098875.47000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1037063.72000000</valUSD>
        <pctVal>0.144896260224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03956161</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BPR TR 2024-PMDW</name>
        <lei>N/A</lei>
        <title>BPR TR 2024-PMDW VAR 11/05/2029 144A</title>
        <cusip>05592VAL8</cusip>
        <identifiers>
          <isin value="US05592VAL80"/>
        </identifiers>
        <balance>766000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>738072.25000000</valUSD>
        <pctVal>0.103121830161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05850000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX 2025-VOLT</name>
        <lei>N/A</lei>
        <title>BX 2025-VOLT VAR 12/15/2042 144A</title>
        <cusip>05619PAG1</cusip>
        <identifiers>
          <isin value="US05619PAG19"/>
        </identifiers>
        <balance>1155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1153556.25000000</valUSD>
        <pctVal>0.161172340098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06377090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2021-B29 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2021-B29 A5 MORTGAGE TRUST 2.3879% 09/15/2054</title>
        <cusip>08163JAE4</cusip>
        <identifiers>
          <isin value="US08163JAE47"/>
        </identifiers>
        <balance>2055000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1812279.22000000</valUSD>
        <pctVal>0.253207663517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02387900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WORLDWIDE PLAZA TR 2017-WWP</name>
        <lei>N/A</lei>
        <title>WORLDWIDE PLAZA TR 2017-WWP F CSTR 11/10/2036 144A</title>
        <cusip>98162JAQ9</cusip>
        <identifiers>
          <isin value="US98162JAQ94"/>
        </identifiers>
        <balance>1695000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8593.65000000</valUSD>
        <pctVal>0.001200685862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03715394</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MORTGAGE SECURITIES CORP TRUST 2025-800D</name>
        <lei>N/A</lei>
        <title>GS MORTGAGE SECURITIES CORP TRUST 2025-800D B TSFR1M+315 11/17/2029 144A</title>
        <cusip>36273XAJ0</cusip>
        <identifiers>
          <isin value="US36273XAJ00"/>
        </identifiers>
        <balance>1325000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1323301.62000000</valUSD>
        <pctVal>0.184888789559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07075060</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2023-SMRT</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2023-SMRT E VAR 10/12/2040 144A</title>
        <cusip>17291NAJ0</cusip>
        <identifiers>
          <isin value="US17291NAJ00"/>
        </identifiers>
        <balance>5870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5758633.77000000</valUSD>
        <pctVal>0.804583634721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05852422</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHP COML MTG TR 2021-STOR</name>
        <lei>N/A</lei>
        <title>MERIT 2021-STOR G TSFR1M+286.448 07/15/2038 144A</title>
        <cusip>55293BAP0</cusip>
        <identifiers>
          <isin value="US55293BAP04"/>
        </identifiers>
        <balance>4235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4232353.13000000</valUSD>
        <pctVal>0.591335063274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06492480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B36 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B36 AS MTG TR 4.9505% 07/15/2055</title>
        <cusip>08163QBM9</cusip>
        <identifiers>
          <isin value="US08163QBM96"/>
        </identifiers>
        <balance>1190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1155186.19000000</valUSD>
        <pctVal>0.161400071727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04950500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2013-C11</name>
        <lei>N/A</lei>
        <title>WFRBS 2013-C11 E VAR 3/45</title>
        <cusip>92937EAL8</cusip>
        <identifiers>
          <isin value="US92937EAL83"/>
        </identifiers>
        <balance>4999000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3574285.00000000</valUSD>
        <pctVal>0.499391232658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04355748</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2014-DSTY</name>
        <lei>N/A</lei>
        <title>JPMCC 2014-DSTY E CSTR 06/27</title>
        <cusip>46642MAN8</cusip>
        <identifiers>
          <isin value="US46642MAN83"/>
        </identifiers>
        <balance>4232000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10453.04000000</valUSD>
        <pctVal>0.001460475740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03931420</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE CMS TR 12-CIBX 4.0% 06/15/2045 144A</title>
        <cusip>46637WAS2</cusip>
        <identifiers>
          <isin value="US46637WAS26"/>
        </identifiers>
        <balance>3743000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3191863.46000000</valUSD>
        <pctVal>0.445960136857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMP 2024-MF23</name>
        <lei>N/A</lei>
        <title>BROOKFIELD 24-MF23 E TSFR1M+338.905 06/15/2041 144A</title>
        <cusip>05593JAJ9</cusip>
        <identifiers>
          <isin value="US05593JAJ97"/>
        </identifiers>
        <balance>555000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>555046.79000000</valUSD>
        <pctVal>0.077549915756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07016140</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-C65</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-C65 VAR 10/15/2058</title>
        <cusip>95004WAJ4</cusip>
        <identifiers>
          <isin value="US95004WAJ45"/>
        </identifiers>
        <balance>2255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2177536.47000000</valUSD>
        <pctVal>0.304240602501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06014000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2017-COR2</name>
        <lei>N/A</lei>
        <title>COMM 2017-COR2 VAR 09/10/2050</title>
        <cusip>12595EAH8</cusip>
        <identifiers>
          <isin value="US12595EAH80"/>
        </identifiers>
        <balance>1192000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1136120.83000000</valUSD>
        <pctVal>0.158736301593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04586643</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VB-S1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC 8.871% 05/15/2054 144A</title>
        <cusip>91823ABG5</cusip>
        <identifiers>
          <isin value="US91823ABG58"/>
        </identifiers>
        <balance>5792000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5958521.74000000</valUSD>
        <pctVal>0.832511541905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08871000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2023-C4 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-C4 MTG TR VAR 02/15/2056</title>
        <cusip>05610CAK0</cusip>
        <identifiers>
          <isin value="US05610CAK09"/>
        </identifiers>
        <balance>1186000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1171776.78000000</valUSD>
        <pctVal>0.163718072443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05590443</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTENDED STAY AMERICA TRUST 2025-ESH</name>
        <lei>N/A</lei>
        <title>EXTENDED STAY AMERICA TRUST 2025-ESH E TSFR1M+335 10/15/2042 144A</title>
        <cusip>30227TAJ9</cusip>
        <identifiers>
          <isin value="US30227TAJ97"/>
        </identifiers>
        <balance>1926266.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1941315.63000000</valUSD>
        <pctVal>0.271236346694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06977090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK AMER MERRILL LYNCH COML MTG TR 2016-UBS10</name>
        <lei>N/A</lei>
        <title>BANK AMER MERRILL LYNCH COML MTG TR 2016-UBS10 B 3.79% 06/15/2049</title>
        <cusip>06054MAJ2</cusip>
        <identifiers>
          <isin value="US06054MAJ27"/>
        </identifiers>
        <balance>3085000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3011905.86000000</valUSD>
        <pctVal>0.420816857099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03790000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2021-PAC</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2021-PAC G TSFR1M+306.058 21 10/15/2036 144A</title>
        <cusip>05609PAS7</cusip>
        <identifiers>
          <isin value="US05609PAS74"/>
        </identifiers>
        <balance>3192000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3173978.61000000</valUSD>
        <pctVal>0.443461304982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06687580</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2024-NSTB</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2024-NSTB C VAR 09/20/2032 144A</title>
        <cusip>61690BAL6</cusip>
        <identifiers>
          <isin value="US61690BAL62"/>
        </identifiers>
        <balance>1928000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1825269.22000000</valUSD>
        <pctVal>0.255022597724</pctVal>
        <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>0.04443371</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2020-B21 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2020-B21 MTG TR 2.2543% 12/17/2053</title>
        <cusip>08163LAQ2</cusip>
        <identifiers>
          <isin value="US08163LAQ23"/>
        </identifiers>
        <balance>662000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>578979.64000000</valUSD>
        <pctVal>0.080893760879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02254300</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS COMMERCIAL MORTGAGE</name>
        <lei>N/A</lei>
        <title>BARCLAYS COMMERCIAL MORTGAGE 2.5% 11/15/2052 144A</title>
        <cusip>05492JAA0</cusip>
        <identifiers>
          <isin value="US05492JAA07"/>
        </identifiers>
        <balance>726000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>595458.01000000</valUSD>
        <pctVal>0.083196082464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK42</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK4 2.5% 06/15/2055 144A</title>
        <cusip>06541MAL8</cusip>
        <identifiers>
          <isin value="US06541MAL81"/>
        </identifiers>
        <balance>1664000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1202002.21000000</valUSD>
        <pctVal>0.167941102992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICOLD REALTY OPERATING PARTNERSHIP LP</name>
        <lei>549300FKD9KVWNHSUU79</lei>
        <title>AMERICOLD REALTY OPERATING PARTNERSHIP LP 5.409% 09/12/2034</title>
        <cusip>03063UAA9</cusip>
        <identifiers>
          <isin value="US03063UAA97"/>
        </identifiers>
        <balance>1625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1583397.12000000</valUSD>
        <pctVal>0.221228760310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05409000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2026-CIP</name>
        <lei>N/A</lei>
        <title>BX TRUST 2026-CIP 6.75%/VAR 05/15/2038 144A</title>
        <cusip>123917AJ5</cusip>
        <identifiers>
          <isin value="US123917AJ50"/>
        </identifiers>
        <balance>1635000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1645218.75000000</valUSD>
        <pctVal>0.229866342374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2022-LBA6</name>
        <lei>N/A</lei>
        <title>BX TR 2022-LBA6 TSFR1M+335 01/15/2039 144A</title>
        <cusip>12433EAQ4</cusip>
        <identifiers>
          <isin value="US12433EAQ44"/>
        </identifiers>
        <balance>4315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4295119.07000000</valUSD>
        <pctVal>0.600104582254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06977090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIXIS COML MTG SECS TR 2019-10K</name>
        <lei>N/A</lei>
        <title>NCMS 2019-10K E VAR 05/15/2039 144A</title>
        <cusip>63874UAL8</cusip>
        <identifiers>
          <isin value="US63874UAL89"/>
        </identifiers>
        <balance>2293000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2128147.75000000</valUSD>
        <pctVal>0.297340119255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04272420</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2023-BNK46</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK46 A4 5.745% 08/15/2056</title>
        <cusip>06541DBH6</cusip>
        <identifiers>
          <isin value="US06541DBH61"/>
        </identifiers>
        <balance>2458000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2548853.83000000</valUSD>
        <pctVal>0.356120246715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05745000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSTL COMMERCIAL MORTGAGE TRUST 2026-GATE3</name>
        <lei>N/A</lei>
        <title>CSTL COMMERCIAL MORTGAGE TRUST 2026-GATE3 VAR GATE3 E 02/10/2043 144A</title>
        <cusip>228920AJ3</cusip>
        <identifiers>
          <isin value="US228920AJ37"/>
        </identifiers>
        <balance>760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>745199.30000000</valUSD>
        <pctVal>0.104117605899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06554175</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX 2024-CNYN</name>
        <lei>N/A</lei>
        <title>BX 2024-CNYN E TSFR1M+368.86 04/05/2029 144A</title>
        <cusip>05612HAJ0</cusip>
        <identifiers>
          <isin value="US05612HAJ05"/>
        </identifiers>
        <balance>3122700.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3110253.85000000</valUSD>
        <pctVal>0.434557821783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07315730</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2015-DC1 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2015-DC1 MTG TR VAR 02/10/2048</title>
        <cusip>12629NAL9</cusip>
        <identifiers>
          <isin value="US12629NAL91"/>
        </identifiers>
        <balance>3928000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3465949.36000000</valUSD>
        <pctVal>0.484254815500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04424046</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTP COML MTG TR 2023-STE2</name>
        <lei>N/A</lei>
        <title>DTP COML MTG TR 2023-STE2 D CSTR 01/15/2041 144A</title>
        <cusip>23346GAG4</cusip>
        <identifiers>
          <isin value="US23346GAG47"/>
        </identifiers>
        <balance>4760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4747149.90000000</valUSD>
        <pctVal>0.663261334833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06955181</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VB-S1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC 1A-F 0% 03/15/2056 144A</title>
        <cusip>91825HAE4</cusip>
        <identifiers>
          <isin value="US91825HAE45"/>
        </identifiers>
        <balance>1135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1138210.80000000</valUSD>
        <pctVal>0.159028307602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06843000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD</name>
        <lei>N/A</lei>
        <title>PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD 3% 12/26/2070 144A</title>
        <cusip>74167UAE7</cusip>
        <identifiers>
          <isin value="US74167UAE73"/>
        </identifiers>
        <balance>6369000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5462054.40000000</valUSD>
        <pctVal>0.763146217960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-12-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI VAR 07/15/2035 144A</title>
        <cusip>95003PAJ0</cusip>
        <identifiers>
          <isin value="US95003PAJ03"/>
        </identifiers>
        <balance>2867000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2881929.33000000</valUSD>
        <pctVal>0.402656822425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07826777</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2020-IG3 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2020-IG3 825C MTG TR CSTR 09/15/2048 144A</title>
        <cusip>08162QBY4</cusip>
        <identifiers>
          <isin value="US08162QBY44"/>
        </identifiers>
        <balance>1784000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1719731.58000000</valUSD>
        <pctVal>0.240277110968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03076300</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTENDED STAY AMER TR 2026-ESH2</name>
        <lei>N/A</lei>
        <title>EXTENDED STAY AMER TR 2026-ESH2 7.67% 02/15/2043 144A</title>
        <cusip>30227WAL7</cusip>
        <identifiers>
          <isin value="US30227WAL72"/>
        </identifiers>
        <balance>2763915.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2789826.72000000</valUSD>
        <pctVal>0.389788448488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07377090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METRONET INFRASTRUCTURE ISSUER LLC</name>
        <lei>5493000BIROCAEATAQ61</lei>
        <title>METRONET INFRASTRUCTURE ISSUER LLC 7.676% 12/20/2055 144A</title>
        <cusip>59170JBH0</cusip>
        <identifiers>
          <isin value="US59170JBH05"/>
        </identifiers>
        <balance>1140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1142409.73000000</valUSD>
        <pctVal>0.159614972859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07112000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2022-C18</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2022-C18 VAR 12/15/2055</title>
        <cusip>054975AK3</cusip>
        <identifiers>
          <isin value="US054975AK38"/>
        </identifiers>
        <balance>1890000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1900322.80000000</valUSD>
        <pctVal>0.265508918718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06369181</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSOLIDATED COMMUNICATIONS LLC / FIDIUM FIBER FIN HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>CONSOLIDATED COMMUNICATIONS LLC / FIDIUM FIBER FIN HOLDCO LLC 9.408% 05/20/2055 144A</title>
        <cusip>209031AC7</cusip>
        <identifiers>
          <isin value="US209031AC71"/>
        </identifiers>
        <balance>3057000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3196364.96000000</valUSD>
        <pctVal>0.446589076528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09408000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2025-OMG</name>
        <lei>N/A</lei>
        <title>BX TR 2025-OMG VAR 10/15/2027 144A</title>
        <cusip>05619HAL8</cusip>
        <identifiers>
          <isin value="US05619HAL87"/>
        </identifiers>
        <balance>3375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3368587.50000000</valUSD>
        <pctVal>0.470651630729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07228000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-SMRT</name>
        <lei>N/A</lei>
        <title>CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-SMRT D 6.43808% 06/10/2028 144A</title>
        <cusip>17291NAG6</cusip>
        <identifiers>
          <isin value="US17291NAG60"/>
        </identifiers>
        <balance>2611000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2592591.67000000</valUSD>
        <pctVal>0.362231201446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06047503</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2019-BNK22</name>
        <lei>N/A</lei>
        <title>BANK 2019-BNK22 2.5% 11/15/2062 144A</title>
        <cusip>06540XAL5</cusip>
        <identifiers>
          <isin value="US06540XAL55"/>
        </identifiers>
        <balance>2465000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1874555.59000000</valUSD>
        <pctVal>0.261908780854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RD Michigan Property Owner I LLC</name>
        <lei>N/A</lei>
        <title>RD Michigan Property Owner I LLC 7.5% 03/30/2045 144A</title>
        <cusip>74941YAA0</cusip>
        <identifiers>
          <isin value="US74941YAA01"/>
        </identifiers>
        <balance>1105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1107217.55000000</valUSD>
        <pctVal>0.154697998932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IP 2025-IP MTG TR</name>
        <lei>N/A</lei>
        <title>IP 2025-IP F CSTR MTG TR VAR 06/10/2042 144A</title>
        <cusip>449843AL5</cusip>
        <identifiers>
          <isin value="US449843AL54"/>
        </identifiers>
        <balance>1424000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1438303.65000000</valUSD>
        <pctVal>0.200956620054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07969335</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREST 2004-1 LTD/CORP</name>
        <lei>549300MJZTHEPDTYM573</lei>
        <title>CREST 2004-1A H1 3ML+369 1/40</title>
        <cusip>22608WAS8</cusip>
        <identifiers>
          <isin value="US22608WAS89"/>
        </identifiers>
        <balance>3078262.20880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.31000000</valUSD>
        <pctVal>0.000000043312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08962710</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2020-IG3 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2020-IG3 MTG TR CSTR 09/15/2048 144A</title>
        <cusip>08162QCA5</cusip>
        <identifiers>
          <isin value="US08162QCA58"/>
        </identifiers>
        <balance>1955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1871795.20000000</valUSD>
        <pctVal>0.261523105239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03076300</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWITCH ABS ISSUER LLC</name>
        <lei>N/A</lei>
        <title>SWITCH ABS ISSUER LLC 10.033% 06/25/2054 144A</title>
        <cusip>871044AJ2</cusip>
        <identifiers>
          <isin value="US871044AJ27"/>
        </identifiers>
        <balance>1975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2009828.34000000</valUSD>
        <pctVal>0.280808791728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10033000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL TR RE CDO 05-1 LTD COR</name>
        <lei>549300EO21RSSTCI1873</lei>
        <title>CTCDO 2005-1A E TSFR1M+221.448 3/50</title>
        <cusip>140558AE7</cusip>
        <identifiers>
          <isin value="US140558AE79"/>
        </identifiers>
        <balance>2670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.27000000</valUSD>
        <pctVal>0.000000037723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05889840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2018-HCLV MTG TR</name>
        <lei>N/A</lei>
        <title>COMM MORTGAGE TRUST 2018-HCLV G TSFR1M+520.234 069/15/2033</title>
        <cusip>20048KAN7</cusip>
        <identifiers>
          <isin value="US20048KAN72"/>
        </identifiers>
        <balance>1487000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45194.09000000</valUSD>
        <pctVal>0.006314418775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08979337</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B36 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B36 MTG TR 2.5% 07/15/2055 144A</title>
        <cusip>08163QAN8</cusip>
        <identifiers>
          <isin value="US08163QAN88"/>
        </identifiers>
        <balance>1872000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1316447.12000000</valUSD>
        <pctVal>0.183931093907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2025-VLT6</name>
        <lei>N/A</lei>
        <title>BX TR 2025-VLT6 E TSFR1M+319.073 03/15/2030 144A</title>
        <cusip>12433KAJ6</cusip>
        <identifiers>
          <isin value="US12433KAJ60"/>
        </identifiers>
        <balance>3278000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3255463.75000000</valUSD>
        <pctVal>0.454846229382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06817820</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2016-P4</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2016-P4 VAR 07/10/2049</title>
        <cusip>29429EAK7</cusip>
        <identifiers>
          <isin value="US29429EAK73"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>491583.02000000</valUSD>
        <pctVal>0.068682897505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03820691</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2019-B14 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A</title>
        <cusip>08162YBM3</cusip>
        <identifiers>
          <isin value="US08162YBM30"/>
        </identifiers>
        <balance>1680000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8400.00000000</valUSD>
        <pctVal>0.001173629510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2062-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03404110</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2025-180W MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2025-180W MORTGAGE TRUST VAR 08/10/2042 144A</title>
        <cusip>12597SAJ1</cusip>
        <identifiers>
          <isin value="US12597SAJ15"/>
        </identifiers>
        <balance>1035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>998983.45000000</valUSD>
        <pctVal>0.139575768720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07608960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2025-DIME</name>
        <lei>N/A</lei>
        <title>BX TRUST 2025-DIME TSFR1M+370 02/15/2035 144A</title>
        <cusip>05613UAL5</cusip>
        <identifiers>
          <isin value="US05613UAL52"/>
        </identifiers>
        <balance>4455000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4438187.72000000</valUSD>
        <pctVal>0.620093819116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07327090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2022-C16</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2022-C16 4.512% 06/15/2055</title>
        <cusip>05552YAE6</cusip>
        <identifiers>
          <isin value="US05552YAE68"/>
        </identifiers>
        <balance>4573000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4448431.48000000</valUSD>
        <pctVal>0.621525054715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STWD TR 2021-LIH</name>
        <lei>N/A</lei>
        <title>STWD TR 2021-LIH TSFR1M+424.7 11/15/2036 144A</title>
        <cusip>78486EAU2</cusip>
        <identifiers>
          <isin value="US78486EAU29"/>
        </identifiers>
        <balance>1134000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1132590.32000000</valUSD>
        <pctVal>0.158243026507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07942000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARES TR 2025-IND3</name>
        <lei>N/A</lei>
        <title>ARES TR 2025-IND3 E TSFR1M+355 04/15/2027 144A</title>
        <cusip>039955AL3</cusip>
        <identifiers>
          <isin value="US039955AL32"/>
        </identifiers>
        <balance>1925000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1927404.52000000</valUSD>
        <pctVal>0.269292717025</pctVal>
        <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>Variable</couponKind>
          <annualizedRt>0.07177090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COML MTG TR 2024-VLT5</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-VLT5 E CSTR 11/13/2046 144A</title>
        <cusip>05614JAJ4</cusip>
        <identifiers>
          <isin value="US05614JAJ43"/>
        </identifiers>
        <balance>7158000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7441035.91000000</valUSD>
        <pctVal>1.039645158500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08133883</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TABERNA PFD FDG VI LTD / INC</name>
        <lei>N/A</lei>
        <title>TBRNA 2006-6A F1 TSFR3M+476.161 12/36</title>
        <cusip>87331AAL8</cusip>
        <identifiers>
          <isin value="US87331AAL89"/>
        </identifiers>
        <balance>7810908.49750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.78000000</valUSD>
        <pctVal>0.000000108979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08419720</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COML MTG TR 2024-VLT5</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-VLT5 VAR 11/13/2046 144A</title>
        <cusip>05614JAA3</cusip>
        <identifiers>
          <isin value="US05614JAA34"/>
        </identifiers>
        <balance>1086000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1085618.16000000</valUSD>
        <pctVal>0.151680179705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05410430</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK44</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK44 5.745654% 11/15/2055</title>
        <cusip>06540KAR0</cusip>
        <identifiers>
          <isin value="US06540KAR05"/>
        </identifiers>
        <balance>1225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1243166.38000000</valUSD>
        <pctVal>0.173692470216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05742970</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NXPT COML MTG TR</name>
        <lei>N/A</lei>
        <title>NXPT COML MTG TR 6.92673% 11/05/2041 144A</title>
        <cusip>67119YAJ1</cusip>
        <identifiers>
          <isin value="US67119YAJ10"/>
        </identifiers>
        <balance>7586000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7536122.05000000</valUSD>
        <pctVal>1.052930384682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06926733</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2023-B39 C MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2023-B39 C MTG TR 6.79412% 07/15/2056</title>
        <cusip>081925AH2</cusip>
        <identifiers>
          <isin value="US081925AH29"/>
        </identifiers>
        <balance>1859000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1840356.83000000</valUSD>
        <pctVal>0.257130605384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06791372</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRM TR 2025-PRM6</name>
        <lei>N/A</lei>
        <title>PRM TR 2025-PRM6 E VAR 07/05/2033 144A</title>
        <cusip>74277DAJ1</cusip>
        <identifiers>
          <isin value="US74277DAJ19"/>
        </identifiers>
        <balance>1412000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1411073.16000000</valUSD>
        <pctVal>0.197152035929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06802568</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSWF COMMERCIAL MORTGAGE TRUST 23-2</name>
        <lei>N/A</lei>
        <title>MSWF COMMERCIAL MORTGAGE TRUST 23-2 D 4% 12/15/2056</title>
        <cusip>55361AAE4</cusip>
        <identifiers>
          <isin value="US55361AAE47"/>
        </identifiers>
        <balance>351000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>279706.99000000</valUSD>
        <pctVal>0.039080044965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC 5.6% 10/15/2033</title>
        <cusip>637417AS5</cusip>
        <identifiers>
          <isin value="US637417AS53"/>
        </identifiers>
        <balance>2485000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2559864.00000000</valUSD>
        <pctVal>0.357658563432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONE TR 2024-DFW1</name>
        <lei>N/A</lei>
        <title>CONE TR 2024-DFW1 E TSFR1M+388.79 08/15/2026 144A</title>
        <cusip>20682AAN0</cusip>
        <identifiers>
          <isin value="US20682AAN00"/>
        </identifiers>
        <balance>4245000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4216102.59000000</valUSD>
        <pctVal>0.589064573595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07515570</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRM5 TR 2025-PRM5</name>
        <lei>N/A</lei>
        <title>PRM5 TR 2025-PRM5 D VAR 02/10/2028 144A</title>
        <cusip>693980AG9</cusip>
        <identifiers>
          <isin value="US693980AG99"/>
        </identifiers>
        <balance>1195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1184691.09000000</valUSD>
        <pctVal>0.165522431410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05624470</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VASA TR 2021-VASA</name>
        <lei>N/A</lei>
        <title>VASA TR 2021-VASA G TSFR1M+511.448 04/15/2060 144A</title>
        <cusip>92230AAN6</cusip>
        <identifiers>
          <isin value="US92230AAN63"/>
        </identifiers>
        <balance>693000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576212.73000000</valUSD>
        <pctVal>0.080507174304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08742480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2017-H1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2017-H1 4.281% 06/15/2050</title>
        <cusip>61691JBA1</cusip>
        <identifiers>
          <isin value="US61691JBA16"/>
        </identifiers>
        <balance>2733000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2616142.11000000</valUSD>
        <pctVal>0.365521617085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04281000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRES COML MTG TR 2025-ATCAP</name>
        <lei>N/A</lei>
        <title>BRES COML MTG TR 2025-ATCAP TSFR1M+364.076 11/15/2042 144A</title>
        <cusip>05619GAJ5</cusip>
        <identifiers>
          <isin value="US05619GAJ58"/>
        </identifiers>
        <balance>2667000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2648605.70000000</valUSD>
        <pctVal>0.370057358422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07267850</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2025-C39</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-C39 C 5.96464% 12/15/2058</title>
        <cusip>05556YAH5</cusip>
        <identifiers>
          <isin value="US05556YAH53"/>
        </identifiers>
        <balance>560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551615.85000000</valUSD>
        <pctVal>0.077070552372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05906329</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR</name>
        <lei>N/A</lei>
        <title>CD 2017-CD4 D 3.3% 05/10/2050 144A</title>
        <cusip>12515DAF1</cusip>
        <identifiers>
          <isin value="US12515DAF15"/>
        </identifiers>
        <balance>356070.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>266036.67000000</valUSD>
        <pctVal>0.037170057945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2019-GC38</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2019-GC38 3% 02/10/2052 144A</title>
        <cusip>36252SAA5</cusip>
        <identifiers>
          <isin value="US36252SAA50"/>
        </identifiers>
        <balance>1667000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1431719.79000000</valUSD>
        <pctVal>0.200036737627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2022-C1 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2022-C1 MORTGAGE TRUST 2022-C1 360E CSTR 02/15/2042 144A</title>
        <cusip>05609MDE2</cusip>
        <identifiers>
          <isin value="US05609MDE21"/>
        </identifiers>
        <balance>1970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1506199.95000000</valUSD>
        <pctVal>0.210442941640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04069949</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2021-1 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2021-1 TR 3.325% 09/17/2041 144A</title>
        <cusip>437300AL0</cusip>
        <identifiers>
          <isin value="US437300AL06"/>
        </identifiers>
        <balance>842918.83000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>759542.86000000</valUSD>
        <pctVal>0.106121656530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03325000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ</name>
        <lei>N/A</lei>
        <title>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ D VAR 07/13/2044 144A</title>
        <cusip>91825CAG0</cusip>
        <identifiers>
          <isin value="US91825CAG06"/>
        </identifiers>
        <balance>1520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1529658.84000000</valUSD>
        <pctVal>0.213720566114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06433657</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WP GLIMCHER MALL TR 15-WPG</name>
        <lei>N/A</lei>
        <title>JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A</title>
        <cusip>92939VAL8</cusip>
        <identifiers>
          <isin value="US92939VAL80"/>
        </identifiers>
        <balance>1638000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>737083.62000000</valUSD>
        <pctVal>0.102983700953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03633200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2020-420K</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2020-420K D CSTR 11/10/2042 144A</title>
        <cusip>17328QAG6</cusip>
        <identifiers>
          <isin value="US17328QAG64"/>
        </identifiers>
        <balance>636000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>572404.26000000</valUSD>
        <pctVal>0.079975063258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03311770</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMRT 2022-MINI</name>
        <lei>N/A</lei>
        <title>SMRT 2022-MINI TSFR1M+270 01/15/2039 144A</title>
        <cusip>78457JAN2</cusip>
        <identifiers>
          <isin value="US78457JAN28"/>
        </identifiers>
        <balance>3860000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3851556.25000000</valUSD>
        <pctVal>0.538130961392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06328000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2021-3 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2021-3 TR 4.242% 01/17/2041 144A</title>
        <cusip>43730XAG9</cusip>
        <identifiers>
          <isin value="US43730XAG97"/>
        </identifiers>
        <balance>1188451.80000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1099767.27000000</valUSD>
        <pctVal>0.153657062210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04242000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SG COML MTG SECS TR 2019-PRES</name>
        <lei>N/A</lei>
        <title>SG COML MTG SECS TR 2019-PREZ E CSTR 09/15/2039 144A</title>
        <cusip>78430EAL9</cusip>
        <identifiers>
          <isin value="US78430EAL92"/>
        </identifiers>
        <balance>1705000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1270593.45000000</valUSD>
        <pctVal>0.177524520065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03477062</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK39</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK39 2.928% 02/15/2055</title>
        <cusip>06539VAJ7</cusip>
        <identifiers>
          <isin value="US06539VAJ70"/>
        </identifiers>
        <balance>1895000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1707731.36000000</valUSD>
        <pctVal>0.238600466644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02928000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2017-H1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2017-H1 D 2.546% 06/15/2050 144A</title>
        <cusip>61691JAC8</cusip>
        <identifiers>
          <isin value="US61691JAC80"/>
        </identifiers>
        <balance>5262000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4639725.88000000</valUSD>
        <pctVal>0.648252287215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02546000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2017-BNK8</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK8 E 2.8% 11/15/2050 144A</title>
        <cusip>06650AAW7</cusip>
        <identifiers>
          <isin value="US06650AAW71"/>
        </identifiers>
        <balance>2625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1262001.30000000</valUSD>
        <pctVal>0.176324043780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2025-180W MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2025-180W MORTGAGE TRUST VAR 08/10/2042 144A</title>
        <cusip>12597SAG7</cusip>
        <identifiers>
          <isin value="US12597SAG75"/>
        </identifiers>
        <balance>1412000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1419211.65000000</valUSD>
        <pctVal>0.198289127838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07608960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2012-CCRE1 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-CR1 D CSTR 5/45</title>
        <cusip>12624BAL0</cusip>
        <identifiers>
          <isin value="US12624BAL09"/>
        </identifiers>
        <balance>1744515.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1628094.74000000</valUSD>
        <pctVal>0.227473813390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05273544</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2017-GS5</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2017-GS5 CSTR 03/10/2050</title>
        <cusip>36252HAK7</cusip>
        <identifiers>
          <isin value="US36252HAK77"/>
        </identifiers>
        <balance>2499000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>856224.87000000</valUSD>
        <pctVal>0.119629854156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04299000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTENDED STAY AMERICA TRUST 2025-ESH</name>
        <lei>N/A</lei>
        <title>EXTENDED STAY AMERICA TRUST 2025-ESH F TSFR1M+410 10/15/2042 144A</title>
        <cusip>30227TAL4</cusip>
        <identifiers>
          <isin value="US30227TAL44"/>
        </identifiers>
        <balance>1926266.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1942519.55000000</valUSD>
        <pctVal>0.271404555746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07727090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2020-IG3 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2020-IG3 MTG TR CSTR 09/15/2048 144A</title>
        <cusip>08162QCC1</cusip>
        <identifiers>
          <isin value="US08162QCC15"/>
        </identifiers>
        <balance>3049000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2902144.31000000</valUSD>
        <pctVal>0.405481214934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03076300</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBGS 2018-C1 MTG TR</name>
        <lei>N/A</lei>
        <title>DBGS MTG TR 2018-C1 C CSTR 10/15/2051</title>
        <cusip>23307DBE2</cusip>
        <identifiers>
          <isin value="US23307DBE22"/>
        </identifiers>
        <balance>777000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>703602.72000000</valUSD>
        <pctVal>0.098305823302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04769937</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2019-B12 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2019-B12 MTG TR 3.5702% 08/15/2052</title>
        <cusip>08162FAH6</cusip>
        <identifiers>
          <isin value="US08162FAH64"/>
        </identifiers>
        <balance>1186000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1034902.89000000</valUSD>
        <pctVal>0.144594353813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03570200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2024-GPA2</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2024-GPA2 VAR 11/15/2029 144A</title>
        <cusip>12433DAJ2</cusip>
        <identifiers>
          <isin value="US12433DAJ28"/>
        </identifiers>
        <balance>1827441.83000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1819348.82000000</valUSD>
        <pctVal>0.254195412468</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>Variable</couponKind>
          <annualizedRt>0.07166590</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
        <lei>N/A</lei>
        <title>MSC 2011-C3 G CSTR 07/49</title>
        <cusip>61760RAS1</cusip>
        <identifiers>
          <isin value="US61760RAS13"/>
        </identifiers>
        <balance>3536800.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3492471.16000000</valUSD>
        <pctVal>0.487960383018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05090908</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2019-2 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2019-2 TR 3.866% 10/19/2039 144A</title>
        <cusip>43732TAL5</cusip>
        <identifiers>
          <isin value="US43732TAL52"/>
        </identifiers>
        <balance>2019452.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1964416.96000000</valUSD>
        <pctVal>0.274464013672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03866000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR</name>
        <lei>N/A</lei>
        <title>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR CSTR 05/10/2050</title>
        <cusip>12515DAV6</cusip>
        <identifiers>
          <isin value="US12515DAV64"/>
        </identifiers>
        <balance>1920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1808413.82000000</valUSD>
        <pctVal>0.252667598338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04349700</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 8.5% 02/15/2032 144A</title>
        <cusip>55342UAQ7</cusip>
        <identifiers>
          <isin value="US55342UAQ76"/>
        </identifiers>
        <balance>955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>994345.05000000</valUSD>
        <pctVal>0.138927701682</pctVal>
        <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>0.08500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSAT TRUST 2025-BMF</name>
        <lei>N/A</lei>
        <title>GSAT TRUST 2025-BMF VAR 07/15/2030 144A</title>
        <cusip>36271XAJ2</cusip>
        <identifiers>
          <isin value="US36271XAJ28"/>
        </identifiers>
        <balance>955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>953952.94000000</valUSD>
        <pctVal>0.133284204982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06927090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMCC COML MTG SECS TR 2016-JP4</name>
        <lei>N/A</lei>
        <title>JPMCC COML MTG SECS TR 2016-JP4 CSTR 12/15/2049 144A</title>
        <cusip>46645UAC1</cusip>
        <identifiers>
          <isin value="US46645UAC18"/>
        </identifiers>
        <balance>2418000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1898623.76000000</valUSD>
        <pctVal>0.265271532589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03514726</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2017-HR2</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2017-HR2 D 2.73% 12/15/2050</title>
        <cusip>61691NAN5</cusip>
        <identifiers>
          <isin value="US61691NAN57"/>
        </identifiers>
        <balance>5150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4715941.52000000</valUSD>
        <pctVal>0.658900968674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02730000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2022-C17</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2022-C17 VAR 09/15/2055</title>
        <cusip>054976AK1</cusip>
        <identifiers>
          <isin value="US054976AK11"/>
        </identifiers>
        <balance>1491000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1403896.97000000</valUSD>
        <pctVal>0.196149394458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04889000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
        <lei>N/A</lei>
        <title>JPMCC 2012-CBX E CSTR 6/45</title>
        <cusip>46637WAQ6</cusip>
        <identifiers>
          <isin value="US46637WAQ69"/>
        </identifiers>
        <balance>2164265.98300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2104748.67000000</valUSD>
        <pctVal>0.294070851302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04845863</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK5 2024-5YR12</name>
        <lei>N/A</lei>
        <title>BANK5 2024-5YR12 C CSTR 12/15/2057</title>
        <cusip>06644XBY1</cusip>
        <identifiers>
          <isin value="US06644XBY13"/>
        </identifiers>
        <balance>1516000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1522250.32000000</valUSD>
        <pctVal>0.212685464007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06499608</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRICON RESIDENTIAL 2021-SFR1 TR</name>
        <lei>N/A</lei>
        <title>TRICON RESIDENTIAL 2021-SFR1 TR 4.133% 07/17/2038 144A</title>
        <cusip>89614YAH9</cusip>
        <identifiers>
          <isin value="US89614YAH99"/>
        </identifiers>
        <balance>672000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>669000.33000000</valUSD>
        <pctVal>0.093471253536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04133000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2017-BNK4</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK4 4.372% 05/15/2050</title>
        <cusip>06541FBF5</cusip>
        <identifiers>
          <isin value="US06541FBF53"/>
        </identifiers>
        <balance>1395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1236672.94000000</valUSD>
        <pctVal>0.172785221072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04372000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMRT 2022-MINI</name>
        <lei>N/A</lei>
        <title>SMRT 2022-MINI TSFR1M+335 01/15/2039 144A</title>
        <cusip>78457JAQ5</cusip>
        <identifiers>
          <isin value="US78457JAQ58"/>
        </identifiers>
        <balance>1535000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1504300.00000000</valUSD>
        <pctVal>0.210177484808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06978000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2022-VAMF</name>
        <lei>N/A</lei>
        <title>BX TR 2022-VAMF TSFR1M+329.9 01/15/2039 144A</title>
        <cusip>05609TAL4</cusip>
        <identifiers>
          <isin value="US05609TAL44"/>
        </identifiers>
        <balance>2435281.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2429114.63000000</valUSD>
        <pctVal>0.339390549255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06926090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHP 2022-MHIL F</name>
        <lei>N/A</lei>
        <title>MHP 2022-MHIL F TSFR1M+395.75 01/15/2027 144A</title>
        <cusip>55293DAN1</cusip>
        <identifiers>
          <isin value="US55293DAN12"/>
        </identifiers>
        <balance>1881600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1884145.05000000</valUSD>
        <pctVal>0.263248599097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07584590</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2020-CNP</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2020-CNP CSTR 04/05/2042 144A</title>
        <cusip>61770YAJ4</cusip>
        <identifiers>
          <isin value="US61770YAJ47"/>
        </identifiers>
        <balance>1043000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>839607.49000000</valUSD>
        <pctVal>0.117308110399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02508520</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-C10</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE COML MTG SECS TR 2013-C10 D CSTR 06/05/2039 144A</title>
        <cusip>46651EAL8</cusip>
        <identifiers>
          <isin value="US46651EAL83"/>
        </identifiers>
        <balance>984000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>889503.04000000</valUSD>
        <pctVal>0.124279406818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03908893</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LMDV ISSUER CO LLC</name>
        <lei>N/A</lei>
        <title>LMDV ISSUER CO LLC 0% 12/15/2055 144A</title>
        <cusip>538908AE4</cusip>
        <identifiers>
          <isin value="US538908AE48"/>
        </identifiers>
        <balance>1515000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1521797.65000000</valUSD>
        <pctVal>0.212622217951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07880000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2019-1 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2019-1 TR 4.101% 09/17/2039 144A</title>
        <cusip>43731QAL2</cusip>
        <identifiers>
          <isin value="US43731QAL23"/>
        </identifiers>
        <balance>201215.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>194243.58000000</valUSD>
        <pctVal>0.027139285438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04101000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GSMS 2011-GC5 D 5.47 8/44</title>
        <cusip>36191YAL2</cusip>
        <identifiers>
          <isin value="US36191YAL20"/>
        </identifiers>
        <balance>1929752.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1511577.64000000</valUSD>
        <pctVal>0.211194300649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05388733</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2023-C21</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2023-C21 AS VAR 09/15/2056</title>
        <cusip>05553WAH2</cusip>
        <identifiers>
          <isin value="US05553WAH25"/>
        </identifiers>
        <balance>1196000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1264067.35000000</valUSD>
        <pctVal>0.176612707738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06506120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2026-LP3</name>
        <lei>N/A</lei>
        <title>BX TRUST 2026-LP3 E TSFR1M+320 04/15/2043 144A</title>
        <cusip>05620HAJ0</cusip>
        <identifiers>
          <isin value="US05620HAJ05"/>
        </identifiers>
        <balance>3680118.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3698518.88000000</valUSD>
        <pctVal>0.516748916914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06827090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BFLD COML MTG TR 2024-UNIV</name>
        <lei>N/A</lei>
        <title>BFLD COML MTG TR 2024-UNIV TSFR1M+363.953 11/15/2029 144A</title>
        <cusip>08861RAJ0</cusip>
        <identifiers>
          <isin value="US08861RAJ05"/>
        </identifiers>
        <balance>3499000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3502280.31000000</valUSD>
        <pctVal>0.489330895864</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>Variable</couponKind>
          <annualizedRt>0.07266620</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A</title>
        <cusip>36191YAQ1</cusip>
        <identifiers>
          <isin value="US36191YAQ17"/>
        </identifiers>
        <balance>4308000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12924.00000000</valUSD>
        <pctVal>0.001805712832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BWAY TRUST 2025-1535</name>
        <lei>N/A</lei>
        <title>BWAY TRUST 2025-1535 B VAR 05/05/2030 144A</title>
        <cusip>12430BAE0</cusip>
        <identifiers>
          <isin value="US12430BAE02"/>
        </identifiers>
        <balance>1775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1841375.77000000</valUSD>
        <pctVal>0.257272969438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07710196</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-5C2</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-5C2 C CSTR 11/15/2057</title>
        <cusip>95003UAJ9</cusip>
        <identifiers>
          <isin value="US95003UAJ97"/>
        </identifiers>
        <balance>757000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>759734.36000000</valUSD>
        <pctVal>0.106148412489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06533728</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
        <lei>N/A</lei>
        <title>JPMCC 2012-CBX G 4.0% 6/45 144A</title>
        <cusip>46637WAU7</cusip>
        <identifiers>
          <isin value="US46637WAU71"/>
        </identifiers>
        <balance>3129000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>375480.00000000</valUSD>
        <pctVal>0.052461239111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BPR TR 2023-BRK2</name>
        <lei>N/A</lei>
        <title>BPR TR 2023-BRK2 C VAR 10/05/2038 144A</title>
        <cusip>05610WAE0</cusip>
        <identifiers>
          <isin value="US05610WAE03"/>
        </identifiers>
        <balance>1845000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1908884.97000000</valUSD>
        <pctVal>0.266705206264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08630341</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAFEHOLD GL HOLDINGS LLC</name>
        <lei>54930012UY5Z4Q8NL108</lei>
        <title>SAFEHOLD GL HOLDINGS LLC 6.1% 04/01/2034</title>
        <cusip>785931AA4</cusip>
        <identifiers>
          <isin value="US785931AA40"/>
        </identifiers>
        <balance>2792000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2928928.34000000</valUSD>
        <pctVal>0.409223420650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C49</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C49 4.546% 03/15/2052</title>
        <cusip>95001WBF4</cusip>
        <identifiers>
          <isin value="US95001WBF41"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>433495.62000000</valUSD>
        <pctVal>0.060567053837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04546000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VB-S1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC 6.644% 05/15/2054 144A</title>
        <cusip>91823ABE0</cusip>
        <identifiers>
          <isin value="US91823ABE01"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1825319.34000000</valUSD>
        <pctVal>0.255029600381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06644000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2024-GPA2</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2024-GPA2 TSFR1M+259.086 11/15/2041 144A</title>
        <cusip>12433DAG8</cusip>
        <identifiers>
          <isin value="US12433DAG88"/>
        </identifiers>
        <balance>404473.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402957.01000000</valUSD>
        <pctVal>0.056300266467</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>Variable</couponKind>
          <annualizedRt>0.06217950</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2023-C19</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2023-C19 A5 5.451% 04/15/2056</title>
        <cusip>05553RAC4</cusip>
        <identifiers>
          <isin value="US05553RAC43"/>
        </identifiers>
        <balance>2015000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2058385.97000000</valUSD>
        <pctVal>0.287593156909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05451000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SG COML MTG SECS TR 2019-PRES</name>
        <lei>N/A</lei>
        <title>SG COML MTG SECS TR 2019-PREZ F CSTR 09/15/2039 144A</title>
        <cusip>78430EAN5</cusip>
        <identifiers>
          <isin value="US78430EAN58"/>
        </identifiers>
        <balance>3206000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2294958.35000000</valUSD>
        <pctVal>0.320646529111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03592964</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2026-XL6</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2026-XL6 E TSFR1M+325 03/15/2043 144A</title>
        <cusip>12433NAJ0</cusip>
        <identifiers>
          <isin value="US12433NAJ00"/>
        </identifiers>
        <balance>1012091.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1007033.89000000</valUSD>
        <pctVal>0.140700558477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06627090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2019-GC42</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2019-GC42 2.8% 09/10/2052 144A</title>
        <cusip>36257UAA5</cusip>
        <identifiers>
          <isin value="US36257UAA51"/>
        </identifiers>
        <balance>2307000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1692836.69000000</valUSD>
        <pctVal>0.236519416137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VTR COML MTG TR 2025-STEM</name>
        <lei>N/A</lei>
        <title>VTR COML MTG TR 2025-STEM D 6.73899% 10/13/2041 144A</title>
        <cusip>92890YAG0</cusip>
        <identifiers>
          <isin value="US92890YAG08"/>
        </identifiers>
        <balance>2045000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2005087.94000000</valUSD>
        <pctVal>0.280146473475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06708937</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2025-ROIC</name>
        <lei>N/A</lei>
        <title>BX TRUST 2025-ROIC TSFR1M+294.129 03/15/2030 144A</title>
        <cusip>05593VAN3</cusip>
        <identifiers>
          <isin value="US05593VAN38"/>
        </identifiers>
        <balance>5930248.96500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5930248.37000000</valUSD>
        <pctVal>0.828561248883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06568380</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK5 2025-5YR19</name>
        <lei>N/A</lei>
        <title>BANK5 2025-5YR19 D 4.5% 12/15/2030 144A</title>
        <cusip>05494RAL6</cusip>
        <identifiers>
          <isin value="US05494RAL69"/>
        </identifiers>
        <balance>2480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2079712.13000000</valUSD>
        <pctVal>0.290572801042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREST CLARENDON STR 02 1 LTD</name>
        <lei>N/A</lei>
        <title>CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A</title>
        <cusip>226063204</cusip>
        <identifiers>
          <isin value="US2260632045"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.30000000</valUSD>
        <pctVal>0.000000041915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2021-BNK33</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK33 2.893% 05/15/2064</title>
        <cusip>06541CBY1</cusip>
        <identifiers>
          <isin value="US06541CBY12"/>
        </identifiers>
        <balance>903000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>768983.96000000</valUSD>
        <pctVal>0.107440746241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02893000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2023-BNK45</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK45 B VAR 02/15/2056</title>
        <cusip>06541BBX5</cusip>
        <identifiers>
          <isin value="US06541BBX55"/>
        </identifiers>
        <balance>1330000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1364545.82000000</valUSD>
        <pctVal>0.190651338398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06148000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FONTAINEBLEAU MIAMI BEACH BEACH MTG TR 2024-FBLU</name>
        <lei>N/A</lei>
        <title>FONTAINEBLEAU MIAMI BEACH BEACH MTG TR 2024-FBLU TSFR1M+570 12/15/2029 144A</title>
        <cusip>34461WAN0</cusip>
        <identifiers>
          <isin value="US34461WAN02"/>
        </identifiers>
        <balance>3198000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3237130.73000000</valUSD>
        <pctVal>0.452284780181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09277090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELP 2025-ELP</name>
        <lei>N/A</lei>
        <title>ELP 2025-ELP E VAR 11/13/2042 144A</title>
        <cusip>290154AJ2</cusip>
        <identifiers>
          <isin value="US290154AJ26"/>
        </identifiers>
        <balance>3715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3673884.98000000</valUSD>
        <pctVal>0.513307122629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06665041</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2025-TAIL</name>
        <lei>N/A</lei>
        <title>BX TR 2025-TAIL E TSFR1M+330 06/15/2035 144A</title>
        <cusip>123912AJ6</cusip>
        <identifiers>
          <isin value="US123912AJ63"/>
        </identifiers>
        <balance>1959000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1946767.61000000</valUSD>
        <pctVal>0.271998085339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06927090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX 2024 VLT4</name>
        <lei>N/A</lei>
        <title>BX 2024 VLT4 F TSFR1M+393.788 07/15/2029 144A</title>
        <cusip>05612TAL9</cusip>
        <identifiers>
          <isin value="US05612TAL98"/>
        </identifiers>
        <balance>6332700.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6270954.91000000</valUSD>
        <pctVal>0.876164016705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07564967</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2025-SPOT</name>
        <lei>N/A</lei>
        <title>BX TRUST 2025-SPOT E TSFR1M+344.054 04/15/2040 144A</title>
        <cusip>12433FAJ7</cusip>
        <identifiers>
          <isin value="US12433FAJ75"/>
        </identifiers>
        <balance>6260363.73900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6266232.83000000</valUSD>
        <pctVal>0.875504258082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07317270</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2025-C32</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-C32 4.5% 02/15/2062 144A</title>
        <cusip>07337AAT3</cusip>
        <identifiers>
          <isin value="US07337AAT34"/>
        </identifiers>
        <balance>790000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>635140.33000000</valUSD>
        <pctVal>0.088740408867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES OPERATING PARTNERSHIP LP 5.5% 08/15/2033</title>
        <cusip>46188BAF9</cusip>
        <identifiers>
          <isin value="US46188BAF94"/>
        </identifiers>
        <balance>2455000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2494444.07000000</valUSD>
        <pctVal>0.348518234812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COML MTG TR 2024-MDHS</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-MDHS E TSFR1M+368.83 05/15/2041 144A</title>
        <cusip>12433BAJ6</cusip>
        <identifiers>
          <isin value="US12433BAJ61"/>
        </identifiers>
        <balance>2204999.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2199023.56000000</valUSD>
        <pctVal>0.307242731420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07315390</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELP 2025-ELP</name>
        <lei>N/A</lei>
        <title>ELP 2025-ELP VAR 11/13/2042 144A</title>
        <cusip>290154AG8</cusip>
        <identifiers>
          <isin value="US290154AG86"/>
        </identifiers>
        <balance>1020000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1010364.26000000</valUSD>
        <pctVal>0.141165870442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05431360</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2019-OC11</name>
        <lei>N/A</lei>
        <title>BX TR 2019-OC11 CSTR 12/09/2041 144A</title>
        <cusip>05606FAN3</cusip>
        <identifiers>
          <isin value="US05606FAN33"/>
        </identifiers>
        <balance>14678000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13578901.09000000</valUSD>
        <pctVal>1.897214171081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04075457</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2025-C13 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2025-C13 C MORTGAGE TRUST VAR 10/15/2058</title>
        <cusip>05592YAJ7</cusip>
        <identifiers>
          <isin value="US05592YAJ73"/>
        </identifiers>
        <balance>2113000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2018964.74000000</valUSD>
        <pctVal>0.282085309426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06133700</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNW 2003-W10 2B4 CSTR 6/43</title>
        <cusip>31393DUM1</cusip>
        <identifiers>
          <isin value="US31393DUM19"/>
        </identifiers>
        <balance>54628.49110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17631.19000000</valUSD>
        <pctVal>0.002463391057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03901960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSJP 2015-HAUL</name>
        <lei>N/A</lei>
        <title>MSJP 2015-HAUL E 5.012% 09/05/2047 144A</title>
        <cusip>553697AN3</cusip>
        <identifiers>
          <isin value="US553697AN33"/>
        </identifiers>
        <balance>1014000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>856020.32000000</valUSD>
        <pctVal>0.119601274880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05012700</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK5 2025-5YR19</name>
        <lei>N/A</lei>
        <title>BANK5 2025-5YR19 C 5.685% 12/15/2030</title>
        <cusip>05494RCD2</cusip>
        <identifiers>
          <isin value="US05494RCD26"/>
        </identifiers>
        <balance>1340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1311911.46000000</valUSD>
        <pctVal>0.183297381475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05715000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2024-OMNI</name>
        <lei>N/A</lei>
        <title>J P MORGAN CHASE COML MTG SECS TR 2024-OMNI VAR 10/05/2039 144A</title>
        <cusip>46593JAJ3</cusip>
        <identifiers>
          <isin value="US46593JAJ34"/>
        </identifiers>
        <balance>3234000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3184095.50000000</valUSD>
        <pctVal>0.444874814584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05990388</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2016-NXS6</name>
        <lei>549300CFP9NBBMZH1008</lei>
        <title>WELLS FARGO COML MTG TR 2016-NXS6 4.4523% 11/15/2049</title>
        <cusip>95000KBH7</cusip>
        <identifiers>
          <isin value="US95000KBH77"/>
        </identifiers>
        <balance>1262000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1233279.53000000</valUSD>
        <pctVal>0.172311101296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04450084</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2018-BNK10</name>
        <lei>N/A</lei>
        <title>BANK 2018-BNK10 VAR 02/15/2061</title>
        <cusip>065404BE4</cusip>
        <identifiers>
          <isin value="US065404BE40"/>
        </identifiers>
        <balance>2936000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2647030.66000000</valUSD>
        <pctVal>0.369837297300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04163000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK AMER MERRILL LYNCH COML MTG TR 2016-UBS10</name>
        <lei>N/A</lei>
        <title>BACM 2016-UBS10 CSTR 06/49</title>
        <cusip>06054MAK9</cusip>
        <identifiers>
          <isin value="US06054MAK99"/>
        </identifiers>
        <balance>2418000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2336529.36000000</valUSD>
        <pctVal>0.326454739124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04996195</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOS TR 2026-LYRK</name>
        <lei>N/A</lei>
        <title>BOS TR 2026-LYRK E VAR 05/11/2031 144A</title>
        <cusip>05595BAJ4</cusip>
        <identifiers>
          <isin value="US05595BAJ44"/>
        </identifiers>
        <balance>360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>356705.93000000</valUSD>
        <pctVal>0.049838167375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08038190</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B33 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B33 MORTGAGE TRUST 3.4582% 03/15/2055</title>
        <cusip>08163PBG4</cusip>
        <identifiers>
          <isin value="US08163PBG46"/>
        </identifiers>
        <balance>2477000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2288257.55000000</valUSD>
        <pctVal>0.319710308085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03458200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHARF 2025-DC E</name>
        <lei>N/A</lei>
        <title>WHARF 2025-DC E 7.85642% 07/15/2040 144A</title>
        <cusip>92987LAL1</cusip>
        <identifiers>
          <isin value="US92987LAL18"/>
        </identifiers>
        <balance>1742000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1781784.84000000</valUSD>
        <pctVal>0.248947055867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07724100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
        <lei>N/A</lei>
        <title>J P MORGAN CHASE COML MTG SECS TR 2020-NNN 3.972% 01/16/2037 144A</title>
        <cusip>46652BBL2</cusip>
        <identifiers>
          <isin value="US46652BBL27"/>
        </identifiers>
        <balance>2771000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>928340.42000000</valUSD>
        <pctVal>0.129705680064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03972000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2025-5C10 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2025-5C10 C MORTGAGE TRUST VAR 05/15/2058</title>
        <cusip>05615BAH4</cusip>
        <identifiers>
          <isin value="US05615BAH42"/>
        </identifiers>
        <balance>297000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>301562.10000000</valUSD>
        <pctVal>0.042133592828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06485000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2024-C10 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2024-C10 C MTG TR VAR 11/15/2057</title>
        <cusip>096920AK9</cusip>
        <identifiers>
          <isin value="US096920AK92"/>
        </identifiers>
        <balance>1039000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1008423.06000000</valUSD>
        <pctVal>0.140894650251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05979000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2014-DSTY</name>
        <lei>N/A</lei>
        <title>JPMCC 2014-DSTY D CSTR 06/27</title>
        <cusip>46642MAL2</cusip>
        <identifiers>
          <isin value="US46642MAL28"/>
        </identifiers>
        <balance>3213000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8081.34000000</valUSD>
        <pctVal>0.001129107036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03804600</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESSEX PORTFOLIO LP</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESSEX PORTFOLIO LP 5.5% 04/01/2034</title>
        <cusip>29717PBA4</cusip>
        <identifiers>
          <isin value="US29717PBA49"/>
        </identifiers>
        <balance>1401000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1427858.57000000</valUSD>
        <pctVal>0.199497256467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C4</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C4 D VAR 06/44</title>
        <cusip>92936CAW9</cusip>
        <identifiers>
          <isin value="US92936CAW91"/>
        </identifiers>
        <balance>958390.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>942184.22000000</valUSD>
        <pctVal>0.131639905328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05150476</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHP 2025-MHIL2</name>
        <lei>N/A</lei>
        <title>MHP 2025-MHIL2 TSFR1M+425 09/15/2040 144A</title>
        <cusip>59317DAL9</cusip>
        <identifiers>
          <isin value="US59317DAL91"/>
        </identifiers>
        <balance>5865000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5887570.28000000</valUSD>
        <pctVal>0.822598360089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07877090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2023-PRM3</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2023-PRM3 6.35973% 07/10/2028 144A</title>
        <cusip>17331LAG2</cusip>
        <identifiers>
          <isin value="US17331LAG23"/>
        </identifiers>
        <balance>1383000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1398722.50000000</valUSD>
        <pctVal>0.195426428900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06359730</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BPR COML MTG TR 2025-STAR</name>
        <lei>N/A</lei>
        <title>BPR COML MTG TR 2025-STAR C 6.22553% 11/05/2042 144A</title>
        <cusip>05619DAE3</cusip>
        <identifiers>
          <isin value="US05619DAE31"/>
        </identifiers>
        <balance>2430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2398167.00000000</valUSD>
        <pctVal>0.335066614511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06060769</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SREIT TR 2021-PALM</name>
        <lei>N/A</lei>
        <title>SREIT TR 2021-PALM TSFR1M+373.058 61 10/15/2034 144A</title>
        <cusip>85237AAN3</cusip>
        <identifiers>
          <isin value="US85237AAN37"/>
        </identifiers>
        <balance>3411000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3414731.63000000</valUSD>
        <pctVal>0.477098787003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07357580</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2026-C66</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2026-C66 VAR 04/15/2059</title>
        <cusip>95005CAJ7</cusip>
        <identifiers>
          <isin value="US95005CAJ71"/>
        </identifiers>
        <balance>565000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>561907.30000000</valUSD>
        <pctVal>0.078508451113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06250880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 5.5% 02/01/2034</title>
        <cusip>02666TAG2</cusip>
        <identifiers>
          <isin value="US02666TAG22"/>
        </identifiers>
        <balance>3646000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3701967.27000000</valUSD>
        <pctVal>0.517230718374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESTN 2026-TOWN</name>
        <lei>N/A</lei>
        <title>ESTN 2026-TOWN 6.962889% 05/12/2036 144A</title>
        <cusip>26916MAG4</cusip>
        <identifiers>
          <isin value="US26916MAG42"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>178482.96000000</valUSD>
        <pctVal>0.024937246303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06685842</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSWF COML MTG TR 2023-1</name>
        <lei>N/A</lei>
        <title>MSWF COML MTG TR 2023-1 5.752% 05/15/2056</title>
        <cusip>55376CAJ2</cusip>
        <identifiers>
          <isin value="US55376CAJ27"/>
        </identifiers>
        <balance>1899000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1978689.83000000</valUSD>
        <pctVal>0.276458187652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05752000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2018-B7 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2018-B7 MTG TR VAR 05/15/2053 144A</title>
        <cusip>08162TAG8</cusip>
        <identifiers>
          <isin value="US08162TAG85"/>
        </identifiers>
        <balance>833000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>668660.76000000</valUSD>
        <pctVal>0.093423809563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2023-C5 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-C5 MTG TR 5.7653% 06/15/2056</title>
        <cusip>055988AD1</cusip>
        <identifiers>
          <isin value="US055988AD13"/>
        </identifiers>
        <balance>1463000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1510284.01000000</valUSD>
        <pctVal>0.211013557513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05765300</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK5 2026-5YR21</name>
        <lei>N/A</lei>
        <title>BANK5 2026-5YR21 C VAR 04/15/2059</title>
        <cusip>06644BAX2</cusip>
        <identifiers>
          <isin value="US06644BAX29"/>
        </identifiers>
        <balance>680000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>669614.84000000</valUSD>
        <pctVal>0.093557111521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06159730</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2021-2 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2021-2 TR 4.505% 12/17/2026 144A</title>
        <cusip>43732VAN6</cusip>
        <identifiers>
          <isin value="US43732VAN64"/>
        </identifiers>
        <balance>5310934.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5253324.33000000</valUSD>
        <pctVal>0.733982912026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04505000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX 2025-LUNR A</name>
        <lei>N/A</lei>
        <title>BX 2025-LUNR E TSFR1M+395 06/15/2030 144A</title>
        <cusip>05594CAN4</cusip>
        <identifiers>
          <isin value="US05594CAN48"/>
        </identifiers>
        <balance>561903.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>563306.66000000</valUSD>
        <pctVal>0.078703966612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07577090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2024-C24</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2024-C24 B 5.718% 02/15/2057</title>
        <cusip>07336VAX9</cusip>
        <identifiers>
          <isin value="US07336VAX91"/>
        </identifiers>
        <balance>681000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>681994.26000000</valUSD>
        <pctVal>0.095286736834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05718000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTP COML MTG TR 2023-STE2</name>
        <lei>N/A</lei>
        <title>DTP COML MTG TR 2023-STE2 E CSTR 01/15/2041 144A</title>
        <cusip>23346GAJ8</cusip>
        <identifiers>
          <isin value="US23346GAJ85"/>
        </identifiers>
        <balance>769000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>737918.17000000</valUSD>
        <pctVal>0.103100302442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05968471</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B37 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B37 MTG TR 5.9431% 11/15/2055</title>
        <cusip>08161QAK6</cusip>
        <identifiers>
          <isin value="US08161QAK67"/>
        </identifiers>
        <balance>2090000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1973524.72000000</valUSD>
        <pctVal>0.275736529852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05745504</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BPR COML MTG TR 2024-PK</name>
        <lei>N/A</lei>
        <title>BPR COML MTG TR 2024-PARK D VAR 11/05/2039 144A</title>
        <cusip>05593UAJ4</cusip>
        <identifiers>
          <isin value="US05593UAJ43"/>
        </identifiers>
        <balance>2536000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2620679.58000000</valUSD>
        <pctVal>0.366155582405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07234315</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2024-FNX</name>
        <lei>N/A</lei>
        <title>BX TRUST 2024-FNX TSFR1M+294.018 11/15/2026 144A</title>
        <cusip>05593TAL2</cusip>
        <identifiers>
          <isin value="US05593TAL26"/>
        </identifiers>
        <balance>792884.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>793875.12000000</valUSD>
        <pctVal>0.110918484327</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>Variable</couponKind>
          <annualizedRt>0.06567270</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
        <lei>N/A</lei>
        <title>JPMCC 2020-NNN FFX 4.6254% 01/16/2037 144A</title>
        <cusip>46652BBN8</cusip>
        <identifiers>
          <isin value="US46652BBN82"/>
        </identifiers>
        <balance>2388000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>537347.76000000</valUSD>
        <pctVal>0.075077046243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625400</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRM TR 2025-PRM6</name>
        <lei>N/A</lei>
        <title>PRM TR 2025-PRM6 VAR 07/05/2033 144A</title>
        <cusip>74277DAL6</cusip>
        <identifiers>
          <isin value="US74277DAL64"/>
        </identifiers>
        <balance>4271000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4251591.29000000</valUSD>
        <pctVal>0.594022976643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07293752</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2025-VLT6</name>
        <lei>N/A</lei>
        <title>BX TR 2025-VLT6 F TSFR1M+393.966 03/15/2030 144A</title>
        <cusip>12433KAL1</cusip>
        <identifiers>
          <isin value="US12433KAL17"/>
        </identifiers>
        <balance>3413000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3370128.28000000</valUSD>
        <pctVal>0.470866905119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07566740</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON USA TR 2016-HHV</name>
        <lei>N/A</lei>
        <title>HILT 2016-HHV F CSTR 11/38 144A</title>
        <cusip>43300LAQ3</cusip>
        <identifiers>
          <isin value="US43300LAQ32"/>
        </identifiers>
        <balance>6517000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6444128.86000000</valUSD>
        <pctVal>0.900359499817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04333283</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSWF COMMERCIAL MORTGAGE TRUST 23-2</name>
        <lei>N/A</lei>
        <title>MSWF COMMERCIAL MORTGAGE TRUST 23-2 C VAR 12/15/2056</title>
        <cusip>55361AAZ7</cusip>
        <identifiers>
          <isin value="US55361AAZ75"/>
        </identifiers>
        <balance>4229000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4473191.76000000</valUSD>
        <pctVal>0.624984506536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07244591</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2022-C18</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2022-C18 A5 5.71% 12/15/2055</title>
        <cusip>054975AE7</cusip>
        <identifiers>
          <isin value="US054975AE77"/>
        </identifiers>
        <balance>3150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3263402.21000000</valUSD>
        <pctVal>0.455955373539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05710000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2021-ACNT</name>
        <lei>N/A</lei>
        <title>BX TR 2021-ACNT TSFR1M+340.948 3 11/15/2026 144A</title>
        <cusip>05609QAN6</cusip>
        <identifiers>
          <isin value="US05609QAN60"/>
        </identifiers>
        <balance>2164576.86100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2156206.44000000</valUSD>
        <pctVal>0.301260417660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07036480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2020-C7</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2020-C7 B 3.152% 04/15/2053</title>
        <cusip>05492VAK1</cusip>
        <identifiers>
          <isin value="US05492VAK17"/>
        </identifiers>
        <balance>853000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>742251.00000000</valUSD>
        <pctVal>0.103705675913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03152000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIMES SQUARE HOTEL TR</name>
        <lei>N/A</lei>
        <title>TIMES SQUARE HOTEL TR 8.528% 08/01/2026 144A</title>
        <cusip>887367AA8</cusip>
        <identifiers>
          <isin value="US887367AA88"/>
        </identifiers>
        <balance>119295.95480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>119377.96000000</valUSD>
        <pctVal>0.016679225802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08528000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2020-VIVA</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2020-VIVA E 3.54875% 03/09/2044 144A</title>
        <cusip>12433XAJ8</cusip>
        <identifiers>
          <isin value="US12433XAJ81"/>
        </identifiers>
        <balance>9936000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9024123.60000000</valUSD>
        <pctVal>1.260830685932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03667042</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE COM MTG TR 2021</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE COM MTG TR 2021-SOP2 F STEP 06/15/2034 144A</title>
        <cusip>12657VAQ5</cusip>
        <identifiers>
          <isin value="US12657VAQ59"/>
        </identifiers>
        <balance>2561600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1132632.70000000</valUSD>
        <pctVal>0.158248947748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08058448</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2019-B14 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A</title>
        <cusip>08162YBP6</cusip>
        <identifiers>
          <isin value="US08162YBP60"/>
        </identifiers>
        <balance>1132000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2830.00000000</valUSD>
        <pctVal>0.000395401370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2062-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03404110</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PKHL COML MTG TR 2021-MF</name>
        <lei>N/A</lei>
        <title>PKHL COML MTG TR 2021-MF TSFR1M+611.448 07/15/2038 144A</title>
        <cusip>69356GAU3</cusip>
        <identifiers>
          <isin value="US69356GAU31"/>
        </identifiers>
        <balance>631000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79090.80000000</valUSD>
        <pctVal>0.011050392485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09742480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHP 2022-MHIL F</name>
        <lei>N/A</lei>
        <title>MHP 2022-MHIL F TSFR1M+325.92 01/15/2027 144A</title>
        <cusip>55293DAL5</cusip>
        <identifiers>
          <isin value="US55293DAL55"/>
        </identifiers>
        <balance>4082400.00300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4081124.25000000</valUSD>
        <pctVal>0.570205697038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06886290</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COML MTG TR 2024-XL4</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-XL4 TSFR1M+418.81 02/15/2039 144A</title>
        <cusip>05611VAJ0</cusip>
        <identifiers>
          <isin value="US05611VAJ08"/>
        </identifiers>
        <balance>1598366.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1598032.83000000</valUSD>
        <pctVal>0.223273629495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07815170</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2015-MS1</name>
        <lei>N/A</lei>
        <title>MSC 2015-MS1 C VAR/CSTR 5/48</title>
        <cusip>61765DAZ1</cusip>
        <identifiers>
          <isin value="US61765DAZ15"/>
        </identifiers>
        <balance>1973000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1835067.57000000</valUSD>
        <pctVal>0.256391601619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04161875</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-C10</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE COML MTG SECS 2019-OSB E CSTR 06/05/2039 144A</title>
        <cusip>46651EAN4</cusip>
        <identifiers>
          <isin value="US46651EAN40"/>
        </identifiers>
        <balance>3019000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2680974.95000000</valUSD>
        <pctVal>0.374579918782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03908893</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2020-BNK30</name>
        <lei>N/A</lei>
        <title>BANK 2020-BN30 MCDG CSTR 12/53</title>
        <cusip>06541UBJ4</cusip>
        <identifiers>
          <isin value="US06541UBJ43"/>
        </identifiers>
        <balance>3921000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2377242.31000000</valUSD>
        <pctVal>0.332143062883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03015504</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2026-C14 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2026-C14 C MORTGAGE TRUST 5.9593% 02/15/2059</title>
        <cusip>096942BB2</cusip>
        <identifiers>
          <isin value="US096942BB21"/>
        </identifiers>
        <balance>1020000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>974213.63000000</valUSD>
        <pctVal>0.136114983992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05925500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNDR TR 2021-KIND</name>
        <lei>N/A</lei>
        <title>KNDR 2021-KIND F TSFR1M+186.448 08/15/2026 144A</title>
        <cusip>482606AL4</cusip>
        <identifiers>
          <isin value="US482606AL45"/>
        </identifiers>
        <balance>532626.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>528494.59000000</valUSD>
        <pctVal>0.073840100818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2023-C22</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2023-C22 7.363626% 11/15/2056</title>
        <cusip>05554FAK1</cusip>
        <identifiers>
          <isin value="US05554FAK12"/>
        </identifiers>
        <balance>1778000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1754080.74000000</valUSD>
        <pctVal>0.245076299995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07368045</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2018-AON</name>
        <lei>N/A</lei>
        <title>J P MORGAN CHASE COML MTG SECS TR 2018-AON-F 4.6132% 07/05/2031 144A</title>
        <cusip>46649XAU1</cusip>
        <identifiers>
          <isin value="US46649XAU19"/>
        </identifiers>
        <balance>2150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>355801.35000000</valUSD>
        <pctVal>0.049711781449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04766973</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Cash Central Fund</title>
        <cusip>31635A105</cusip>
        <identifiers>
          <isin value="US31635A1051"/>
        </identifiers>
        <balance>28325622.97800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28331288.10000000</valUSD>
        <pctVal>3.958385211885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NYC COML MTG TR 2025-77C</name>
        <lei>N/A</lei>
        <title>NYC COML MTG TR 2025-77C E VAR 01/10/2038 144A</title>
        <cusip>67123LAJ3</cusip>
        <identifiers>
          <isin value="US67123LAJ35"/>
        </identifiers>
        <balance>4025000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3958897.02000000</valUSD>
        <pctVal>0.553128377503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06471519</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARES COMMERCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>ARES COMMERCIAL MORTGAGE TRUST TSFR1M+235 02/15/2043 144A</title>
        <cusip>04021QAG4</cusip>
        <identifiers>
          <isin value="US04021QAG47"/>
        </identifiers>
        <balance>1630000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1632037.50000000</valUSD>
        <pctVal>0.228024687138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05977090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWCH COML MTG TR 2025-DATA</name>
        <lei>N/A</lei>
        <title>SWCH COML MTG TR 2025-DATA F TSFR1M+418.9 03/15/2042 144A</title>
        <cusip>78489CAF6</cusip>
        <identifiers>
          <isin value="US78489CAF68"/>
        </identifiers>
        <balance>7802000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7739405.33000000</valUSD>
        <pctVal>1.081332677106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07866010</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2023-B38 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2023-B38 B MTG TR 6.244668% 04/15/2056</title>
        <cusip>081916AH1</cusip>
        <identifiers>
          <isin value="US081916AH12"/>
        </identifiers>
        <balance>1351000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1364360.31000000</valUSD>
        <pctVal>0.190625419349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06242976</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SG COML MTG SECS TR 2020-COVE</name>
        <lei>N/A</lei>
        <title>SG COMMERCIAL MORTGAGE SECURITIES TRUST 2020-COVE F CSTR 03/15/2037 144A</title>
        <cusip>78397FAL7</cusip>
        <identifiers>
          <isin value="US78397FAL76"/>
        </identifiers>
        <balance>3855000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3500156.50000000</valUSD>
        <pctVal>0.489034161806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03851822</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNW 2002-W6 3B4 CSTR 1/42</title>
        <cusip>31392DH39</cusip>
        <identifiers>
          <isin value="US31392DH391"/>
        </identifiers>
        <balance>13552.48070000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2375.75000000</valUSD>
        <pctVal>0.000331934560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05141610</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C4</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C4 E 5.248784% 6/44</title>
        <cusip>92936CAY5</cusip>
        <identifiers>
          <isin value="US92936CAY57"/>
        </identifiers>
        <balance>1274000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1217676.46000000</valUSD>
        <pctVal>0.170131074701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05150476</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSAIL 2017-C8 COML MTG TR</name>
        <lei>N/A</lei>
        <title>CSAIL 2017-C8 C COML MTG TR 4.264798% 06/15/2050</title>
        <cusip>12595BAJ0</cusip>
        <identifiers>
          <isin value="US12595BAJ08"/>
        </identifiers>
        <balance>3060000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2772613.37000000</valUSD>
        <pctVal>0.387383437115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04398636</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2020-C7</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2020-C7 CSTR 04/15/2053</title>
        <cusip>05492VAL9</cusip>
        <identifiers>
          <isin value="US05492VAL99"/>
        </identifiers>
        <balance>1185000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1008713.71000000</valUSD>
        <pctVal>0.140935259229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03692780</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2025-5C33</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-5C33 D 6.8473% 03/15/2058 144A</title>
        <cusip>072924AN3</cusip>
        <identifiers>
          <isin value="US072924AN39"/>
        </identifiers>
        <balance>1575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1499231.79000000</valUSD>
        <pctVal>0.209469365663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06626565</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PCY 2026-FCMT</name>
        <lei>N/A</lei>
        <title>PCY 2026-FCMT E VAR 04/05/2031 144A</title>
        <cusip>704929AP3</cusip>
        <identifiers>
          <isin value="US704929AP30"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1490763.45000000</valUSD>
        <pctVal>0.208286187838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07415540</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2019-GC39</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2019-GC39 D 3% 05/10/2052 144A</title>
        <cusip>36260JAL1</cusip>
        <identifiers>
          <isin value="US36260JAL17"/>
        </identifiers>
        <balance>2830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2222489.56000000</valUSD>
        <pctVal>0.310521349287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQT TR 2024-EXTR</name>
        <lei>N/A</lei>
        <title>EQT TR 2024-EXTR VAR 07/05/2041 144A</title>
        <cusip>29439DAE1</cusip>
        <identifiers>
          <isin value="US29439DAE13"/>
        </identifiers>
        <balance>1535000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1551543.31000000</valUSD>
        <pctVal>0.216778216091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06046400</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2021-C60</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2021-C60 2.5% 08/15/2054 144A</title>
        <cusip>95003DAC2</cusip>
        <identifiers>
          <isin value="US95003DAC20"/>
        </identifiers>
        <balance>761000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>574107.91000000</valUSD>
        <pctVal>0.080213093486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SREIT TR 2021-MFP2</name>
        <lei>N/A</lei>
        <title>SREIT TR 2021-MFP2 TSFR1M+402.998 55 11/15/2036 144A</title>
        <cusip>85236WCU8</cusip>
        <identifiers>
          <isin value="US85236WCU80"/>
        </identifiers>
        <balance>1803000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1798082.50000000</valUSD>
        <pctVal>0.251224129048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07656980</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMDB COMMERCIAL MORTGAGE SECURITIES TRUST 2020</name>
        <lei>N/A</lei>
        <title>JPMDB COMMERCIAL MORTGAGE SECURITIES TRUST 2020-COR7 D 1.75% 05/13/2053 144A</title>
        <cusip>46652JAC6</cusip>
        <identifiers>
          <isin value="US46652JAC62"/>
        </identifiers>
        <balance>1535000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>791492.36000000</valUSD>
        <pctVal>0.110585570344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTOWN 2025-STAY MTG TR</name>
        <lei>N/A</lei>
        <title>INTOWN 2025-STAY E MTG TR TSFR1M+385 03/15/2042 144A</title>
        <cusip>46117WAJ1</cusip>
        <identifiers>
          <isin value="US46117WAJ18"/>
        </identifiers>
        <balance>1607000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1609873.32000000</valUSD>
        <pctVal>0.224927956695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07477000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIMA CAP CRE SECURITIZATION 2019-RK1 LTD/LLC</name>
        <lei>N/A</lei>
        <title>PRIMA CAP CRE SECURITIZATION 2019-RK1 LTD/LLC BT 4.45% 04/15/2038 144A</title>
        <cusip>74166GAJ8</cusip>
        <identifiers>
          <isin value="US74166GAJ85"/>
        </identifiers>
        <balance>2475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2356884.59000000</valUSD>
        <pctVal>0.329298727055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CPT MORTGAGE TRUST 2019</name>
        <lei>N/A</lei>
        <title>CPT MORTGAGE TRUST 2019 CSTR 11/13/2039 144A</title>
        <cusip>12654YAL3</cusip>
        <identifiers>
          <isin value="US12654YAL39"/>
        </identifiers>
        <balance>2205000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1936948.73000000</valUSD>
        <pctVal>0.270626213038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03096693</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2023-C20</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2023-C20 A5 5.576% 07/15/2056</title>
        <cusip>07336DAW1</cusip>
        <identifiers>
          <isin value="US07336DAW11"/>
        </identifiers>
        <balance>1690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1745778.45000000</valUSD>
        <pctVal>0.243916322311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05576000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNDR TR 2021-KIND</name>
        <lei>N/A</lei>
        <title>KNDR 2021-KIND F TSFR1M+406.448 08/15/2026 144A</title>
        <cusip>482606AS9</cusip>
        <identifiers>
          <isin value="US482606AS97"/>
        </identifiers>
        <balance>2414174.50500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2390620.13000000</valUSD>
        <pctVal>0.334012182447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIMA CAPITAL CRE SECURITIZATION 2019-VII LTD</name>
        <lei>N/A</lei>
        <title>PRIMA CAPITAL CRE SECURITIZATION 2019-VII LTD 7A D 4.25% 12/25/2050 144A</title>
        <cusip>74166VAC0</cusip>
        <identifiers>
          <isin value="US74166VAC00"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1689207.63000000</valUSD>
        <pctVal>0.236012371862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2020-BN28</name>
        <lei>N/A</lei>
        <title>BANK 2020-BN28 AS 2.14% 03/15/2063</title>
        <cusip>06540YAQ2</cusip>
        <identifiers>
          <isin value="US06540YAQ26"/>
        </identifiers>
        <balance>717000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>633089.78000000</valUSD>
        <pctVal>0.088453910535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02140000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMDB COML MTG SECS TR 2019</name>
        <lei>N/A</lei>
        <title>JPMDB COML MTG SECS TR 2019 2.5% 11/13/2052 144A</title>
        <cusip>48129RAA3</cusip>
        <identifiers>
          <isin value="US48129RAA32"/>
        </identifiers>
        <balance>1354000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>671354.90000000</valUSD>
        <pctVal>0.093800228874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFCM 2022</name>
        <lei>N/A</lei>
        <title>WFCM 2022 4% 04/15/2055</title>
        <cusip>95003MBS6</cusip>
        <identifiers>
          <isin value="US95003MBS61"/>
        </identifiers>
        <balance>2074000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1967361.35000000</valUSD>
        <pctVal>0.274875397362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COML MTG TR 2024-XL5</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-XL5 E TSFR1M+368.835 03/15/2039 144A</title>
        <cusip>05612GAJ2</cusip>
        <identifiers>
          <isin value="US05612GAJ22"/>
        </identifiers>
        <balance>3726800.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3728891.12000000</valUSD>
        <pctVal>0.520992459433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07315440</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL TR RE CDO 05-1 LTD COR</name>
        <lei>549300EO21RSSTCI1873</lei>
        <title>CTCDO 2005-1A D TSFR1M+161.448 3/50</title>
        <cusip>140558AD9</cusip>
        <identifiers>
          <isin value="US140558AD96"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.08000000</valUSD>
        <pctVal>0.000000011177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05289840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2022-GC48</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A</title>
        <cusip>29426VAK2</cusip>
        <identifiers>
          <isin value="US29426VAK26"/>
        </identifiers>
        <balance>3129000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2180062.22000000</valUSD>
        <pctVal>0.304593494731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRA TR 2023-MILE</name>
        <lei>N/A</lei>
        <title>MIRA TR 2023-MILE 7.2026% 06/10/2038 144A</title>
        <cusip>55318EAE0</cusip>
        <identifiers>
          <isin value="US55318EAE05"/>
        </identifiers>
        <balance>1012000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1019401.46000000</valUSD>
        <pctVal>0.142428528134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07202600</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSMC 2019-UVIL</name>
        <lei>N/A</lei>
        <title>CSMC 2019-UVIL E CSTR 12/15/2041 144A</title>
        <cusip>12656DAL7</cusip>
        <identifiers>
          <isin value="US12656DAL73"/>
        </identifiers>
        <balance>6276000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5613433.89000000</valUSD>
        <pctVal>0.784296627094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03392774</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WP GLIMCHER MALL TR 15-WPG</name>
        <lei>N/A</lei>
        <title>JPMDB 2015-WPG PR2 CSTR 06/35</title>
        <cusip>92939VAN4</cusip>
        <identifiers>
          <isin value="US92939VAN47"/>
        </identifiers>
        <balance>4354000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>740136.46000000</valUSD>
        <pctVal>0.103410237038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03633200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRIDGE COML MTG TR 2026-MF</name>
        <lei>N/A</lei>
        <title>BRIDGE COML MTG TR 2026-MF 6.45% 06/15/2039 144A</title>
        <cusip>10804AAJ3</cusip>
        <identifiers>
          <isin value="US10804AAJ34"/>
        </identifiers>
        <balance>1665000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1665000.00000000</valUSD>
        <pctVal>0.232630135083</pctVal>
        <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>Fixed</couponKind>
          <annualizedRt>0.06450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2020-420K</name>
        <lei>N/A</lei>
        <title>CITIGROUP COMMERCIAL MORTGAGE TRUST 2020- 420K E CSTR 11/10/2042 144A</title>
        <cusip>17328QAJ0</cusip>
        <identifiers>
          <isin value="US17328QAJ04"/>
        </identifiers>
        <balance>3345000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2915973.65000000</valUSD>
        <pctVal>0.407413419879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03422162</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2018-BNK10</name>
        <lei>N/A</lei>
        <title>BANK 2018-BNK10 4.078% 02/15/2061</title>
        <cusip>065404BD6</cusip>
        <identifiers>
          <isin value="US065404BD66"/>
        </identifiers>
        <balance>1035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>974401.16000000</valUSD>
        <pctVal>0.136141185270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04078000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLYM COMMERCIAL MORTGAGE TRUST 2026-IND</name>
        <lei>N/A</lei>
        <title>PLYM COMMERCIAL MORTGAGE TRUST 2026-IND D TSFR1M+215 03/15/2043 144A</title>
        <cusip>69292BAG2</cusip>
        <identifiers>
          <isin value="US69292BAG23"/>
        </identifiers>
        <balance>1725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1720687.50000000</valUSD>
        <pctVal>0.240410670006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05777090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMBB COML MTG SECS TR 2015-C32</name>
        <lei>N/A</lei>
        <title>JPMBB COML MTG SECS TR 2015-C32 C CSTR 11/15/2048</title>
        <cusip>46590JBC0</cusip>
        <identifiers>
          <isin value="US46590JBC09"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>172485.00000000</valUSD>
        <pctVal>0.024099224534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04861647</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LV TR 2024-SHOW</name>
        <lei>N/A</lei>
        <title>LV TR 2024-SHOW C VAR 10/10/2029</title>
        <cusip>50245XAE7</cusip>
        <identifiers>
          <isin value="US50245XAE76"/>
        </identifiers>
        <balance>1629000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1627570.55000000</valUSD>
        <pctVal>0.227400574717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06276312</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COML MTG TR 2024-VLT5</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-VLT5 C CSTR 11/13/2046 144A</title>
        <cusip>05614JAE5</cusip>
        <identifiers>
          <isin value="US05614JAE55"/>
        </identifiers>
        <balance>2016000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2034668.97000000</valUSD>
        <pctVal>0.284279469874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06398421</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER TR 2025-C35</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BK AMER TR 2025-C35 6.349% 08/15/2058</title>
        <cusip>61779CAZ7</cusip>
        <identifiers>
          <isin value="US61779CAZ77"/>
        </identifiers>
        <balance>1014000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1017479.44000000</valUSD>
        <pctVal>0.142159987730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06349000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNW 2002-W1 3B3 CSTR 2/42</title>
        <cusip>31392CMZ4</cusip>
        <identifiers>
          <isin value="US31392CMZ40"/>
        </identifiers>
        <balance>16177.07740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6021.90000000</valUSD>
        <pctVal>0.000841366612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03853500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VB-S1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC 5.268% 02/15/2052 144A</title>
        <cusip>91823ABA8</cusip>
        <identifiers>
          <isin value="US91823ABA88"/>
        </identifiers>
        <balance>1420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1393910.62000000</valUSD>
        <pctVal>0.194754123618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05268000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2022-C17</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2022-C17 D 2.5% 09/15/2055 144A</title>
        <cusip>054976AR6</cusip>
        <identifiers>
          <isin value="US054976AR63"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>883264.92000000</valUSD>
        <pctVal>0.123407830422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2015-DC1 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2015-DC1 B MTG TR VAR 02/10/2048</title>
        <cusip>12629NAJ4</cusip>
        <identifiers>
          <isin value="US12629NAJ46"/>
        </identifiers>
        <balance>3527000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3370295.39000000</valUSD>
        <pctVal>0.470890253361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04035000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
        <lei>N/A</lei>
        <title>MSC 2011-C3 E CSTR 7/15/49 144A</title>
        <cusip>61760RAN2</cusip>
        <identifiers>
          <isin value="US61760RAN26"/>
        </identifiers>
        <balance>278466.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>276828.52000000</valUSD>
        <pctVal>0.038677871472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05090908</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNDR TR 2021-KIND</name>
        <lei>N/A</lei>
        <title>KNDR 2021-KIND F TSFR1M+241.448 08/15/2038 144A</title>
        <cusip>482606AN0</cusip>
        <identifiers>
          <isin value="US482606AN01"/>
        </identifiers>
        <balance>2020408.16100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2002210.95000000</valUSD>
        <pctVal>0.279744506765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06050000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2020-B18 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2020-B18 MORTGAGE TRUST 2.25% 07/15/2053 144A</title>
        <cusip>08163AAT0</cusip>
        <identifiers>
          <isin value="US08163AAT07"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>882740.40000000</valUSD>
        <pctVal>0.123334545642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2016-BNK2</name>
        <lei>N/A</lei>
        <title>MSC 2016-BNK2 C CSTR 11/49</title>
        <cusip>61690YBZ4</cusip>
        <identifiers>
          <isin value="US61690YBZ43"/>
        </identifiers>
        <balance>2375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2116579.10000000</valUSD>
        <pctVal>0.295723772941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04007058</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2017-C33</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2017-C33 3.356% 05/15/2050 144A</title>
        <cusip>61767CAC2</cusip>
        <identifiers>
          <isin value="US61767CAC29"/>
        </identifiers>
        <balance>2932000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2654448.08000000</valUSD>
        <pctVal>0.370873642896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03356000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MKT 2020-525M MTG TR</name>
        <lei>N/A</lei>
        <title>MKT 2020-525M MTG TR CSTR 02/12/2040 144A</title>
        <cusip>55316PAN7</cusip>
        <identifiers>
          <isin value="US55316PAN78"/>
        </identifiers>
        <balance>1976000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1495269.83000000</valUSD>
        <pctVal>0.208915809332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03038620</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GSMS 2011-GC5 E CSTR 8/44</title>
        <cusip>36191YAN8</cusip>
        <identifiers>
          <isin value="US36191YAN85"/>
        </identifiers>
        <balance>2432000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>810273.09000000</valUSD>
        <pctVal>0.113209572601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05388733</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON USA TR 2016-HHV</name>
        <lei>N/A</lei>
        <title>HILTON USA TR 2016-HHV VAR 11/05/2038 144A</title>
        <cusip>43300LAN0</cusip>
        <identifiers>
          <isin value="US43300LAN01"/>
        </identifiers>
        <balance>5078000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5049908.50000000</valUSD>
        <pctVal>0.705562100008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04333283</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B37 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B37 B MTG TR CSTR 11/15/2055</title>
        <cusip>08161QAJ9</cusip>
        <identifiers>
          <isin value="US08161QAJ94"/>
        </identifiers>
        <balance>980000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>955186.99000000</valUSD>
        <pctVal>0.133456623731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05745504</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROVIDENCE PLACE GROUP LTD PARTNERSHIP</name>
        <lei>N/A</lei>
        <title>PPGLP 2000-C1 A2 7.75% 7/28</title>
        <cusip>743784AB6</cusip>
        <identifiers>
          <isin value="US743784AB61"/>
        </identifiers>
        <balance>761989.24830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>771461.84000000</valUSD>
        <pctVal>0.107786950180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2023-B39 C MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2023-B39 A5 MTG TR 5.75359% 07/15/2056</title>
        <cusip>081925AD1</cusip>
        <identifiers>
          <isin value="US081925AD15"/>
        </identifiers>
        <balance>2714000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2828565.00000000</valUSD>
        <pctVal>0.395200875700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05753590</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQT TR 2024-EXTR</name>
        <lei>N/A</lei>
        <title>EQT TR 2024-EXTR D VAR 07/05/2041 144A</title>
        <cusip>29439DAG6</cusip>
        <identifiers>
          <isin value="US29439DAG60"/>
        </identifiers>
        <balance>327000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>330477.22000000</valUSD>
        <pctVal>0.046173549748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06681900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX 2024 VLT4</name>
        <lei>N/A</lei>
        <title>BX 2024 VLT4 E TSFR1M+288.94 07/15/2029 144A</title>
        <cusip>05612TAJ4</cusip>
        <identifiers>
          <isin value="US05612TAJ43"/>
        </identifiers>
        <balance>3164431.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3132802.20000000</valUSD>
        <pctVal>0.437708227612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06516494</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COML MTG TR 2024-XL4</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-XL4 D TSFR1M+353.903 02/15/2039 144A</title>
        <cusip>05611VAG6</cusip>
        <identifiers>
          <isin value="US05611VAG68"/>
        </identifiers>
        <balance>465923.76100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>467525.37000000</valUSD>
        <pctVal>0.065321615602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06766700</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2015-MS1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2015 4.163% 5/15/48</title>
        <cusip>61765DAC2</cusip>
        <identifiers>
          <isin value="US61765DAC20"/>
        </identifiers>
        <balance>736000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>588866.24000000</valUSD>
        <pctVal>0.082275094869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04161875</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CD 2017-CD3 MTG TR</name>
        <lei>N/A</lei>
        <title>CD 2017-CD3 D 3.25% 02/10/2050 144A</title>
        <cusip>12515GAM9</cusip>
        <identifiers>
          <isin value="US12515GAM96"/>
        </identifiers>
        <balance>2823125.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160756.36000000</valUSD>
        <pctVal>0.022460524770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2023-C21</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2023-C21 VAR 09/15/2026</title>
        <cusip>05553WAK5</cusip>
        <identifiers>
          <isin value="US05553WAK53"/>
        </identifiers>
        <balance>1789000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1756211.03000000</valUSD>
        <pctVal>0.245373939425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06506120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 E CSTR 05/45</title>
        <cusip>90269GAQ4</cusip>
        <identifiers>
          <isin value="US90269GAQ47"/>
        </identifiers>
        <balance>1432662.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1361001.15000000</valUSD>
        <pctVal>0.190156084908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2025-BNK51</name>
        <lei>N/A</lei>
        <title>BANK 2025-BNK51 C 6.102% 12/25/2067</title>
        <cusip>06541HAK1</cusip>
        <identifiers>
          <isin value="US06541HAK14"/>
        </identifiers>
        <balance>2280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2234767.31000000</valUSD>
        <pctVal>0.312236769492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05946000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREST DARTMOUTH STR 03 1 LTD</name>
        <lei>N/A</lei>
        <title>CRST DRTMTH ST 2003-1 0% PFD 144A</title>
        <cusip>226065209</cusip>
        <identifiers>
          <isin value="US2260652092"/>
        </identifiers>
        <balance>3100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31.00000000</valUSD>
        <pctVal>0.000004331251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2017-H1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2017-H1 B 4.075% 06/15/2050</title>
        <cusip>61691JAZ7</cusip>
        <identifiers>
          <isin value="US61691JAZ75"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>978741.90000000</valUSD>
        <pctVal>0.136747663909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04075000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRM5 TR 2025-PRM5</name>
        <lei>N/A</lei>
        <title>PRM5 TR 2025-PRM5 E CSTR 03/10/2033 144A</title>
        <cusip>693980AJ3</cusip>
        <identifiers>
          <isin value="US693980AJ39"/>
        </identifiers>
        <balance>4435000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4422705.74000000</valUSD>
        <pctVal>0.617930710949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07096685</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK42</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK42 A5 CSTR 06/15/2055</title>
        <cusip>06541MBN3</cusip>
        <identifiers>
          <isin value="US06541MBN39"/>
        </identifiers>
        <balance>2326000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2255053.98000000</valUSD>
        <pctVal>0.315071178370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04493000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2019-GC42</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2019-GC42 CSTR 09/01/2052</title>
        <cusip>36257UAS6</cusip>
        <identifiers>
          <isin value="US36257UAS69"/>
        </identifiers>
        <balance>3833000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3176095.09000000</valUSD>
        <pctVal>0.443757014909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03833630</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2020-BNK27</name>
        <lei>N/A</lei>
        <title>BANK 2020-BNK27 2.5% 04/15/2063 144A</title>
        <cusip>06539YAA0</cusip>
        <identifiers>
          <isin value="US06539YAA01"/>
        </identifiers>
        <balance>921000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>710665.80000000</valUSD>
        <pctVal>0.099292661293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG</name>
        <lei>N/A</lei>
        <title>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG F TSFR1M+518.702 11/15/2034 144A</title>
        <cusip>81631WAL0</cusip>
        <identifiers>
          <isin value="US81631WAL00"/>
        </identifiers>
        <balance>1532300.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1522771.39000000</valUSD>
        <pctVal>0.212758266760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08814110</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DC OFFICE TRUST 2019</name>
        <lei>N/A</lei>
        <title>DC OFFICE TRUST 2019-MTC E CSTR 12/31/2049 144A</title>
        <cusip>23312BAL4</cusip>
        <identifiers>
          <isin value="US23312BAL45"/>
        </identifiers>
        <balance>1029000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>852713.06000000</valUSD>
        <pctVal>0.119139191792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03174400</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2024-C26</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2024-C26 C 6% 05/15/2057</title>
        <cusip>05555AAK1</cusip>
        <identifiers>
          <isin value="US05555AAK16"/>
        </identifiers>
        <balance>475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>467132.48000000</valUSD>
        <pctVal>0.065266721876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CPT MORTGAGE TRUST 2019</name>
        <lei>N/A</lei>
        <title>CPT MORTGAGE TRUST 2019-CPT F CSTR 11/13/2039 144A</title>
        <cusip>12654YAN9</cusip>
        <identifiers>
          <isin value="US12654YAN94"/>
        </identifiers>
        <balance>2772000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2268902.79000000</valUSD>
        <pctVal>0.317006103620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03096693</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2015-MS1</name>
        <lei>N/A</lei>
        <title>MSCI TR 2015-MS1 B CSTR 05/15/2048</title>
        <cusip>61765DAX6</cusip>
        <identifiers>
          <isin value="US61765DAX66"/>
        </identifiers>
        <balance>231548.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>224599.24000000</valUSD>
        <pctVal>0.031380511435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04161875</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2025-C35</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-C35 C 6.026% 07/15/2058</title>
        <cusip>07337DAG5</cusip>
        <identifiers>
          <isin value="US07337DAG51"/>
        </identifiers>
        <balance>1630000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1615643.45000000</valUSD>
        <pctVal>0.225734146558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06114029</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2020-VIVA</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2020-VIVA CSTR 03/09/2044 144A</title>
        <cusip>12433XAG4</cusip>
        <identifiers>
          <isin value="US12433XAG43"/>
        </identifiers>
        <balance>9422000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8725875.32000000</valUSD>
        <pctVal>1.219160092740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03667042</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMCC COML MTG SECS TR 2016-JP4</name>
        <lei>N/A</lei>
        <title>JPMCC COML MTG SECS TR 2016-JP4 C VAR 12/15/2049</title>
        <cusip>46645UAZ0</cusip>
        <identifiers>
          <isin value="US46645UAZ03"/>
        </identifiers>
        <balance>685000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>633518.28000000</valUSD>
        <pctVal>0.088513779612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03514726</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2014-CCRE17 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2014-CCRE17 E CSTR 05/10/2047 144A</title>
        <cusip>12631DAJ2</cusip>
        <identifiers>
          <isin value="US12631DAJ28"/>
        </identifiers>
        <balance>589000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>447099.18000000</valUSD>
        <pctVal>0.062467713296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05006094</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A</title>
        <cusip>61760RAQ5</cusip>
        <identifiers>
          <isin value="US61760RAQ56"/>
        </identifiers>
        <balance>984000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>973973.63000000</valUSD>
        <pctVal>0.136081451720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05090908</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUT 8 DC LLC</name>
        <lei>2549001DBTVKADI7M690</lei>
        <title>HUT 8 DC LLC 6.192% 11/15/2042 144A</title>
        <cusip>44813DAA4</cusip>
        <identifiers>
          <isin value="US44813DAA46"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5059.64000000</valUSD>
        <pctVal>0.000706921763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06192000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHP 2022-MHIL MEZZ</name>
        <lei>N/A</lei>
        <title>MHP 2022-MHIL MEZZ SOFR+500 01/09/2027</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="IGA539000"/>
        </identifiers>
        <balance>2252885.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2219092.42000000</valUSD>
        <pctVal>0.310046708364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08627090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VTR COML MTG TR 2025-STEM</name>
        <lei>N/A</lei>
        <title>VTR COML MTG TR 2025-STEM 6.0868% 10/13/2041 144A</title>
        <cusip>92890YAE5</cusip>
        <identifiers>
          <isin value="US92890YAE59"/>
        </identifiers>
        <balance>710000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>700119.92000000</valUSD>
        <pctVal>0.097819214152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06056677</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B35 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B35 MTG TR 2.5% 05/15/2055 144A</title>
        <cusip>08163RAS5</cusip>
        <identifiers>
          <isin value="US08163RAS58"/>
        </identifiers>
        <balance>3003000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1785472.09000000</valUSD>
        <pctVal>0.249462230320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PKHL COML MTG TR 2021-MF</name>
        <lei>N/A</lei>
        <title>PKHL COML MTG TR 2021-MF F TSFR1M+346.448 07/15/2038 144A</title>
        <cusip>69356GAQ2</cusip>
        <identifiers>
          <isin value="US69356GAQ29"/>
        </identifiers>
        <balance>2225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>612635.95000000</valUSD>
        <pctVal>0.085596146429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07092480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CEDR COML MTG TR 2022-SNAI</name>
        <lei>N/A</lei>
        <title>CEDR COML MTG TR 2022-SNAI TSFR1M+301.93 05/15/2039 SNAI E 144A</title>
        <cusip>12524AAN9</cusip>
        <identifiers>
          <isin value="US12524AAN90"/>
        </identifiers>
        <balance>1360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1323203.43000000</valUSD>
        <pctVal>0.184875070668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06646390</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHR TR 2024-LXRY</name>
        <lei>N/A</lei>
        <title>SHR TR 2024-LXRY E TSFR1M+450 10/15/2041 144A</title>
        <cusip>784234AJ5</cusip>
        <identifiers>
          <isin value="US784234AJ55"/>
        </identifiers>
        <balance>1216000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1221807.62000000</valUSD>
        <pctVal>0.170708271283</pctVal>
        <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>Variable</couponKind>
          <annualizedRt>0.08077090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2024-BPR2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MORGAN STANLEY CAP I TR 2024-BPR2 A 7.291% 05/05/2029 144A</title>
        <cusip>61776EAA1</cusip>
        <identifiers>
          <isin value="US61776EAA10"/>
        </identifiers>
        <balance>2239829.59100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2335677.27000000</valUSD>
        <pctVal>0.326335686985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07291000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-C10</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE COML MTG SECS TR 19-OSB A 3.3973% 06/05/2039 144A</title>
        <cusip>46651EAA2</cusip>
        <identifiers>
          <isin value="US46651EAA29"/>
        </identifiers>
        <balance>1696000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1600954.12000000</valUSD>
        <pctVal>0.223681785704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03397300</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 7% 06/01/2031 144A</title>
        <cusip>489399AR6</cusip>
        <identifiers>
          <isin value="US489399AR60"/>
        </identifiers>
        <balance>1640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1678280.01000000</valUSD>
        <pctVal>0.234485588849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS 2022</name>
        <lei>N/A</lei>
        <title>BBCMS 2022 3.662% 04/15/2055</title>
        <cusip>05552FBA4</cusip>
        <identifiers>
          <isin value="US05552FBA49"/>
        </identifiers>
        <balance>3015000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2768187.28000000</valUSD>
        <pctVal>0.386765033563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03662000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BXP TR 2021-601L</name>
        <lei>N/A</lei>
        <title>BXP TR 2021-601L VAR 01/15/2044 144A</title>
        <cusip>05607TAL6</cusip>
        <identifiers>
          <isin value="US05607TAL61"/>
        </identifiers>
        <balance>709000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>558214.35000000</valUSD>
        <pctVal>0.077992480267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02867975</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DK TR 2024-SPBX</name>
        <lei>N/A</lei>
        <title>DK TR 2024-SPBX TSFR1M+400 03/15/2034 144A</title>
        <cusip>23346LAN8</cusip>
        <identifiers>
          <isin value="US23346LAN82"/>
        </identifiers>
        <balance>2463000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2468087.57000000</valUSD>
        <pctVal>0.344835762646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07627090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ</name>
        <lei>N/A</lei>
        <title>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ C VAR 07/13/2044 144A</title>
        <cusip>91825CAE5</cusip>
        <identifiers>
          <isin value="US91825CAE57"/>
        </identifiers>
        <balance>2185000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2191221.57000000</valUSD>
        <pctVal>0.306152654550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06032858</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHP COML MTG TR 2021-STOR</name>
        <lei>N/A</lei>
        <title>MHP 2021-STOR J TSFR1M+406.448 07/15/2038 144A</title>
        <cusip>55293BAR6</cusip>
        <identifiers>
          <isin value="US55293BAR69"/>
        </identifiers>
        <balance>1847000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1841729.59000000</valUSD>
        <pctVal>0.257322404389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07692480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSAT TRUST 2025-BMF</name>
        <lei>N/A</lei>
        <title>GSAT TRUST 2025-BMF VAR 07/15/2030 144A</title>
        <cusip>36271XAL7</cusip>
        <identifiers>
          <isin value="US36271XAL73"/>
        </identifiers>
        <balance>4145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4122850.78000000</valUSD>
        <pctVal>0.576035635963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07777090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARES TR 2024-IND2</name>
        <lei>N/A</lei>
        <title>ARES TR 2024-IND2 F TSFR1M+403.9 10/15/2034 144A</title>
        <cusip>04021EAL0</cusip>
        <identifiers>
          <isin value="US04021EAL02"/>
        </identifiers>
        <balance>2155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2160825.83000000</valUSD>
        <pctVal>0.301905828663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07666090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQT TR 2024-EXTR</name>
        <lei>N/A</lei>
        <title>EQT TR 2024-EXTR B CSTR 07/05/2041 144A</title>
        <cusip>29439DAC5</cusip>
        <identifiers>
          <isin value="US29439DAC56"/>
        </identifiers>
        <balance>1817000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1834136.13000000</valUSD>
        <pctVal>0.256261462872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05654600</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2024-NSTB</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2024-NSTB VAR 09/20/2032 144A</title>
        <cusip>61690BAG7</cusip>
        <identifiers>
          <isin value="US61690BAG77"/>
        </identifiers>
        <balance>1786000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1710191.98000000</valUSD>
        <pctVal>0.238944259054</pctVal>
        <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>0.03900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMBB COML MTG SECS TR 2014-C26</name>
        <lei>N/A</lei>
        <title>JPMBB 2014-C26 D CSTR 01/15/2048 144A</title>
        <cusip>46643TAL6</cusip>
        <identifiers>
          <isin value="US46643TAL61"/>
        </identifiers>
        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1989540.00000000</valUSD>
        <pctVal>0.277974149521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03619913</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BFLD 2024-WRHS</name>
        <lei>N/A</lei>
        <title>BFLD 2024-WRHS E TSFR1M+393.8 08/15/2026 144A</title>
        <cusip>05555HAN0</cusip>
        <identifiers>
          <isin value="US05555HAN08"/>
        </identifiers>
        <balance>2604861.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2604856.48000000</valUSD>
        <pctVal>0.363944813702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07315990</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MSC 2011-C2 D CSTR 6/44</title>
        <cusip>617459AJ1</cusip>
        <identifiers>
          <isin value="US617459AJ14"/>
        </identifiers>
        <balance>1439180.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1425048.00000000</valUSD>
        <pctVal>0.199104569813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05385010</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2024-C30</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2024-C30 C 6.048% 11/15/2057</title>
        <cusip>05493YAH1</cusip>
        <identifiers>
          <isin value="US05493YAH18"/>
        </identifiers>
        <balance>2533000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2476905.96000000</valUSD>
        <pctVal>0.346067848686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05980000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOWR 2026-1A</name>
        <lei>N/A</lei>
        <title>TOWR 2026-1A B 6.054% 08/25/2056 144A</title>
        <cusip>55378HAB6</cusip>
        <identifiers>
          <isin value="US55378HAB69"/>
        </identifiers>
        <balance>955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>953781.99000000</valUSD>
        <pctVal>0.133260320224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05882000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIP COMMERCIAL MORTGAGE TRUST 2025-SBAY</name>
        <lei>N/A</lei>
        <title>CIP COMMERCIAL MORTGAGE TRUST 2025-SBAY E TSFR1M+400 10/15/2037 144A</title>
        <cusip>12576AAJ5</cusip>
        <identifiers>
          <isin value="US12576AAJ51"/>
        </identifiers>
        <balance>4140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4154800.09000000</valUSD>
        <pctVal>0.580499523231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07377090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METRONET INFRASTRUCTURE ISSUER LLC</name>
        <lei>5493000BIROCAEATAQ61</lei>
        <title>METRONET INFRASTRUCTURE ISSUER LLC 7.1% 04/20/2056 144A</title>
        <cusip>59170JBL1</cusip>
        <identifiers>
          <isin value="US59170JBL17"/>
        </identifiers>
        <balance>2475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2468603.61000000</valUSD>
        <pctVal>0.344907862619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2020-GC47</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2020-GC47 D CSTR 05/12/2053 144A</title>
        <cusip>36258RAA1</cusip>
        <identifiers>
          <isin value="US36258RAA14"/>
        </identifiers>
        <balance>756000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>584863.07000000</valUSD>
        <pctVal>0.081715780768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03565496</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2021 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BENCHMARK MORTGAGE TRUST 2021-B25 300E CSTR 04/15/2054 144A</title>
        <cusip>08163DBZ9</cusip>
        <identifiers>
          <isin value="US08163DBZ96"/>
        </identifiers>
        <balance>1113000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>523393.15000000</valUSD>
        <pctVal>0.073127338850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02994213</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK42</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK42 E 2.5% 06/15/2055 144A</title>
        <cusip>06541MAN4</cusip>
        <identifiers>
          <isin value="US06541MAN48"/>
        </identifiers>
        <balance>1302000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>886729.57000000</valUSD>
        <pctVal>0.123891903694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STWD TR 2021-LIH</name>
        <lei>N/A</lei>
        <title>STWD TR 2021-LIH TSFR1M+359.8 1 11/15/2036 144A</title>
        <cusip>78486EAS7</cusip>
        <identifiers>
          <isin value="US78486EAS72"/>
        </identifiers>
        <balance>4149000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4143842.38000000</valUSD>
        <pctVal>0.578968536110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07293000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2025-5C7</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COML MTG TR 2025-5C7 C 5.87% 12/15/2058</title>
        <cusip>95004XAH6</cusip>
        <identifiers>
          <isin value="US95004XAH61"/>
        </identifiers>
        <balance>710000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>691325.44000000</valUSD>
        <pctVal>0.096590468765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05798000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TPG RE FINANCE TRUST INC</name>
        <lei>N/A</lei>
        <title>TPG RE FINANCE TRUST TERM B 1LN 05/16/2033</title>
        <cusip>87269EAB8</cusip>
        <identifiers>
          <isin value="US87269EAB83"/>
        </identifiers>
        <balance>1335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1335000.00000000</valUSD>
        <pctVal>0.186523261463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06378520</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2022-C1 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2022-C1 MORTGAGE TRUST 3.374% 02/15/2055</title>
        <cusip>05609MCC7</cusip>
        <identifiers>
          <isin value="US05609MCC73"/>
        </identifiers>
        <balance>3142000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2894995.44000000</valUSD>
        <pctVal>0.404482390554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03374000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX COML MTG TR 2024-WPT</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-WPT TSFR1M+358.84 03/15/2034 144A</title>
        <cusip>05612JAJ6</cusip>
        <identifiers>
          <isin value="US05612JAJ60"/>
        </identifiers>
        <balance>1402250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1376477.35000000</valUSD>
        <pctVal>0.192318385507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07215490</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK43</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK43 D 3% 08/15/2055 144A</title>
        <cusip>06541QAC9</cusip>
        <identifiers>
          <isin value="US06541QAC96"/>
        </identifiers>
        <balance>2614000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1786098.10000000</valUSD>
        <pctVal>0.249549695060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2024-FNX</name>
        <lei>N/A</lei>
        <title>BX TRUST 2024-FNX TSFR1M+393.874 11/15/2026 144A</title>
        <cusip>05593TAN8</cusip>
        <identifiers>
          <isin value="US05593TAN81"/>
        </identifiers>
        <balance>3805115.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3791673.45000000</valUSD>
        <pctVal>0.529764268387</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>Variable</couponKind>
          <annualizedRt>0.07565830</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2025-5C33</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-5C33 C 6.025% 03/15/2058</title>
        <cusip>072924AG8</cusip>
        <identifiers>
          <isin value="US072924AG87"/>
        </identifiers>
        <balance>1063000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1057531.50000000</valUSD>
        <pctVal>0.147755973393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05981000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP</name>
        <lei>N/A</lei>
        <title>RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP 6% 09/15/2049 144A</title>
        <cusip>76134KAJ3</cusip>
        <identifiers>
          <isin value="US76134KAJ34"/>
        </identifiers>
        <balance>1345000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1299599.12000000</valUSD>
        <pctVal>0.181577128432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05775000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2026-5C41</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2026-5C41 4.5% 05/15/2069</title>
        <cusip>055292AE6</cusip>
        <identifiers>
          <isin value="US055292AE62"/>
        </identifiers>
        <balance>355000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>305987.53000000</valUSD>
        <pctVal>0.042751904166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIDIUM FIBER FINANCE HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>CNSL 2025-4A C 8.449846% 12/20/2055 144A</title>
        <cusip>315961AE2</cusip>
        <identifiers>
          <isin value="US315961AE29"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2555998.25000000</valUSD>
        <pctVal>0.357118449351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08098000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NCMF TR 2025-MFS</name>
        <lei>N/A</lei>
        <title>NCMF TR 2025-MFS F VAR 06/10/2033 144A</title>
        <cusip>62887TAL8</cusip>
        <identifiers>
          <isin value="US62887TAL89"/>
        </identifiers>
        <balance>2115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2122045.28000000</valUSD>
        <pctVal>0.296487495579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08718233</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2015-LC19 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2015-LC19 C MTG TR CSTR 02/10/2048</title>
        <cusip>200474BH6</cusip>
        <identifiers>
          <isin value="US200474BH60"/>
        </identifiers>
        <balance>1983025.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1876956.84000000</valUSD>
        <pctVal>0.262244278219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04567011</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS COMMERCIAL MORTGAGE TRUST 2018-C8</name>
        <lei>N/A</lei>
        <title>UBS COMMERCIAL MORTGAGE TRUST 2018-C8 CSTR 02/15/2051</title>
        <cusip>90276VAK5</cusip>
        <identifiers>
          <isin value="US90276VAK52"/>
        </identifiers>
        <balance>756000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>694882.09000000</valUSD>
        <pctVal>0.097087396074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04837337</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KRE COML MTG TR 2025-AIP4</name>
        <lei>N/A</lei>
        <title>KRE COML MTG TR 2025-AIP4 E TSFR1M+300 03/15/2030 144A</title>
        <cusip>50077KAJ7</cusip>
        <identifiers>
          <isin value="US50077KAJ79"/>
        </identifiers>
        <balance>2361165.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2363740.23000000</valUSD>
        <pctVal>0.330256581986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06627090</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="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
