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        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
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      <invstOrSec>
        <name>CAMB COML MTG TR 2019-LIFE</name>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.07876000</annualizedRt>
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      <invstOrSec>
        <name>GS MTG SECS CORP TR 2023-SHIP</name>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.08193480</annualizedRt>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2022-LP2</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.08434510</annualizedRt>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08343480</annualizedRt>
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      <invstOrSec>
        <name>BANK 2020-BN28</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US06540YBH18"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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        <name>MSWF COMMERCIAL MORTGAGE TRUST 23-2</name>
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        <identifiers>
          <isin value="US55361AAY01"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.06876101</annualizedRt>
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      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
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        <cusip>90269GAS0</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <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>
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        <lei>N/A</lei>
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        <identifiers>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03357000</annualizedRt>
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        <name>ELP COMMERCIAL MORTGAGE TRUST 2021-ELP</name>
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        <cusip>26863LAQ7</cusip>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <cusip>05609MDC6</cusip>
        <identifiers>
          <isin value="US05609MDC64"/>
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        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C49</name>
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        <cusip>95001WBG2</cusip>
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          <couponKind>Variable</couponKind>
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        <name>BBCMS Mortgage Trust 2022-C14</name>
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        <identifiers>
          <isin value="US07336AAE73"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isin value="US05613UAJ07"/>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>GS MTG SECS TR 2020-GC45</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6</name>
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        <cusip>61761DAU6</cusip>
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          <isin value="US61761DAU63"/>
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        <name>BMO 2023-C4 MTG TR</name>
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        <name>BFLD COML MTG TR 2024-UNIV</name>
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        <name>BARCLAYS COMMERCIAL MORTGAGE</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
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        <name>COMM 2015-DC1 MTG TR</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
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        <name>CONSOLIDATED COMMUNICATIONS LLC / FIDIUM FIBER FIN HOLDCO LLC</name>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
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          <couponKind>Variable</couponKind>
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        <name>IP 2025-IP MTG TR</name>
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          <couponKind>Variable</couponKind>
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          <couponKind>Variable</couponKind>
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        <name>MHC COML MTG TR 2021-MHC</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>SWITCH ABS ISSUER LLC</name>
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        <name>CAPITAL TR RE CDO 05-1 LTD COR</name>
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        <name>COMM 2018-HCLV MTG TR</name>
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        <name>BENCHMARK 2019-B14 MTG TR</name>
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        <name>COMM 2015-LC19 MTG TR</name>
        <lei>N/A</lei>
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        <name>TABERNA PFD FDG VI LTD / INC</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>HOME PARTNERS AMER 2019-1 TR</name>
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        <name>NXPT COML MTG TR</name>
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        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
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        <name>NNN REIT INC</name>
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        <name>CONE TR 2024-DFW1</name>
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        <name>PRM5 TR 2025-PRM5</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>VASA TR 2021-VASA</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
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        <name>FONTAINEBLEAU MIAMI BEACH BEACH MTG TR 2024-FBLU</name>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isin value="US05612TAL98"/>
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        <name>GS MTG SECS TR 2016-GS2</name>
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        <name>BBCMS MTG TR 2025-C32</name>
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        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
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        <name>AMERICAN HOMES 4 RENT LP</name>
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        <name>BENCHMARK 2018-B7 MTG TR</name>
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          <couponKind>Fixed</couponKind>
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        <name>HOME PARTNERS AMER 2021-2 TR</name>
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        <name>BBCMS MTG TR 2024-C24</name>
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          <couponKind>Fixed</couponKind>
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        <name>DTP COML MTG TR 2023-STE2</name>
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          <couponKind>Variable</couponKind>
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        <name>BENCHMARK 2022-B37 MTG TR</name>
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        <name>BPR COML MTG TR 2024-PK</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
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        <name>BX TR 2025-VLT6</name>
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        <name>BBCMS MTG TR 2020-C7</name>
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        <name>TIMES SQUARE HOTEL TR</name>
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        <name>BX COML MTG TR 2024-XL4</name>
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        <name>GS MTG SECS TR 2019-GC39</name>
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        <name>EQT TR 2024-EXTR</name>
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        <name>INTOWN 2025-STAY MTG TR</name>
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        <name>JPMDB COML MTG SECS TR 2019</name>
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        <name>WFCM 2022</name>
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          <couponKind>Fixed</couponKind>
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        <name>BX COML MTG TR 2024-XL5</name>
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        <cusip>05612GAJ2</cusip>
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        <name>LBA TR 2024-BOLT</name>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>CAPITAL TR RE CDO 05-1 LTD COR</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>CITIGROUP COML MTG TR 2022-GC48</name>
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        <name>MIRA TR 2023-MILE</name>
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        <identifiers>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CSMC 2019-UVIL</name>
        <lei>N/A</lei>
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        <name>WP GLIMCHER MALL TR 15-WPG</name>
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        <name>CITIGROUP COML MTG TR 2020-420K</name>
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        <name>WELLS FARGO COML MTG TR 2016-NXS6</name>
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        <name>BANK 2018-BNK10</name>
        <lei>N/A</lei>
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        <name>EQT TR 2024-EXTR</name>
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        <name>BX COML MTG TR 2024-VLT5</name>
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        <name>CD 2017-CD3 MTG TR</name>
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        <name>CREST DARTMOUTH STR 03 1 LTD</name>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6</name>
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          <couponKind>Variable</couponKind>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>BX TRUST 2024-FNX</name>
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        <name>BBCMS MTG TR 2025-5C33</name>
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          <couponKind>Fixed</couponKind>
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        <name>RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP</name>
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        <cusip>76134KAJ3</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
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        <name>COMM 2015-LC19 MTG TR</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Variable</couponKind>
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    </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>2025-06-30</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>
