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      <invstOrSec>
        <name>CONSTELLATION BRANDS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sound Point CLO LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Berry Global Inc</name>
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        <title>Berry Global, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810TA60"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-15</maturityDt>
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      <invstOrSec>
        <name>Zephyrus Capital Aviation Partners 2018-1 LLC</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MARRIOTT INTERNATIONAL</name>
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        <title>Marriott International, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>DOMINICAN REPUBLIC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-23</maturityDt>
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        <name>Chicago Board of Trade</name>
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        <name>CITIGROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Towd Point Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CIFC Funding Ltd</name>
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        <name>AHS Hospital Corp</name>
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        <name>ILLUMINA INC</name>
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        <title>Illumina, Inc.</title>
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        <name>Government National Mortgage Association</name>
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        <name>BNP Paribas SA</name>
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        <name>UNITED AIR 2016-2 A PTT</name>
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        <name>WILLIS NORTH AMERICA INC</name>
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        <title>Willis North America, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GLG Euro CLO</name>
        <lei>N/A</lei>
        <title>Man GLG Euro CLO</title>
        <cusip>000000000</cusip>
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          <isin value="XS2434798273"/>
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        <balance>299905.27000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>SANTANDER UK GROUP HLDGS</name>
        <lei>549300F5XIFGNNW4CF72</lei>
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        <curCd>USD</curCd>
        <valUSD>148803.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SW9</cusip>
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          <isin value="US912810SW99"/>
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        <balance>3100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2195308.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.88000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEASEPLAN CORPORATION NV</name>
        <lei>724500C60L930FVHS484</lei>
        <title>LeasePlan Corp. NV</title>
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          <isin value="US52206AAD28"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>187702.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.88000000</annualizedRt>
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      <invstOrSec>
        <name>MOTOROLA SOLUTIONS INC</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
        <title>Motorola Solutions, Inc.</title>
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          <isin value="US620076BT59"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>2.30000000</annualizedRt>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Future</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Bloomberg Identifier" value="BBG012FFK4Z5"/>
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        <balance>151.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1662747.28000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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                <indexName>CME E-mini Russell 2000 Index Futures</indexName>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31416NYW6</cusip>
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          <isin value="US31416NYW63"/>
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        <balance>1246.30000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1214.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Higher Education Assistance Agency</name>
        <lei>N/A</lei>
        <title>PHEAA Student Loan Trust</title>
        <cusip>69343VAA0</cusip>
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          <isin value="US69343VAA08"/>
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        <balance>97355.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96623.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.03000000</annualizedRt>
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      <invstOrSec>
        <name>KKR Financial CLO Ltd</name>
        <lei>549300C6QY0XRSC8FH09</lei>
        <title>KKR CLO 9 Ltd.</title>
        <cusip>48250LAW9</cusip>
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          <isin value="US48250LAW90"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243006.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.46000000</annualizedRt>
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      <invstOrSec>
        <name>DAE FUNDING LLC</name>
        <lei>635400SZTPQL3Y1P2C76</lei>
        <title>DAE Funding LLC</title>
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          <isin value="US23371DAJ37"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>182773.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.55000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TB4</cusip>
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          <isin value="US912810TB44"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>NYO Commercial Mortgage Trust</name>
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          <couponKind>Floating</couponKind>
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        <name>UMBS, TBA</name>
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        <issuerCat>USGSE</issuerCat>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RBG3</cusip>
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          <isin value="US29273RBG39"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RU4</cusip>
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          <isin value="US912810RU43"/>
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        <balance>1200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>MortgageIT Trust</name>
        <lei>N/A</lei>
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        <cusip>61915RAA4</cusip>
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          <isin value="US61915RAA41"/>
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        <balance>8093.57000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>Towd Point Mortgage Funding</name>
        <lei>635400655NWVVZHH1395</lei>
        <title>Towd Point Mortgage Funding PLC</title>
        <cusip>000000000</cusip>
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          <isin value="XS1968576568"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
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          <isin value="US912803FP35"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-15</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>JAZZ SECURITIES DAC</name>
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          <isin value="US47216FAA57"/>
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        <curCd>USD</curCd>
        <valUSD>172750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>Fannie Mae</name>
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          <isin value="US3138A7FZ64"/>
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        <balance>1333.41000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1303.22000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Transportation Commission State Highway Fund</name>
        <lei>N/A</lei>
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          <isin value="US88283LKV70"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>JP Morgan Mortgage Acquisition Corp</name>
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          <isin value="US46631KAE55"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank Securities, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <name>State Street Global Advisors</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>ROCKIES EXPRESS PIPELINE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED AIR 2016-1 AA PTT</name>
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        <name>Romark CLO Ltd</name>
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        <name>CREDIT SUISSE GROUP AG</name>
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        <name>Citibank N.A.</name>
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      <invstOrSec>
        <name>Sound Point CLO LTD</name>
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        <title>Sound Point CLO XVI Ltd.</title>
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        <invCountry>KY</invCountry>
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        <name>Citibank N.A.</name>
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        <name>United States Treasury</name>
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        <name>Carlyle Global Market Strategies</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>Brookfield Finance Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCH Limited</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US3140X7ST73"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3138WET25</cusip>
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          <isin value="US3138WET253"/>
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        <balance>55028.39000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50564.04000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>AVOLON HOLDINGS FNDG LTD</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401AAH4</cusip>
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          <isin value="US05401AAH41"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90471.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.88000000</annualizedRt>
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      <invstOrSec>
        <name>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
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          <isin value="US780097BG51"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>273232.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.89000000</annualizedRt>
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      <invstOrSec>
        <name>Woodside Finance Ltd</name>
        <lei>254900AIZKU6TGRRNZ98</lei>
        <title>Woodside Finance Ltd.</title>
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          <isin value="US980236AM52"/>
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        <curCd>USD</curCd>
        <valUSD>9520.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US31416WL671"/>
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        <valUSD>1000.34000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>UNICREDIT SPA</name>
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        <title>UniCredit SpA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BANK OF AMERICA CORP</name>
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        <title>Bank of America Corp.</title>
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          <couponKind>Fixed</couponKind>
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        <name>Spirit AeroSystems Inc</name>
        <lei>ZD2NBKV6GCC3UMGBM518</lei>
        <title>Spirit AeroSystems, Inc.</title>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Royal Bank of Canada</name>
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        <name>UMBS, TBA</name>
        <lei>N/A</lei>
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        <name>DISCOVERY COMMUNICATIONS</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>Discovery Communications LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Venture CDO Ltd</name>
        <lei>N/A</lei>
        <title>Venture 38 CLO Ltd.</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Extended Stay America Trust</name>
        <lei>N/A</lei>
        <title>Extended Stay America Trust</title>
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          <isin value="US30227FAA84"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-15</maturityDt>
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          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CAP CORP</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Worldwide Plaza Trust</name>
        <lei>N/A</lei>
        <title>Worldwide Plaza Trust</title>
        <cusip>98162JAA4</cusip>
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          <isin value="US98162JAA43"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>429305.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SPIRIT AIR 2015-1 PTT A</name>
        <lei>N/A</lei>
        <title>Spirit Airlines Pass-Through Trust</title>
        <cusip>84858DAA6</cusip>
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          <isin value="US84858DAA63"/>
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        <balance>63566.25000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54992.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>MLCC Mortgage Investors Inc</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
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          <isin value="US589929K567"/>
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        <balance>57512.76000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54622.64000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>KKR GROUP FINAN CO XII</name>
        <lei>N/A</lei>
        <title>KKR Group Finance Co. XII LLC</title>
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          <isin value="US48255GAA31"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183930.71000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>La Hipotecaria SA</name>
        <lei>N/A</lei>
        <title>La Hipotecaria El Salvadorian Mortgage Trust</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.36000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796V55</cusip>
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          <isin value="US912796V557"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-13</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>MOODY'S CORPORATION</name>
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        <title>Moody's Corp.</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>Future</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Louisiana Loc Govt Envrnmntl Fac &amp; Cmnty Dev Auth</name>
        <lei>5493004WIZ1HV87IVF85</lei>
        <title>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</title>
        <cusip>54627RAN0</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-01</maturityDt>
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          <annualizedRt>4.28000000</annualizedRt>
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      <invstOrSec>
        <name>SANDS CHINA LTD</name>
        <lei>549300EVO6UZDGY05787</lei>
        <title>Sands China Ltd.</title>
        <cusip>80007RAK1</cusip>
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          <isin value="US80007RAK14"/>
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        <balance>300000.00000000</balance>
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        <valUSD>255323.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RAJ8</cusip>
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          <isin value="US29273RAJ86"/>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>902613AS7</cusip>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>379342.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>AIB Group PLC</name>
        <lei>635400AKJBGNS5WNQL34</lei>
        <title>AIB Group PLC</title>
        <cusip>00135TAA2</cusip>
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        <balance>200000.00000000</balance>
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        <name>NISSAN MOTOR CO</name>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Fortress CBO Investments Ltd</name>
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        <name>Freddie Mac</name>
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        <name>Tencent Holdings Ltd</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>FRESENIUS MED CARE III</name>
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        <name>GLOBE LIFE INC</name>
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        <name>BMO Harris Bank NA</name>
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        <name>Republic of Peru</name>
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        <name>Chicago Board of Trade</name>
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        <name>Intercontinental Exchange, Inc.</name>
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        <title>DAE Funding LLC</title>
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          <isin value="US23371DAF15"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>182967.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.63000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL RETAIL PROP INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>National Retail Properties, Inc.</title>
        <cusip>637417AM8</cusip>
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          <isin value="US637417AM83"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248835.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Starwood Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Starwood Ltd.</title>
        <cusip>78485KAA3</cusip>
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          <isin value="US78485KAA34"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>291910.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.64000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REPUBLIC OF PERU</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Peruvian Government International Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USP78024AE96"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="PEN" exchangeRt="3.98370000"/>
        <valUSD>153716.57000000</valUSD>
        <pctVal>0.059560317749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.94000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AEP TEXAS INC</name>
        <lei>5493001L78U618KXNZ75</lei>
        <title>AEP Texas, Inc.</title>
        <cusip>00108WAQ3</cusip>
        <identifiers>
          <isin value="US00108WAQ33"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91389.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHRISTUS HEALTH</name>
        <lei>OQUVMAC1TV7BMO6XVW61</lei>
        <title>CHRISTUS Health</title>
        <cusip>17108JAA1</cusip>
        <identifiers>
          <isin value="US17108JAA16"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>186999.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.34000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Swap</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="SWU0EQ377"/>
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        <balance>800000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>199829.99000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <other otherDesc="N/A" value="N/A"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ICE Libor USD 3 Months" floatingRtSpread="0.00000000" pmntAmt="1170.70000000">
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                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
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            <upfrontRcpt>-25193.19000000</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>225023.18000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NIAGARA MOHAWK POWER</name>
        <lei>3T97Y9RR5EN5Y18QHB56</lei>
        <title>Niagara Mohawk Power Corp.</title>
        <cusip>65364UAE6</cusip>
        <identifiers>
          <isin value="US65364UAE64"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76480.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fremont Home Loan Trust</name>
        <lei>N/A</lei>
        <title>Fremont Home Loan Trust</title>
        <cusip>35729PJF8</cusip>
        <identifiers>
          <isin value="US35729PJF80"/>
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        <balance>150895.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145133.39000000</valUSD>
        <pctVal>0.056234606486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DBUBS Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DBUBS Mortgage Trust</title>
        <cusip>23305JAA0</cusip>
        <identifiers>
          <isin value="US23305JAA07"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>566214.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SD1</cusip>
        <identifiers>
          <isin value="US912810SD19"/>
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        <balance>620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525038.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31368HNM1</cusip>
        <identifiers>
          <isin value="US31368HNM15"/>
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        <balance>79237.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77712.02000000</valUSD>
        <pctVal>0.030110954233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565ASK0</cusip>
        <identifiers>
          <isin value="US05565ASK06"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128039.02000000</valUSD>
        <pctVal>0.049611077813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>PENNYMAC FIN SVCS INC</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PennyMac Financial Services, Inc.</title>
        <cusip>70932MAA5</cusip>
        <identifiers>
          <isin value="US70932MAA53"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85496.00000000</valUSD>
        <pctVal>0.033127000728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3138A4X75</cusip>
        <identifiers>
          <isin value="US3138A4X754"/>
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        <balance>2275.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2237.92000000</valUSD>
        <pctVal>0.000867123344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BELL CANADA</name>
        <lei>549300JYAVAQRV5MNZ86</lei>
        <title>Bell Telephone Co. of Canada or Bell Canada</title>
        <cusip>0778FPAB5</cusip>
        <identifiers>
          <isin value="US0778FPAB50"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79504.27000000</valUSD>
        <pctVal>0.030805394523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LCM Ltd Partnership</name>
        <lei>549300FY8UGGJMQNCO13</lei>
        <title>LCM XXV Ltd.</title>
        <cusip>50189PAY8</cusip>
        <identifiers>
          <isin value="US50189PAY88"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>291885.30000000</valUSD>
        <pctVal>0.113096338373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LFT CRE 2021-FL1, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Helios Leasing I LLC</name>
        <lei>549300H2L807705NLV88</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIBERTY UTILITIES FIN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LCH Limited</name>
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        <name>GEORGIA POWER CO</name>
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        <name>BOEING CO</name>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Banc of America Merrill Lynch Large Loan Inc</name>
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        <name>TAGUA LEASING LLC</name>
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        <name>Chicago Board of Trade</name>
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        <name>United States Treasury</name>
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        <name>HSBC Bank PLC</name>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Credit Suisse First Boston Mortgage Securities Corp.</title>
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          <isin value="US22541SRP55"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CGI INC</name>
        <lei>549300WSRCZY73ZG3090</lei>
        <title>CGI, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BOARDWALK PIPELINES LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <name>SOUTHERN CAL EDISON</name>
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        <title>Southern California Edison Co.</title>
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        <name>NORTHSTAR EDUCATION FINANCE, INC.</name>
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        <title>Northstar Education Finance, Inc.</title>
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      <invstOrSec>
        <name>HarborView Mortgage Loan Trust</name>
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        <name>Encore Credit Receivables Trust</name>
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        <name>SEAGATE HDD CAYMAN</name>
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        <name>Duke Energy Florida LLC</name>
        <lei>7MOHLM3DKE63RX2ZCN83</lei>
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        <name>AVOLON HOLDINGS FNDG LTD</name>
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        <name>Morgan Stanley BAML Trust</name>
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        <name>AVIATION CAPITAL GROUP</name>
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        <title>Aviation Capital Group LLC</title>
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        <name>BIG Commercial Mortgage Trust 2022-BIG</name>
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        <name>MASTR Alternative Loans Trust</name>
        <lei>N/A</lei>
        <title>MASTR Alternative Loan Trust</title>
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      <invstOrSec>
        <name>Ashford Hospitality Trust</name>
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      <invstOrSec>
        <name>Arbor Realty Collateralized Loan Obligation Ltd</name>
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        <name>Citibank N.A.</name>
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        <name>Independence Plaza Trust</name>
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        <name>UDR INC</name>
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        <name>Merrill Lynch Mortgage Investors Trust</name>
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        <name>Intercontinental Exchange, Inc.</name>
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        <name>Freddie Mac</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>Sound Point CLO LTD</name>
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        <name>COMM Mortgage Trust</name>
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        <name>WAMU Mortgage Pass-Through Certificates</name>
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        <name>DELL INT LLC / EMC CORP</name>
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        <name>Northwell Healthcare Inc</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Citibank N.A.</name>
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        <name>American Tower Corp</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>Chicago Board of Trade</name>
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        <name>Mill City Mortgage Trust</name>
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      <invstOrSec>
        <name>Citibank N.A.</name>
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        <name>Province of Quebec</name>
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        <name>BNP Paribas SA</name>
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        <name>Flex Ltd</name>
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        <name>United States Treasury</name>
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        <name>Carlyle Global Market Strategies</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>LoanCore 2022-CRE7 Issuer Ltd.</name>
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        <name>Barings CLO Ltd</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>Bay Area Toll Authority</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>Residential Asset Mortgage Products, INC.</name>
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        <debtSec>
          <maturityDt>2035-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.06000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Georgia Power Co</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co.</title>
        <cusip>373334JW2</cusip>
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          <isin value="US373334JW27"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79967.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Money Management Corporation</name>
        <lei>549300YZO1X7UK2OVY35</lei>
        <title>AMMC CLO XII Ltd.</title>
        <cusip>00176CAW1</cusip>
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          <isin value="US00176CAW10"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>683718.70000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.86000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TC2</cusip>
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          <isin value="US912810TC27"/>
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        <balance>3200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2290750.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ChaseFlex Trust</name>
        <lei>549300B1U8MKA7ONX421</lei>
        <title>ChaseFlex Trust</title>
        <cusip>16165WAA4</cusip>
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          <isin value="US16165WAA45"/>
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        <balance>114381.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112314.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.64000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. REMICS</title>
        <cusip>3137BLD88</cusip>
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          <isin value="US3137BLD886"/>
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        <balance>299752.27000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296795.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.22000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bacardi Ltd</name>
        <lei>549300R32WTQNHNN5055</lei>
        <title>Bacardi Ltd.</title>
        <cusip>067316AF6</cusip>
        <identifiers>
          <isin value="US067316AF68"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>93456.81000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31419BCW3</cusip>
        <identifiers>
          <isin value="US31419BCW37"/>
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        <balance>1928.97000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1890.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMER AIRLINE 16-3 AA PTT</name>
        <lei>N/A</lei>
        <title>American Airlines Pass-Through Trust</title>
        <cusip>023771R91</cusip>
        <identifiers>
          <isin value="US023771R919"/>
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        <balance>149357.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128999.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN DIEGO G &amp; E</name>
        <lei>KNIRVXKVNJJ4P8OTMS63</lei>
        <title>San Diego Gas &amp; Electric Co.</title>
        <cusip>797440BZ6</cusip>
        <identifiers>
          <isin value="US797440BZ64"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77000.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SMB Private Education Loan Trust</name>
        <lei>5493008SQ2WS8HE83M61</lei>
        <title>SMB Private Education Loan Trust</title>
        <cusip>78449GAC3</cusip>
        <identifiers>
          <isin value="US78449GAC33"/>
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        <balance>147600.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>147275.27000000</valUSD>
        <pctVal>0.057064517363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.27000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VMC Finance LLC</name>
        <lei>549300QK6J0UZ3WZJ014</lei>
        <title>VMC Finance LLC</title>
        <cusip>91835BAA3</cusip>
        <identifiers>
          <isin value="US91835BAA35"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247797.50000000</valUSD>
        <pctVal>0.096013707809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.18000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PACIFIC GAS &amp; ELECTRIC</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas &amp; Electric Co.</title>
        <cusip>694308HM2</cusip>
        <identifiers>
          <isin value="US694308HM22"/>
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        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99210.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Peruvian Government International Bonds</title>
        <cusip>715638BX9</cusip>
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          <isin value="US715638BX94"/>
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        <balance>600000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.94000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MidOcean Credit CLO</name>
        <lei>549300EKSLXKVD2RWW61</lei>
        <title>MidOcean Credit CLO II</title>
        <cusip>59863KAS6</cusip>
        <identifiers>
          <isin value="US59863KAS69"/>
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        <balance>221275.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216378.03000000</valUSD>
        <pctVal>0.083839655157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.84000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PERUSAHAAN PENERBIT SBSN</name>
        <lei>254900G208H6Q0L5B953</lei>
        <title>Perusahaan Penerbit SBSN Indonesia III</title>
        <cusip>71567PAU4</cusip>
        <identifiers>
          <isin value="US71567PAU49"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>192026.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F0306B9</cusip>
        <identifiers>
          <isin value="US01F0306B93"/>
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        <balance>5700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4961864.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMER AIRLN 13-1 A PASS T</name>
        <lei>N/A</lei>
        <title>American Airlines Pass-Through Trust</title>
        <cusip>023772AB2</cusip>
        <identifiers>
          <isin value="US023772AB21"/>
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        <balance>43648.49000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37320.64000000</valUSD>
        <pctVal>0.014460569716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F0606A8</cusip>
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          <isin value="US01F0606A83"/>
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        <balance>1100000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Spirit AeroSystems Inc</name>
        <lei>ZD2NBKV6GCC3UMGBM518</lei>
        <title>Spirit AeroSystems, Inc.</title>
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          <isin value="US85205TAG58"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87913.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENEL FINANCE INTL NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185909.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Swap</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="SWU01AWM1"/>
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        <balance>700000.00000000</balance>
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        <descOthUnits>Notional Amount</descOthUnits>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HACKENSACK MERIDIAN HLTH</name>
        <lei>5493001CB3OCWTEJY668</lei>
        <title>Hackensack Meridian Health, Inc.</title>
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          <isin value="US404530AA50"/>
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        <curCd>USD</curCd>
        <valUSD>87498.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF IRELAND GROUP</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group PLC</title>
        <cusip>06279JAA7</cusip>
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          <isin value="US06279JAA79"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>294588.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565AM34</cusip>
        <identifiers>
          <isin value="US05565AM341"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>276840.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TPG Real Estate Finance</name>
        <lei>N/A</lei>
        <title>TRTX Issuer Ltd.</title>
        <cusip>87277JAA9</cusip>
        <identifiers>
          <isin value="US87277JAA97"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>293964.54000000</valUSD>
        <pctVal>0.113901978228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.94000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SUMITOMO MITSUI FINL GRP</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group, Inc.</title>
        <cusip>86562MCB4</cusip>
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          <isin value="US86562MCB46"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>306239.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.13000000</annualizedRt>
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      <invstOrSec>
        <name>TCW CLO</name>
        <lei>N/A</lei>
        <title>TCW CLO Ltd.</title>
        <cusip>87240UAR1</cusip>
        <identifiers>
          <isin value="US87240UAR14"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97747.30000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association REMICS</title>
        <cusip>3136ACHM6</cusip>
        <identifiers>
          <isin value="US3136ACHM69"/>
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        <balance>99919.98000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5886.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Essex Portfolio LP</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>Essex Portfolio LP</title>
        <cusip>29717PAT4</cusip>
        <identifiers>
          <isin value="US29717PAT49"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>271790.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>ROMANIA</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>Romania Government International Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2331742036"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.02035600"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>BROOKLYN UNION GAS CO</name>
        <lei>83BQ1DXS6VA5GZFK8S35</lei>
        <title>Brooklyn Union Gas Co.</title>
        <cusip>114259AV6</cusip>
        <identifiers>
          <isin value="US114259AV67"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>188326.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
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      <invstOrSec>
        <name>BRIGHTHOUSE HLDGS LLC</name>
        <lei>N/A</lei>
        <title>Brighthouse Holdings LLC</title>
        <cusip>10924BAA5</cusip>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89000.00000000</valUSD>
        <pctVal>0.034484690100</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Vibrant CLO Ltd</name>
        <lei>549300WOQQ4NNX4VIU97</lei>
        <title>Vibrant CLO VI Ltd.</title>
        <cusip>92558EAJ1</cusip>
        <identifiers>
          <isin value="US92558EAJ10"/>
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        <balance>156067.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152911.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.48000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TARGA RESOURCES PARTNERS</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners LP/Targa Resources Partners Finance Corp.</title>
        <cusip>87612BBU5</cusip>
        <identifiers>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82470.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
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        <name>Vibrant CLO Ltd</name>
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        <name>Fannie Mae</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Freddie Mac</name>
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        <name>SOCIETE GENERALE</name>
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          <maturityDt>2052-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VIRTUSA CORPORATION</name>
        <lei>C77OMXDER63WLJCSKT03</lei>
        <title>Virtusa Corp.</title>
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        <balance>98500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>93944.38000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-11</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SA7</cusip>
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          <isin value="US912810SA79"/>
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        <balance>1050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>884912.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>American Money Management Corporation</name>
        <lei>549300I1YCI83LUUYL82</lei>
        <title>AMMC CLO 16 Ltd.</title>
        <cusip>00176JAT3</cusip>
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          <isin value="US00176JAT34"/>
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        <balance>105137.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103890.69000000</valUSD>
        <pctVal>0.040254362347</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.46000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHERN STATES PWR-MINN</name>
        <lei>3S1GHB0TEH85KX44SB51</lei>
        <title>Northern States Power Co.</title>
        <cusip>665772CV9</cusip>
        <identifiers>
          <isin value="US665772CV98"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87777.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PARK AEROSPACE HOLDINGS</name>
        <lei>635400CPI3EOIFF6OC33</lei>
        <title>Park Aerospace Holdings Ltd.</title>
        <cusip>70014LAB6</cusip>
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          <isin value="US70014LAB62"/>
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        <balance>28000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27335.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>Purchased USD / Sold DKK</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="22HWKBBQQK3"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="DKK" exchangeRt="7.58492242"/>
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        <pctVal>0.000742052410</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Goldman Sachs Bank USA</counterpartyName>
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            <amtCurSold>710000.00000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967JT9</cusip>
        <identifiers>
          <isin value="US172967JT97"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>729552.52000000</valUSD>
        <pctVal>0.282678568133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc.</title>
        <cusip>38141GVX9</cusip>
        <identifiers>
          <isin value="US38141GVX95"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>298190.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.54000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>Charter Communications Operating LLC/Charter Communications Operating Capital</title>
        <cusip>161175BT0</cusip>
        <identifiers>
          <isin value="US161175BT05"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>144296.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810ST6</cusip>
        <identifiers>
          <isin value="US912810ST60"/>
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        <balance>7180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4642318.75000000</valUSD>
        <pctVal>1.798751948756</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.38000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entergy Mississippi LLC</name>
        <lei>54930043I78H35DVVW89</lei>
        <title>Entergy Mississippi LLC</title>
        <cusip>29364NAT5</cusip>
        <identifiers>
          <isin value="US29364NAT54"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>610548.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
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        <name>NISSAN MOTOR ACCEPTANCE</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>Nissan Motor Acceptance Co. LLC</title>
        <cusip>654740BS7</cusip>
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          <isin value="US654740BS71"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84602.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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          <isin value="US46647PCJ30"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>162233.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.07000000</annualizedRt>
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      <invstOrSec>
        <name>Apidos CLO</name>
        <lei>549300EW146C7Q4UV387</lei>
        <title>Apidos CLO XXVII</title>
        <cusip>03767JAF2</cusip>
        <identifiers>
          <isin value="US03767JAF21"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>244559.25000000</valUSD>
        <pctVal>0.094758988172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.67000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bayer US Finance II LLC</name>
        <lei>529900XWNEXYNJ3X6T40</lei>
        <title>Bayer U.S. Finance II LLC</title>
        <cusip>07274NAN3</cusip>
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          <isin value="US07274NAN30"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496564.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI Properties LP</title>
        <cusip>925650AA1</cusip>
        <identifiers>
          <isin value="US925650AA17"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190428.00000000</valUSD>
        <pctVal>0.073784837824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>225401AC2</cusip>
        <identifiers>
          <isin value="US225401AC20"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254793.89000000</valUSD>
        <pctVal>0.098724588045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.28000000</annualizedRt>
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      <invstOrSec>
        <name>UMBS, TBA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTHWESTERN ELEC POWER</name>
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        <title>Southwestern Electric Power Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEUTSCHE BANK NY</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-22</maturityDt>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN BANK</name>
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        <title>Federal Home Loan Banks</title>
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        <balance>1800000.00000000</balance>
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        <valUSD>1799995.88000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-06</maturityDt>
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      <invstOrSec>
        <name>DROP Mortgage Trust 2021-FILE</name>
        <lei>N/A</lei>
        <title>DROP Mortgage Trust</title>
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          <isin value="US26210YAA47"/>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-15</maturityDt>
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          <annualizedRt>3.97000000</annualizedRt>
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      <invstOrSec>
        <name>Alabama Power Co</name>
        <lei>0RL818ELFOHP5JHOFU19</lei>
        <title>Alabama Power Co.</title>
        <cusip>010392FL7</cusip>
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          <isin value="US010392FL70"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>161972.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates</title>
        <cusip>3137FG6Q3</cusip>
        <identifiers>
          <isin value="US3137FG6Q37"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>560699.22000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.34000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QQ4</cusip>
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          <isin value="US912810QQ40"/>
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        <balance>1900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1990546.88000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
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      <invstOrSec>
        <name>OZLM Ltd</name>
        <lei>54930042UBEHLEPQ4B17</lei>
        <title>OZLM XVI Ltd.</title>
        <cusip>67111KAJ9</cusip>
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        <balance>200000.00000000</balance>
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        <valUSD>194699.40000000</valUSD>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-16</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TF5</cusip>
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          <isin value="US912810TF57"/>
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        <balance>900000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2042-02-15</maturityDt>
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          <annualizedRt>2.38000000</annualizedRt>
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        <name>SVB FINANCIAL GROUP</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group</title>
        <cusip>78486QAR2</cusip>
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        <balance>200000.00000000</balance>
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        <valUSD>185979.83000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-29</maturityDt>
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          <annualizedRt>4.35000000</annualizedRt>
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        <name>MIZUHO FINANCIAL GROUP</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
        <title>Mizuho Financial Group, Inc.</title>
        <cusip>60687YBP3</cusip>
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        <balance>200000.00000000</balance>
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        <invCountry>JP</invCountry>
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        <name>BRITISH AIR 18-1 AA PTT</name>
        <lei>2549007HITOHPGVGUX03</lei>
        <title>British Airways Pass-Through Trust</title>
        <cusip>11042TAA1</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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          <maturityDt>2031-09-20</maturityDt>
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          <annualizedRt>3.80000000</annualizedRt>
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        <name>LEVEL 3 FINANCING INC</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>Level 3 Financing, Inc.</title>
        <cusip>527298BQ5</cusip>
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        <balance>200000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Oracle Corp</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-05-15</maturityDt>
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          <annualizedRt>2.95000000</annualizedRt>
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      <invstOrSec>
        <name>LIBERTY MUTUAL GROUP INC</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>Liberty Mutual Group, Inc.</title>
        <cusip>53079EBN3</cusip>
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        <balance>200000.00000000</balance>
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        <valUSD>172419.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pennsylvania Electric Co</name>
        <lei>O1PLQWO3TX952VMBJ146</lei>
        <title>Pennsylvania Electric Co.</title>
        <cusip>708696BZ1</cusip>
        <identifiers>
          <isin value="US708696BZ13"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>355773.06000000</valUSD>
        <pctVal>0.137850828315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCM Ltd Partnership</name>
        <lei>549300HV40B88JRNJD93</lei>
        <title>LCM XV LP</title>
        <cusip>50184NAR3</cusip>
        <identifiers>
          <isin value="US50184NAR35"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243678.75000000</valUSD>
        <pctVal>0.094417822221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.71000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA PUBLIC SERVICE</name>
        <lei>YG6VT0TPHRH4TFVAQV64</lei>
        <title>Arizona Public Service Co.</title>
        <cusip>040555DC5</cusip>
        <identifiers>
          <isin value="US040555DC57"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57138.40000000</valUSD>
        <pctVal>0.022139326031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>Swaption</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="31750JUW3"/>
        </identifiers>
        <balance>-1500000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1469.00000000</valUSD>
        <pctVal>-0.00056919112</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>Intercontinental Exchange, Inc.</counterpartyName>
                    <counterpartyLei>5493000F4ZO33MV32P92</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Intercontinental Exchange, Inc.</name>
                    <lei>5493000F4ZO33MV32P92</lei>
                    <title>CDX Swap</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="OP001VGZ6E"/>
                    </identifiers>
                    <balance>1500000.00000000</balance>
                    <units>OU</units>
                    <descOthUnits>Notional Amount</descOthUnits>
                    <curCd>N/A</curCd>
                    <valUSD>-1469.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DCR</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <indexBasketInfo>
                      <indexName>CDX.NA.IG.S38</indexName>
                      <indexIdentifier>2I65BYEA9</indexIdentifier>
                    </indexBasketInfo>
                  </descRefInstrmnt>
                  <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
                  <otherPmntDesc fixedOrFloating="Other">sell protection</otherPmntDesc>
                  <terminationDt>2027-06-20</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>N/A</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>N/A</rcptCurCd>
                  <notionalAmt>1500000.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>1.40000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-11-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>76.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Swap</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU01BFW6"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>183506.17000000</valUSD>
        <pctVal>0.071102847234</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ICE Libor USD 3 Months" floatingRtSpread="0.00000000" pmntAmt="5703.27000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-2944.33000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.45000000"/>
            <terminationDt>2031-07-16</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>183506.17000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-10-31</ncom:dateSigned>
      <ncom:nameOfApplicant>TRANSAMERICA SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>Vincent Toner</ncom:signature>
      <ncom:signerName>Vincent Toner</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
