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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>Ares LII CLO Ltd.</name>
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        <name>FNMA</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <name>Beacon Roofing Supply, Inc.</name>
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        <name>Electricite de France SA</name>
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        <name>Nexstar Broadcasting, Inc.</name>
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        <name>N/A</name>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>Ashton Woods USA LLC / Ashton Woods Finance Co.</name>
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        <name>MPLX LP</name>
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        <name>Voya CLO Ltd.</name>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>36179VX47</cusip>
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        <issuerCat>USGA</issuerCat>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Octagon Investment Partners XVII Ltd.</name>
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        <name>FNMA</name>
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        <name>Flex Ltd.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-HQA2, Class M3</title>
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        <name>Republic of Peru</name>
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        <title>Republic of Peru</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
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        <name>Kazakhstan Temir Zholy Finance BV</name>
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        <name>HPS Loan Management Ltd.</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>Westinghouse Air Brake Technologies Corp.</name>
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        <name>United States of America</name>
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        <issuerCat>UST</issuerCat>
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        <name>Lending Club Corp. LCX PM</name>
        <lei>549300YC50YO7Y1OJR92</lei>
        <title>Lending Club Corp. LCX PM, Marketplace Loan</title>
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        <name>LCM XXII Ltd.</name>
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        <invCountry>KY</invCountry>
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        <name>Berkshire Hathaway Energy Co.</name>
        <lei>549300JD0S5IZJE9LY15</lei>
        <title>Berkshire Hathaway Energy Co.</title>
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        <invCountry>US</invCountry>
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        <name>Voya CLO Ltd.</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Fiserv, Inc.</name>
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        <name>City &amp; County Honolulu HI Wastewater System Revenue</name>
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        <name>National Retail Properties, Inc.</name>
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        <name>Highbridge Loan Management Ltd.</name>
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        <name>Murphy Oil USA, Inc.</name>
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        <name>Blackrock European CLO IX DAC</name>
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        <name>CF Hippolyta LLC</name>
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        <name>Altria Group, Inc.</name>
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        <title>Altria Group, Inc.</title>
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        <name>FNMA</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Greenville City School District</name>
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        <name>Octagon Investment Partners 18-R Ltd.</name>
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        <name>GNMA</name>
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        <name>AMMC CLO XI Ltd.</name>
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        <name>CLUB Certificate Issuer Trust 1</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Millennium Laboratories Ltd.</name>
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        <name>FNMA</name>
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        <name>Presidio Holdings, Inc.</name>
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        <name>Harbor Park CLO 18-1 Ltd.</name>
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        <name>Long Point Park CLO Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>FNMA</name>
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        <name>BOFA SECURITIES INC .</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Ukraine</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Comcast Corp.</name>
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        <title>Comcast Corp.</title>
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        <name>Provident Funding Mortgage Trust</name>
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        <name>BCC Middle Market CLO LLC</name>
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        <name>FHLMC Stacr Remic Trust</name>
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        <name>Franklin Liberty Senior Loan ETF</name>
        <lei>549300I3TND36ZL4CK30</lei>
        <title>Franklin Liberty Senior Loan ETF</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>AMMC CLO 21 Ltd.</name>
        <lei>549300DYK366J47FIO80</lei>
        <title>AMMC CLO 21 Ltd., Series 2017-21A, Class C</title>
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        <invCountry>KY</invCountry>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31400WGZ7</cusip>
        <identifiers>
          <isin value="US31400WGZ77"/>
          <other otherDesc="Inhouse Asset ID" value="290710"/>
        </identifiers>
        <balance>17303.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19389.50000000</valUSD>
        <pctVal>0.000374465345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCM 26 Ltd.</name>
        <lei>N/A</lei>
        <title>LCM 26 Ltd., Series 26A, Class B</title>
        <cusip>50200FAE9</cusip>
        <identifiers>
          <isin value="US50200FAE97"/>
          <other otherDesc="Inhouse Asset ID" value="681262"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1991085.68000000</valUSD>
        <pctVal>0.038453420021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.58825160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>31292GYH3</cusip>
        <identifiers>
          <isin value="US31292GYH37"/>
          <other otherDesc="Inhouse Asset ID" value="274860"/>
        </identifiers>
        <balance>4159.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4726.05000000</valUSD>
        <pctVal>0.000091273212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 15 Year</title>
        <cusip>3140QE5Z1</cusip>
        <identifiers>
          <isin value="US3140QE5Z17"/>
          <other otherDesc="Inhouse Asset ID" value="1126427"/>
        </identifiers>
        <balance>1297912.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1346512.03000000</valUSD>
        <pctVal>0.026004904345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
        <cusip>136385AX9</cusip>
        <identifiers>
          <isin value="US136385AX99"/>
          <other otherDesc="Inhouse Asset ID" value="666835"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10945310.00000000</valUSD>
        <pctVal>0.211384475775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>36179VZQ6</cusip>
        <identifiers>
          <isin value="US36179VZQ66"/>
          <other otherDesc="Inhouse Asset ID" value="1124299"/>
        </identifiers>
        <balance>2563356.56000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2617360.66000000</valUSD>
        <pctVal>0.050548537321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Galaxy XXVII CLO Ltd.</name>
        <lei>549300GJYHKO4BDEN716</lei>
        <title>Galaxy XXVII CLO Ltd., Series 2018-27A, Class A</title>
        <cusip>36320UAC4</cusip>
        <identifiers>
          <isin value="US36320UAC45"/>
          <other otherDesc="Inhouse Asset ID" value="687872"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000450.99000000</valUSD>
        <pctVal>0.019321500081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.21375080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banque Centrale de Tunisie International Bond</name>
        <lei>254900B5LFB16S9T2T11</lei>
        <title>Banque Centrale de Tunisie</title>
        <cusip>066716AH4</cusip>
        <identifiers>
          <isin value="US066716AH49"/>
          <other otherDesc="Inhouse Asset ID" value="1131064"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7526704.00000000</valUSD>
        <pctVal>0.145361655298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CAB7</cusip>
        <identifiers>
          <isin value="US91282CAB72"/>
          <other otherDesc="Inhouse Asset ID" value="1096473"/>
        </identifiers>
        <balance>90000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88419726.90000000</valUSD>
        <pctVal>1.707631635739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="697092"/>
        </identifiers>
        <balance>7800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>419251.21000000</valUSD>
        <pctVal>0.008096910662</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Carnival Corp.</issuerName>
                <issueTitle>Carnival Corp.</issueTitle>
                <identifiers>
                  <cusip value="143658AH5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Payout of notional amount upon default event with regard to the reference instrument</otherPmntDesc>
            <terminationDt>2025-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>1131636.21000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7800000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>419251.21000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
        <lei>N/A</lei>
        <title>Consumer Loan Underlying Bond Certificate Issuer Trust I, Series 2019-52, Class PT</title>
        <cusip>21056JAA5</cusip>
        <identifiers>
          <isin value="US21056JAA51"/>
          <other otherDesc="Inhouse Asset ID" value="1034281"/>
        </identifiers>
        <balance>5040072.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5017383.10000000</valUSD>
        <pctVal>0.096899667196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>17.04743280</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Willis North America, Inc.</name>
        <lei>5493004KVU1HWZCP0C66</lei>
        <title>Willis North America, Inc.</title>
        <cusip>970648AJ0</cusip>
        <identifiers>
          <isin value="US970648AJ01"/>
          <other otherDesc="Inhouse Asset ID" value="1073488"/>
        </identifiers>
        <balance>4600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4823302.58000000</valUSD>
        <pctVal>0.093151430830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>FNMA or FHLMC, Single Family, 30 Year</title>
        <cusip>01F022659</cusip>
        <identifiers>
          <isin value="US01F0226591"/>
          <other otherDesc="Inhouse Asset ID" value="1060207"/>
        </identifiers>
        <balance>357349000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>370749583.93000000</valUSD>
        <pctVal>7.160208933603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cencosud SA</name>
        <lei>549300NLTGCFV7482429</lei>
        <title>Cencosud SA</title>
        <cusip>15132HAH4</cusip>
        <identifiers>
          <isin value="US15132HAH49"/>
          <other otherDesc="Inhouse Asset ID" value="670031"/>
        </identifiers>
        <balance>9700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10787952.58000000</valUSD>
        <pctVal>0.208345464935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prosper Pass-Thru Trust III</name>
        <lei>N/A</lei>
        <title>Prosper Pass-Thru Trust III, Series 2020-PT3, Class A</title>
        <cusip>74360NAC2</cusip>
        <identifiers>
          <isin value="US74360NAC20"/>
          <other otherDesc="Inhouse Asset ID" value="1058439"/>
        </identifiers>
        <balance>1238593.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1249765.29000000</valUSD>
        <pctVal>0.024136454853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.18293960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Los Angeles Community College District</name>
        <lei>N/A</lei>
        <title>Los Angeles Community College District</title>
        <cusip>54438CYP1</cusip>
        <identifiers>
          <isin value="US54438CYP12"/>
          <other otherDesc="Inhouse Asset ID" value="1121117"/>
        </identifiers>
        <balance>3050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3070299.28000000</valUSD>
        <pctVal>0.059296045865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
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      <invstOrSec>
        <name>FHLMC</name>
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      <invstOrSec>
        <name>Citigroup Capital XIII</name>
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      <invstOrSec>
        <name>MPLX LP</name>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US36179VVZ02"/>
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        <issuerCat>USGA</issuerCat>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
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        <name>Federal Republic of Nigeria</name>
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        <title>Federal Republic of Nigeria</title>
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        <invCountry>NG</invCountry>
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        <name>Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc.</name>
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        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
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      <invstOrSec>
        <name>BlueMountain CLO Ltd.</name>
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        <invCountry>KY</invCountry>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CES</title>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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      <invstOrSec>
        <name>Halcyon Loan Advisors Funding Ltd.</name>
        <lei>N/A</lei>
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        <name>Commonwealth Edison Co.</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>FHLMC</name>
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        <name>Prosper Pass-Thru Trust III</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Lloyds Banking Group plc</name>
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        <name>State of Illinois</name>
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      <invstOrSec>
        <name>Dryden 45 Senior Loan Fund</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Southern Co. (The)</name>
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        <name>State Grid Overseas Investment 2016 Ltd.</name>
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        <name>Cheniere Corpus Christi Holdings LLC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>United States of America</name>
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        <name>Lending Club Corp. LCX</name>
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        <name>Ukraine</name>
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        <title>Ukraine Government Bond</title>
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        <name>Enel Finance International NV</name>
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        <title>Enel Finance International NV</title>
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        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
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        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <name>FNMA</name>
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        <name>Battalion Oil Corp.</name>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
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      <invstOrSec>
        <name>CommScope Technologies LLC</name>
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      <invstOrSec>
        <name>GNMA</name>
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        <name>Gabonese Republic</name>
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      <invstOrSec>
        <name>William Morris Endeavor Entertainment LLC / IMG Worldwide Holdings LLC</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>Aker BP ASA</name>
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        <name>United States of America</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Talen Energy Supply LLC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Caterpillar, Inc.</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar, Inc.</title>
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      <invstOrSec>
        <name>Sound Point CLO V-R Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US31407X4T55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Edwards Lifesciences Corp.</name>
        <lei>YA13X31F3V31L8TMPR58</lei>
        <title>Edwards Lifesciences Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NZCG Funding Ltd.</name>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
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        <invCountry>BR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TCI-Flatiron CLO Ltd.</name>
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          <isin value="US87231BAE39"/>
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      <invstOrSec>
        <name>Madison Park Funding XLII Ltd.</name>
        <lei>549300BF3YFW8EHN6F75</lei>
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        <cusip>04966HAJ5</cusip>
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          <isin value="US04966HAJ59"/>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>San Jose Redevelopment Agency Successor Agency</name>
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        <title>San Jose Redevelopment Agency Successor Agency</title>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2015-C01, Class 2M2</title>
        <cusip>30711XAV6</cusip>
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          <isin value="US30711XAV64"/>
          <other otherDesc="Inhouse Asset ID" value="657387"/>
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        <curCd>USD</curCd>
        <valUSD>1904555.58000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.65612840</annualizedRt>
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      <invstOrSec>
        <name>KUEHG Corp. / KC MergerSub, Inc.</name>
        <lei>549300YNT566T1NYJX62</lei>
        <title>KUEHG Corp (fka KC MergerSub, Inc.), Term Loan B3</title>
        <cusip>48244EAJ3</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust, Series 2017-1, Class A2</title>
        <cusip>89173FAB6</cusip>
        <identifiers>
          <isin value="US89173FAB67"/>
          <other otherDesc="Inhouse Asset ID" value="665059"/>
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        <balance>8862000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9304886.43000000</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>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 15 Year</title>
        <cusip>3128PHC41</cusip>
        <identifiers>
          <isin value="US3128PHC414"/>
          <other otherDesc="Inhouse Asset ID" value="405653"/>
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        <balance>11955.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12203.73000000</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>2022-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA2, Class M3</title>
        <cusip>3137G0JU4</cusip>
        <identifiers>
          <isin value="US3137G0JU46"/>
          <other otherDesc="Inhouse Asset ID" value="688721"/>
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        <balance>13742493.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14386190.17000000</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>2028-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75612920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell International Finance BV</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance BV</title>
        <cusip>822582AY8</cusip>
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          <isin value="US822582AY86"/>
          <other otherDesc="Inhouse Asset ID" value="563743"/>
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        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2057638.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Octagon Investment Partners 37 Ltd.</name>
        <lei>N/A</lei>
        <title>Octagon Investment Partners 37 Ltd., Series 2018-2A, Class C</title>
        <cusip>67591VAJ4</cusip>
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          <isin value="US67591VAJ44"/>
          <other otherDesc="Inhouse Asset ID" value="689268"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1981311.35000000</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>2030-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.02574960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="223891"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-373715.97000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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            <amtCurSold>68000000.00000000</amtCurSold>
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        <securityLending>
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      <invstOrSec>
        <name>Madison Park Funding XLII LTD.</name>
        <lei>549300BF3YFW8EHN6F75</lei>
        <title>Madison Park Funding XLII LTD., Series 13A, Class C</title>
        <cusip>04966HAG1</cusip>
        <identifiers>
          <isin value="US04966HAG11"/>
          <other otherDesc="Inhouse Asset ID" value="677147"/>
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        <balance>3753500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3718265.87000000</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>2030-11-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.97287920</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>Akbank T.A.S.</name>
        <lei>789000TUMN63Z28TJ497</lei>
        <title>Akbank T.A.S.</title>
        <cusip>00971YAF7</cusip>
        <identifiers>
          <isin value="US00971YAF79"/>
          <other otherDesc="Inhouse Asset ID" value="975182"/>
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        <balance>5600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5588760.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orange SA</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange SA</title>
        <cusip>35177PAL1</cusip>
        <identifiers>
          <isin value="US35177PAL13"/>
          <other otherDesc="Inhouse Asset ID" value="289337"/>
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        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2031508.53000000</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>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Voya CLO Ltd., Series 2018-2A, Class A2</title>
        <cusip>92917JAC1</cusip>
        <identifiers>
          <isin value="US92917JAC18"/>
          <other otherDesc="Inhouse Asset ID" value="688864"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1497057.89000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.43375040</annualizedRt>
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      <invstOrSec>
        <name>Reynolds American, Inc.</name>
        <lei>02S2RPPVO9RP4NEU2740</lei>
        <title>Reynolds American, Inc.</title>
        <cusip>761713BA3</cusip>
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          <isin value="US761713BA36"/>
          <other otherDesc="Inhouse Asset ID" value="606146"/>
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        <balance>9300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10899256.27000000</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>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="691827"/>
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        <balance>2325000.00000000</balance>
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        <assetCat>DCR</assetCat>
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                <indexName>MCDX North American MAIN Index Series 31-V1</indexName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="360432"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
        <cusip>36296QN54</cusip>
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          <isin value="US36296QN548"/>
          <other otherDesc="Inhouse Asset ID" value="441772"/>
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        <balance>81976.93000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96143.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 15 Year</title>
        <cusip>3128PHHN4</cusip>
        <identifiers>
          <isin value="US3128PHHN41"/>
          <other otherDesc="Inhouse Asset ID" value="405652"/>
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        <balance>12725.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12964.86000000</valUSD>
        <pctVal>0.000250387621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>FHLMC</name>
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        <name>FHLMC</name>
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        <name>BlueMountain CLO Ltd.</name>
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        <name>GNMA</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Magnetite VII Ltd.</name>
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      <invstOrSec>
        <name>Consumer Loan Underlying Bond Credit Trust</name>
        <lei>N/A</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Madison Park Funding XXXI Ltd.</name>
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      <invstOrSec>
        <name>Race Point X CLO Ltd.</name>
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          <isin value="US74983DAS62"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Gilbert Park CLO Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US375415AC01"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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          <isin value="US29273RAT68"/>
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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>United States of America</name>
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        <name>Party City Holdings, Inc.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>State of Oregon Department of Transportation</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <name>FirstKey Homes Trust</name>
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        <name>FHLMC</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Octagon Investment Partners 33 Ltd.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Caesars Resort Collection LLC / CRC Finco, Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>FHLMC</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>FNMA</name>
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        <name>Ukraine</name>
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        <name>GNMA</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>GNMA</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Madison Park Euro Funding VIII DAC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
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        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
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        <name>Ukraine</name>
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        <name>Carlyle Global Market Strategies CLO Ltd.</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Massachusetts State College Building Authority</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>BlueMountain CLO Ltd.</name>
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        <invCountry>KY</invCountry>
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        <name>Consumer Loan Underlying Bond Club Certificate Issuer Trust I</name>
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        <name>Voya CLO Ltd.</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>FHLMC</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>GNMA</name>
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        <name>FHLMC</name>
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        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Dryden 55 CLO Ltd.</name>
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        <name>Virginia Electric &amp; Power Co.</name>
        <lei>CQKUMNNZVDJLRYV2PT43</lei>
        <title>Virginia Electric &amp; Power Co.</title>
        <cusip>927804FE9</cusip>
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        <name>Bell Canada, Inc.</name>
        <lei>549300O5ZKB2MUUSKB97</lei>
        <title>Bell Canada, Inc.</title>
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        <name>Harsco Corp.</name>
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        <name>GNMA</name>
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        <name>Providence St Joseph Health Obligated Group</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Octagon Investment Partners 33 Ltd.</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Delta Air Lines, Inc. / SkyMiles IP Ltd.</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>Aflac, Inc.</name>
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        <title>Aflac, Inc.</title>
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        <name>Liberty Mutual Group, Inc.</name>
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        <name>Burnham Park CLO Ltd.</name>
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        <name>Republic of Panama</name>
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        <curCd>USD</curCd>
        <valUSD>6147250.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EnLink Midstream LLC</name>
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        <curCd>USD</curCd>
        <valUSD>400500.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US91282CAX92"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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      <invstOrSec>
        <name>Madison Park Funding XIII Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US55818MBG15"/>
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        <balance>1973000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1955669.57000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.03975000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Ahern Rentals, Inc.</name>
        <lei>N/A</lei>
        <title>Ahern Rentals, Inc.</title>
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          <isin value="US008674AH66"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>360250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
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        <title>FHLMC Gold Pools, 30 Year</title>
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        <balance>2880.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3239.43000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US31390UUE45"/>
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        <balance>2976.96000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3345.43000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dryden 42 Senior Loan Fund</name>
        <lei>549300GTVIVSKVBYOB52</lei>
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        <cusip>26244YAS5</cusip>
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          <isin value="US26244YAS54"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>798096.99000000</valUSD>
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        <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>3.11375160</annualizedRt>
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      <invstOrSec>
        <name>LCM 26 Ltd.</name>
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        <balance>9600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9485451.28000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>31412DNF1</cusip>
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          <isin value="US31412DNF14"/>
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        <balance>37462.46000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37594.98000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Endo Luxembourg Finance Co. I SARL / Endo US, Inc.</name>
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        <curCd>USD</curCd>
        <valUSD>3965000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>Weatherford International Ltd.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDIT</title>
        <cusip>N/A</cusip>
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        <balance>5900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28565.93000000</valUSD>
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        <assetCat>DCR</assetCat>
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                <issuerName>Citi 692362 Jun 2021</issuerName>
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        <name>Massachusetts School Building Authority</name>
        <lei>N/A</lei>
        <title>Massachusetts School Building Authority</title>
        <cusip>576000XQ1</cusip>
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          <isin value="US576000XQ10"/>
          <other otherDesc="Inhouse Asset ID" value="1020159"/>
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        <balance>6760000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>CWABS Asset-Backed Certificates Trust</name>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
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        <balance>8800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9397784.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital</title>
        <cusip>161175BU7</cusip>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>DBCG Mortgage Trust</name>
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          <isin value="US233062AA67"/>
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      <invstOrSec>
        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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          <isin value="US36224RL690"/>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.</name>
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      <invstOrSec>
        <name>Prudential plc</name>
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        <title>Prudential plc</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Colbun SA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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        <name>Vodafone Group plc</name>
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        <name>FNMA</name>
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        <name>Madison Park Funding XXII Ltd.</name>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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        <name>GNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <debtSec>
          <maturityDt>2024-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.70613080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC</title>
        <cusip>12189LAS0</cusip>
        <identifiers>
          <isin value="US12189LAS07"/>
          <other otherDesc="Inhouse Asset ID" value="588244"/>
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        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2035388.83000000</valUSD>
        <pctVal>0.039309037462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Neuberger Berman CLO XVI-S Ltd.</name>
        <lei>549300UHUHCR3388B324</lei>
        <title>Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class DR</title>
        <cusip>64131TAU8</cusip>
        <identifiers>
          <isin value="US64131TAU88"/>
          <other otherDesc="Inhouse Asset ID" value="1136600"/>
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        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>649995.25000000</valUSD>
        <pctVal>0.012553221898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.09969000</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>Party City Holdco, Inc.</name>
        <lei>549300BUAG9YASF5Q703</lei>
        <title>Party City Holdco, Inc.</title>
        <cusip>702149105</cusip>
        <identifiers>
          <isin value="US7021491052"/>
          <other otherDesc="Inhouse Asset ID" value="601695"/>
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        <balance>112955.31000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790687.17000000</valUSD>
        <pctVal>0.015270375433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
        <cusip>26441CAT2</cusip>
        <identifiers>
          <isin value="US26441CAT27"/>
          <other otherDesc="Inhouse Asset ID" value="642479"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2069849.22000000</valUSD>
        <pctVal>0.039974563745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="693108"/>
        </identifiers>
        <balance>8300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-20030.29000000</valUSD>
        <pctVal>-0.00038684078</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY CAPITAL</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MS 693108 Dec 2021</issuerName>
                <issueTitle>MS 693108 Dec 2021</issueTitle>
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                  <cusip value="N/A"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.10000000"/>
            <otherPmntDesc fixedOrFloating="Other">Payout of notional amount upon default event with regard to the reference instrument</otherPmntDesc>
            <terminationDt>2021-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>8300000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-20030.29000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>31292HAX2</cusip>
        <identifiers>
          <isin value="US31292HAX26"/>
          <other otherDesc="Inhouse Asset ID" value="447374"/>
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        <balance>11560.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13317.33000000</valUSD>
        <pctVal>0.000257194800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix, Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK Hynix, Inc.</title>
        <cusip>78392BAC1</cusip>
        <identifiers>
          <isin value="US78392BAC19"/>
          <other otherDesc="Inhouse Asset ID" value="1130345"/>
        </identifiers>
        <balance>14800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14234022.69000000</valUSD>
        <pctVal>0.274898694007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
        <cusip>91087BAF7</cusip>
        <identifiers>
          <isin value="US91087BAF76"/>
          <other otherDesc="Inhouse Asset ID" value="1084154"/>
        </identifiers>
        <balance>9500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10684602.50000000</valUSD>
        <pctVal>0.206349486522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Webster Park CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Webster Park CLO Ltd., Series 2015-1A, Class BR</title>
        <cusip>948214AU5</cusip>
        <identifiers>
          <isin value="US948214AU55"/>
          <other otherDesc="Inhouse Asset ID" value="690147"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
        <pctVal>0.038625580413</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>1.98825120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Buttermilk Park CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Buttermilk Park CLO Ltd., Series 2018-1A, Class C</title>
        <cusip>124166AJ8</cusip>
        <identifiers>
          <isin value="US124166AJ80"/>
          <other otherDesc="Inhouse Asset ID" value="926818"/>
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        <balance>1452380.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1454477.08000000</valUSD>
        <pctVal>0.028090010706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.28375000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31385JPY8</cusip>
        <identifiers>
          <isin value="US31385JPY81"/>
          <other otherDesc="Inhouse Asset ID" value="281379"/>
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        <balance>22315.47000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26958.58000000</valUSD>
        <pctVal>0.000520645399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>FNMA or FHLMC, Single Family, 15 Year</title>
        <cusip>01F020455</cusip>
        <identifiers>
          <isin value="US01F0204556"/>
          <other otherDesc="Inhouse Asset ID" value="1143095"/>
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        <balance>145190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149982405.39000000</valUSD>
        <pctVal>2.896578729970</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Harvest Operations Corp.</name>
        <lei>B1EEF6ML54YDWRC6ZK53</lei>
        <title>Harvest Operations Corp.</title>
        <cusip>41754WAS0</cusip>
        <identifiers>
          <isin value="US41754WAS08"/>
          <other otherDesc="Inhouse Asset ID" value="871507"/>
        </identifiers>
        <balance>3800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4073420.94000000</valUSD>
        <pctVal>0.078669124037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan St Louis Sewer District</name>
        <lei>N/A</lei>
        <title>Metropolitan St Louis Sewer District</title>
        <cusip>592481LV5</cusip>
        <identifiers>
          <isin value="US592481LV53"/>
          <other otherDesc="Inhouse Asset ID" value="1024603"/>
        </identifiers>
        <balance>7640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7925511.38000000</valUSD>
        <pctVal>0.153063738561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25900000</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>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
        <cusip>00973RAJ2</cusip>
        <identifiers>
          <isin value="US00973RAJ23"/>
          <other otherDesc="Inhouse Asset ID" value="1112068"/>
        </identifiers>
        <balance>10400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11030826.46000000</valUSD>
        <pctVal>0.213036037226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cengage Learning, Inc.</name>
        <lei>549300BYGM0FWUSVXJ88</lei>
        <title>Cengage Learning, Inc., Term Loan</title>
        <cusip>15134NAE6</cusip>
        <identifiers>
          <isin value="US15134NAE67"/>
          <other otherDesc="Inhouse Asset ID" value="1126348"/>
        </identifiers>
        <balance>6074401.42000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6056360.45000000</valUSD>
        <pctVal>0.116965218786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>Franklin Liberty Investment Grade Corporate ETF</name>
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        <name>FNMA</name>
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        <name>Commercial Mortgage Trust</name>
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        <name>Carlyle Global Market Strategies CLO Ltd.</name>
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        <name>Sanchez Energy Corp.</name>
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        <name>FHLMC</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>Permanent University Fund - Texas A&amp;M University System</name>
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        <name>University of California</name>
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        <title>University of California</title>
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        <name>Neuberger Berman Loan Advisers CLO 27 Ltd.</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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      <invstOrSec>
        <name>Boeing Co. (The)</name>
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      <invstOrSec>
        <name>LCM XVIII LP</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
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        <name>State of Ohio</name>
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      <invstOrSec>
        <name>Verso Corp.</name>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>3128M4UE1</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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      <invstOrSec>
        <name>Cent CLO 21 Ltd.</name>
        <lei>5493002BI0SI5QMH0P08</lei>
        <title>Cent CLO 21 Ltd., Series 2014-21A, Class CR2</title>
        <cusip>15137EBJ1</cusip>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2015-C02, Class 1M2</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31403DJR1</cusip>
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          <isin value="US31403DJR17"/>
          <other otherDesc="Inhouse Asset ID" value="445252"/>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Coty, Inc.</name>
        <lei>549300BO9IWPF3S48F93</lei>
        <title>Coty, Inc., Term Loan B</title>
        <cusip>22207EBG8</cusip>
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          <couponKind>Variable</couponKind>
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        <name>Armada Euro CLO IV DAC</name>
        <lei>549300DE6MWQ8YQI0O46</lei>
        <title>Armada Euro CLO IV DAC, Series 4A, Class B</title>
        <cusip>N/A</cusip>
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        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority</title>
        <cusip>59261AJ99</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1121098"/>
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        <balance>6715000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SH2</cusip>
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          <isin value="US912810SH23"/>
          <other otherDesc="Inhouse Asset ID" value="981260"/>
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        <balance>14000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ellington CLO III Ltd.</name>
        <lei>254900V20GCNJI0I7591</lei>
        <title>Ellington CLO III Ltd., Series 2018-3A, Class A1</title>
        <cusip>28852LAA1</cusip>
        <identifiers>
          <isin value="US28852LAA17"/>
          <other otherDesc="Inhouse Asset ID" value="689613"/>
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        <balance>5123961.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5120030.24000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.83825000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC</name>
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        <name>Republic of Belarus</name>
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        <name>Tencent Holdings Ltd.</name>
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        <name>GNMA</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Cenovus Energy, Inc.</name>
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        <name>AbbVie, Inc.</name>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
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        <title>HSBC Holdings plc</title>
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        <balance>3800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
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          <isin value="US903724AQ59"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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          <isin value="US13049GAA85"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US912828ZW33"/>
          <other otherDesc="Inhouse Asset ID" value="1087401"/>
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        <balance>145000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2014-C03, Class 1M2</title>
        <cusip>30711XAK0</cusip>
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          <isin value="US30711XAK00"/>
          <other otherDesc="Inhouse Asset ID" value="658704"/>
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        <balance>16249316.33500000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Regeneron Pharmaceuticals, Inc.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
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      <invstOrSec>
        <name>Total Capital International SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>Total Capital International SA</title>
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          <isin value="US89153VAQ23"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>Chicago Transit Authority</name>
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        <title>Chicago Transit Authority Sales &amp; Transfer Tax Receipts</title>
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          <isin value="US167725AC49"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <isin value="US31410FFF71"/>
          <other otherDesc="Inhouse Asset ID" value="395728"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31390LWE2</cusip>
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          <isin value="US31390LWE28"/>
          <other otherDesc="Inhouse Asset ID" value="256214"/>
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        <balance>6089.81000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7010.10000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
        <cusip>903724AW2</cusip>
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          <isin value="US903724AW28"/>
          <other otherDesc="Inhouse Asset ID" value="617120"/>
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        <curCd>USD</curCd>
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        <assetCat>DO</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2015-C02, Class 2M2</title>
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          <isin value="US30711XAZ78"/>
          <other otherDesc="Inhouse Asset ID" value="658693"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31403AN35</cusip>
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          <isin value="US31403AN358"/>
          <other otherDesc="Inhouse Asset ID" value="290712"/>
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        <balance>22307.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25043.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <name>FNMA</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Upgrade Master Pass-Thru Trust</name>
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        <name>FHLMC</name>
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        <name>Madison Park Funding XLII LTD.</name>
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        <name>Utah Transit Authority</name>
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        <name>FNMA</name>
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        <name>Strata CLO I Ltd.</name>
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        <name>Valaris plc</name>
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        <name>Alibaba Group Holding Ltd.</name>
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        <name>Southern Co. (The)</name>
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        <name>Madison Park Funding XXVII Ltd.</name>
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        <name>DaVita, Inc.</name>
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        <name>Ukraine</name>
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        <invCountry>UA</invCountry>
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        <name>BRAVO Residential Funding Trust</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>Martin Midstream Partners LP / Martin Midstream Finance Corp.</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>California Health Facilities Financing Authority</name>
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        <name>FHLMC</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Metropolitan Life Global Funding I</name>
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        <name>Hercules Achievement, Inc. / Varsity Brands Holding Co., Inc.</name>
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        <title>Hercules Achievement, Inc. / Varsity Brands Holding Co., Inc., First Lien Term Loan</title>
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        <name>Studio City Finance Ltd.</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Republic of Indonesia</name>
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        <name>Diamond Sports Group LLC</name>
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        <name>OneMain Finance Corp.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Banque Ouest Africaine de Developpement</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>Madison Park Euro Funding VIII DAC</name>
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        <name>AbbVie, Inc.</name>
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        <name>Carlyle GMS Finance MM CLO LLC</name>
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        <name>WESCO Distribution, Inc.</name>
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        <name>Ellington CLO III Ltd.</name>
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      <invstOrSec>
        <name>Battalion Oil Corp.</name>
        <lei>3XHTN2NNIMMPORDAMJ28</lei>
        <title>Battalion Oil Corp.</title>
        <cusip>07134L115</cusip>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BlueMountain CLO Ltd.</name>
        <lei>549300WSX4P5CXVKVR97</lei>
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          <isin value="US09626RBC88"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AutoNation, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Neuberger Berman CLO XVI-S Ltd.</name>
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        <cusip>64131TAS3</cusip>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Weatherford International plc</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Braskem Netherlands Finance BV</name>
        <lei>N/A</lei>
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          <isin value="US10554TAD72"/>
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        <balance>11800000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US30711XAM65"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-25</maturityDt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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          <isin value="US172967MS77"/>
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        <balance>10500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>University of Pittsburgh-of the Commonwealth System of Higher Education</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Atrium XIV LLC</name>
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          <isin value="US04965LAE83"/>
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        <balance>7400000.00000000</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>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <name>N/A</name>
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        <curCd>USD</curCd>
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        <assetCat>DCR</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Battalion Oil Corp.</name>
        <lei>3XHTN2NNIMMPORDAMJ28</lei>
        <title>Battalion Oil Corp.</title>
        <cusip>07134L123</cusip>
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          <isin value="US07134L1237"/>
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      <invstOrSec>
        <name>Blackrock European CLO IX DAC</name>
        <lei>549300CTNII509TFCV23</lei>
        <title>Blackrock European CLO IX DAC, Series 9A, Class A</title>
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          <isin value="XS2062959700"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Grand Parkway Transportation Corp.</name>
        <lei>N/A</lei>
        <title>Grand Parkway Transportation Corp.</title>
        <cusip>38611TDL8</cusip>
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          <isin value="US38611TDL89"/>
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        <balance>5800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5868942.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
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          <annualizedRt>3.23600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810RT79"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="693003"/>
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        <balance>7800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118033.12000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK NA</counterpartyName>
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                <issuerName>Citi 693003 Dec 2021</issuerName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
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          <isin value="US666807BU55"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bain Capital Credit CLO</name>
        <lei>N/A</lei>
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        <balance>5100000.00000000</balance>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMMC CLO 15 Ltd.</name>
        <lei>549300D0GYBG49KJD582</lei>
        <title>AMMC CLO 15 Ltd., Series 2014-15A, Class BRR</title>
        <cusip>00175MBH2</cusip>
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          <isin value="US00175MBH25"/>
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        <curCd>USD</curCd>
        <valUSD>919973.77000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
        <cusip>903724AS1</cusip>
        <identifiers>
          <isin value="US903724AS16"/>
          <other otherDesc="Inhouse Asset ID" value="617119"/>
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        <balance>229000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247370.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bonds</title>
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          <other otherDesc="Inhouse Asset ID" value="1135115"/>
          <other otherDesc="Future Ticker" value="WNM1 Comdty"/>
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        <balance>642.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1212037.51000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>Comerica, Inc.</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>Comerica, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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        <curCd>USD</curCd>
        <valUSD>190164.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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        <curCd>USD</curCd>
        <valUSD>146.75000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>8698.05000000</valUSD>
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      <invstOrSec>
        <name>Rattler Midstream LP</name>
        <lei>549300I45NRVEEN9M219</lei>
        <title>Rattler Midstream LP</title>
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          <isin value="US75419TAA16"/>
          <other otherDesc="Inhouse Asset ID" value="1090123"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>950242.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 15 Year</title>
        <cusip>3133GAJK3</cusip>
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          <isin value="US3133GAJK35"/>
          <other otherDesc="Inhouse Asset ID" value="1125535"/>
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        <balance>2379282.60000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2459554.24000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diamond Sports Group LLC / Diamond Sports Finance Co.</name>
        <lei>N/A</lei>
        <title>Diamond Sports Group LLC / Diamond Sports Finance Co.</title>
        <cusip>25277LAA4</cusip>
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          <isin value="US25277LAA44"/>
          <other otherDesc="Inhouse Asset ID" value="998600"/>
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        <balance>3200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2340000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CARLYLE US CLO Ltd.</name>
        <lei>N/A</lei>
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        <cusip>14316AAG2</cusip>
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          <other otherDesc="Inhouse Asset ID" value="681080"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6904628.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cook Park CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Cook Park CLO Ltd., Series 2018-1A, Class A2</title>
        <cusip>21623PAC1</cusip>
        <identifiers>
          <isin value="US21623PAC14"/>
          <other otherDesc="Inhouse Asset ID" value="686410"/>
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        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5969005.27000000</valUSD>
        <pctVal>0.115278146521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Long Point Park CLO Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="299542"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bain Capital Credit CLO Ltd.</name>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Republic of Peru</name>
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        <title>Republic of Peru</title>
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        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
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          <isin value="US312931PG73"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <curCd>USD</curCd>
        <valUSD>25471.37000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Dominican Republic</name>
        <lei>N/A</lei>
        <title>Dominican Republic Government Bond</title>
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          <isin value="US25714PDX33"/>
          <other otherDesc="Inhouse Asset ID" value="684492"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <other otherDesc="Inhouse Asset ID" value="404945"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>Weyerhaeuser Mortgage Co. of Texas</name>
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        <curCd>USD</curCd>
        <valUSD>6602.41000000</valUSD>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Salt Lake City Corp.</name>
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        <name>Texas State University System</name>
        <lei>N/A</lei>
        <title>Texas State University System</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <other otherDesc="Inhouse Asset ID" value="404879"/>
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        <balance>1334.54000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Israel Electric Corp. Ltd.</name>
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        <title>Israel Electric Corp. Ltd.</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Verso Corp.</name>
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        <title>Verso Corp.</title>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>36179WB23</cusip>
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        <curCd>USD</curCd>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>FHLMC</name>
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        <name>Westlake Chemical Corp.</name>
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        <name>Octagon Loan Funding Ltd.</name>
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      <invstOrSec>
        <name>Caterpillar, Inc.</name>
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        <title>Caterpillar, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Alpek SAB de CV</name>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Airlines Inc/AAdvantage Loyalty IP Ltd.</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Consumer Loan Underlying Bond Club Certificate Issuer Trust I</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Octagon Investment Partners 38 Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Neuberger Berman CLO XVIII Ltd.</name>
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        <cusip>64128QAS4</cusip>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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      <invstOrSec>
        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <title>Consumer Loan Underlying Bond Certificate Issuer Trust I, Series 2018-29, Class PT</title>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Freedom Marketplace, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Consumer Loan Underlying Bond Credit Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140JADM7</cusip>
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          <other otherDesc="Inhouse Asset ID" value="966237"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Organon Finance 1 LLC</name>
        <lei>549300SH15FO4Y2G3V63</lei>
        <title>Organon Finance 1 LLC</title>
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        <invCountry>US</invCountry>
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        <name>CDW LLC / CDW Finance Corp.</name>
        <lei>N/A</lei>
        <title>CDW LLC / CDW Finance Corp.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Bain Capital Credit CLO</name>
        <lei>N/A</lei>
        <title>Bain Capital Credit CLO, Series 2018-1A, Class A1</title>
        <cusip>05683LAA4</cusip>
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          <isin value="US05683LAA44"/>
          <other otherDesc="Inhouse Asset ID" value="686479"/>
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        <balance>12000000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.13288040</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
        <cusip>36206FAB8</cusip>
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          <isin value="US36206FAB85"/>
          <other otherDesc="Inhouse Asset ID" value="282697"/>
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        <balance>391.79000000</balance>
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        <curCd>USD</curCd>
        <valUSD>415.64000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
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        <balance>4400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-59153.36000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Avon Products, Inc.</issuerName>
                <issueTitle>Avon Products, Inc.</issueTitle>
                <identifiers>
                  <cusip value="054303BA9"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receipt of notional amount upon default event with regard to the reference instrument</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <terminationDt>2023-03-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>241596.61000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4400000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-59153.36000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIM Trust</name>
        <lei>N/A</lei>
        <title>CIM Trust, Series 2018-INV1, Class A4</title>
        <cusip>12553XAD5</cusip>
        <identifiers>
          <isin value="US12553XAD57"/>
          <other otherDesc="Inhouse Asset ID" value="933930"/>
        </identifiers>
        <balance>3738863.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3834412.31000000</valUSD>
        <pctVal>0.074053200508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.99999960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="691338"/>
        </identifiers>
        <balance>4725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68316.93000000</valUSD>
        <pctVal>0.001319390536</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Nabors Industries, Inc.</issuerName>
                <issueTitle>Nabors Industries, Inc.</issueTitle>
                <identifiers>
                  <cusip value="62957HAC9"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receipt of notional amount upon default event with regard to the reference instrument</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <terminationDt>2021-12-20</terminationDt>
            <upfrontPmnt>38274.88000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4725000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>68316.93000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31371JPX6</cusip>
        <identifiers>
          <isin value="US31371JPX62"/>
          <other otherDesc="Inhouse Asset ID" value="447348"/>
        </identifiers>
        <balance>2404.48000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2734.40000000</valUSD>
        <pctVal>0.000052808893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Martin Midstream Partners LP / Martin Midstream Finance Corp.</name>
        <lei>N/A</lei>
        <title>Martin Midstream Partners LP / Martin Midstream Finance Corp.</title>
        <cusip>573334AF6</cusip>
        <identifiers>
          <isin value="US573334AF63"/>
          <other otherDesc="Inhouse Asset ID" value="1098891"/>
        </identifiers>
        <balance>151936.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>158963.04000000</valUSD>
        <pctVal>0.003070019842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Antares CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Antares CLO Ltd., Series 2018-1A, Class B</title>
        <cusip>03665MAC5</cusip>
        <identifiers>
          <isin value="US03665MAC55"/>
          <other otherDesc="Inhouse Asset ID" value="687904"/>
        </identifiers>
        <balance>12900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12738489.56000000</valUSD>
        <pctVal>0.246015776420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.83825000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Octagon Investment Partners 36 Ltd.</name>
        <lei>549300S890TBOLY1D042</lei>
        <title>Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A1</title>
        <cusip>67591UAC1</cusip>
        <identifiers>
          <isin value="US67591UAC18"/>
          <other otherDesc="Inhouse Asset ID" value="686314"/>
        </identifiers>
        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17975244.38000000</valUSD>
        <pctVal>0.347152123622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.15374960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARLYLE US CLO Ltd.</name>
        <lei>N/A</lei>
        <title>CARLYLE US CLO Ltd., Series 2017-5A, Class A2</title>
        <cusip>14316AAE7</cusip>
        <identifiers>
          <isin value="US14316AAE73"/>
          <other otherDesc="Inhouse Asset ID" value="681081"/>
        </identifiers>
        <balance>2740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2726708.29000000</valUSD>
        <pctVal>0.052660345159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.58825160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Octagon Investment Partners 36 Ltd.</name>
        <lei>549300S890TBOLY1D042</lei>
        <title>Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A2</title>
        <cusip>67591UAE7</cusip>
        <identifiers>
          <isin value="US67591UAE73"/>
          <other otherDesc="Inhouse Asset ID" value="686313"/>
        </identifiers>
        <balance>8500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8411099.35000000</valUSD>
        <pctVal>0.162441797152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.38375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carlyle Global Market Strategies CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class DR</title>
        <cusip>14310MBE6</cusip>
        <identifiers>
          <isin value="US14310MBE66"/>
          <other otherDesc="Inhouse Asset ID" value="1024641"/>
        </identifiers>
        <balance>3175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3019867.63000000</valUSD>
        <pctVal>0.058322069989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.78975160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="697094"/>
        </identifiers>
        <balance>7800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>444061.30000000</valUSD>
        <pctVal>0.008576062725</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JP MORGAN CHASE BANK NA</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Macy's Retail Holdings LLC</issuerName>
                <issueTitle>Macy's Retail Holdings LLC</issueTitle>
                <identifiers>
                  <cusip value="55616XAL1"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Payout of notional amount upon default event with regard to the reference instrument</otherPmntDesc>
            <terminationDt>2025-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>1347918.93000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7800000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>444061.30000000</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"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.11.e.ii"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Investors Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
