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        <name>FHLMC Pool</name>
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        <name>FHLMC</name>
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        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Ashton Woods USA LLC / Ashton Woods Finance Co.</name>
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        <name>Royalty Pharma plc</name>
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        <name>MPLX LP</name>
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        <title>MPLX LP</title>
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        <name>Voya CLO Ltd.</name>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
        <title>California State University</title>
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        <issuerCat>MUN</issuerCat>
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      <invstOrSec>
        <name>FHLMC</name>
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        <name>United States of America</name>
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        <name>FHLMC</name>
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        <name>Highbridge Loan Management Ltd.</name>
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        <name>Blackrock European CLO IX DAC</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Enable Midstream Partners LP</name>
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        <title>Enable Midstream Partners LP</title>
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        <name>Greenville City School District</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>Ukraine</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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      <invstOrSec>
        <name>Comcast Corp.</name>
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        <name>Provident Funding Mortgage Trust</name>
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        <name>Suzano Austria GmbH</name>
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        <title>Suzano Austria GmbH</title>
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        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BCC Middle Market CLO LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Stacr Remic Trust</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Franklin Liberty Senior Loan ETF</name>
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        <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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      <invstOrSec>
        <name>AMMC CLO 21 Ltd.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>LCM 26 Ltd.</name>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>31292GYH3</cusip>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>36179WFG8</cusip>
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          <isin value="US36179WFG87"/>
          <other otherDesc="Inhouse Asset ID" value="1147440"/>
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        <balance>2436482.77800000</balance>
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        <curCd>USD</curCd>
        <valUSD>2534412.14000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Galaxy XXVII CLO Ltd.</name>
        <lei>549300GJYHKO4BDEN716</lei>
        <title>Galaxy XXVII CLO Ltd., Series 2018-27A, Class A</title>
        <cusip>36320UAC4</cusip>
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          <other otherDesc="Inhouse Asset ID" value="687872"/>
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        <curCd>USD</curCd>
        <valUSD>1000200.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.17587880</annualizedRt>
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      <invstOrSec>
        <name>Banque Centrale de Tunisie International Bond</name>
        <lei>254900B5LFB16S9T2T11</lei>
        <title>Banque Centrale de Tunisie</title>
        <cusip>066716AH4</cusip>
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          <isin value="US066716AH49"/>
          <other otherDesc="Inhouse Asset ID" value="1131064"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6795240.00000000</valUSD>
        <pctVal>0.128754167977</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
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        <name>N/A</name>
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        <title>CES</title>
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      <invstOrSec>
        <name>GNMA</name>
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          <isin value="US36224KEB17"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Halcyon Loan Advisors Funding Ltd.</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Gilroy Unified School District</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Exelon Corp.</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>Octagon Investment Partners 35 Ltd.</name>
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        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
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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>FNMA</name>
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        <name>FNMA</name>
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        <securityLending>
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      <invstOrSec>
        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The)</title>
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          <isin value="US842587CX39"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Sunoco LP / Sunoco Finance Corp.</name>
        <lei>N/A</lei>
        <title>Sunoco LP / Sunoco Finance Corp.</title>
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          <isin value="US86765LAT44"/>
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        <curCd>USD</curCd>
        <valUSD>1435000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>State Grid Overseas Investment 2016 Ltd.</name>
        <lei>3003006V8BHG5158QO96</lei>
        <title>State Grid Overseas Investment 2016 Ltd.</title>
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          <isin value="US857006AG58"/>
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        <balance>10700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11908454.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31400PWD3</cusip>
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          <isin value="US31400PWD31"/>
          <other otherDesc="Inhouse Asset ID" value="281877"/>
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        <balance>6523.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6548.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SN90"/>
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        <balance>24000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20436562.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Lending Club Corp. LCX</name>
        <lei>549300YC50YO7Y1OJR92</lei>
        <title>Lending Club Corp. LCX, Marketplace Loan</title>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.47954725</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
        <cusip>903724AU6</cusip>
        <identifiers>
          <isin value="US903724AU61"/>
          <other otherDesc="Inhouse Asset ID" value="617108"/>
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        <balance>229000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251296.81000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Enel Finance International NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
        <cusip>29268BAC5</cusip>
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          <isin value="US29268BAC54"/>
          <other otherDesc="Inhouse Asset ID" value="399158"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4544377.05000000</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>2037-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.80000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
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          <isin value="US35137LAJ44"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3934179.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.47600000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31407YGF0</cusip>
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          <isin value="US31407YGF07"/>
          <other otherDesc="Inhouse Asset ID" value="350874"/>
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        <balance>69345.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79078.31000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>CARLYLE US CLO Ltd.</name>
        <lei>N/A</lei>
        <title>CARLYLE US CLO Ltd., Series 2017-4A, Class C</title>
        <cusip>14315BAG1</cusip>
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          <isin value="US14315BAG14"/>
          <other otherDesc="Inhouse Asset ID" value="676622"/>
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        <balance>545000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>525576.49000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2016-C07, Class 2M2</title>
        <cusip>30711XEC4</cusip>
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          <isin value="US30711XEC48"/>
          <other otherDesc="Inhouse Asset ID" value="1000941"/>
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        <balance>7687722.69600000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Octagon Investment Partners XVII Ltd.</name>
        <lei>54930007Y57X4ONHQV20</lei>
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        <cusip>67590GBL2</cusip>
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          <isin value="US67590GBL23"/>
          <other otherDesc="Inhouse Asset ID" value="954755"/>
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        <balance>4020000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>City of New Orleans LA Sewerage Service Revenue</name>
        <lei>N/A</lei>
        <title>City of New Orleans</title>
        <cusip>647719QE6</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1133237"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1302521.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
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          <isin value="US36202DPF23"/>
          <other otherDesc="Inhouse Asset ID" value="263399"/>
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        <curCd>USD</curCd>
        <valUSD>3779.89000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31417YCC9</cusip>
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          <isin value="US31417YCC93"/>
          <other otherDesc="Inhouse Asset ID" value="445250"/>
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        <balance>697522.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>798098.08000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2039-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="698129"/>
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        <balance>6300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2947.44000000</valUSD>
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      <invstOrSec>
        <name>TransCanada PipeLines Ltd.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Millennium Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Oriflame Investment Holding plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>B&amp;G Foods, Inc.</name>
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        <name>Battalion Oil Corp.</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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        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Energy Transfer LP</name>
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        <name>HSBC Holdings plc</name>
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        <title>HSBC Holdings plc</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CommScope Technologies LLC</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>Pikes Peak CLO 6</name>
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        <invCountry>KY</invCountry>
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        <name>Gabonese Republic</name>
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        <name>William Morris Endeavor Entertainment LLC / IMG Worldwide 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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        <title>U.S. Treasury Notes</title>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP MORGAN CHASE BANK NA</counterpartyName>
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                <issuerName>Air France-KLM</issuerName>
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      <invstOrSec>
        <name>Sound Point CLO V-R Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>LCM 26 Ltd.</name>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>Edwards Lifesciences Corp.</name>
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        <name>DAE Funding LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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        <curCd>USD</curCd>
        <valUSD>242.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Federative Republic of Brazil</title>
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          <isin value="US105756BY51"/>
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        <name>Bimbo Bakeries USA, Inc.</name>
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        <name>GNMA</name>
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        <name>KUEHG Corp. / KC MergerSub, Inc.</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>GNMA</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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        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA2, Class M3</title>
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        <name>Shell International Finance BV</name>
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        <title>Shell International Finance BV</title>
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        <name>Octagon Investment Partners 37 Ltd.</name>
        <lei>N/A</lei>
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        <name>Madison Park Funding XLII LTD.</name>
        <lei>549300BF3YFW8EHN6F75</lei>
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        <name>Akbank T.A.S.</name>
        <lei>789000TUMN63Z28TJ497</lei>
        <title>Akbank T.A.S.</title>
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        <name>Orange SA</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange SA</title>
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        <name>Voya CLO Ltd.</name>
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      <invstOrSec>
        <name>GNMA</name>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
        <name>Union Pacific Railroad Co. Pass-Through Trust</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <title>Goldman Sachs Group, Inc. (The)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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          <other otherDesc="Inhouse Asset ID" value="447376"/>
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        <curCd>USD</curCd>
        <valUSD>1924.01000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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        <name>CVS Health Corp.</name>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>African Export-Import Bank (The)</name>
        <lei>21380068LJCDYA42GJ76</lei>
        <title>African Export-Import Bank (The)</title>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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      <invstOrSec>
        <name>BlueMountain CLO Ltd.</name>
        <lei>635400IYPG2G6NM3OV52</lei>
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        <name>Consumer Loan Underlying Bond Credit Trust</name>
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        <name>FNMA</name>
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        <name>Race Point X CLO Ltd.</name>
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        <name>FNMA</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>BlueMountain Fuji US CLO III Ltd.</name>
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        <name>Russian Federation</name>
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        <name>GNMA</name>
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        <name>Consumer Loan Underlying Bond Certificate Issuer Trust I</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>BlueMountain CLO Ltd.</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>Consumer Loan Underlying Bond Club Certificate Issuer Trust I</name>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Anthem, Inc.</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
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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>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Harsco Corp.</name>
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        <name>Centene Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications, Inc.</name>
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        <name>Five Point Operating Co. LP / Five Point Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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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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        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA4, Class M3</title>
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        <name>FNMA</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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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
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        <name>Liberty Mutual Group, Inc.</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>Liberty Mutual Group, Inc.</title>
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      <invstOrSec>
        <name>Burnham Park CLO Ltd.</name>
        <lei>549300BOEG5O4MSO7220</lei>
        <title>Burnham Park CLO Ltd., Series 2016-1A, Class BR</title>
        <cusip>12232KAJ9</cusip>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Sinclair Television Group, Inc.</name>
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        <name>Republic of Panama</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EnLink Midstream LLC</name>
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        <name>United States of America</name>
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        <name>Madison Park Funding XIII Ltd.</name>
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        <name>Ahern Rentals, Inc.</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <invCountry>US</invCountry>
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        <name>LCM 26 Ltd.</name>
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        <invCountry>KY</invCountry>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <other otherDesc="Inhouse Asset ID" value="1147294"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Endo Luxembourg Finance Co. I SARL / Endo US, Inc.</name>
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        <invCountry>LU</invCountry>

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        <name>Weatherford International Ltd.</name>
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        <title>Weatherford International Ltd.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Massachusetts School Building Authority</name>
        <lei>N/A</lei>
        <title>Massachusetts School Building Authority</title>
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        <issuerCat>MUN</issuerCat>
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        <name>CWABS Asset-Backed Certificates Trust</name>
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        <invCountry>US</invCountry>
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        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
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        <curCd>USD</curCd>
        <valUSD>9233224.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
        <lei>N/A</lei>
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        <balance>18200000.00000000</balance>
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        <valUSD>18894679.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>Ares European CLO VIII DAC</name>
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        <name>T-Mobile USA, Inc.</name>
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      <invstOrSec>
        <name>Ashton Woods USA LLC / Ashton Woods Finance Co.</name>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>FHLMC</name>
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        <title>FHLMC Gold Pools, 30 Year</title>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>Dynasty Acquisition Co., Inc.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>GNMA</name>
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        <name>Wynn Macau Ltd.</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Colbun SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>GNMA</name>
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        <name>United States of America</name>
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        <name>United Airlines, Inc.</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>FHLMC</name>
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        <name>SK Hynix, Inc.</name>
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        <name>United Mexican States</name>
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      <invstOrSec>
        <name>Webster Park CLO Ltd.</name>
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        <name>Buttermilk Park CLO Ltd.</name>
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        <name>FNMA</name>
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        <name>Harvest Operations Corp.</name>
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        <name>N/A</name>
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        <name>Aker BP ASA</name>
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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>TUI Cruises GmbH</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>Neuberger Berman Loan Advisers CLO 27 Ltd.</name>
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        <name>Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.</name>
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        <name>FHLMC</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>FNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="421276"/>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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          <isin value="US404280CK33"/>
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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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          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
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          <isin value="US903724AQ59"/>
          <other otherDesc="Inhouse Asset ID" value="617115"/>
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        <balance>229000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
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          <isin value="US92915PAR64"/>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13049GAA85"/>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US30711XAK00"/>
          <other otherDesc="Inhouse Asset ID" value="658704"/>
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        <balance>13965993.09500000</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>Regeneron Pharmaceuticals, Inc.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
        <title>Regeneron Pharmaceuticals, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TotalEnergies Capital International SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International SA</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Transit Authority</name>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <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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        <balance>474000.00000000</balance>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
        <cusip>36213VMK1</cusip>
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          <isin value="US36213VMK16"/>
          <other otherDesc="Inhouse Asset ID" value="223344"/>
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        <balance>6192.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6968.93000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>FNMA</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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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>TICP CLO VI Ltd.</name>
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        <name>Strata CLO I Ltd.</name>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Alibaba Group Holding Ltd.</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Cheniere Corpus Christi Holdings LLC</name>
        <lei>549300I7CIEWU1BBLQ53</lei>
        <title>Cheniere Corpus Christi Holdings LLC</title>
        <cusip>16412XAC9</cusip>
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        <name>GNMA</name>
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        <name>San Bernardino Community College District</name>
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        <name>Southern Co. (The)</name>
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        <name>FHLMC</name>
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        <name>Upgrade Master Pass-Thru Trust</name>
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        <name>Altice France SA</name>
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        <name>Univision Communications, Inc.</name>
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        <name>NCL Corp. Ltd.</name>
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        <name>Martin Midstream Partners LP / Martin Midstream Finance Corp.</name>
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        <name>AMMC CLO XI Ltd.</name>
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        <name>Amcor Flexibles North America, Inc.</name>
        <lei>PTVU09TE3QPJPL7K4E13</lei>
        <title>Amcor Flexibles North America, Inc.</title>
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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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        <name>Invesco Senior Loan ETF</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>InterGen NV</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>Studio City Finance Ltd.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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        <name>FHLMC</name>
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        <title>FHLMC Gold Pools, 30 Year</title>
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        <name>Republic of Indonesia</name>
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        <title>Republic of Indonesia</title>
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        <invCountry>ID</invCountry>
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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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        <invCountry>IE</invCountry>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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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>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
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        <name>BlueMountain CLO Ltd.</name>
        <lei>549300WSX4P5CXVKVR97</lei>
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        <invCountry>KY</invCountry>
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        <name>Vistra Operations Co. LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co. LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AutoNation, Inc.</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Neuberger Berman CLO XVI-S Ltd.</name>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Weatherford International plc</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <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>
        <valUSD>12471538.00000000</valUSD>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US30711XAM65"/>
          <other otherDesc="Inhouse Asset ID" value="663191"/>
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        <balance>1119198.52600000</balance>
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        <curCd>USD</curCd>
        <valUSD>1134640.78000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-25</maturityDt>
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      <invstOrSec>
        <name>Cheniere Energy, Inc.</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>Cheniere Energy, Inc.</title>
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          <isin value="US16411RAK59"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1796917.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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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>
        <debtSec>
          <maturityDt>2031-06-03</maturityDt>
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          <annualizedRt>2.57200000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Pittsburgh-of the Commonwealth System of Higher Education</name>
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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>
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          <isin value="US07134L1237"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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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>
        <cusip>N/A</cusip>
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          <isin value="XS2062959700"/>
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        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="1147791"/>
          <other otherDesc="Future Ticker" value="UXYU1 Comdty"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807BU5</cusip>
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          <isin value="US666807BU55"/>
          <other otherDesc="Inhouse Asset ID" value="1057172"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Bain Capital Credit CLO</name>
        <lei>N/A</lei>
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        <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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        <balance>922984.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>921635.87000000</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>
          <annualizedRt>1.92612960</annualizedRt>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Ukraine Government Bond</title>
        <cusip>903724AS1</cusip>
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          <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>249460.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Comerica, Inc.</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>Comerica, Inc.</title>
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          <isin value="US200340AU17"/>
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        <balance>3800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4237000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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        <curCd>USD</curCd>
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        <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>
        <cusip>36206FRH7</cusip>
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          <isin value="US36206FRH72"/>
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        <curCd>USD</curCd>
        <valUSD>134.77000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rattler Midstream LP</name>
        <lei>549300I45NRVEEN9M219</lei>
        <title>Rattler Midstream LP</title>
        <cusip>75419TAA1</cusip>
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          <isin value="US75419TAA16"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>940608.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 15 Year</title>
        <cusip>3133GAJK3</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1125535"/>
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        <balance>2290866.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2379591.62000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <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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        <balance>3200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1860000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CARLYLE US CLO Ltd.</name>
        <lei>N/A</lei>
        <title>CARLYLE US CLO Ltd., Series 2017-5A, Class B</title>
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        <identifiers>
          <isin value="US14316AAG22"/>
          <other otherDesc="Inhouse Asset ID" value="681080"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6905260.31000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Cook Park CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Cook Park CLO Ltd., Series 2018-1A, Class A2</title>
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          <isin value="US21623PAC14"/>
          <other otherDesc="Inhouse Asset ID" value="686410"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5970279.06000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>1.25388000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Long Point Park CLO Ltd.</name>
        <lei>549300639DPKTBUSCC77</lei>
        <title>Long Point Park CLO Ltd., Series 2017-1A, Class C</title>
        <cusip>542798AJ2</cusip>
        <identifiers>
          <isin value="US542798AJ22"/>
          <other otherDesc="Inhouse Asset ID" value="679890"/>
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        <balance>3100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3033546.09000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.53388160</annualizedRt>
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      <invstOrSec>
        <name>Bain Capital Credit CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Bain Capital Credit CLO Ltd., Series 2020-4A, Class B</title>
        <cusip>05684KAN7</cusip>
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          <isin value="US05684KAN72"/>
          <other otherDesc="Inhouse Asset ID" value="1120843"/>
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        <balance>8350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8362182.85000000</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>
          <annualizedRt>2.08424880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
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          <isin value="US715638AU64"/>
          <other otherDesc="Inhouse Asset ID" value="690016"/>
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        <balance>2900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3952859.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.55000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>312931PG7</cusip>
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          <isin value="US312931PG73"/>
          <other otherDesc="Inhouse Asset ID" value="441545"/>
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        <balance>792722.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>886507.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Long Bonds</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1146624"/>
          <other otherDesc="Future Ticker" value="USU1 Comdty"/>
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        <balance>-375.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-82563.75000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>CME Clearing House</counterpartyName>
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                <issuerName>United States of America</issuerName>
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            <expDate>2021-09-21</expDate>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31402YRF3</cusip>
        <identifiers>
          <isin value="US31402YRF33"/>
          <other otherDesc="Inhouse Asset ID" value="290713"/>
        </identifiers>
        <balance>22100.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24691.96000000</valUSD>
        <pctVal>0.000467855846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</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>Dominican Republic</name>
        <lei>N/A</lei>
        <title>Dominican Republic Government Bond</title>
        <cusip>25714PDX3</cusip>
        <identifiers>
          <isin value="US25714PDX33"/>
          <other otherDesc="Inhouse Asset ID" value="684492"/>
        </identifiers>
        <balance>610400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DOP" exchangeRt="57.03000000"/>
        <valUSD>11299770.61000000</valUSD>
        <pctVal>0.214104661972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.90000000</annualizedRt>
          <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, 30 Year</title>
        <cusip>31407NQ22</cusip>
        <identifiers>
          <isin value="US31407NQ223"/>
          <other otherDesc="Inhouse Asset ID" value="404945"/>
        </identifiers>
        <balance>435.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502.48000000</valUSD>
        <pctVal>0.000009520840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</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>San Bernardino Community College District</name>
        <lei>549300Y4FPTEP3EQZ007</lei>
        <title>San Bernardino Community College District</title>
        <cusip>796720PQ7</cusip>
        <identifiers>
          <isin value="US796720PQ70"/>
          <other otherDesc="Inhouse Asset ID" value="1155743"/>
        </identifiers>
        <balance>11465000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11521890.48000000</valUSD>
        <pctVal>0.218313322601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weyerhaeuser Mortgage Co. of Texas</name>
        <lei>N/A</lei>
        <title>Weyerhaeuser Mortgage Co. of Texas</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="449774"/>
        </identifiers>
        <balance>5996.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5996.28000000</valUSD>
        <pctVal>0.000113615713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.43000000</annualizedRt>
          <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, 30 Year</title>
        <cusip>31411NL54</cusip>
        <identifiers>
          <isin value="US31411NL549"/>
          <other otherDesc="Inhouse Asset ID" value="404921"/>
        </identifiers>
        <balance>18282.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20458.67000000</valUSD>
        <pctVal>0.000387644738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>Salt Lake City Corp.</name>
        <lei>549300CRGKV67DRSGT85</lei>
        <title>Salt Lake City Corp.</title>
        <cusip>79560TEF5</cusip>
        <identifiers>
          <isin value="US79560TEF57"/>
          <other otherDesc="Inhouse Asset ID" value="1024516"/>
        </identifiers>
        <balance>3155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3376458.60000000</valUSD>
        <pctVal>0.063976124132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10200000</annualizedRt>
          <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, 15 Year</title>
        <cusip>01F020489</cusip>
        <identifiers>
          <isin value="US01F0204895"/>
          <other otherDesc="Inhouse Asset ID" value="1154461"/>
        </identifiers>
        <balance>145190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150685669.45000000</valUSD>
        <pctVal>2.855146837508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-25</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>Texas State University System</name>
        <lei>N/A</lei>
        <title>Texas State University System</title>
        <cusip>88278PZM9</cusip>
        <identifiers>
          <isin value="US88278PZM93"/>
          <other otherDesc="Inhouse Asset ID" value="1018807"/>
        </identifiers>
        <balance>2255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2378100.00000000</valUSD>
        <pctVal>0.045059525030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.28900000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31410YZQ0</cusip>
        <identifiers>
          <isin value="US31410YZQ06"/>
          <other otherDesc="Inhouse Asset ID" value="404879"/>
        </identifiers>
        <balance>1092.82000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1244.31000000</valUSD>
        <pctVal>0.000023576812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Israel Electric Corp. Ltd.</name>
        <lei>254900JW7GE35YNJGJ55</lei>
        <title>Israel Electric Corp. Ltd.</title>
        <cusip>465077AL9</cusip>
        <identifiers>
          <isin value="IL0060002446"/>
          <other otherDesc="Inhouse Asset ID" value="684296"/>
        </identifiers>
        <balance>6700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7524435.00000000</valUSD>
        <pctVal>0.142570735974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, 30 Year</title>
        <cusip>31283HJ48</cusip>
        <identifiers>
          <isin value="US31283HJ480"/>
          <other otherDesc="Inhouse Asset ID" value="274862"/>
        </identifiers>
        <balance>3177.98000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3622.16000000</valUSD>
        <pctVal>0.000068631600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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>Verso Corp.</name>
        <lei>549300FODXCTQ8DGT594</lei>
        <title>Verso Corp.</title>
        <cusip>92531L116</cusip>
        <identifiers>
          <isin value="US92531L1162"/>
          <other otherDesc="Inhouse Asset ID" value="639882"/>
        </identifiers>
        <balance>732.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2854.80000000</valUSD>
        <pctVal>0.000054091893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dynasty Acquisition Co., Inc.</name>
        <lei>549300WM2IKMXZ5LGL49</lei>
        <title>Dynasty Acquisition Co., Inc., Term Loan B2</title>
        <cusip>26812CAF3</cusip>
        <identifiers>
          <isin value="US26812CAF32"/>
          <other otherDesc="Inhouse Asset ID" value="1042693"/>
        </identifiers>
        <balance>2769767.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2683212.16000000</valUSD>
        <pctVal>0.050840698660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.64725000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
        <cusip>969457BX7</cusip>
        <identifiers>
          <isin value="US969457BX79"/>
          <other otherDesc="Inhouse Asset ID" value="1069941"/>
        </identifiers>
        <balance>3200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3539176.45000000</valUSD>
        <pctVal>0.067059253115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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, 30 Year</title>
        <cusip>31407SQM7</cusip>
        <identifiers>
          <isin value="US31407SQM79"/>
          <other otherDesc="Inhouse Asset ID" value="352985"/>
        </identifiers>
        <balance>6756.48000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7581.76000000</valUSD>
        <pctVal>0.000143656912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SQ2</cusip>
        <identifiers>
          <isin value="US912810SQ22"/>
          <other otherDesc="Inhouse Asset ID" value="1103282"/>
        </identifiers>
        <balance>34000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30283906.08000000</valUSD>
        <pctVal>0.573810362905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <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, 30 Year</title>
        <cusip>31388LQM5</cusip>
        <identifiers>
          <isin value="US31388LQM53"/>
          <other otherDesc="Inhouse Asset ID" value="265896"/>
        </identifiers>
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        <name>FHLMC</name>
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        <name>Consumer Loan Underlying Bond Club Certificate Issuer Trust I</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>BOFA SECURITIES INC .</name>
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        <name>Organon &amp; Co. / Organon Foreign Debt Co-Issuer BV</name>
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        <name>Commonwealth Financing Authority</name>
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        <title>Commonwealth Financing Authority</title>
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        <name>CDW LLC / CDW Finance Corp.</name>
        <lei>N/A</lei>
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        <name>Bain Capital Credit CLO</name>
        <lei>N/A</lei>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I, 30 Year</title>
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        <name>Valaris Ltd.</name>
        <lei>N/A</lei>
        <title>Valaris Ltd.</title>
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        <name>UniCredit SpA</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit SpA</title>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CIM Trust</name>
        <lei>N/A</lei>
        <title>CIM Trust, Series 2018-INV1, Class A4</title>
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        <balance>2904870.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2962679.48000000</valUSD>
        <pctVal>0.056135961559</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>41577.55000000</valUSD>
        <pctVal>0.000787798938</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>23162.06000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4725000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>41577.55000000</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>1804.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2046.86000000</valUSD>
        <pctVal>0.000038783288</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>156304.16000000</valUSD>
        <pctVal>0.002961604310</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>Radian Group, Inc.</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group, Inc.</title>
        <cusip>750236AW1</cusip>
        <identifiers>
          <isin value="US750236AW16"/>
          <other otherDesc="Inhouse Asset ID" value="991757"/>
        </identifiers>
        <balance>16800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18295620.00000000</valUSD>
        <pctVal>0.346659916459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <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>12722625.00000000</valUSD>
        <pctVal>0.241064479894</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>1.78425000</annualizedRt>
          <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>17995984.42000000</valUSD>
        <pctVal>0.340982511423</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>1.09613160</annualizedRt>
          <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>01F022683</cusip>
        <identifiers>
          <isin value="US01F0226831"/>
          <other otherDesc="Inhouse Asset ID" value="1148458"/>
        </identifiers>
        <balance>357349000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>372271108.07000000</valUSD>
        <pctVal>7.053681221188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-25</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>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>2735348.77000000</valUSD>
        <pctVal>0.051828567498</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>1.53425160</annualizedRt>
          <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>8440192.27000000</valUSD>
        <pctVal>0.159922229868</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>1.32612840</annualizedRt>
          <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>3058272.67000000</valUSD>
        <pctVal>0.057947232632</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>2.73387960</annualizedRt>
          <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, 30 Year</title>
        <cusip>3140XAZ47</cusip>
        <identifiers>
          <isin value="US3140XAZ476"/>
          <other otherDesc="Inhouse Asset ID" value="1150600"/>
        </identifiers>
        <balance>1910280.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1999839.97000000</valUSD>
        <pctVal>0.037892367513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-01</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>Logan CLO I Ltd.</name>
        <lei>N/A</lei>
        <title>Logan CLO I Ltd., Series 2021-1A, Class A</title>
        <cusip>540543AA3</cusip>
        <identifiers>
          <isin value="US540543AA31"/>
          <other otherDesc="Inhouse Asset ID" value="1152064"/>
        </identifiers>
        <balance>4750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4752964.08000000</valUSD>
        <pctVal>0.090057736819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.31244840</annualizedRt>
          <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>614458.23000000</valUSD>
        <pctVal>0.011642570116</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>1274714.36000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7800000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>614458.23000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.11.e.ii"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-08-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
