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        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LONDON CLEARING HOUSE</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>USD-SOFR-COMPOUND</issueTitle>
                <identifiers>
                  <other otherDesc="Internal_ID" value="SWU020W18-USD-SOFR-COMPOUND"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="United States SOFR Secured Overnight Financing Rate" floatingRtSpread="0.000000" pmntAmt="0.000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.689000"/>
            <terminationDt>2030-10-31</terminationDt>
            <upfrontPmnt>0.000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4500000.000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-13711.530000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANC OF AMERICA FUNDING CORP 2006-A</name>
        <lei>N/A</lei>
        <title>BANC OF AMERICA FUNDING CORPOR BAFC 2006 A 3A2</title>
        <cusip>058927AG9</cusip>
        <identifiers>
          <isin value="US058927AG91"/>
        </identifiers>
        <balance>471723.160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>428591.670000</valUSD>
        <pctVal>0.0031386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.58596</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RJ2596 FR 10/54 FIXED 6.5</title>
        <cusip>3142GS3E6</cusip>
        <identifiers>
          <isin value="US3142GS3E60"/>
        </identifiers>
        <balance>4698918.820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4936617.580000</valUSD>
        <pctVal>0.0361507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA4860 FN 12/49 FIXED 3</title>
        <cusip>3140QCMJ2</cusip>
        <identifiers>
          <isin value="US3140QCMJ22"/>
        </identifiers>
        <balance>13065.900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11692.160000</valUSD>
        <pctVal>0.0000856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BE9075 FN 05/37 FIXED 4</title>
        <cusip>3140FVCM6</cusip>
        <identifiers>
          <isin value="US3140FVCM60"/>
        </identifiers>
        <balance>814296.560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>801751.360000</valUSD>
        <pctVal>0.0058712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE HOME LOANS 2004-25</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE HOME LOANS CWHL 2004 25 1A1</title>
        <cusip>12669GJY8</cusip>
        <identifiers>
          <isin value="US12669GJY89"/>
        </identifiers>
        <balance>243405.750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>231646.600000</valUSD>
        <pctVal>0.0016963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.45303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5411</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5411 IB</title>
        <cusip>3137HCRW4</cusip>
        <identifiers>
          <isin value="US3137HCRW42"/>
        </identifiers>
        <balance>50625384.350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8014838.720000</valUSD>
        <pctVal>0.0586925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.5</annualizedRt>
          <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>31750SC52 PIMCO CDSOPT PUT USD 102.32812500 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="OP004S4C4"/>
        </identifiers>
        <balance>-215000000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-891519.000000</valUSD>
        <pctVal>-0.0065286</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 6.0% APR 30YR</issueTitle>
                <identifiers>
                  <isin value="US01F0606420"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>102.330000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-06</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-505190.870000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2014-47</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2014 47 BI</title>
        <cusip>3136AKTL7</cusip>
        <identifiers>
          <isin value="US3136AKTL74"/>
        </identifiers>
        <balance>333523.170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16892.350000</valUSD>
        <pctVal>0.0001237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.17271</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QY2218 FR 05/55 FIXED 6</title>
        <cusip>31426LPC2</cusip>
        <identifiers>
          <isin value="US31426LPC27"/>
        </identifiers>
        <balance>5779898.640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6008900.300000</valUSD>
        <pctVal>0.044003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL ZS9810 FR 03/46 FIXED 4.5</title>
        <cusip>3132AA3T9</cusip>
        <identifiers>
          <isin value="US3132AA3T99"/>
        </identifiers>
        <balance>218626.430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>215809.180000</valUSD>
        <pctVal>0.0015804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BE5598 FN 12/36 FIXED 4</title>
        <cusip>3140FRGG4</cusip>
        <identifiers>
          <isin value="US3140FRGG45"/>
        </identifiers>
        <balance>375640.860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>366318.310000</valUSD>
        <pctVal>0.0026825</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>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CPS AUTO RECEIVABLES TRUST 2024-D</name>
        <lei>N/A</lei>
        <title>CPS AUTO TRUST CPS 2024 D A 144A</title>
        <cusip>22411JAA3</cusip>
        <identifiers>
          <isin value="US22411JAA34"/>
        </identifiers>
        <balance>519896.680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520030.710000</valUSD>
        <pctVal>0.0038082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.91</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2022-1</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2022 1 WI</title>
        <cusip>3136BLLZ1</cusip>
        <identifiers>
          <isin value="US3136BLLZ17"/>
        </identifiers>
        <balance>14485157.050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1210669.430000</valUSD>
        <pctVal>0.0088657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.36008</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC-2614</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 2614 SY</title>
        <cusip>31393QP30</cusip>
        <identifiers>
          <isin value="US31393QP303"/>
        </identifiers>
        <balance>4938.180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4973.420000</valUSD>
        <pctVal>0.0000364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.8616</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT BASED ASSET SRVC &amp; SEC 2007-CB6</name>
        <lei>N/A</lei>
        <title>CREDIT BASED ASSET SERVICING A CBASS 2007 CB6 A1 144A</title>
        <cusip>1248RHAA5</cusip>
        <identifiers>
          <isin value="US1248RHAA57"/>
        </identifiers>
        <balance>83850.660000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56114.910000</valUSD>
        <pctVal>0.0004109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.90821</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CC0278 FN 04/55 FIXED 6.5</title>
        <cusip>3140Y6JY7</cusip>
        <identifiers>
          <isin value="US3140Y6JY76"/>
        </identifiers>
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      <invstOrSec>
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      <invstOrSec>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST 2024-5A</name>
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        <name>SCCU AUTO RECEIVABLES TRUST 2023-1A</name>
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        <name>FANNIE MAE REMICS 2015-47</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2024-B</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-39</name>
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        <name>PRPM 2024-RPL3 LLC</name>
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      </invstOrSec>
      <invstOrSec>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-32</name>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 375</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4851</name>
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        <title>FREDDIE MAC FHR 4851 KO</title>
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          <isin value="US3137FKAP18"/>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>JP MORGAN MORTGAGE TRUST 2005-A8</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2026-H02</name>
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          <isin value="US38384L2A65"/>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2014-92</name>
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        <name>FANNIE MAE REMICS 2013-63</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 4999</name>
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        <name>GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-1A</name>
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        <name>FANNIE MAE REMICS 2025-18</name>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>FANNIE MAE REMICS 2021-22</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2021 22 GI</title>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2021-42</name>
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        <name>MFA 2021-NQM1 TRUST</name>
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        <name>SECURITIZED ASSET BACKED RECEIVABLES LLC 2007-BR5</name>
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      <invstOrSec>
        <name>WASHINGTON MUTUAL 2007-OA3</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>WATR 2025-2</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2018-35</name>
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        <name>WASHINGTON MUTUAL 2005-AR16</name>
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        <name>FANNIE MAE-ACES 2020-M33</name>
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        <name>LA HIPOTECARIA PANAMANIAN MORTGAGE TRUST 2014-1A</name>
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        <title>LA HIPOTECARIA SA LHIPO 2014 1A A1 144A</title>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2021-H19</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2021 H19 FM</title>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SMB PRIVATE EDUCATION LOAN TRUST 2026-C</name>
        <lei>N/A</lei>
        <title>83208D990 SMB 2026 B D 144A</title>
        <cusip>990ACZUZ0</cusip>
        <identifiers>
          <ticker value="SMB"/>
        </identifiers>
        <balance>4933000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4892061.530000</valUSD>
        <pctVal>0.0358244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.27</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FCCU AUTO RECEIVABLES TRUST 2024-1</name>
        <lei>N/A</lei>
        <title>FCCU AUTO RECEIVABLES TRUST FCCU 2024 1A A4 144A</title>
        <cusip>30336CAG0</cusip>
        <identifiers>
          <isin value="US30336CAG06"/>
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        <balance>1200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1219968.000000</valUSD>
        <pctVal>0.0089338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.46</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST SERIES 2025-6</name>
        <lei>N/A</lei>
        <title>CHASE MORTGAGE FINANCE CORPORA CHASE 2025 6 A11 144A</title>
        <cusip>161922BA6</cusip>
        <identifiers>
          <isin value="US161922BA69"/>
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        <balance>28222362.140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28329466.000000</valUSD>
        <pctVal>0.207456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.1619</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT SELECTION TRUST 2024-PT2</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT SELECTION TRUST PAID 2024 PT2 C 144A</title>
        <cusip>69544PAC6</cusip>
        <identifiers>
          <isin value="US69544PAC68"/>
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        <balance>1429046.210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1429747.030000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.823</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3607</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3607 PO</title>
        <cusip>31398LQT8</cusip>
        <identifiers>
          <isin value="US31398LQT88"/>
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        <balance>15710.990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13131.760000</valUSD>
        <pctVal>0.0000962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MB0868 G2 01/56 FIXED 3.5</title>
        <cusip>3618N56E4</cusip>
        <identifiers>
          <isin value="US3618N56E42"/>
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        <balance>12000000.120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11014951.910000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LN TR 2007-3T1</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2007 3T1 1A7</title>
        <cusip>02149VAG4</cusip>
        <identifiers>
          <isin value="US02149VAG41"/>
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        <balance>752368.830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>320117.740000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS8627 FN 07/54 FIXED VAR</title>
        <cusip>3140XQSR9</cusip>
        <identifiers>
          <isin value="US3140XQSR96"/>
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        <balance>2553096.850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2682978.250000</valUSD>
        <pctVal>0.0196474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARROWMARK COLORADO HOLDINGS 2018-3A</name>
        <lei>N/A</lei>
        <title>ELEVATION CLO LTD AWPT 2018 3A A2R2 144A</title>
        <cusip>28623VAQ2</cusip>
        <identifiers>
          <isin value="US28623VAQ23"/>
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        <balance>2200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2201848.900000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26802</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>N/A</name>
        <lei>N/A</lei>
        <title>317UCA3A2 PIMCO SWAPTION 4.75 PUT USD 20260630</title>
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        <identifiers>
          <isin value="EZQ7MS10MXY6"/>
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        <balance>124300000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>111596.540000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>BANK OF AMERICA CORPORATION</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                    <name>N/A</name>
                    <lei>N/A</lei>
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            <shareNo>N/A</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-137003.460000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>31750SIS6 PIMCO CDSOPT PUT USD 96.58984375 202</title>
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          <other otherDesc="Internal ID" value="OP004W7M0"/>
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        <curCd>USD</curCd>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 4.5% MAY 30YR</issueTitle>
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            <shareNo>N/A</shareNo>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>FREDDIEMAC STRIP-314</name>
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        <title>FREDDIEMAC STRIP FHS 314 S2</title>
        <cusip>31325UUE4</cusip>
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          <isin value="US31325UUE45"/>
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        <curCd>USD</curCd>
        <valUSD>666900.770000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004834 G2 10/40 FIXED 4.5</title>
        <cusip>36202FLP9</cusip>
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          <isin value="US36202FLP98"/>
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        <balance>1327476.980000</balance>
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        <curCd>USD</curCd>
        <valUSD>1317073.100000</valUSD>
        <pctVal>0.0096449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL Q47617 FG 04/47 FIXED 3.5</title>
        <cusip>3132WMPB4</cusip>
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        <balance>853501.090000</balance>
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        <curCd>USD</curCd>
        <valUSD>798143.040000</valUSD>
        <pctVal>0.0058448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</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>FREDDIE MAC 2030</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 2030 A</title>
        <cusip>3133TCXJ2</cusip>
        <identifiers>
          <isin value="US3133TCXJ25"/>
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        <balance>661.990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>655.770000</valUSD>
        <pctVal>0.0000048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2022-22</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 4181</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5181</name>
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        <name>FREDDIE MAC REMICS 5152</name>
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        <name>PREFERRED TERM SECURITIES XXIV LTD/PREFERRED TERM SECURITIES XXIV INC</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2021-H12</name>
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        <name>STREAM INNOVATIONS 2024-1 ISSUER TRUST</name>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC2</name>
        <lei>N/A</lei>
        <title>BEAR STEARNS ASSET BACKED SECU BSABS 2006 AC2 21A4</title>
        <cusip>07387UGS4</cusip>
        <identifiers>
          <isin value="US07387UGS42"/>
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        <balance>3470438.440000</balance>
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        <curCd>USD</curCd>
        <valUSD>1239208.890000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BJ9921 FN 03/48 FIXED 4</title>
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        <identifiers>
          <isin value="US3140HCAX45"/>
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        <balance>508836.590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486567.600000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QO3622 FR 05/40 FIXED 5.5</title>
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          <isin value="US3133WNAX83"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL0565 FR 01/55 FIXED 6</title>
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          <isin value="US31427MTX91"/>
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        <balance>80384623.750000</balance>
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        <curCd>USD</curCd>
        <valUSD>83653237.790000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QI8177 FR 06/54 FIXED 7</title>
        <cusip>3133WFCN5</cusip>
        <identifiers>
          <isin value="US3133WFCN59"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1909726.950000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</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>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA POOL BA7937 GN 06/47 FIXED 4</title>
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          <isin value="US3617ALZA19"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>126980.270000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>FANNIE MAE REMICS 2015-1</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2015 1 PI</title>
        <cusip>3136AMLG2</cusip>
        <identifiers>
          <isin value="US3136AMLG28"/>
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        <balance>1752316.250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>291882.440000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4988</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4988 DI</title>
        <cusip>3137FUP57</cusip>
        <identifiers>
          <isin value="US3137FUP577"/>
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        <balance>3831953.370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>764340.200000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL0324 FR 02/55 FIXED 5.5</title>
        <cusip>31427MLE9</cusip>
        <identifiers>
          <isin value="US31427MLE92"/>
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        <balance>337559.680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>344527.710000</valUSD>
        <pctVal>0.002523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL MA3492 FN 10/38 FIXED 4</title>
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        <identifiers>
          <isin value="US31418C3A09"/>
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        <balance>9985014.430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9783446.440000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS6841 FN 01/54 FIXED VAR</title>
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          <isin value="US3140XNS706"/>
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        <balance>6149977.020000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5179</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5179 IO</title>
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          <isin value="US3137H4YX22"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-141</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2015 141 TK</title>
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          <isin value="US38379Q4L69"/>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 363</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 363 C6</title>
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        <identifiers>
          <isin value="US31325XBP42"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL Q54461 FG 02/48 FIXED 4</title>
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          <isin value="US3132XW5X55"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2014-38</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2014 38 IH</title>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA2870 FN 08/55 FIXED VAR</title>
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          <isin value="US3140W3FL80"/>
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        <balance>12225912.330000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US36179QYT20"/>
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        <balance>873397.670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>839093.820000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4043</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4043 QI</title>
        <cusip>3137APTE0</cusip>
        <identifiers>
          <isin value="US3137APTE02"/>
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        <balance>55680.630000</balance>
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        <curCd>USD</curCd>
        <valUSD>478.150000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2018-31</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2018 31 SD</title>
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        <identifiers>
          <isin value="US3136B1XV15"/>
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        <balance>2699441.010000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-50</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2016 50 PI</title>
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        <balance>2594272.850000</balance>
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        <curCd>USD</curCd>
        <valUSD>569985.090000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RBSGC MTGE PASS THRU CERT 2007-B</name>
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        <cusip>74927XAA0</cusip>
        <identifiers>
          <isin value="US74927XAA00"/>
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        <balance>20236976.350000</balance>
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        <curCd>USD</curCd>
        <valUSD>2989916.120000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MERRILL LYNCH MORTGAGE INVS 2006-HE5</name>
        <lei>N/A</lei>
        <title>MERRILL LYNCH MORTGAGE INVESTO MLMI 2006 HE5 A2C</title>
        <cusip>59022QAD4</cusip>
        <identifiers>
          <isin value="US59022QAD43"/>
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        <balance>22057077.930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10777057.400000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.09303</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2020-H19</name>
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        <cusip>38380QNU2</cusip>
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          <isin value="US38380QNU21"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>NYMT LOAN TRUST 2024-INV1</name>
        <lei>N/A</lei>
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        <cusip>62956XAA9</cusip>
        <identifiers>
          <isin value="US62956XAA90"/>
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        <balance>4032358.510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4044318.490000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS6086 FN 10/53 FIXED VAR</title>
        <cusip>3140XMXQ4</cusip>
        <identifiers>
          <isin value="US3140XMXQ45"/>
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        <balance>4827370.700000</balance>
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        <curCd>USD</curCd>
        <valUSD>5082311.480000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ASSET-BACKED CERT 2004-SD1</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ASSET BACKED CERTI CWL 2004 SD1 M1 144A</title>
        <cusip>1266712J4</cusip>
        <identifiers>
          <isin value="US1266712J44"/>
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        <balance>1252947.670000</balance>
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        <curCd>USD</curCd>
        <valUSD>1235526.440000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>TOWD POINT MORTGAGE TRUST 2024-5</name>
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        <title>TOWD POINT MORTGAGE TRUST TPMT 2024 5 A1A 144A</title>
        <cusip>891944AA8</cusip>
        <identifiers>
          <isin value="US891944AA82"/>
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        <balance>38556167.430000</balance>
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        <curCd>USD</curCd>
        <valUSD>38250235.810000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA1972 FN 06/55 FIXED VAR</title>
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          <isin value="US3140W2FN63"/>
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        <balance>5453409.700000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>317U9OQA1 PIMCO FPPSWAPTION 4.4 PUT USD</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <shareNo>N/A</shareNo>
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            <delta>XXXX</delta>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CARVAL CLO III LTD</name>
        <lei>N/A</lei>
        <title>CARVAL CLO LTD CARVL 2019 2A AR2 144A</title>
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        <identifiers>
          <isin value="US14686WAW10"/>
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        <balance>15617509.030000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15607573.330000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC STRIPS 365</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 365 116</title>
        <cusip>31325XKR0</cusip>
        <identifiers>
          <isin value="US31325XKR07"/>
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        <balance>577496.690000</balance>
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        <curCd>USD</curCd>
        <valUSD>98626.700000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA POOL BI1270 GN 08/48 FIXED 4</title>
        <cusip>3617HAMT1</cusip>
        <identifiers>
          <isin value="US3617HAMT19"/>
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        <balance>527223.290000</balance>
        <units>PA</units>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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          <couponKind>Fixed</couponKind>
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        <name>PAGAYA AI DEBT TRUST 2025-1</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2017-13</name>
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        <name>FANNIE MAE REMICS 2013-17</name>
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        <name>MORGAN STANLEY REREMIC TRUST 2012-R1</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ANTHRACITE LTD 2004-HY1A</name>
        <lei>N/A</lei>
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          <isin value="US03702YAD22"/>
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        <curCd>USD</curCd>
        <valUSD>59.120000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.678</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TABERNA PREFERRED FUNDING LTD 2006-6A</name>
        <lei>N/A</lei>
        <title>TABERNA PREFERED FUNDING LTD TBRNA 2006 6A A1BF 144A</title>
        <cusip>87331AAB0</cusip>
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          <isin value="US87331AAB08"/>
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        <balance>18786431.070000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.28481</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AD0389 FN 01/35 FLOATING VAR</title>
        <cusip>31418MNF5</cusip>
        <identifiers>
          <isin value="US31418MNF58"/>
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        <balance>74215.950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75970.170000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE 2020-37</name>
        <lei>N/A</lei>
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          <isin value="US3136B9T562"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Put</putOrCall>
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                  <curCd>USD</curCd>
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            <shareNo>N/A</shareNo>
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            <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140AXHW09"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4142</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4142 QI</title>
        <cusip>3137AX6D0</cusip>
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          <isin value="US3137AX6D04"/>
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        <balance>20828.480000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LN TR 2007-HY6</name>
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        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2007 HY6 A4</title>
        <cusip>02151JAD3</cusip>
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          <isin value="US02151JAD37"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA0894 FN 12/37 FIXED 4</title>
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          <isin value="US3140Q77G64"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>CHASE HOME LENDING MORTGAGE TRUST SERIES 2025-RPL1</name>
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        <curCd>USD</curCd>
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        <name>TOWD POINT MORTGAGE TRUST 2025-CES2</name>
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        <debtSec>
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        <securityLending>
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        <name>GOVT NATL MORTGAGE ASSOC SERIES 2007-18</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2007 18 CO</title>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>N/A</name>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 005085 G2 06/41 FIXED 6</title>
        <cusip>36202FUJ3</cusip>
        <identifiers>
          <isin value="US36202FUJ38"/>
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        <balance>42122.340000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43416.630000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>COUNTRYWIDE ALT LOAN TRUST 2006-36T2</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 36T2 1A5</title>
        <cusip>02146XAD0</cusip>
        <identifiers>
          <isin value="US02146XAD03"/>
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        <balance>8003394.950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3299901.380000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA3798 FN 11/55 FIXED VAR</title>
        <cusip>3140W4GG6</cusip>
        <identifiers>
          <isin value="US3140W4GG69"/>
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        <balance>2392739.980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2489118.830000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WARWICK FINANCE RESIDENTIAL MORTGAGES 3A</name>
        <lei>N/A</lei>
        <title>WARWICK FINANCE RESIDENTIAL MO WARW 3A E 144A</title>
        <cusip>ACI0Y9JP3</cusip>
        <identifiers>
          <isin value="XS1697706890"/>
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        <balance>682000.000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.755500"/>
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        <pctVal>0.0065069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.88087</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>STRUCTURED ARM LOAN TRUST 2005-16XS</name>
        <lei>N/A</lei>
        <title>STRUCTURED ADJUSTABLE RATE MOR SARM 2005 16XS M1</title>
        <cusip>863579WV6</cusip>
        <identifiers>
          <isin value="US863579WV66"/>
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        <balance>4434435.880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4020740.260000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.76803</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5167</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5167 WI</title>
        <cusip>3137H3MA7</cusip>
        <identifiers>
          <isin value="US3137H3MA73"/>
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        <balance>32874179.970000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2853113.920000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.52875</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-H12</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2024 H12 FB</title>
        <cusip>38383KZE5</cusip>
        <identifiers>
          <isin value="US38383KZE53"/>
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        <balance>15985911.570000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16193988.990000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2074-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.52294</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>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA POOL BQ7172 GN 10/49 FIXED 3.5</title>
        <cusip>3617LR6H3</cusip>
        <identifiers>
          <isin value="US3617LR6H34"/>
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        <balance>16894.080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15563.780000</valUSD>
        <pctVal>0.000114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</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>CROWN CASTLE TOWERS LLC</name>
        <lei>N/A</lei>
        <title>CROWN CASTLE TOWERS LLC ASSET BACKED 144A 07/48 4.241</title>
        <cusip>22822RBH2</cusip>
        <identifiers>
          <isin value="US22822RBH21"/>
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        <balance>500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497012.850000</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>2048-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.241</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2019-H16</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2019 H16 DF</title>
        <cusip>38380LG64</cusip>
        <identifiers>
          <isin value="US38380LG642"/>
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        <balance>1111537.260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1113288.040000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.38325</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-101</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 101 AS</title>
        <cusip>3136AGYM8</cusip>
        <identifiers>
          <isin value="US3136AGYM80"/>
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        <balance>8610448.990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1301011.290000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.17362</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MB0261 G2 03/55 FIXED 6.5</title>
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        <identifiers>
          <isin value="US3618N5JF78"/>
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        <balance>228019.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>237122.690000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DE8092 FN 08/55 FIXED 5.5</title>
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          <isin value="US3140BL7E66"/>
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        <balance>992473.140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1012390.110000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>SPECIALTY UNDERWRITING &amp; RESIDENTIAL FINANCE TRUST SERIES 2006-AB3</name>
        <lei>N/A</lei>
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        <cusip>84751XAC6</cusip>
        <identifiers>
          <isin value="US84751XAC65"/>
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        <balance>813779.330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>568877.570000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.09303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-68</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2019 68 US</title>
        <cusip>3136B6R21</cusip>
        <identifiers>
          <isin value="US3136B6R216"/>
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        <balance>10732404.910000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1402179.040000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.22362</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QX1580 FR 12/54 FIXED 5.5</title>
        <cusip>31425VXJ7</cusip>
        <identifiers>
          <isin value="US31425VXJ78"/>
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        <balance>1421446.670000</balance>
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        <curCd>USD</curCd>
        <valUSD>1439068.710000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RESIDENTIAL ACCREDIT LOANS 2007-QS1</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL ACCREDIT LOANS, IN RALI 2007 QS1 1A5</title>
        <cusip>74922KAE5</cusip>
        <identifiers>
          <isin value="US74922KAE55"/>
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        <balance>2781393.050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2062556.200000</valUSD>
        <pctVal>0.015104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.34303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        <name>FHLMC PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2013-151</name>
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        <name>FREDDIE MAC REMICS 4156</name>
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        <name>FREDDIE MAC SEASONED LOANS STRUCTURED TRANSACTION SERIES 2024-1</name>
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        <name>GS MORTGAGE-BACKED SECURITIES CORP TRUST 2021-NQM1</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>ACRES COMMERCIAL REALTY LTD 2025-FL3</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5051</name>
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        <name>FREDDIE MAC REMICS 5470</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-H30</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-H20</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIEMAE STRIP-428</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 428 C20</title>
        <cusip>31423YJU4</cusip>
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          <isin value="US31423YJU47"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACKROCK EUROPEAN CLO VII DAC 7A</name>
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          <isin value="XS2304369759"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 42314</name>
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          <isin value="US3137B9F347"/>
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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>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140AMGK15"/>
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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>BEAR STEARNS ASSET BACKED SECURITIES TRUST 2007-SD2</name>
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          <isin value="US07386UAF93"/>
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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>
          <maturityDt>2046-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REACH ABS TRUST 2025-2A</name>
        <lei>N/A</lei>
        <title>REACH FINANCIAL LLC REACH 2025 2A A 144A</title>
        <cusip>75525QAA8</cusip>
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          <isin value="US75525QAA85"/>
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        <balance>9195491.450000</balance>
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        <curCd>USD</curCd>
        <valUSD>9234424.240000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-18</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON MUTUAL 2007-OA6</name>
        <lei>N/A</lei>
        <title>WAMU MORTGAGE PASS THROUGH CER WAMU 2007 OA6 1A</title>
        <cusip>92927BAA0</cusip>
        <identifiers>
          <isin value="US92927BAA08"/>
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        <curCd>USD</curCd>
        <valUSD>314984.560000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QF5678 FR 01/53 FIXED 6</title>
        <cusip>3133BTJX9</cusip>
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          <isin value="US3133BTJX91"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL BF0377 FN 04/59 FIXED 3</title>
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          <couponKind>Fixed</couponKind>
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        <name>FREDDIE MAC REMICS 5172</name>
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        <title>FREDDIE MAC FHR 5172 KI</title>
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          <isin value="US3137H4PS38"/>
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          <couponKind>Fixed</couponKind>
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        <name>UNITED STATES GOVT</name>
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        <name>FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES KJ45</name>
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        <name>FREDDIE MAC REMICS 4438</name>
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        <name>GSMSC PASS-THROUGH TRUST 2009-6R</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SD4884 FR 02/54 FIXED 6</title>
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          <isin value="US3132DSM905"/>
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        <curCd>USD</curCd>
        <valUSD>48520820.680000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2020-96</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2020 96 IB</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEHMAN MORTGAGE TRUST 2007-5</name>
        <lei>N/A</lei>
        <title>LEHMAN MORTGAGE TRUST LMT 2007 5 4A2</title>
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        <identifiers>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC STRIPS 345</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 345 C13</title>
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        <units>PA</units>
        <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>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-45</name>
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        <title>FANNIE MAE FNR 2013 45 IK</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TESLA SUSTAINABLE ENERGY TRUST 2024-1A</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US88164AAC80"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.29</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-5</name>
        <lei>N/A</lei>
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        <cusip>69544LAA9</cusip>
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          <isin value="US69544LAA98"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4394</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4394 WI</title>
        <cusip>3137BEV43</cusip>
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          <isin value="US3137BEV438"/>
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        <balance>140491.200000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.26747</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5000</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5000 IA</title>
        <cusip>3137FVFL1</cusip>
        <identifiers>
          <isin value="US3137FVFL14"/>
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        <balance>3842310.190000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4795</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4795 SL</title>
        <cusip>3137F5RR2</cusip>
        <identifiers>
          <isin value="US3137F5RR22"/>
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        <balance>988496.570000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3617MYGP81"/>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4238</name>
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        <name>FHLMC PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5080</name>
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        <title>FREDDIE MAC FHR 5080 IQ</title>
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          <isin value="US3137FXV629"/>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2009-41</name>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST 2024-5A</name>
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      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 329</name>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FHF ISSUER TRUST 2024-3A</name>
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        <name>FANNIE MAE REMICS 2012-77</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL BS8541 FN 05/33 FIXED 4.74</title>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE 2009-86</name>
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        <name>FANNIE MAE REMICS 2013-10</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>N/A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-29</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2019 29 WC</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4610</name>
        <lei>N/A</lei>
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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>FANNIE MAE REMICS 2016-55</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 390</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4146</name>
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        <title>FREDDIE MAC FHR 4146 US</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5060</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA PASS THRU POOLS</name>
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          <isin value="US3140FVYZ36"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 354</name>
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          <isin value="US31325WVT60"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE REMICS 2015-50</name>
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          <couponKind>Floating</couponKind>
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        <name>TABERNA PREFERRED FUNDING LTD 2005-2A</name>
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          <isin value="US87330UAB70"/>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2022-78</name>
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        <title>FANNIE MAE FNR 2022 78 FC</title>
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          <isin value="US3136BPHH78"/>
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        <name>CARVANA AUTO RECEIVABLES TRUST 2024-N3</name>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004363 G2 02/39 FIXED 5.5</title>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004946 G2 02/41 FIXED 4.5</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BE7985 FN 02/47 FIXED 4</title>
        <cusip>3140FT2T7</cusip>
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      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LN TR 2007-5CB</name>
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      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST 2024-R1</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4315</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOME EQUITY LOAN TRUST 2007-FRE1</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC REMICS 5458</name>
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        <name>FANNIE MAE REMICS 2013-54</name>
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      <invstOrSec>
        <name>FANNIE MAE 2010-135</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2012-60</name>
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        <name>RAAC SERIES 2005-SP2</name>
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        <name>FHLMC PASS THRU POOLS</name>
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      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LN TR 2006-22R</name>
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        <name>FANNIE MAE REMICS 2016-14</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE 2006-30</name>
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        <name>FANNIE MAE REMICS 2023-51</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2021-63</name>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC WHOLE LOAN SECURITIES TRUST 2017-SC01</name>
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        <title>FREDDIE MAC WHOLE LOAN SECURIT FWLS 2017 SC01 2A</title>
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        <name>SMB PRIVATE EDUCATION LOAN TRUST 2024-E</name>
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        <name>PRETIUM MORTGAGE CREDIT PARTNERS LLC 2026-NPL1</name>
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        <name>FNMA PASS THRU POOLS</name>
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          <couponKind>Fixed</couponKind>
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        <name>FHF ISSUER TRUST 2023-2A</name>
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        <name>FANNIE MAE REMICS 2016-59</name>
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        <name>FREDDIE MAC STRIPS 424</name>
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        <name>JP MORGAN REREMIC 2009-10</name>
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        <title>JP MORGAN REREMIC JPMRR 2009 10 2A2 144A</title>
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        <name>FANNIE MAE REMICS 2018-28</name>
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        <title>FANNIE MAE FNR 2018 28 CA</title>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
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        <name>FHLMC PASS THRU POOLS</name>
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        <title>FED HM LN PC POOL QY2404 FR 05/55 FIXED 6</title>
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          <couponKind>Fixed</couponKind>
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        <name>CARVANA AUTO RECEIVABLES TRUST 2025-P1</name>
        <lei>N/A</lei>
        <title>CARVANA AUTO RECEIVABLES TRUST CRVNA 2025 P1 A2</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
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      <invstOrSec>
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        <name>FHLMC PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <name>PRPM 2026-RCF1 TRUST 2026-RCF1</name>
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        <name>FREDDIE MAC REMICS 3005</name>
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        <name>FREDDIE MAC REMICS 5196</name>
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      </invstOrSec>
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        <name>FREDDIE MAC REMICS 5262</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <delta>XXXX</delta>
            <unrealizedAppr>-624267.900000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 3223</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>FHLMC PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5383</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5383 AI</title>
        <cusip>3137HBGR9</cusip>
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          <isin value="US3137HBGR92"/>
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        <curCd>USD</curCd>
        <valUSD>1423515.590000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2024-77</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2024 77 FG</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE 2008-41</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2008 41 S</title>
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          <isin value="US31397LLL17"/>
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        <balance>480785.100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57402.620000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.02362</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE</title>
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          <isin value="US01F0606594"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140L7W323"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5426</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5426 AI</title>
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          <isin value="US3137HCXV94"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>991275.240000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>1.73081</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RB5175 FR 08/42 FIXED 4</title>
        <cusip>3133KYXC8</cusip>
        <identifiers>
          <isin value="US3133KYXC82"/>
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        <balance>1238897.210000</balance>
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        <curCd>USD</curCd>
        <valUSD>1211204.870000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BX5455 FN 01/53 FIXED 6</title>
        <cusip>3140NABZ5</cusip>
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          <isin value="US3140NABZ53"/>
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        <balance>1119046.410000</balance>
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        <curCd>USD</curCd>
        <valUSD>1149324.910000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNR-2021-69</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2021 69 HS</title>
        <cusip>3136BJJB2</cusip>
        <identifiers>
          <isin value="US3136BJJB21"/>
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        <balance>6980261.630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20928.920000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY MTGE LN TR 2006-2</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY MORTGAGE LOAN T MSM 2006 2 2A1</title>
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          <isin value="US61748HVH10"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-25</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4326</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4326 HZ</title>
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          <isin value="US3137BABQ46"/>
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        <curCd>USD</curCd>
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        <debtSec>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL BX5670 FN 01/53 FIXED 6</title>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BO1350 FN 08/49 FIXED 4</title>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5426</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-76</name>
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        <name>BAYVIEW MSR OPPORTUNITY MASTER FUND TRUST 2021-INV6</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4136</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 4748</name>
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        <name>PRETIUM MORTGAGE CREDIT PARTNERS LLC 2025-RPL1</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2025-172</name>
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        <name>PARK PLACE SEC INC 2004-WCW1</name>
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        <name>FANNIE MAE REMICS 2012-143</name>
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        <title>FANNIE MAE FNR 2012 143 AI</title>
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      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST 2024-9</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>RCO X MORTGAGE LLC 2025-5</name>
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        <name>FANNIE MAE REMICS 2015-8</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP 2018-SP2</name>
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        <title>CREDIT SUISSE MORTGAGE TRUST CSMC 2018 SP2 PT 144A</title>
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          <isin value="US12654QBH83"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>BAIN CAPITAL CREDIT CLO 2021-3 LTD</name>
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        <title>BAIN CAPITAL CREDIT CLO LIMIT BCC 2021 3A AR 144A</title>
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          <isin value="US05683NAJ19"/>
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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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        <name>ASHFORD HOSPITALITY TRUST 2018-ASHF</name>
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        <title>ASHFORD HOSPITALITY TRUST AHT1 2018 ASHF C 144A</title>
        <cusip>04410RAJ5</cusip>
        <identifiers>
          <isin value="US04410RAJ59"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>VALLEY FUNDING PLC 1A</name>
        <lei>N/A</lei>
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        <cusip>ACI2SNZ44</cusip>
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          <isin value="XS2959462297"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0</annualizedRt>
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        <name>CARLYLE GLOBAL MARKET STRATEGIES CLO LTD 2016-3A</name>
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          <isin value="US14311UBA51"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SOFI CONSUMER LOAN PROGRAM 2025-A TRUST</name>
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          <isin value="US83407UAE82"/>
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        <name>FREDDIE MAC REMICS 5080</name>
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        <name>TOWD POINT MORTGAGE TRUST 2025-CES3</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-101</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 101 IK</title>
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          <isin value="US38384CBD02"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2</annualizedRt>
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        <name>GLS AUTO RECEIVABLES ISSUER TRUST 2024-4A</name>
        <lei>N/A</lei>
        <title>GLS AUTO RECEIVABLES TRUST GCAR 2024 4A A3 144A</title>
        <cusip>36270YAE2</cusip>
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          <isin value="US36270YAE23"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2020-H09</name>
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        <curCd>USD</curCd>
        <valUSD>444736.410000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMMT 2025-LTV2</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST JPMMT 2025 LTV2 PT 144A</title>
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        <identifiers>
          <isin value="US46594BAL45"/>
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        <balance>85420192.160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86193526.790000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <balance>4005000.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.49</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2012-H18</name>
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        <cusip>38375BUL4</cusip>
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          <isin value="US38375BUL43"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 423</name>
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          <isin value="US31397VXA06"/>
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        <balance>7800679.850000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II TBA 30 YR 3.5 JUMBOS</title>
        <cusip>21H032639</cusip>
        <identifiers>
          <isin value="US21H0326395"/>
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        <balance>271000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248690813.880000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>CARVANA AUTO RECEIVABLES TRUST 2024-N3</name>
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        <cusip>14687WAC4</cusip>
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          <isin value="US14687WAC47"/>
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        <balance>11575504.760000</balance>
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        <curCd>USD</curCd>
        <valUSD>11586480.650000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.53</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
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          <isin value="EZMD808BGWS5"/>
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        <balance>24500000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>59177.300000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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                    <name>N/A</name>
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            <shareNo>N/A</shareNo>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3752</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4731</name>
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        <title>FREDDIE MAC FHR 4731 TK</title>
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        <name>FREDDIE MAC REMICS 4130</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO WELLS FARGO REVERSE REPO</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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        <repurchaseAgrmt>
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        <securityLending>
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        <name>OCEAN TRAILS CLO X 2020-10A</name>
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        <title>OCEAN TRAILS CLO OCTR 2020 10A BR2 144A</title>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-80</name>
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        <title>FANNIE MAE FNR 2012 80 HI</title>
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        <balance>2043296.920000</balance>
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        <curCd>USD</curCd>
        <valUSD>142248.810000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <name>GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-2A</name>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST IV 2022-1A</name>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>WELLS FARGO MTGE BACKED SEC 2007-AR8</name>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2022-63</name>
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      <invstOrSec>
        <name>FREDDIE MAC-3136</name>
        <lei>N/A</lei>
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        <debtSec>
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      <invstOrSec>
        <name>FREDDIE MAC 2400</name>
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        <title>FREDDIE MAC FHR 2400 PO</title>
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          <isin value="US31339NBP06"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>PAGAYA AI DEBT TRUST 2025-2</name>
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        <title>PAGAYA AI DEBT SELECTION TRUST PAID 2025 2 C 144A</title>
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        <identifiers>
          <isin value="US69545GAD34"/>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 365</name>
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        <title>FREDDIEMAC STRIP FHS 365 252</title>
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          <isin value="US31325XQG87"/>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BRIGHTSPIRE CAPITAL, INC 26-FL3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE REMICS 2018</name>
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          <isin value="US3136B1VD35"/>
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        <name>INDIGO CREDIT MANAGEMENT II DAC 2A</name>
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        <name>CITIGROUP MORTGAGE LOAN TRUST 2024-RP4</name>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2025-NQM1</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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          <isin value="US3140B16D35"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4990</name>
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        <title>FREDDIE MAC FHR 4990 SN</title>
        <cusip>3137FUYG3</cusip>
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          <isin value="US3137FUYG35"/>
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      <invstOrSec>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ASSET-BACKED CERT 2006-4</name>
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        <name>FREDDIE MAC REMICS 3607</name>
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        <name>FREDDIE MAC REMICS 5051</name>
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        <name>RENAISSANCE HOME EQUITY LOAN TR 2006-1</name>
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        <name>FANNIE MAE REMICS 2017-37</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 60</name>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-7</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>VENTURE CLO LTD 2018-33A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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        <name>ARBOR REALTY COLLATERALIZED LOAN OBLIGATION LTD 2021-FL4</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WARWICK FINANCE RESIDENTIAL MORTGAGES 3A</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GCAT 2024-INV1 TRUST</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <shareNo>N/A</shareNo>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-H29</name>
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        <name>FANNIE MAE REMICS 2012-145</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H18</name>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2021-H05</name>
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        <name>FREDDIE MAC REMICS 3233</name>
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        <name>FREDDIE MAC REMICS 4104</name>
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        <name>ICG US CLO LTD 2015-2RA</name>
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        <name>FANNIE MAE INTEREST STRIP 440</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2013-6</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 3954</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC 2259</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>LONG BEACH MORTGAGE LOAN TR 2006-6</name>
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        <name>FANNIE MAE REMICS 2021-96</name>
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        <name>BX TRUST 2021-BXMF</name>
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        <name>FIRST FRANKLIN MTG LOAN ABS 2005-FF9</name>
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        <name>SBNA AUTO LEASE TRUST 2023-A</name>
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        <name>JAMESTOWN CLO XVI LTD 2021-16A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES Q010</name>
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        <name>BEAR STEARNS ASSET BACKED SECURITIES TRUST 2005-HE12</name>
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        <name>SMB PRIVATE EDUCATION LOAN TRUST 2025-C</name>
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        <name>SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-4</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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          <isin value="US31418FPV30"/>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DD4488 FN 04/55 FIXED 6</title>
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          <isin value="US3140B47A23"/>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 244</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-15</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>RESIDENTIAL ASSET SECURITIES 2005-KS4</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2020-47</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VISIO TRUST 2023-2</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 22</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GSAA HOME EQUITY TRUST 2006-19</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST 2024-N3</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>ASCENT EDUCATION FUNDING TRUST 2024-A</name>
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        <title>ASCENT EDUCATION FUNDING TRUST ASCNT 2024 A A 144A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4988</name>
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          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC STACR REMIC TRUST 2022-DNA3</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC   STACR STACR 2022 DNA3 M1B 144A</title>
        <cusip>35564KUX5</cusip>
        <identifiers>
          <isin value="US35564KUX52"/>
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        <balance>10900000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11100488.060000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-H12</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2024 H12 FC</title>
        <cusip>38383KZF2</cusip>
        <identifiers>
          <isin value="US38383KZF29"/>
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        <balance>7685773.110000</balance>
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        <curCd>USD</curCd>
        <valUSD>7806910.120000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2074-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.57294</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 430</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 430 C21</title>
        <cusip>31424QKU8</cusip>
        <identifiers>
          <isin value="US31424QKU84"/>
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        <balance>9090262.200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1134128.380000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2</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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AE0715 FN 12/40 FIXED VAR</title>
        <cusip>31419AYM3</cusip>
        <identifiers>
          <isin value="US31419AYM34"/>
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        <balance>977020.110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>944366.370000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DC9749 FN 01/55 FIXED 5.5</title>
        <cusip>3140AXZP5</cusip>
        <identifiers>
          <isin value="US3140AXZP55"/>
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        <balance>1931308.210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1971877.520000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2015-19</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2015 19 IP</title>
        <cusip>3136ANJE8</cusip>
        <identifiers>
          <isin value="US3136ANJE80"/>
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        <balance>6727795.040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1126574.660000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE</title>
        <cusip>01F052656</cusip>
        <identifiers>
          <isin value="US01F0526560"/>
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        <balance>-645750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-647891855.890000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H23</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H23 AF</title>
        <cusip>38383KEW8</cusip>
        <identifiers>
          <isin value="US38383KEW80"/>
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        <balance>7106045.580000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7230925.090000</valUSD>
        <pctVal>0.0529519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2073-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.79294</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>SMB PRIVATE EDUCATION LOAN TRUST 2025-C</name>
        <lei>N/A</lei>
        <title>SMB PRIVATE EDUCATION LOAN TRU SMB 2025 C R 144A</title>
        <cusip>83208D107</cusip>
        <identifiers>
          <isin value="US83208D1072"/>
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        <balance>3010.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40029.630000</valUSD>
        <pctVal>0.0002931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</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>ONEMAIN FINANCIAL ISSUANCE TRUST 2023-2A</name>
        <lei>N/A</lei>
        <title>ONEMAIN FINANCIAL ISSUANCE TRU OMFIT 2023 2A A2 144A</title>
        <cusip>68269HAE5</cusip>
        <identifiers>
          <isin value="US68269HAE53"/>
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        <balance>2600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2617604.600000</valUSD>
        <pctVal>0.0191687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.17223</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BZ5588 FN 12/32 FIXED 4.35</title>
        <cusip>3140Q1F62</cusip>
        <identifiers>
          <isin value="US3140Q1F623"/>
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        <balance>6018000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6000758.310000</valUSD>
        <pctVal>0.0439434</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2010-110</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2010 110 IO</title>
        <cusip>38376GTH3</cusip>
        <identifiers>
          <isin value="US38376GTH38"/>
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        <balance>607256.520000</balance>
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        <curCd>USD</curCd>
        <valUSD>1367.660000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>OPTION ONE MORTGAGE LOAN TRUST 2005-4</name>
        <lei>N/A</lei>
        <title>OPTION ONE MORTGAGE LOAN TRUST OOMLT 2005 4 M2</title>
        <cusip>68389FJJ4</cusip>
        <identifiers>
          <isin value="US68389FJJ49"/>
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        <balance>4573063.910000</balance>
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        <curCd>USD</curCd>
        <valUSD>4456544.070000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.48303</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2025-105</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2025 105 WF</title>
        <cusip>38381NKM9</cusip>
        <identifiers>
          <isin value="US38381NKM91"/>
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        <balance>46013955.680000</balance>
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        <curCd>USD</curCd>
        <valUSD>46278411.690000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.67294</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AK6297 FN 03/42 FIXED 4</title>
        <cusip>3138EA7K7</cusip>
        <identifiers>
          <isin value="US3138EA7K77"/>
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        <balance>37408.030000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36178.690000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHASEFLEX TRUST 2007-M1</name>
        <lei>N/A</lei>
        <title>CHASEFLEX TRUST CFLX 2007 M1 1A1</title>
        <cusip>16165YAA0</cusip>
        <identifiers>
          <isin value="US16165YAA01"/>
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        <balance>1797801.490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1617940.620000</valUSD>
        <pctVal>0.0118481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.09303</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>FREDDIE MAC-3149</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3149 OD</title>
        <cusip>31396RH59</cusip>
        <identifiers>
          <isin value="US31396RH590"/>
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        <balance>54739.930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48231.680000</valUSD>
        <pctVal>0.0003532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>ACHV ABS TRUST 2025-1PL</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GS MORTGAGE-BACKED SECURITIES CORP TRUST 2020-PJ6</name>
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        <name>SLM STUDENT LOAN TRUST 2003-7X</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>TOWD POINT MORTGAGE TRUST 2026-CES1</name>
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        <name>STRUCTURED ASSET SEC CORP 2005-RF4</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-10</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>PRPM 2023-NQM3 TRUST</name>
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        <name>MARLETTE FUNDING TRUST 2023-4A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PFP 2026-13 LTD</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE INTEREST STRIP 440</name>
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      <invstOrSec>
        <name>CITIGROUP MTGE LOAN TR INC 2006-AR1</name>
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      <invstOrSec>
        <name>CENTERBRIDGE CREDIT FUNDING 1 LTD</name>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-180</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <name>SOUND POINT CLO XXVII LTD</name>
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        <name>LEGACY MORTGAGE ASSET TRUST 2021-GS1</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>PRPM 2025-6 LLC</name>
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        <name>VALLEY FUNDING PLC 1A</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5174</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5174 IN</title>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS TRUST 2018-CBM</name>
        <lei>N/A</lei>
        <title>BARCLAYS COMMERCIAL MORTGAGE S BBCMS 2018 CBM D 144A</title>
        <cusip>05549RAG2</cusip>
        <identifiers>
          <isin value="US05549RAG20"/>
        </identifiers>
        <balance>9060000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8173379.340000</valUSD>
        <pctVal>0.0598534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.36111</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BK8736 FN 01/49 FIXED 4.5</title>
        <cusip>3140HNV66</cusip>
        <identifiers>
          <isin value="US3140HNV661"/>
        </identifiers>
        <balance>1025054.890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1005826.450000</valUSD>
        <pctVal>0.0073656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSMC 2021-INV1 TRUST</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE MORTGAGE TRUST CSMC 2021 INV1 A3 144A</title>
        <cusip>12661XAC6</cusip>
        <identifiers>
          <isin value="US12661XAC65"/>
        </identifiers>
        <balance>1711840.810000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1427436.950000</valUSD>
        <pctVal>0.0104531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED STATES GOVT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US TREASURY N/B 08/35 4.25</title>
        <cusip>91282CNT4</cusip>
        <identifiers>
          <isin value="US91282CNT44"/>
        </identifiers>
        <balance>11170000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11129857.810000</valUSD>
        <pctVal>0.0815037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FM2983 FN 05/49 FIXED VAR</title>
        <cusip>3140X6J51</cusip>
        <identifiers>
          <isin value="US3140X6J518"/>
        </identifiers>
        <balance>40310288.130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38794323.000000</valUSD>
        <pctVal>0.28409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA POOL AZ8592 GN 04/47 FIXED 4</title>
        <cusip>36197MRM2</cusip>
        <identifiers>
          <isin value="US36197MRM28"/>
        </identifiers>
        <balance>487135.700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>462556.790000</valUSD>
        <pctVal>0.0033873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST SERIES 2024-CES2</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST JPMMT 2024 CES2 PT 144A</title>
        <cusip>46658QAN0</cusip>
        <identifiers>
          <isin value="US46658QAN07"/>
        </identifiers>
        <balance>78533783.600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84860842.170000</valUSD>
        <pctVal>0.621434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.60335</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VEROS AUTO RECEIVABLES TRUST 2024-1</name>
        <lei>N/A</lei>
        <title>VEROS AUTO RECEIVABLES TRUST VEROS 2024 1 A 144A</title>
        <cusip>92512WAA5</cusip>
        <identifiers>
          <isin value="US92512WAA53"/>
        </identifiers>
        <balance>116767.660000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>116896.450000</valUSD>
        <pctVal>0.000856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.28</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2025-HMST</name>
        <lei>N/A</lei>
        <title>BANC OF AMERICA MERRILL LYNCH BAMLL 2025 HMST A 144A</title>
        <cusip>05555XAA3</cusip>
        <identifiers>
          <isin value="US05555XAA37"/>
        </identifiers>
        <balance>28244907.570000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27567439.060000</valUSD>
        <pctVal>0.201876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.11034</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H20</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H20 FA</title>
        <cusip>38383KCV2</cusip>
        <identifiers>
          <isin value="US38383KCV26"/>
        </identifiers>
        <balance>43600761.560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44204209.180000</valUSD>
        <pctVal>0.323706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2073-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.57294</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>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA POOL BQ0651 GN 11/49 FIXED 3.5</title>
        <cusip>3617LJWL3</cusip>
        <identifiers>
          <isin value="US3617LJWL36"/>
        </identifiers>
        <balance>179682.980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>165475.860000</valUSD>
        <pctVal>0.0012118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS9372 FN 10/54 FIXED VAR</title>
        <cusip>3140XRMW2</cusip>
        <identifiers>
          <isin value="US3140XRMW29"/>
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        <balance>685013.920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>709078.030000</valUSD>
        <pctVal>0.0051926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>FANNIE MAE REMICS 2013-83</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 83 UO</title>
        <cusip>3136AFU77</cusip>
        <identifiers>
          <isin value="US3136AFU779"/>
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        <balance>404965.410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210576.180000</valUSD>
        <pctVal>0.001542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>COUNTRYWIDE HOME LOANS 2007-8</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE HOME LOANS CWHL 2007 8 1A16</title>
        <cusip>12545AAR5</cusip>
        <identifiers>
          <isin value="US12545AAR59"/>
        </identifiers>
        <balance>256234.580000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104181.700000</valUSD>
        <pctVal>0.0007629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>FREDDIE MAC REMICS 5056</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5056 SA</title>
        <cusip>3137F74P7</cusip>
        <identifiers>
          <isin value="US3137F74P72"/>
        </identifiers>
        <balance>6449620.280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>948871.360000</valUSD>
        <pctVal>0.0069486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.6381</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2020-99</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2020 99 QI</title>
        <cusip>3136BDHS0</cusip>
        <identifiers>
          <isin value="US3136BDHS04"/>
        </identifiers>
        <balance>10027627.680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1686458.460000</valUSD>
        <pctVal>0.0123499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RJ3965 FR 04/55 FIXED 5.5</title>
        <cusip>3142GUMP5</cusip>
        <identifiers>
          <isin value="US3142GUMP55"/>
        </identifiers>
        <balance>3506759.020000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3576310.180000</valUSD>
        <pctVal>0.0261892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC 5110</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5110 KI</title>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>RCKT MORTGAGE TRUST 2025-CES3</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2018-94</name>
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        <issuerCat>USGSE</issuerCat>
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      </invstOrSec>
      <invstOrSec>
        <name>ATLX 2024-RPL1 TRUST</name>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5115</name>
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        <title>FREDDIE MAC FHR 5115 IM</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ACE SECURITIES CORP-2006-ASP5</name>
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        <title>ACE SECURITIES CORP. ACE 2006 ASP5 A2B</title>
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        <issuerCat>CORP</issuerCat>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 3298</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3298 OE</title>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>ELLINGTON LOAN ACQUISITION TRUST 2007-1</name>
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        <title>ELLINGTON LOAN ACQUISITION TRU ELAT 2007 1 A1 144A</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST 2025-R1</name>
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          <isin value="US92541AAA88"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2006-106</name>
        <lei>N/A</lei>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>PRPM 2025-2 LLC</name>
        <lei>N/A</lei>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5383</name>
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        <title>FREDDIE MAC FHR 5383 AF</title>
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        <name>CITIGROUP MORTGAGE LOAN TRUST 2024-1</name>
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        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2024 1 A11 144A</title>
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      <invstOrSec>
        <name>FREDDIE MAC 4836</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2024-88</name>
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        <title>FANNIE MAE FNR 2024 88 FD</title>
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        <valUSD>4018326.840000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>345406.990000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS EUR 0.25000 03/18/20-30Y LCH</title>
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          <isin value="EZJ3VB4GTK33"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>LONDON CLEARING HOUSE</counterpartyName>
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                <issuerName>N/A</issuerName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5648</name>
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          <isin value="US3137HQXV80"/>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FIRST FRANKLIN MTG LOAN 2006-FF18</name>
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          <isin value="US32029AAA51"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ACE SECURITIES CORP 2007-HE3</name>
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          <isin value="US00442GAA85"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.23303</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4076</name>
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        <title>FREDDIE MAC FHR 4076 SD</title>
        <cusip>3137ASG24</cusip>
        <identifiers>
          <isin value="US3137ASG241"/>
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        <balance>775144.410000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>GREENSKY HOME IMPROVEMENT TRUST 2024-2</name>
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        <title>GREENSKY HOME IMPROVEMENT ISSU GSKY 2024 2 B 144A</title>
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          <isin value="US39571XAE40"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>GLS AUTO RECEIVABLES ISSUER TRUST 2023-3A</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>ANCHORAGE CREDIT FUNDING LTD. 2020-11A</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2025-18</name>
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        <title>FANNIE MAE FNR 2025 18 SM</title>
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          <isin value="US3136BVKJ65"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLFLEET CLO 2021-2 LTD</name>
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        <title>WELLFLEET CLO LTD WELF 2021 2A A1R 144A</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MTG ASSOC 2022-45</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2022 45 ZQ</title>
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          <isin value="US38383MP777"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AI0028 FN 07/41 FIXED 4.5</title>
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          <isin value="US3138ADA624"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>OBX 2024-NQM8 TRUST</name>
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        <title>ONSLOW BAY FINANCIAL LLC OBX 2024 NQM8 A1 144A</title>
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          <isin value="US67119CAA80"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIVO ACCEPTANCE AUTO LOAN RECEIVABLES TRUST 2025-1A</name>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA2323 G2 10/44 FLOATING VAR</title>
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        <balance>477884.950000</balance>
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        <curCd>USD</curCd>
        <valUSD>490500.310000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>N/A</name>
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        <name>FREDDIE MAC REMICS 5457</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>ACE SECURITIES CORP 2005-HE1</name>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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        <name>N/A</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4797</name>
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      <invstOrSec>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 397</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>JP MORGAN ALTERNATIVE LN TRUST 2007-S1</name>
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        <name>FANNIE MAE 2005-69</name>
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        <name>ANGEL OAK MORTGAGE TRUST 2023-7</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5273</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC STRIPS 367</name>
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        <name>FREDDIE MAC REMICS 4122</name>
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        <name>CREDIT-BASED ASSET SERVICING AND SECURITIZATION LLC 2006-CB4</name>
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      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2021-RPL1</name>
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      <invstOrSec>
        <name>SECURITIZED ASSET BACKED RECEIVABLES LLC 2006-WM2</name>
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      <invstOrSec>
        <name>DRYDEN XXVII-R EURO CLO BV 2017-27A</name>
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          <isin value="XS2305383288"/>
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        <securityLending>
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        <name>FANNIE MAE INTEREST STRIP FNS 426</name>
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        <name>CREDIT SUISSE MORTGAGE CAP CERT 2009-16R</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRET 2025-NPL12 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>COUNTRYWIDE ASSET-BACKED CERT 2004-6</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>PRKCM 2023-AFC4 TRUST</name>
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        <title>PRKCM TRUST PRKCM 2023 AFC4 A1 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SFO COMMERCIAL MORTGAGE TRUST 2021-555</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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        <name>AFFIRM MASTER TRUST 2025-1A</name>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>CSMC 2021-ADV TRUST</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC STRIPS 295</name>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>IMPAC SECURED ASSETS CORP. 2006-2</name>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2017-87</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2017 87 IO</title>
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          <isin value="US3136AYT863"/>
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        <balance>1883442.220000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC 2774</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 2774 XO</title>
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        <identifiers>
          <isin value="US31394XGU46"/>
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        <balance>1460.870000</balance>
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        <curCd>USD</curCd>
        <valUSD>1436.630000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5183</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC STRIPS 367</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 3607</name>
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        <name>FREDDIE MAC REMICS 5160</name>
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        <name>FREDDIE MAC REMICS 5071</name>
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        <name>FANNIE MAE REMICS 2016-45</name>
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        <name>FANNIE MAE REMICS 2020-99</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST 2024-N2</name>
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        <name>THL CREDIT WIND RIVER CLO LTD 2017-3A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <curCd>USD</curCd>
        <valUSD>374927177.520000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LOAN TR 2006-23CB</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 23CB 1A7</title>
        <cusip>02147RAG5</cusip>
        <identifiers>
          <isin value="US02147RAG56"/>
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        <balance>975738.200000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3617JRLB27"/>
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        <curCd>USD</curCd>
        <valUSD>963372.750000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RJ4828 FR 09/55 FIXED 5.5</title>
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        <identifiers>
          <isin value="US3142GVLJ87"/>
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        <curCd>USD</curCd>
        <valUSD>10324489.330000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5003</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5003 AS</title>
        <cusip>3137FVHZ8</cusip>
        <identifiers>
          <isin value="US3137FVHZ81"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>777942.590000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.32362</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST FRANKLIN MTG LOAN ABS 2006-FF15</name>
        <lei>N/A</lei>
        <title>FIRST FRANKLIN MTG LOAN ASSET FFML 2006 FF15 A5</title>
        <cusip>32028GAE5</cusip>
        <identifiers>
          <isin value="US32028GAE52"/>
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        <curCd>USD</curCd>
        <valUSD>73536.500000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.95303</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE 2005-35</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2005 35 DZ</title>
        <cusip>31394CV90</cusip>
        <identifiers>
          <isin value="US31394CV903"/>
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        <balance>25997.600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26379.510000</valUSD>
        <pctVal>0.0001932</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BS8229 FN 06/30 FIXED 4.5</title>
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          <isin value="US3140LKEB58"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>TOWD POINT MORTGAGE TRUST 2024-CES6</name>
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        <cusip>891947AA1</cusip>
        <identifiers>
          <isin value="US891947AA14"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H08</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H08 HF</title>
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        <identifiers>
          <isin value="US38382Y3K77"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5607</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5607 FA</title>
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          <isin value="US3137HNZB77"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>PRET 2025-RPL3 TRUST</name>
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        <cusip>69382RAA1</cusip>
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          <isin value="US69382RAA14"/>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA0333 FN 01/55 FIXED VAR</title>
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          <isin value="US3140W0LP81"/>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL 888528 FN 06/35 FLOATING VAR</title>
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          <isin value="US31410GD914"/>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP FNS 426</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 426 C37</title>
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          <isin value="US31422MZZ21"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS3818 FN 01/53 FIXED VAR</title>
        <cusip>3140XKG46</cusip>
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          <isin value="US3140XKG467"/>
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        <balance>17544704.180000</balance>
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        <curCd>USD</curCd>
        <valUSD>18012350.200000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AL8032 FN 01/46 FIXED VAR</title>
        <cusip>3138EQ4S8</cusip>
        <identifiers>
          <isin value="US3138EQ4S86"/>
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        <balance>634620.850000</balance>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>BEAR STEARNS ALT-A TR 2005-3</name>
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        <name>FANNIE MAE REMICS 2016-85</name>
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        <name>CHASE AUTO OWNER TRUST 2024-3A</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIEMAE STRIP-437</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021-NQ2R</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-89</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2018-RPL1</name>
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          <isin value="US36256BAC46"/>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>UPSTART PASS-THROUGH TRUST SERIES 2022-ST3</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 4028</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2019-33</name>
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        <name>INDYMAC IMSC MTGE LN TRUST 2007-AR1</name>
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        <name>REACH ABS TRUST 2025-1A</name>
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        <name>FREDDIE MAC STRIPS 365</name>
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        <name>TIMES SQUARE HOTEL TRUST</name>
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        <name>CREDIT-BASED ASSET SERVICING AND SECURITIZATION LLC 2006-CB4</name>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.27303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II TBA 30 YR 6 JUMBOS</title>
        <cusip>21H060655</cusip>
        <identifiers>
          <isin value="US21H0606556"/>
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        <balance>26050000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26460326.840000</valUSD>
        <pctVal>0.193768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DB5075 FN 07/54 FIXED 6</title>
        <cusip>3140AET90</cusip>
        <identifiers>
          <isin value="US3140AET909"/>
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        <balance>755343.410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>771719.670000</valUSD>
        <pctVal>0.0056513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5155</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5155 IO</title>
        <cusip>3137H35P3</cusip>
        <identifiers>
          <isin value="US3137H35P37"/>
        </identifiers>
        <balance>5446402.130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>472817.960000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.39107</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>FREDDIE MAC-2177</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 2177 PO</title>
        <cusip>3133TLQB7</cusip>
        <identifiers>
          <isin value="US3133TLQB70"/>
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        <balance>1091.950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1063.290000</valUSD>
        <pctVal>0.0000078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 30 YR 2.5 SINGLE FAMILY MORTGAGE</title>
        <cusip>01F022659</cusip>
        <identifiers>
          <isin value="US01F0226591"/>
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        <balance>-476235000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-400279241.660000</valUSD>
        <pctVal>-2.93123</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.5</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>STRUCTURED ASSET SEC CORP 2005-RF7</name>
        <lei>N/A</lei>
        <title>STRUCTURED ASSET SECURITIES CO SASC 2005 RF7 A 144A</title>
        <cusip>86359DWT0</cusip>
        <identifiers>
          <isin value="US86359DWT08"/>
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        <balance>4174519.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3733155.040000</valUSD>
        <pctVal>0.0273378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.05303</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>FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES K-1512</name>
        <lei>N/A</lei>
        <title>FHLMC MULTIFAMILY STRUCTURED P FHMS K 1512 X1</title>
        <cusip>3137FMTU6</cusip>
        <identifiers>
          <isin value="US3137FMTU67"/>
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        <balance>131563121.690000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6365878.990000</valUSD>
        <pctVal>0.0466172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.902819</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BS8216 FN 04/33 FIXED 4.49</title>
        <cusip>3140LKDW0</cusip>
        <identifiers>
          <isin value="US3140LKDW05"/>
        </identifiers>
        <balance>7900000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7900750.110000</valUSD>
        <pctVal>0.057857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.49</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TROPIC CDO CORP 2006-5A</name>
        <lei>N/A</lei>
        <title>TROPIC CDO CORP TROPC 2006 5A A1L2 144A</title>
        <cusip>89708BAB9</cusip>
        <identifiers>
          <isin value="US89708BAB99"/>
        </identifiers>
        <balance>8598615.080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8340656.630000</valUSD>
        <pctVal>0.0610784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.2538</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3385</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3385 PO</title>
        <cusip>31397PAB6</cusip>
        <identifiers>
          <isin value="US31397PAB67"/>
        </identifiers>
        <balance>17273.700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15943.650000</valUSD>
        <pctVal>0.0001168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL WA0332 FR 07/35 FIXED 4.71</title>
        <cusip>3132WRLB7</cusip>
        <identifiers>
          <isin value="US3132WRLB75"/>
        </identifiers>
        <balance>1510216.490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1505710.830000</valUSD>
        <pctVal>0.0110263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.71</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB8159 FN 03/54 FIXED 6</title>
        <cusip>3140QUB54</cusip>
        <identifiers>
          <isin value="US3140QUB545"/>
        </identifiers>
        <balance>1893774.800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1958758.490000</valUSD>
        <pctVal>0.0143439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>BEAR STEARNS ADJ RATE MTGE TR 2007-2</name>
        <lei>N/A</lei>
        <title>BEAR STEARNS ADJUSTABLE RATE M BSARM 2007 2 2A1</title>
        <cusip>07401EAC3</cusip>
        <identifiers>
          <isin value="US07401EAC30"/>
        </identifiers>
        <balance>235955.170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199259.730000</valUSD>
        <pctVal>0.0014592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.27263</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BS9584 FN 09/28 FIXED 4.815</title>
        <cusip>3140LLUJ8</cusip>
        <identifiers>
          <isin value="US3140LLUJ83"/>
        </identifiers>
        <balance>6332000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6433089.240000</valUSD>
        <pctVal>0.0471093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.815</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>FREDDIE MAC REMICS 5426</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5426 AF</title>
        <cusip>3137HCXU1</cusip>
        <identifiers>
          <isin value="US3137HCXU12"/>
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        <balance>914645.390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>919115.080000</valUSD>
        <pctVal>0.0067307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.58125</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QJ0118 FR 07/54 FIXED 6</title>
        <cusip>3133CQDX0</cusip>
        <identifiers>
          <isin value="US3133CQDX08"/>
        </identifiers>
        <balance>565402.720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>577114.270000</valUSD>
        <pctVal>0.0042262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 30 YR 2.5 SINGLE FAMILY MORTGAGE</title>
        <cusip>01F022642</cusip>
        <identifiers>
          <isin value="US01F0226427"/>
        </identifiers>
        <balance>15935000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13400339.060000</valUSD>
        <pctVal>0.0981303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
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        <name>FANNIE MAE REMICS 2012-111</name>
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        <name>FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES 2006-AA4</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>J.P. MORGAN MORTGAGE TRUST 2023-DSC2</name>
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        <name>FREDDIE MAC REMICS 5560</name>
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        <name>STRUCTURED ADJUSTABLE RT MTGE LN 2007-1</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2020-68</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES KJ47</name>
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        <name>JP MORGAN MORTGAGE TRUST 2006-A7</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>EQUIFIRST LOAN SECURITIZATION TRUST 2007-1</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2021-26</name>
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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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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-9</name>
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        <title>FANNIE MAE FNR 2012 9 TE</title>
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          <isin value="US3136A3F557"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>GLS AUTO RECEIVABLES ISSUER TRUST 2024-3A</name>
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          <isin value="US37989AAE47"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA3035 G2 08/45 FIXED 4</title>
        <cusip>36179RLQ0</cusip>
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          <isin value="US36179RLQ01"/>
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        <balance>985600.140000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEHMAN MORTGAGE TRUST 2006-7</name>
        <lei>N/A</lei>
        <title>LEHMAN MORTGAGE TRUST LMT 2006 7 2A5</title>
        <cusip>52520QAQ7</cusip>
        <identifiers>
          <isin value="US52520QAQ73"/>
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        <balance>16527394.440000</balance>
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        <curCd>USD</curCd>
        <valUSD>1873752.030000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 003515 G2 02/34 FIXED 5.5</title>
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          <isin value="US36202D3Y51"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC 2416</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 2416 PO</title>
        <cusip>31339DRH3</cusip>
        <identifiers>
          <isin value="US31339DRH34"/>
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        <balance>461.260000</balance>
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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>None</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5601</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5601 FC</title>
        <cusip>3137HNQY7</cusip>
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          <isin value="US3137HNQY71"/>
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        <balance>7304120.680000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>LEGACY MORTGAGE ASSET TRUST 2021-GS4</name>
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        <title>LEGACY MORTGAGE ASSET TRUST LMAT 2021 GS4 A1 144A</title>
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          <isin value="US52475WAA45"/>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-116</name>
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          <isin value="US38379MZB35"/>
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      <invstOrSec>
        <name>FANNIE MAE 2005-70</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2005 70 KC</title>
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          <isin value="US31394EW386"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RCKT MORTGAGE TRUST 2024-CES6</name>
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        <title>WOODWARD CAPITAL MANAGEMENT RCKT 2024 CES6 A1A 144A</title>
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          <isin value="US749410AA46"/>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM 2025-C TRUST</name>
        <lei>N/A</lei>
        <title>SOFI CONSUMER LOAN PROGRAM TRU SCLP 2025 C C</title>
        <cusip>83407XAC6</cusip>
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          <isin value="US83407XAC65"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2017-16</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2017 16 TS</title>
        <cusip>3136AVZF9</cusip>
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          <isin value="US3136AVZF97"/>
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        <balance>255673.450000</balance>
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        <curCd>USD</curCd>
        <valUSD>166862.030000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.21696</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <shareNo>N/A</shareNo>
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            <delta>XXXX</delta>
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      </invstOrSec>
      <invstOrSec>
        <name>BANCO LA HIPOTECARIA SA 2016-1A</name>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-8</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 8 NI</title>
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          <isin value="US3136AB6C29"/>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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          <isin value="US31339SR563"/>
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        <curCd>USD</curCd>
        <valUSD>239551.180000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LN TR 2006-14CB</name>
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        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 14CB A2</title>
        <cusip>021468AB9</cusip>
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          <isin value="US021468AB99"/>
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        <balance>1343937.040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RJ5158 FR 11/55 FIXED 5.5</title>
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        <curCd>USD</curCd>
        <valUSD>3368570.380000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2009-50</name>
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        <title>FANNIE MAE FNR 2009 50 GN</title>
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        <curCd>USD</curCd>
        <valUSD>1664342.000000</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>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ELEVATION CLO 2022-16A LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-ASH8</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BDS 2025-FL14 LLC</name>
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          <isin value="US072921AA78"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 10YR NOTE (CBT)JUN26 XCBT 20260618</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC REMICS 5051</name>
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        <name>ROCKFORD TOWER CLO 2021-2 LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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        <name>FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES Q010</name>
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        <title>BANC OF CALIFORNIA MULTIFAMILY FHMS Q010 APT2</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FANNIE MAE 2008-29</name>
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        <title>FANNIE MAE FNR 2008 29 SD</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5471</name>
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      <invstOrSec>
        <name>SECURITIZED ASSET BACKED RECEIVABLES LLC 2006-WM2</name>
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        <name>SECURITIZED ASSET BACKED RECEIVABLES LLC 2005-OP1</name>
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        <name>CSMC 2021-RPL3 TRUST</name>
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        <name>FANNIE MAE REMICS 2020-41</name>
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        <name>LEGACY MORTGAGE ASSET TRUST 2021-GS5</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5069</name>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-11</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 4979</name>
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          <isin value="US3137FTXU64"/>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>MASTR REPERFORMING LOAN TRUST 2005-1</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5167</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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        <name>FANNIE MAE REMICS 2019-25</name>
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        <name>FREDDIE MAC REMICS 4704</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>37 CAPITAL CLO 4 LTD 2023-2A</name>
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        <name>PRPM 2025-4 LLC</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2014-17</name>
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        <name>COLLEGE AVE STUDENT LOANS LLC 2017-A</name>
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        <name>CSMC TRUST 2021-RPL4</name>
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        <name>FANNIE MAE REMICS 2013-75</name>
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        <name>BANC OF AMERICA FUNDING TRUST 2014-R2</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>GNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>DRYDEN XXVII-R EURO CLO BV 2017-27A</name>
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          <isin value="XS2305385143"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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      <invstOrSec>
        <name>BANK OF AMERICA MTGE SECS-2006-B</name>
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        <name>WASHINGTON MUTUAL ALTERNATIVE MORTGAGE PASS-THROUGH CERTIFICATES 2006-AR1</name>
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        <fairValLevel>2</fairValLevel>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DD4486 FN 04/55 FIXED 6</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>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CC2221 FN 03/56 FIXED 5</title>
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          <isin value="US3140Y8PF79"/>
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        <balance>10894092.590000</balance>
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        <curCd>USD</curCd>
        <valUSD>10850687.260000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1036515.900000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO CREDIT AGRICOLE 03/14 VAR</title>
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          <other otherDesc="Internal ID" value="923TKQ002"/>
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        <curCd>USD</curCd>
        <valUSD>-616943435.370000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerConditional desc="See item: C_10_b_ii_name" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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            <repurchaseCollateral>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-36</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2019 36 S</title>
        <cusip>3136B4P28</cusip>
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          <isin value="US3136B4P280"/>
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        <balance>2232767.990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243314.780000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.27362</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2025-A</name>
        <lei>N/A</lei>
        <title>ALLY BANK AUTO CREDIT LINKED N ABCLN 2025 A A2 144A</title>
        <cusip>02007G5D1</cusip>
        <identifiers>
          <isin value="US02007G5D19"/>
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        <balance>11076582.810000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11098704.960000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.452</annualizedRt>
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          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA3667 FN 06/49 FIXED 4</title>
        <cusip>3140QBCD8</cusip>
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          <isin value="US3140QBCD88"/>
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        <curCd>USD</curCd>
        <valUSD>896202.960000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2019-H06</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2019 H06 PT</title>
        <cusip>38381TC60</cusip>
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          <isin value="US38381TC600"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CC0257 FN 04/55 FIXED 6</title>
        <cusip>3140Y6JB7</cusip>
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          <isin value="US3140Y6JB73"/>
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        <balance>24107809.240000</balance>
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        <curCd>USD</curCd>
        <valUSD>25037159.500000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2010-62</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2010 62 CE</title>
        <cusip>31398RWN1</cusip>
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          <isin value="US31398RWN15"/>
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        <curCd>USD</curCd>
        <valUSD>11532.130000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS TRUST 2018-CBM</name>
        <lei>N/A</lei>
        <title>BARCLAYS COMMERCIAL MORTGAGE S BBCMS 2018 CBM B 144A</title>
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          <isin value="US05549RAC16"/>
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        <curCd>USD</curCd>
        <valUSD>3132874.470000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITED STATES GOVT</name>
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          <isin value="US912797TH03"/>
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        <balance>2423000.000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.75000 03/18/26-7Y CME</title>
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      <invstOrSec>
        <name>CAPITAL FOUR CLO X DAC 10A</name>
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        <title>CAPITAL FOUR CLO CFOUR 10A A 144A</title>
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          <isin value="XS3140140818"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.865200"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC STRIPS 389</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 389 C14</title>
        <cusip>31325YQX9</cusip>
        <identifiers>
          <isin value="US31325YQX93"/>
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        <balance>29232439.910000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3493941.310000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>2</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS TRUST 2018-CBM</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H11</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H11 FC</title>
        <cusip>38382Y5C3</cusip>
        <identifiers>
          <isin value="US38382Y5C34"/>
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        <curCd>USD</curCd>
        <valUSD>18078932.660000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CONSUMER LOAN FINANCE ISSUER TRUST 2024-BA</name>
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        <cusip>21050UAD0</cusip>
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          <isin value="US21050UAD00"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DC COMMERCIAL MORTGAGE TRUST 2023-DC</name>
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          <isin value="US24023AAA88"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL V84392 FG 06/48 FIXED 4.5</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL 804377 FN 12/34 FLOATING VAR</title>
        <cusip>31406AUA8</cusip>
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          <isin value="US31406AUA86"/>
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        <balance>88128.300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>89890.070000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.752</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTANDER MORTGAGE ASSET RECEIVABLE TRUST 2025-NQM1</name>
        <lei>N/A</lei>
        <title>SANTANDER MORTGAGE ASSET RECEI SAN 2025 NQM1 A1 144A</title>
        <cusip>80262BAA8</cusip>
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          <isin value="US80262BAA89"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2413023.070000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.545</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.72186 03/01/24-7Y* LCH</title>
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          <isin value="EZBKXTPHC9Q8"/>
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        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LONDON CLEARING HOUSE</counterpartyName>
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                <issuerName>N/A</issuerName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US36179XQT62"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>RESIDENTIAL ACCREDIT LOANS 2006-QS4</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL ACCREDIT LOANS, IN RALI 2006 QS4 A8</title>
        <cusip>749228AH5</cusip>
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          <isin value="US749228AH58"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE INTEREST STRIP 430</name>
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        <title>FANNIEMAE STRIP FNS 430 C25</title>
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          <isin value="US31424QKY07"/>
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      <invstOrSec>
        <name>N/A</name>
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        <name>PRET 2025-NPL11 LLC</name>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140GQNB82"/>
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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>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UWM-2021-INV2</name>
        <lei>N/A</lei>
        <title>UNITED WHOLSALE MORTGAGE LLC UWM 2021 INV2 A9 144A</title>
        <cusip>90354TAJ8</cusip>
        <identifiers>
          <isin value="US90354TAJ88"/>
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        <balance>6958446.150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.66721</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-97</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 97 MG</title>
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          <isin value="US3136A73E07"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GSAA HOME EQUITY TRUST 2006-10</name>
        <lei>N/A</lei>
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          <isin value="US362375AB32"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>UMBS PASS THRU POOLS</issuerName>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4851</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.68700 03/01/24-7Y* LCH</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 439</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 439 C25</title>
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          <isin value="US31424UK390"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-42</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2017 42 BI</title>
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          <isin value="US38376MTE74"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4902</name>
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        <title>FREDDIE MAC FHR 4902 CS</title>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <title>FED HM LN PC POOL QJ7675 FR 11/54 FIXED 6</title>
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        <name>FREDDIE MAC REMICS 4338</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL MA4662 FN 07/42 FIXED 4</title>
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      <invstOrSec>
        <name>FREDDIE MAC 4974</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4974 IT</title>
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          <isin value="US3137FTDK03"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-111</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 111 SE</title>
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          <isin value="US3136A9DU97"/>
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        <balance>3665472.500000</balance>
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        <name>UPSTART SECURITIZATION TRUST 2025-1</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>ARBOUR CLO VI DAC 6A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FEDERAL HOME LOAN MTGE 5199</name>
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        <name>FANNIE MAE 2006-119</name>
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        <name>JP MORGAN MORTGAGE TRUST 2021-13</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2018-27</name>
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        <name>OBX 2024-NQM9 TRUST</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST 2024-P4</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>INDYMAC INDX MTGE LOAN TRUST 2004-AR12</name>
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        <name>ANCHORAGE CREDIT FUNDING 25-18A LTD</name>
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        <name>PRETIUM MORTGAGE CREDIT PARTNERS LLC 2024-RPL2</name>
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      <invstOrSec>
        <name>FANNIE MAE 2019-65</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2019 65 F</title>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <cusip>3132DWL50</cusip>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>WATR 2025-2</name>
        <lei>N/A</lei>
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        <identifiers>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-9</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2019 9 FA</title>
        <cusip>3136B33L2</cusip>
        <identifiers>
          <isin value="US3136B33L22"/>
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        <balance>376487.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>373382.790000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL MA5340 FN 04/44 FIXED 6</title>
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        <identifiers>
          <isin value="US31418E5A45"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SEQUOIA MORTGAGE TRUST 2007-3</name>
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        <title>SEQUOIA MORTGAGE TRUST SEMT 2007 3 2BA1</title>
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        <identifiers>
          <isin value="US81744MAQ50"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS5590 FN 07/53 FIXED VAR</title>
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          <isin value="US3140XMF846"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4840</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4840 AO</title>
        <cusip>3137FJRD3</cusip>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2026-H01</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2026 H01 FL</title>
        <cusip>38384LZ36</cusip>
        <identifiers>
          <isin value="US38384LZ362"/>
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        <balance>23583385.410000</balance>
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        <curCd>USD</curCd>
        <valUSD>23781061.350000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2075-11-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.42294</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CIM TRUST 2023-I2</name>
        <lei>N/A</lei>
        <title>CIM TRUST CIM 2023 I2 A1 144A</title>
        <cusip>12570HAA5</cusip>
        <identifiers>
          <isin value="US12570HAA59"/>
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        <balance>2588372.740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2591903.800000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIEMAC STRIP-401</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 401 C15</title>
        <cusip>3142G47L9</cusip>
        <identifiers>
          <isin value="US3142G47L98"/>
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        <balance>55508922.190000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QZ4716 FR 10/55 FIXED 6.5</title>
        <cusip>31427CG23</cusip>
        <identifiers>
          <isin value="US31427CG233"/>
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        <curCd>USD</curCd>
        <valUSD>7375570.410000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE HOME LOANS 2007-9</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE HOME LOANS CWHL 2007 9 A13</title>
        <cusip>12544XAX3</cusip>
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          <isin value="US12544XAX30"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>COUNTRYWIDE HOME LOANS 2005-R2</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE HOME LOANS CWHL 2005 R2 2A2 144A</title>
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          <isin value="US12669GP219"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB9007 FN 08/54 FIXED 6</title>
        <cusip>3140QVAH7</cusip>
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          <isin value="US3140QVAH74"/>
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        <balance>8708470.280000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4116</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4116 DS</title>
        <cusip>3137AVL54</cusip>
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          <isin value="US3137AVL542"/>
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        <balance>417751.920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44148.520000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL2639 FR 07/55 FIXED 6.5</title>
        <cusip>31427P4Z4</cusip>
        <identifiers>
          <isin value="US31427P4Z44"/>
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        <balance>4436236.850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4701225.430000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BA7051 FN 04/46 FIXED 4</title>
        <cusip>3140EBZR5</cusip>
        <identifiers>
          <isin value="US3140EBZR55"/>
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        <balance>264738.560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>252283.300000</valUSD>
        <pctVal>0.0018475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VALLEY FUNDING PLC 1A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5287</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE REMICS 2014-73</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITED WHOLESALE MORTGAGE LLC 2021-INV3</name>
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      <invstOrSec>
        <name>FREDDIE MAC-4110</name>
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      <invstOrSec>
        <name>MORTGAGE EQUITY CONVER ASSET TR 2007-FF3</name>
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        <name>SMB PRIVATE EDUCATION LOAN TRUST 2024-D</name>
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        <name>FREDDIE MAC REMICS 5071</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RJ4594 FR 08/55 FIXED 6.5</title>
        <cusip>3142GVC82</cusip>
        <identifiers>
          <isin value="US3142GVC829"/>
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        <balance>9535446.820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10048963.240000</valUSD>
        <pctVal>0.0735883</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARVANA AUTO RECEIVABLES TRUST 2023-P3</name>
        <lei>N/A</lei>
        <title>CARVANA AUTO RECEIVABLES TRUST CRVNA 2023 P3 A3 144A</title>
        <cusip>14688GAC8</cusip>
        <identifiers>
          <isin value="US14688GAC87"/>
        </identifiers>
        <balance>2020429.310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2029975.430000</valUSD>
        <pctVal>0.0148655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.82</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>31750SLB9 PIMCO CDSOPT PUT USD 102.17187500 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="OP004X7J5"/>
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        <balance>-186500000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1012750.950000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 6.0% JUN 30YR</issueTitle>
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                  <isin value="US01F0606677"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>102.170000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-670348.610000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MADISON PARK FUNDING XXXVI LTD 2019-36A</name>
        <lei>N/A</lei>
        <title>MADISON PARK FUNDING LTD MDPK 2019 36A A1RR 144A</title>
        <cusip>55819PBE8</cusip>
        <identifiers>
          <isin value="US55819PBE88"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000260.940000</valUSD>
        <pctVal>0.0073249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.73219</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>FANNIE MAE-2020-42</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2020 42 IB</title>
        <cusip>3136B96V4</cusip>
        <identifiers>
          <isin value="US3136B96V40"/>
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        <balance>8571615.170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1083479.590000</valUSD>
        <pctVal>0.0079343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H15</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2016 H15 FA</title>
        <cusip>38376RWY8</cusip>
        <identifiers>
          <isin value="US38376RWY88"/>
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        <balance>43238.960000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43394.490000</valUSD>
        <pctVal>0.0003178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.58325</annualizedRt>
          <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>31750SOX8 PIMCO CDSOPT PUT USD 96.10156250 202</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="OP004YP95"/>
        </identifiers>
        <balance>-82500000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-137585.250000</valUSD>
        <pctVal>-0.0010075</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CITIGROUP INC.</counterpartyName>
              <counterpartyLei>6SHGI4ZSSLCXXQSBB395</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 5.0% JUN 30YR</issueTitle>
                <identifiers>
                  <isin value="US01F0506687"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>96.100000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>265246.780000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>31750SNS0 PIMCO CDSOPT CALL USD 100.03125000 2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="OP004Y8N3"/>
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        <balance>-46000000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-56276.400000</valUSD>
        <pctVal>-0.0004121</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 5.0% JUN 30YR</issueTitle>
                <identifiers>
                  <isin value="US01F0506687"/>
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            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>100.030000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>19192.350000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL 757004 FN 11/33 FIXED 5</title>
        <cusip>31403TAD6</cusip>
        <identifiers>
          <isin value="US31403TAD63"/>
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        <balance>29340.800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29275.140000</valUSD>
        <pctVal>0.0002144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WAMU MTGE P/T CERT 2007-HY7</name>
        <lei>N/A</lei>
        <title>WAMU MORTGAGE PASS THROUGH CER WAMU 2007 HY7 4A1</title>
        <cusip>93364FAL5</cusip>
        <identifiers>
          <isin value="US93364FAL58"/>
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        <balance>26354.700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24228.000000</valUSD>
        <pctVal>0.0001774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.64699</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>JP MORGAN MORTGAGE TRUST 2021-14</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST JPMMT 2021 14 A11 144A</title>
        <cusip>46653QBD6</cusip>
        <identifiers>
          <isin value="US46653QBD60"/>
        </identifiers>
        <balance>19263297.920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18076335.880000</valUSD>
        <pctVal>0.132373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.61721</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>PRPM 2025-RCF1 LLC</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAG PRPM 2025 RCF1 A1 144A</title>
        <cusip>74390RAA1</cusip>
        <identifiers>
          <isin value="US74390RAA14"/>
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        <balance>1520088.890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501414.290000</valUSD>
        <pctVal>0.0109948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ATCLO-2021-17A</name>
        <lei>N/A</lei>
        <title>ATLAS SENIOR LOAN FUND LTD ATCLO 2021 17A AR 144A</title>
        <cusip>04942FAL3</cusip>
        <identifiers>
          <isin value="US04942FAL31"/>
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        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999864.700000</valUSD>
        <pctVal>0.007322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.72763</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>NEW YORK MORTGAGE TRUST 2005-2</name>
        <lei>N/A</lei>
        <title>NEW YORK MORTGAGE TRUST NYMT 2005 2 A</title>
        <cusip>649603AD9</cusip>
        <identifiers>
          <isin value="US649603AD91"/>
        </identifiers>
        <balance>1017115.340000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>931173.870000</valUSD>
        <pctVal>0.006819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.45303</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>CROSS 2024-H8 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>CROSS MORTGAGE TRUST CROSS 2024 H8 A1 144A</title>
        <cusip>22757GAC7</cusip>
        <identifiers>
          <isin value="US22757GAC78"/>
        </identifiers>
        <balance>4161428.110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4177417.570000</valUSD>
        <pctVal>0.0305911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.549</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM 2025-C TRUST</name>
        <lei>N/A</lei>
        <title>SOFI CONSUMER LOAN PROGRAM TRU SCLP 2025 C R</title>
        <cusip>83407XAE2</cusip>
        <identifiers>
          <isin value="US83407XAE22"/>
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        <balance>5091146.130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6726598.570000</valUSD>
        <pctVal>0.0492587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-25</maturityDt>
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        <name>FNMA PASS THRU POOLS</name>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LOAN 2006-HY11</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC STRIPS 399</name>
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          <couponKind>Fixed</couponKind>
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        <name>AVON FINANCE 4A</name>
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        <name>VERUS SECURITIZATION TRUST 2024-4</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL5</name>
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        <name>FANNIE MAE REMICS 2016-63</name>
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        <name>FREDDIE MAC 4820</name>
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        <cusip>3137FHJ95</cusip>
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          <isin value="US3137FHJ957"/>
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        <name>VERUS SECURITIZATION TRUST 2023-8</name>
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          <isin value="US92540DAA37"/>
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        <name>CARMAX SELECT RECEIVABLES TRUST 2024-A</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5040</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>INDYMAC INDX MORTGAGE LOAN TR 2006-AR25</name>
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        <cusip>45661HAA5</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON MUTUAL 2004-AR12</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US92922FZF88"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIEMAE 322</name>
        <lei>N/A</lei>
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          <isin value="US3136FALR99"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ATRIUM HOTEL PORTFOLIO TRUST 2017-ATRM</name>
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          <isin value="US04965JAE38"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140W0PL32"/>
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        <balance>70762006.790000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I INC 2021-230P</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GSAA HOME EQUITY TRUST 2007-5</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US3622ECAC08"/>
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        <balance>5135670.670000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.25303</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-118</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2017 118 WI</title>
        <cusip>38380GNH3</cusip>
        <identifiers>
          <isin value="US38380GNH38"/>
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        <balance>1639909.910000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MADISON PARK FUNDING XLIX LTD 2021-49A</name>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140X6J690"/>
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        <balance>7559344.390000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IMPAC SECURED ASSETS CORP 2006-1</name>
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          <isin value="US45254TTN45"/>
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        <name>FHR 3387</name>
        <lei>N/A</lei>
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        <debtSec>
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          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP MTGE LOAN TR INC 2007-AHL3</name>
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          <isin value="US17312GAC50"/>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-110</name>
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        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2025-HMST</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA1073 FN 11/39 FIXED VAR</title>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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      <invstOrSec>
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        <name>GMF CANADA LEASING TRUST ASSET-BACKED NOTES SERIES 2024-1A</name>
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        <name>FANNIE MAE REMICS 2020-63</name>
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        <name>FANNIE MAE REMICS 2015-83</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PAGAYA AI DEBT SELECTION TRUST 2024-PT2</name>
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          <isin value="US69546YAB74"/>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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          <isin value="US3140NGED84"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H19</name>
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          <isin value="US38383KCS96"/>
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        <balance>70277073.650000</balance>
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        <curCd>USD</curCd>
        <valUSD>71279491.770000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RESIDENTIAL ACCREDIT LOANS INC 2007-QH4</name>
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        <identifiers>
          <isin value="US74922TAA43"/>
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        <balance>2573634.550000</balance>
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        <curCd>USD</curCd>
        <valUSD>2428184.310000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ARES XXVII CLO LTD 2013-2A</name>
        <lei>N/A</lei>
        <title>ARES CLO LTD ARES 2013 2A AR3 144A</title>
        <cusip>00190YBP9</cusip>
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          <isin value="US00190YBP97"/>
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        <curCd>USD</curCd>
        <valUSD>19123177.660000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H15</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H15 FA</title>
        <cusip>38384AV34</cusip>
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          <isin value="US38384AV349"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-168</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-152</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2015 152 AI</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC REMICS 3921</name>
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        <name>FREMONT HOME LOAN TRUST 2005-B</name>
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        <name>FREDDIE MAC REMICS 4825</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2015-73</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 226</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>STRUCTURED ASSET SECURITIES CO-2007-BC1</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2024-38</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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      <invstOrSec>
        <name>DOLP TRUST 2021-NYC</name>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-6</name>
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          <isin value="US69548KAA79"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA0724 FN 07/54 FIXED VAR</title>
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          <isin value="US3140W0YW95"/>
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        <balance>7557155.540000</balance>
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        <curCd>USD</curCd>
        <valUSD>7977874.100000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>SMB PRIVATE EDUCATION LOAN TRUST 2026-C</name>
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          <ticker value="SMB"/>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2020-61</name>
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        <title>FANNIE MAE FNR 2020 61 FB</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021-NQ2R</name>
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        <balance>2500000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2296364.750000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-153</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2017 153 WI</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA3056 G2 08/45 FLOATING VAR</title>
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        <balance>373604.100000</balance>
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        <curCd>USD</curCd>
        <valUSD>380900.080000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA1314 FN 01/48 FIXED 4</title>
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          <isin value="US3140Q8N846"/>
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        <balance>1193043.500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1144692.390000</valUSD>
        <pctVal>0.0083826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>FANNIE MAE REMICS 2021-3</name>
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        <name>VALLEY FUNDING PLC 1A</name>
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        <name>FANNIE MAE REMICS 2021-59</name>
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        <name>FNMA PASS THRU POOLS</name>
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          <couponKind>Fixed</couponKind>
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        <name>FREDDIE MAC STRIPS 399</name>
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        <name>INDYMAC INDX MTGE LOAN TRUST 2006-AR39</name>
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        <name>COUNTRYWIDE HOME LOANS 2004-J4</name>
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        <name>FREDDIE MAC REMICS 5070</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 4194</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2025-205</name>
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        <name>COUNTRYWIDE ALTERNATIVE LN TR 2007-5CB</name>
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        <name>EURO-GALAXY III CLO BV 13-3A</name>
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      <invstOrSec>
        <name>CONNECTICUT AVENUE SECURITIES TRUST 2022-R04</name>
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        <title>FANNIE MAE   CAS CAS 2022 R04 1M2 144A</title>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BZ2582 FN 12/29 FIXED 4.3</title>
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          <isin value="US3140NW2Q77"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>MERRILL LYNCH MORTGAGE INVS 2006-HE5</name>
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        <name>N/A</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FREDDIE MAC-2504</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>COUNTRYWIDE HOME LOANS 2005-31</name>
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          <isin value="US126694UN60"/>
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      <invstOrSec>
        <name>UPSTART PERSONAL CONSUMER TRUST 2026-1P</name>
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        <name>FREDDIE MAC REMICS 5040</name>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL7</name>
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        <name>GSAA HOME EQUITY TRUST 2005-5</name>
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        <name>SEASONED CREDIT RISK TRANSFER TRUST SERIES 2020-1</name>
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        <name>WATR 2025-1</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-50</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2016 30</name>
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      <invstOrSec>
        <name>TERWIN MORTGAGE TRUST 2007-4HE</name>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-144</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-20</name>
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          <couponKind>Floating</couponKind>
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        <name>FREDDIE MAC REMICS 5092</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC-3145</name>
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        <title>FREDDIE MAC FHR 3145 GO</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RESIDENTIAL ACCREDIT LOANS INC 2005-QO3</name>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-11</name>
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        <name>FREDDIE MAC STRIPS 408</name>
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        <name>FREDDIE MAC REMICS 5045</name>
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        <name>GREENSKY HOME IMPROVEMENT TRUST 2024-1</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2021-84</name>
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        <title>FANNIE MAE FNR 2021 84 PI</title>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-H01</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2024 H01 FB</title>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H20</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H20 FG</title>
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          <isin value="US38383KDF66"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2073-08-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CIT MTGE LOAN TRUST 2007-1</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>RCKT MORTGAGE TRUST 2024-CES4</name>
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        <identifiers>
          <isin value="US74939FAA57"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>BOSPHORUS CLO IX DAC 9A</name>
        <lei>N/A</lei>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FREMONT HOME LOAN TRUST 2006-A</name>
        <lei>N/A</lei>
        <title>FREMONT HOME LOAN TRUST FHLT 2006 A 2A3</title>
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          <isin value="US35729RAE62"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.11303</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 60</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2017 60 SI</title>
        <cusip>38376UEU9</cusip>
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          <isin value="US38376UEU97"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 3852</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3852 TP</title>
        <cusip>3137ABB59</cusip>
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          <isin value="US3137ABB594"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC 4660</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4660 CS</title>
        <cusip>3137BVJ80</cusip>
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          <isin value="US3137BVJ809"/>
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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>Floating</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 365</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 365 148</title>
        <cusip>31325XLU2</cusip>
        <identifiers>
          <isin value="US31325XLU27"/>
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        <balance>457896.430000</balance>
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        <curCd>USD</curCd>
        <valUSD>69091.850000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL2469 FR 09/55 FIXED 5.5</title>
        <cusip>31427PW75</cusip>
        <identifiers>
          <isin value="US31427PW752"/>
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        <balance>1701792.080000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2021-MC</name>
        <lei>N/A</lei>
        <title>BX TRUST BX 2021 MC C 144A</title>
        <cusip>05608GAE9</cusip>
        <identifiers>
          <isin value="US05608GAE98"/>
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        <balance>2900000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2871906.250000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.98748</annualizedRt>
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      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST 2006-A4</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST JPMMT 2006 A4 4A1</title>
        <cusip>46628LAQ1</cusip>
        <identifiers>
          <isin value="US46628LAQ14"/>
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        <balance>2538321.550000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BO5413 FN 10/49 FIXED 3</title>
        <cusip>3140K1AP1</cusip>
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          <isin value="US3140K1AP13"/>
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        <balance>4814914.880000</balance>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WATR 2025-2</name>
        <lei>N/A</lei>
        <title>WATR ISSUER TRUST WATR 2025 2 R 144A</title>
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          <isin value="US94260AAE55"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2021-JACX</name>
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        <title>BANC OF AMERICA MERRILL LYNCH BAMLL 2021 JACX D 144A</title>
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          <isin value="US05493LAL09"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>ANCHORAGE CREDIT FUNDING LTD 2026-20A</name>
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          <isin value="US03333NAA90"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ACE SECURITIES CORP HOME EQUITY LOAN TRUST SERIES 2006-HE1</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
          <annualizedRt>4.39303</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5564</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5564 PF</title>
        <cusip>3137HMDP2</cusip>
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          <isin value="US3137HMDP29"/>
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        <balance>5264054.560000</balance>
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        <curCd>USD</curCd>
        <valUSD>5319409.780000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8619</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-118</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 118 EI</title>
        <cusip>3136A93T3</cusip>
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          <isin value="US3136A93T30"/>
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        <balance>397350.180000</balance>
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        <curCd>USD</curCd>
        <valUSD>5208.110000</valUSD>
        <pctVal>0.0000381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STRUCTURED ASSET INVST LN TR 2004-4</name>
        <lei>N/A</lei>
        <title>STRUCTURED ASSET INVESTMENT LO SAIL 2004 4 A4</title>
        <cusip>86358EHQ2</cusip>
        <identifiers>
          <isin value="US86358EHQ26"/>
        </identifiers>
        <balance>2315600.090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2275564.060000</valUSD>
        <pctVal>0.0166639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.59303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MB0933 G2 02/56 FIXED 3.5</title>
        <cusip>3618N6BB2</cusip>
        <identifiers>
          <isin value="US3618N6BB20"/>
        </identifiers>
        <balance>1546878.550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1419899.390000</valUSD>
        <pctVal>0.0103979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QC3234 FR 06/51 FIXED 3</title>
        <cusip>3133AMSX5</cusip>
        <identifiers>
          <isin value="US3133AMSX56"/>
        </identifiers>
        <balance>1625482.290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1453506.490000</valUSD>
        <pctVal>0.010644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BK1092 FN 07/48 FIXED 5</title>
        <cusip>3140HEGA4</cusip>
        <identifiers>
          <isin value="US3140HEGA44"/>
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        <balance>301854.330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300068.210000</valUSD>
        <pctVal>0.0021974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RESIDENTIAL ASSET SEC TRUST 2006-A8</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL ASSET SECURITIZATI RAST 2006 A8 1A4</title>
        <cusip>761119AD8</cusip>
        <identifiers>
          <isin value="US761119AD83"/>
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        <balance>450637.090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>314338.840000</valUSD>
        <pctVal>0.0023019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</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>FANNIE MAE INTEREST STRIP 386</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 386 14</title>
        <cusip>3136FFSR1</cusip>
        <identifiers>
          <isin value="US3136FFSR14"/>
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        <balance>148503.700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32934.450000</valUSD>
        <pctVal>0.0002412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>FREDDIE MAC REMICS 5566</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5566 F</title>
        <cusip>3137HMHW3</cusip>
        <identifiers>
          <isin value="US3137HMHW34"/>
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        <balance>5075248.300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5118048.880000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8119</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>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RJ1373 FR 01/54 FIXED 5.5</title>
        <cusip>3142GRQ37</cusip>
        <identifiers>
          <isin value="US3142GRQ371"/>
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        <balance>1146969.030000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1153965.870000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OPTION ONE MORTGAGE LOAN TRUST 2007-6</name>
        <lei>N/A</lei>
        <title>OPTION ONE MORTGAGE LOAN TRUST OOMLT 2007 6 2A2</title>
        <cusip>68403KAB1</cusip>
        <identifiers>
          <isin value="US68403KAB17"/>
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        <balance>1916061.190000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1242545.560000</valUSD>
        <pctVal>0.0090991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.92303</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2006-C</name>
        <lei>N/A</lei>
        <title>POPULAR ABS MORTGAGE PASS THRO POPLR 2006 C M1</title>
        <cusip>73316MAE7</cusip>
        <identifiers>
          <isin value="US73316MAE75"/>
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        <curCd>USD</curCd>
        <valUSD>3314025.770000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.28803</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.5815* 03/01/24-7Y* LCH</title>
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          <isin value="EZBKXTPHC9Q8"/>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US01F0606750"/>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4923</name>
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        <title>FREDDIE MAC FHR 4923 QS</title>
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          <isin value="US3137FPZ329"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>MASTR ASSET BACKED SEC TRUST 2006-WMC1</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5510</name>
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        <title>FREDDIE MAC FHR 5510 FJ</title>
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          <isin value="US3137HJMQ71"/>
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        <curCd>USD</curCd>
        <valUSD>20466607.890000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004484 G2 07/39 FIXED 4.5</title>
        <cusip>36202E6V6</cusip>
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          <isin value="US36202E6V67"/>
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        <balance>111059.090000</balance>
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        <curCd>USD</curCd>
        <valUSD>107296.470000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC 3200</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3200 PO</title>
        <cusip>31397AJ95</cusip>
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          <isin value="US31397AJ954"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2026-21</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2026 21 DF</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BEAR STEARNS ALT-A TRUST 2005-10</name>
        <lei>N/A</lei>
        <title>BEAR STEARNS ALT A TRUST BALTA 2005 10 11A1</title>
        <cusip>07386HYW5</cusip>
        <identifiers>
          <isin value="US07386HYW59"/>
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        <curCd>USD</curCd>
        <valUSD>431051.350000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>UPSTART STRUCTURED PASS-THROUGH TRUST 2022-2A</name>
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        <title>UPSTART STRUCTURED PASS THROUG USPTT 2022 2A A 144A</title>
        <cusip>91680YAY7</cusip>
        <identifiers>
          <isin value="US91680YAY77"/>
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        <balance>303259.840000</balance>
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        <curCd>USD</curCd>
        <valUSD>302561.950000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LAD AUTO RECEIVABLES TRUST 2024-2A</name>
        <lei>N/A</lei>
        <title>LAD AUTO RECEIVABLES TRUST LADAR 2024 2A A4 144A</title>
        <cusip>505920AD0</cusip>
        <identifiers>
          <isin value="US505920AD00"/>
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        <curCd>USD</curCd>
        <valUSD>1213133.280000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT SELECTION TRUST 2024-PT2</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT SELECTION TRUST PAID 2024 PT2 B 144A</title>
        <cusip>69544PAB8</cusip>
        <identifiers>
          <isin value="US69544PAB85"/>
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        <curCd>USD</curCd>
        <valUSD>961691.330000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-H04</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2024 H04 FA</title>
        <cusip>38383KQT2</cusip>
        <identifiers>
          <isin value="US38383KQT24"/>
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        <balance>4757375.980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4778813.670000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2074-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.37294</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL Q46015 FG 02/47 FIXED 3.5</title>
        <cusip>3132WKVH8</cusip>
        <identifiers>
          <isin value="US3132WKVH82"/>
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        <balance>2100182.550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1972694.810000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RESIDENTIAL ASSET SECURITIES 2005-KS8</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL ASSET SECURITIES C RASC 2005 KS8 M6</title>
        <cusip>76110W3W4</cusip>
        <identifiers>
          <isin value="US76110W3W42"/>
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        <balance>11600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11447243.080000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.82803</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FANNIE MAE 2010-95</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2010 95 SB</title>
        <cusip>31398NEY6</cusip>
        <identifiers>
          <isin value="US31398NEY67"/>
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        <balance>395291.200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33509.430000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.82362</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA4543 FN 11/49 FIXED 3</title>
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        <identifiers>
          <isin value="US3140QCBM79"/>
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        <balance>1435313.560000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
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      <invstOrSec>
        <name>ACHV ABS TRUST 2024-3AL</name>
        <lei>N/A</lei>
        <title>ACHV ABS TRUST ACHV 2024 3AL A 144A</title>
        <cusip>00092KAA2</cusip>
        <identifiers>
          <isin value="US00092KAA25"/>
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        <curCd>USD</curCd>
        <valUSD>364079.240000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.01</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4585</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4585 QI</title>
        <cusip>3137BPGW3</cusip>
        <identifiers>
          <isin value="US3137BPGW38"/>
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        <balance>1140544.210000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5500</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5500 GF</title>
        <cusip>3137HJB30</cusip>
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          <isin value="US3137HJB303"/>
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      <invstOrSec>
        <name>BSST 2021-1818 MORTGAGE TRUST</name>
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        <title>BSST MORTGAGE TRUST BSST 2021 1818 C 144A</title>
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          <isin value="US07403PAJ12"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4922</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4922 SN</title>
        <cusip>3137FP2R5</cusip>
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          <isin value="US3137FP2R56"/>
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        <balance>1170260.540000</balance>
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        <curCd>USD</curCd>
        <valUSD>135379.600000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BEAR STEARNS ADJ RATE MTGE TR 2007-4</name>
        <lei>N/A</lei>
        <title>BEAR STEARNS ADJUSTABLE RATE M BSARM 2007 4 12A1</title>
        <cusip>07401CAD5</cusip>
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          <isin value="US07401CAD56"/>
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        <balance>1712109.370000</balance>
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        <curCd>USD</curCd>
        <valUSD>1519125.020000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140AQUG50"/>
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        <curCd>USD</curCd>
        <valUSD>477085.100000</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>6.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL Q54427 FG 02/48 FIXED 4</title>
        <cusip>3132XW4M0</cusip>
        <identifiers>
          <isin value="US3132XW4M00"/>
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        <balance>301329.640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>289118.550000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>LENDBUZZ SECURITIZATION TRUST 2025-1A</name>
        <lei>N/A</lei>
        <title>LENDBUZZ SECURITIZATION TRUST LBZZ 2025 1A A2 144A</title>
        <cusip>525938AC0</cusip>
        <identifiers>
          <isin value="US525938AC09"/>
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        <balance>1995800.310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000944.290000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.1</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>FANNIE MAE REMICS 2014-4</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2014 4 YI</title>
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        <identifiers>
          <isin value="US3136AH4J62"/>
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        <balance>30480.310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2781.660000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 30 YR 3 SINGLE FAMILY MORTGAGE</title>
        <cusip>01F030645</cusip>
        <identifiers>
          <isin value="US01F0306450"/>
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        <balance>-16000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-14055871.200000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>COUNTRYWIDE ALTERNATIVE LN TR 2007-3T1</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2007 3T1 1A9</title>
        <cusip>02149VAJ8</cusip>
        <identifiers>
          <isin value="US02149VAJ89"/>
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        <balance>5747064.030000</balance>
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        <curCd>USD</curCd>
        <valUSD>2445713.100000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>PRPM 2023-RCF2 LLC</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAG PRPM 2023 RCF2 A1 144A</title>
        <cusip>69380RAA3</cusip>
        <identifiers>
          <isin value="US69380RAA32"/>
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        <balance>743782.090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>733881.980000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>FREDDIE MAC REMICS 5093</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5093 PI</title>
        <cusip>3137FYKD7</cusip>
        <identifiers>
          <isin value="US3137FYKD71"/>
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        <balance>12755751.650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2133532.120000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL AX3230 G2 11/46 FIXED 3.5</title>
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          <isin value="US36196EST54"/>
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        <balance>604031.230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>562188.050000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004680 G2 04/40 FIXED 5.5</title>
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          <isin value="US36202FFV31"/>
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        <balance>2834.330000</balance>
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        <curCd>USD</curCd>
        <valUSD>2926.530000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5468</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5468 FC</title>
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          <isin value="US3137HHAZ43"/>
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        <balance>85904003.460000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.9619</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIEMAC STRIP-186</name>
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        <title>FREDDIEMAC STRIP FHS 186 PO</title>
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          <isin value="US31351BFA89"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5069</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5069 IK</title>
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        <curCd>USD</curCd>
        <valUSD>1489007.140000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BV5920 FN 08/55 FIXED 6.5</title>
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          <isin value="US3140MKSJ20"/>
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        <balance>971662.360000</balance>
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        <curCd>USD</curCd>
        <valUSD>1030870.030000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BS8096 FN 04/33 FIXED 4.7</title>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB7641 FN 12/53 FIXED 6</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAXON ASSET SECURITIES TRUST 2007-3</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H33</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4111</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4111 CI</title>
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          <isin value="US3137AUC568"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PIMCO FUNDS</name>
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        <name>FREDDIE MAC REMICS 5475</name>
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        <name>MORGAN STANLEY ABS CAPITAL I 2006-HE8</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL MA4894 FN 01/53 FIXED 6</title>
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        <name>JP MORGAN MTGE ACQUIS CORP 2006-CH2</name>
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        <name>CITIGROUP MTGE LOAN TR INC 2007-AMC2</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL CC0117 FN 03/55 FIXED 6</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>LCM 36 LTD</name>
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        <name>FREDDIE MAC REMICS 5426</name>
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        <name>SCCU AUTO RECEIVABLES TRUST 2024-1A</name>
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        <name>DROP MORTGAGE TRUST 2021-FILE</name>
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        <name>PRPM 2024-RCF2 LLC</name>
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        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2019-RPL3</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>OBX 2023-NQM5 TRUST</name>
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        <name>OCTANE RECEIVABLES TRUST 2024-3A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2013-130</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-10</name>
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        <name>SMB PRIVATE EDUCATION LOAN TRUST 2023-B</name>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>RESIDENTIAL ACCREDIT LOANS 2006-QS12</name>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>RENAISSANCE HOME EQUITY LOAN TR 2006-4</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE INTEREST STRIP 417</name>
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        <name>FREDDIE MAC REMICS 5087</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GCAT 2021-NQM3 TRUST</name>
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        <title>GCAT GCAT 2021 NQM3 M1 144A</title>
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          <isin value="US36167HAE53"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2012-H08</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2012 H08 FS</title>
        <cusip>38375BQP0</cusip>
        <identifiers>
          <isin value="US38375BQP03"/>
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        <balance>447071.940000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA1159 G2 07/43 FIXED 4.5</title>
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          <isin value="US36179NJC39"/>
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        <curCd>USD</curCd>
        <valUSD>385276.840000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LN TR 2006-OC10</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 OC10 2A2A</title>
        <cusip>23245FAC7</cusip>
        <identifiers>
          <isin value="US23245FAC77"/>
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        <balance>670110.970000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.15303</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RCKT MORTGAGE TRUST 2024-CES2</name>
        <lei>N/A</lei>
        <title>WOODWARD CAPITAL MANAGEMENT RCKT 2024 CES2 A1A 144A</title>
        <cusip>74938PAA4</cusip>
        <identifiers>
          <isin value="US74938PAA49"/>
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        <balance>9281869.910000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9344797.280000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.141</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARES XLIV CLO LTD 2017-44A</name>
        <lei>N/A</lei>
        <title>ARES CLO LTD ARES 2017 44A A1RR 144A</title>
        <cusip>04016NBH5</cusip>
        <identifiers>
          <isin value="US04016NBH52"/>
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        <balance>3800000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3804039.510000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHR-5018</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5018 IO</title>
        <cusip>3137FXBF4</cusip>
        <identifiers>
          <isin value="US3137FXBF48"/>
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        <balance>6277452.450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1073171.300000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3962</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3962 KS</title>
        <cusip>3137AJKA1</cusip>
        <identifiers>
          <isin value="US3137AJKA11"/>
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        <balance>364253.670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21207.070000</valUSD>
        <pctVal>0.0001553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL TA2342 FR 12/55 FIXED 5</title>
        <cusip>3142JQS83</cusip>
        <identifiers>
          <isin value="US3142JQS837"/>
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        <balance>38379813.510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38196649.690000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION H03</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H03 FB</title>
        <cusip>38382YR47</cusip>
        <identifiers>
          <isin value="US38382YR473"/>
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        <balance>19784468.070000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19870411.800000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2073-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.46294</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 30 YR 4.5 SINGLE FAMILY MORTGAGE</title>
        <cusip>01F042657</cusip>
        <identifiers>
          <isin value="US01F0426571"/>
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        <balance>368850000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>355639766.350000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MILL CITY MORTGAGE LOAN TRUST 2019-GS2</name>
        <lei>N/A</lei>
        <title>MILL CITY MORTGAGE TRUST MCMLT 2019 GS2 A1 144A</title>
        <cusip>59981TAC9</cusip>
        <identifiers>
          <isin value="US59981TAC99"/>
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        <balance>2635021.280000</balance>
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        <curCd>USD</curCd>
        <valUSD>2571469.310000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CMLTI 2005-HE4</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2005 HE4 M2</title>
        <cusip>17307GP77</cusip>
        <identifiers>
          <isin value="US17307GP773"/>
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        <balance>466955.770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>464020.530000</valUSD>
        <pctVal>0.003398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.46803</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UPSTART PASS-THROUGH TRUST SERIES 2022-SB1</name>
        <lei>N/A</lei>
        <title>UPSTART PASS THROUGH TRUST UPSPT 2022 SB1 A 144A</title>
        <cusip>91682PAA6</cusip>
        <identifiers>
          <isin value="US91682PAA66"/>
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        <balance>547133.280000</balance>
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        <curCd>USD</curCd>
        <valUSD>551216.970000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.9</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA8643 G2 02/53 FIXED 3</title>
        <cusip>36179XS80</cusip>
        <identifiers>
          <isin value="US36179XS806"/>
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        <balance>16727479.930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15030557.720000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PRP ADVISORS LLC 2024-RCF4</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAG PRPM 2024 RCF4 A1 144A</title>
        <cusip>74448JAA1</cusip>
        <identifiers>
          <isin value="US74448JAA16"/>
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        <balance>622451.900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>612789.450000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DC4917 FN 10/54 FIXED 6</title>
        <cusip>3140ASPB8</cusip>
        <identifiers>
          <isin value="US3140ASPB84"/>
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        <balance>502566.940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>522759.260000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB7446 FN 11/53 FIXED 6.5</title>
        <cusip>3140QTHY8</cusip>
        <identifiers>
          <isin value="US3140QTHY88"/>
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        <balance>15871372.800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16641036.770000</valUSD>
        <pctVal>0.121862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.80740 03/01/24-4Y* LCH</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC 3266</name>
        <lei>N/A</lei>
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          <isin value="US31397EHY41"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="WNM6"/>
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        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>FANNIE MAE WHOLE LOAN 2007-W8</name>
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        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-2</name>
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        <title>STARWOOD MORTGAGE RESIDENTIAL STAR 2021 2 M1 144A</title>
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        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 783356 G2 06/41 FIXED 6</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2024-38</name>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 3158</name>
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        <title>FREDDIE MAC FHR 3158 NE</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2011-H06</name>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 15 YR 5 SINGLE FAMILY MORTGAGE</title>
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        <name>BCC-2021-5A</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2020-40</name>
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        <name>CONSUMER LOAN FINANCE ISSUER TRUST 2024-BA</name>
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        <name>FANNIE MAE REMICS 2014-43</name>
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        <title>FANNIE MAE FNR 2014 43 BS</title>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA3012 FN 09/55 FIXED VAR</title>
        <cusip>3140W3K24</cusip>
        <identifiers>
          <isin value="US3140W3K241"/>
        </identifiers>
        <balance>1576197.820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1612796.520000</valUSD>
        <pctVal>0.0118105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4325</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4325 PS</title>
        <cusip>3137B9UG8</cusip>
        <identifiers>
          <isin value="US3137B9UG82"/>
        </identifiers>
        <balance>593086.520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41559.060000</valUSD>
        <pctVal>0.0003043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.31329</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL4</name>
        <lei>N/A</lei>
        <title>GS MORTGAGE BACKED SECURITIES GSMBS 2024 RPL4 A1 144A</title>
        <cusip>362948AA9</cusip>
        <identifiers>
          <isin value="US362948AA98"/>
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        <balance>6436636.380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6290562.710000</valUSD>
        <pctVal>0.0460656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SYMPHONY CLO LTD 2025-1</name>
        <lei>N/A</lei>
        <title>SUNBIT ASSET SECURITIZATION TR SUNBT 2025 1 A 144A</title>
        <cusip>86709SAA9</cusip>
        <identifiers>
          <isin value="US86709SAA96"/>
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        <balance>8400000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8413145.160000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BZ5543 FN 07/30 FIXED 4.385</title>
        <cusip>3140Q1ER7</cusip>
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          <isin value="US3140Q1ER71"/>
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        <balance>2739954.810000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2752421.550000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.385</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL2526 FR 09/55 FIXED 6</title>
        <cusip>31427PYY4</cusip>
        <identifiers>
          <isin value="US31427PYY41"/>
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        <balance>15579632.540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16264977.300000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>NEW CENTURY HOME EQUITY LOAN TR 2005-2</name>
        <lei>N/A</lei>
        <title>NEW CENTURY HOME EQUITY LOAN T NCHET 2005 2 M4</title>
        <cusip>64352VKW0</cusip>
        <identifiers>
          <isin value="US64352VKW09"/>
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        <balance>2112337.540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2285624.840000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.73803</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>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QC1046 FR 04/51 FIXED 3</title>
        <cusip>3133AKET3</cusip>
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          <isin value="US3133AKET35"/>
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        <balance>895220.330000</balance>
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        <curCd>USD</curCd>
        <valUSD>793858.630000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QX4071 FR 01/55 FIXED 6</title>
        <cusip>31425YQZ3</cusip>
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          <isin value="US31425YQZ33"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BY9433 FN 09/53 FIXED 5</title>
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          <isin value="US3140NSPT55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QI0477 FR 03/54 FIXED 5</title>
        <cusip>3133W6Q67</cusip>
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          <isin value="US3133W6Q679"/>
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        <curCd>USD</curCd>
        <valUSD>16598259.030000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AFFIRM MASTER TRUST 2025-3A</name>
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        <title>AFFIRM MASTER TRUST AFRMT 2025 3A A 144A</title>
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          <isin value="US00833BAN82"/>
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        <valUSD>2591123.340000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.75000 12/17/25-10Y CME</title>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE ALT-A SECURITIES INC MORTGAGE LOAN TRUST 2007-2</name>
        <lei>N/A</lei>
        <title>DEUTSCHE ALT A SECURITIES INC DBALT 2007 2 2A1</title>
        <cusip>25152BAE8</cusip>
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          <isin value="US25152BAE83"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.09303</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GREENSKY HOME IMPROVEMENT TRUST 2024-2</name>
        <lei>N/A</lei>
        <title>GREENSKY HOME IMPROVEMENT ISSU GSKY 2024 2 A4 144A</title>
        <cusip>39571XAD6</cusip>
        <identifiers>
          <isin value="US39571XAD66"/>
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        <balance>807036.300000</balance>
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        <curCd>USD</curCd>
        <valUSD>811220.460000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-10-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RCKT TRUST 2025-1A</name>
        <lei>N/A</lei>
        <title>RCKT TRUST RCKTL 2025 1A A 144A</title>
        <cusip>74939RAA9</cusip>
        <identifiers>
          <isin value="US74939RAA95"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>987074.650000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.9</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 PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <name>FANNIE MAE INTEREST STRIP 444</name>
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        <name>ICG-2021-3A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>PRPM 2024-NQM4 TRUST</name>
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        <name>FREDDIE MAC REMICS 5229</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ6</name>
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        <name>ATLX 2024-RPL2 TRUST</name>
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        <name>WASHINGTON MUTUAL 2004-AR14</name>
        <lei>N/A</lei>
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          <isin value="US939336W252"/>
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        <valUSD>2019673.590000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GLS AUTO RECEIVABLES ISSUER TRUST 2024-3A</name>
        <lei>N/A</lei>
        <title>GLS AUTO RECEIVABLES TRUST GCAR 2024 3A C 144A</title>
        <cusip>37989AAJ3</cusip>
        <identifiers>
          <isin value="US37989AAJ34"/>
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        <balance>8200000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8281275.120000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SMB PRIVATE EDUCATION LOAN TRUST 2025-C</name>
        <lei>N/A</lei>
        <title>SMB PRIVATE EDUCATION LOAN TRU SMB 2025 C A1A 144A</title>
        <cusip>83208DAA5</cusip>
        <identifiers>
          <isin value="US83208DAA54"/>
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        <balance>45540601.500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45900574.910000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.96</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ELLINGTON LOAN ACQUISITION TRUST 2007-2</name>
        <lei>N/A</lei>
        <title>ELLINGTON LOAN ACQUISITION TRU ELAT 2007 2 A1 144A</title>
        <cusip>288547AA0</cusip>
        <identifiers>
          <isin value="US288547AA09"/>
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        <balance>1445043.480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1433668.680000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA5399 G2 08/48 FIXED 4.5</title>
        <cusip>36179T7L3</cusip>
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          <isin value="US36179T7L33"/>
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        <balance>2048767.300000</balance>
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        <curCd>USD</curCd>
        <valUSD>2017677.190000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-63</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 63 KZ</title>
        <cusip>3136A6TM6</cusip>
        <identifiers>
          <isin value="US3136A6TM68"/>
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        <balance>796.670000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>PRPM 2024-RPL1 LLC</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAG PRPM 2024 RPL1 A1 144A</title>
        <cusip>69380XAA0</cusip>
        <identifiers>
          <isin value="US69380XAA00"/>
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        <balance>1947450.050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1919736.670000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.2</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMS ECUADORIAN MORTGAGE 2021-1 TRUST</name>
        <lei>N/A</lei>
        <title>IMS ECUADORIAN MORTAGAGE TRUST IMSVA 2021 1 GA 144A</title>
        <cusip>44970EAA1</cusip>
        <identifiers>
          <isin value="US44970EAA10"/>
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        <balance>930400.160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>908655.310000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H08</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H08 GF</title>
        <cusip>38382Y3J0</cusip>
        <identifiers>
          <isin value="US38382Y3J05"/>
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        <balance>14432407.430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14551277.070000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2073-03-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.55294</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BT0579 FN 05/51 FIXED 3</title>
        <cusip>3140LNUD7</cusip>
        <identifiers>
          <isin value="US3140LNUD79"/>
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        <balance>535405.600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>476957.660000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BS8176 FN 04/33 FIXED 4.385</title>
        <cusip>3140LKCN1</cusip>
        <identifiers>
          <isin value="US3140LKCN15"/>
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        <balance>11208000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11117019.060000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-6</name>
        <lei>N/A</lei>
        <title>STARWOOD MORTGAGE RESIDENTIAL STAR 2021 6 M1 144A</title>
        <cusip>85573RAF5</cusip>
        <identifiers>
          <isin value="US85573RAF55"/>
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        <balance>9324000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6901360.930000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.386</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA8234 FN 12/50 FIXED 3</title>
        <cusip>3140QGEG8</cusip>
        <identifiers>
          <isin value="US3140QGEG88"/>
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        <balance>41092306.390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36810751.470000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4167</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4167 PT</title>
        <cusip>3137AYKL4</cusip>
        <identifiers>
          <isin value="US3137AYKL43"/>
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        <balance>1681472.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1650741.250000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>BAYVIEW MSR OPPORTUNITY MASTER FUND TRUST 2021-INV2</name>
        <lei>N/A</lei>
        <title>OCEANVIEW MORTGAGE TRUST BVINV 2022 2 A1 144A</title>
        <cusip>07336NAA7</cusip>
        <identifiers>
          <isin value="US07336NAA72"/>
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        <balance>3587283.410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3122328.070000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>STRUCTURED ASSET SEC CORP 2007-WF1</name>
        <lei>N/A</lei>
        <title>STRUCTURED ASSET SECURITIES CO SASC 2007 WF1 A6</title>
        <cusip>86358BAT9</cusip>
        <identifiers>
          <isin value="US86358BAT98"/>
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        <balance>3169900.660000</balance>
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        <curCd>USD</curCd>
        <valUSD>3125868.200000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.21303</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREMONT HOME LOAN TRUST 2006-B</name>
        <lei>N/A</lei>
        <title>FREMONT HOME LOAN TRUST FHLT 2006 B 2A3</title>
        <cusip>35729QAD0</cusip>
        <identifiers>
          <isin value="US35729QAD07"/>
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        <balance>23933216.260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7380395.990000</valUSD>
        <pctVal>0.0540464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.95303</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2018-128</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2018 128 FA</title>
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        <curCd>USD</curCd>
        <valUSD>295345.240000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY MTGE LN TR 2007-7AX</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY MORTGAGE LOAN T MSM 2007 7AX 2A2</title>
        <cusip>61754HAC6</cusip>
        <identifiers>
          <isin value="US61754HAC60"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL K94169 FG 01/38 FIXED 3.5</title>
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          <isin value="US3132LQQW04"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 446</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 446 C16</title>
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          <isin value="US31425CDW29"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL MA5746 FN 06/40 FIXED 5.5</title>
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          <isin value="US31418FL474"/>
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        <curCd>USD</curCd>
        <valUSD>81956970.560000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB0734 FN 06/51 FIXED 3</title>
        <cusip>3140QKY85</cusip>
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          <isin value="US3140QKY852"/>
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        <curCd>USD</curCd>
        <valUSD>44308832.250000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-1</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2019 1 SY</title>
        <cusip>3136B3A75</cusip>
        <identifiers>
          <isin value="US3136B3A755"/>
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        <balance>1517093.650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1317572.320000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.25468</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>ACHV ABS TRUST 2025-1PL</name>
        <lei>N/A</lei>
        <title>ACHV ABS TRUST ACHV 2025 1PL B 144A</title>
        <cusip>00112MAB2</cusip>
        <identifiers>
          <isin value="US00112MAB28"/>
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        <balance>974826.720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>977553.700000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.04</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STARWOOD PROPERTY MORTGAGE TRUST 2025-FL4 LLC</name>
        <lei>N/A</lei>
        <title>STARWOOD COMMERCIAL MORTGAGE T STWD 2025 FL4 A 144A</title>
        <cusip>863922AA8</cusip>
        <identifiers>
          <isin value="US863922AA87"/>
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        <balance>46600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46603089.580000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.12672</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>FREDDIE MAC REMICS 5576</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5576 FA</title>
        <cusip>3137HMRA0</cusip>
        <identifiers>
          <isin value="US3137HMRA04"/>
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        <balance>3058159.720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3077544.170000</valUSD>
        <pctVal>0.0225368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.9119</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUNDVIEW HOME EQUITY LOAN TR 2006-EQ2</name>
        <lei>N/A</lei>
        <title>SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2006 EQ2 A2</title>
        <cusip>83611XAB0</cusip>
        <identifiers>
          <isin value="US83611XAB01"/>
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        <balance>2094775.940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1530328.300000</valUSD>
        <pctVal>0.0112066</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.01303</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2019-H04</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2019 H04 FA</title>
        <cusip>38380LRN5</cusip>
        <identifiers>
          <isin value="US38380LRN54"/>
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        <balance>239750.450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>242533.950000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-03-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.49575</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA POOL 783207 GN 09/40 FIXED 4.5</title>
        <cusip>36241LR40</cusip>
        <identifiers>
          <isin value="US36241LR405"/>
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        <curCd>USD</curCd>
        <valUSD>4742985.020000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BM4521 FN 08/38 FIXED VAR</title>
        <cusip>3140J9AX9</cusip>
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          <isin value="US3140J9AX90"/>
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        <balance>1433366.820000</balance>
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        <curCd>USD</curCd>
        <valUSD>1406106.100000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL MA4729 FN 09/42 FIXED 4</title>
        <cusip>31418EHF0</cusip>
        <identifiers>
          <isin value="US31418EHF07"/>
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        <balance>79493.310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77717.120000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>SMRT 2022-MINI</name>
        <lei>N/A</lei>
        <title>SMRT SMRT 2022 MINI A 144A</title>
        <cusip>78457JAA0</cusip>
        <identifiers>
          <isin value="US78457JAA07"/>
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        <balance>30128000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30115448.680000</valUSD>
        <pctVal>0.220535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.673</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>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QO3666 FR 05/40 FIXED 5.5</title>
        <cusip>3133WNCB4</cusip>
        <identifiers>
          <isin value="US3133WNCB46"/>
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        <balance>25943.780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26538.450000</valUSD>
        <pctVal>0.0001943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>FREMONT HOME LOAN TRUST 2006-E</name>
        <lei>N/A</lei>
        <title>FREMONT HOME LOAN TRUST FHLT 2006 E 1A1</title>
        <cusip>35729NAA3</cusip>
        <identifiers>
          <isin value="US35729NAA37"/>
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        <name>CQS US CLO 2021-1 LTD</name>
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        <name>FREDDIE MAC STRIPS 183</name>
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        <name>FREDDIE MAC-1958</name>
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        <name>FANNIE MAE REMICS 2024-79</name>
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        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021-INV2</name>
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        <name>UNITED STATES GOVT</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021-INV2</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PIKES PEAK CLO 2019-4A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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      <invstOrSec>
        <name>COUNTRYWIDE ASSET-BACKED CERT 2006-13</name>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-143</name>
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          <isin value="US38384W6J93"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5140</name>
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        <issuerCat>USGSE</issuerCat>
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        <name>NOVASTAR MORTGAGE FUNDING TRUST SERIES 2004-3</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-H14</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2024 H14 FG</title>
        <cusip>38383KG89</cusip>
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          <isin value="US38383KG895"/>
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        <curCd>USD</curCd>
        <valUSD>13247112.390000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.47294</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM 2025-C TRUST</name>
        <lei>N/A</lei>
        <title>SOFI CONSUMER LOAN PROGRAM TRU SCLP 2025 C D</title>
        <cusip>83407XAD4</cusip>
        <identifiers>
          <isin value="US83407XAD49"/>
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        <balance>2170000.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY ABS CAPITAL I 2005-WMC4</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL INC MSAC 2005 WMC4 M6</title>
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          <isin value="US61744CRF58"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-109</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 109 BO</title>
        <cusip>3136AGRJ3</cusip>
        <identifiers>
          <isin value="US3136AGRJ35"/>
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        <balance>1889799.070000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4255</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4255 SN</title>
        <cusip>3137B5HZ9</cusip>
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          <isin value="US3137B5HZ98"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CREDIT SUISSE MORTGAGE CAP CERT 2007-C2</name>
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        <title>CREDIT SUISSE MORTGAGE TRUST CSMC 2007 C2 E 144A</title>
        <cusip>22545YAQ4</cusip>
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          <isin value="US22545YAQ44"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>FANNIE MAE REMICS 2015-19</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2015 19 AI</title>
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          <isin value="US3136ANJM07"/>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>START IRELAND 2019-1</name>
        <lei>N/A</lei>
        <title>START LTD. STARR 2019 1 A 144A</title>
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          <isin value="US85573LAA98"/>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.089</annualizedRt>
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      <invstOrSec>
        <name>FANNIE MAE 2025-42</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2025 42 CF</title>
        <cusip>3136BWLC8</cusip>
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          <isin value="US3136BWLC86"/>
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        <balance>14446305.200000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CANYON CLO 2020-1 LTD</name>
        <lei>N/A</lei>
        <title>CANYON CAPITAL CLO LTD CANYC 2020 1A AR2 144A</title>
        <cusip>13876LAW7</cusip>
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          <isin value="US13876LAW72"/>
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        <curCd>USD</curCd>
        <valUSD>800836.540000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004309 G2 12/38 FIXED 5.5</title>
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          <isin value="US36202EYE30"/>
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        <balance>25360.690000</balance>
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        <curCd>USD</curCd>
        <valUSD>25495.040000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 3281</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5203</name>
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        <name>FREDDIE MAC REMICS 3684</name>
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        <name>FREDDIE MAC REMICS 4141</name>
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        <name>FREDDIE MAC REMICS 5274</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC STRIPS 390</name>
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        <name>FANNIE MAE REMICS 2013-84</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB6682 FN 07/53 FIXED 4</title>
        <cusip>3140QSM81</cusip>
        <identifiers>
          <isin value="US3140QSM819"/>
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        <balance>959203.670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>916971.980000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LYRA MUSIC ASSETS DELAWARE LP 2024-2A</name>
        <lei>N/A</lei>
        <title>LYRA MUSIC ASSETS (DELAWARE) L LYRA 2024 2A A2 144A</title>
        <cusip>552339AA1</cusip>
        <identifiers>
          <isin value="US552339AA18"/>
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        <balance>25895406.450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26059671.370000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-12-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.76</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE 2009-11</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2009 11 MP</title>
        <cusip>31397NNF8</cusip>
        <identifiers>
          <isin value="US31397NNF86"/>
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        <balance>3297.750000</balance>
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        <curCd>USD</curCd>
        <valUSD>3540.800000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <isin value="EZVMHQXXYP04"/>
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        <balance>34800000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>Goldman Sachs Bank USA</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                    <units>NC</units>
                    <curCd>USD</curCd>
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                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>N/A</notionalAmt>
                  <curCd>USD</curCd>
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            <shareNo>N/A</shareNo>
            <exercisePrice>4.310000</exercisePrice>
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            <expDt>2035-04-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-859810.560000</unrealizedAppr>
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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>
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          <other otherDesc="Internal ID" value="OP004XHV7"/>
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        <balance>-109500000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-97126.500000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>UMBS PASS THRU POOLS</issuerName>
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            <shareNo>N/A</shareNo>
            <exercisePrice>100.280000</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>142404.750000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC WHOLE LOAN SECURITIES TRUST 2015-SC02</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC WHOLE LOAN SECURIT FWLS 2015 SC02 1A</title>
        <cusip>3137G1AK3</cusip>
        <identifiers>
          <isin value="US3137G1AK38"/>
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        <balance>722592.680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>634035.980000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS8572 FN 07/54 FIXED VAR</title>
        <cusip>3140XQQ26</cusip>
        <identifiers>
          <isin value="US3140XQQ265"/>
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        <balance>1797100.510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1874849.840000</valUSD>
        <pctVal>0.0137295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H20</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H20 FE</title>
        <cusip>38383KDE9</cusip>
        <identifiers>
          <isin value="US38383KDE91"/>
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        <balance>27588103.670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27987435.950000</valUSD>
        <pctVal>0.204951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2073-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.57294</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5000</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5000 PI</title>
        <cusip>3137FVH39</cusip>
        <identifiers>
          <isin value="US3137FVH390"/>
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        <balance>15514780.960000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2570696.810000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>31750SKZ7 PIMCO CDSOPT PUT USD 99.09765625 202</title>
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          <other otherDesc="Internal ID" value="OP004X3H3"/>
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        <balance>469000000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>406529.200000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>UMBS PASS THRU POOLS</issuerName>
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            <shareNo>N/A</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>259966.700000</unrealizedAppr>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004746 G2 07/40 FIXED 4.5</title>
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        <balance>1630191.220000</balance>
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        <curCd>USD</curCd>
        <valUSD>1617499.040000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OBX 2023-NQM9 TRUST</name>
        <lei>N/A</lei>
        <title>ONSLOW BAY FINANCIAL LLC OBX 2023 NQM9 A1 144A</title>
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          <isin value="US673921AA08"/>
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        <balance>7271852.170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7330853.070000</valUSD>
        <pctVal>0.0536836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-32</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2016 32 NI</title>
        <cusip>3136ASVX1</cusip>
        <identifiers>
          <isin value="US3136ASVX11"/>
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        <balance>460548.030000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23685.520000</valUSD>
        <pctVal>0.0001734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BR9873 FN 04/51 FIXED 3</title>
        <cusip>3140L86K1</cusip>
        <identifiers>
          <isin value="US3140L86K13"/>
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        <balance>500569.730000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>445591.840000</valUSD>
        <pctVal>0.0032631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-149</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4229</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>WATR 2025-1</name>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4324</name>
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      <invstOrSec>
        <name>CSMC 2021-ADV TRUST</name>
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        <title>CREDIT SUISSE MORTGAGE TRUST CSMC 2021 ADV D 144A</title>
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      <invstOrSec>
        <name>AEGIS ASSET BACKED SECURITIES TRUST 2005-2</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2014-79</name>
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        <title>FANNIE MAE FNR 2014 79 PS</title>
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          <isin value="US3136ALF489"/>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2011-H09</name>
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        <name>RESIDENTIAL ASSET MORTGAGE PRODUCTS INC 2004-RS10</name>
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        <name>FANNIE MAE REMICS 2025-92</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PFP 2024-11 LTD</name>
        <lei>N/A</lei>
        <title>PFP III PFP 2024 11 A 144A</title>
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          <isin value="US69291WAA09"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>BEAR STEARNS ASSET BACKED SECURITIES TRUST 2006-HE6</name>
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        <title>BEAR STEARNS ASSET BACKED SECU BSABS 2006 HE6 2M1</title>
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        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2020-RPL1</name>
        <lei>N/A</lei>
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        <cusip>64828XAA1</cusip>
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          <isin value="US64828XAA19"/>
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        <balance>110772.960000</balance>
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        <curCd>USD</curCd>
        <valUSD>106483.900000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.75</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2018-168</name>
        <lei>N/A</lei>
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        <cusip>38381BGP3</cusip>
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          <isin value="US38381BGP31"/>
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        <balance>3989890.490000</balance>
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        <curCd>USD</curCd>
        <valUSD>371203.850000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-20</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US31427QUZ35"/>
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        <balance>3946510.220000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3617G3HM95"/>
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        <balance>516771.770000</balance>
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        <curCd>USD</curCd>
        <valUSD>480776.400000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-20</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US36179TNQ49"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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            <shareNo>N/A</shareNo>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DC0212 FN 08/54 FIXED 5</title>
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          <isin value="US3140AMGW52"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QJ2572 FR 08/54 FIXED 5.5</title>
        <cusip>3133CS2D2</cusip>
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          <isin value="US3133CS2D29"/>
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        <curCd>USD</curCd>
        <valUSD>1080375.330000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2014-68</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2014 68 YI</title>
        <cusip>3136ALSC6</cusip>
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          <isin value="US3136ALSC67"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5473</name>
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        <cusip>3137HHG70</cusip>
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          <isin value="US3137HHG702"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL3380 FR 02/55 FIXED 5.5</title>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FHR-5018</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL MA5807 FN 08/45 FIXED 6</title>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP MORTGAGE LOAN TRUST 2021-J3</name>
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        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2021 J3 A5I2 144A</title>
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          <isin value="US17330BBK52"/>
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        <balance>46162760.020000</balance>
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        <curCd>USD</curCd>
        <valUSD>679441.970000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5485</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5485 BF</title>
        <cusip>3137HHLA7</cusip>
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          <isin value="US3137HHLA72"/>
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        <balance>3634468.450000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST FRANKLIN MTG LN ASSET 2004-FFH2</name>
        <lei>N/A</lei>
        <title>FIRST FRANKLIN MTG LOAN ASSET FFML 2004 FFH2 M3</title>
        <cusip>32027NJA0</cusip>
        <identifiers>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>LEHMAN XS TRUST 2007-1</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4973</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4973 PO</title>
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          <isin value="US3137FT2J58"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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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>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 338</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 338 1</title>
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          <isin value="US3136FAW304"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA2837 FN 12/38 FIXED 4.5</title>
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        <balance>2898501.650000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2024-B</name>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-H02</name>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5062</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5062 EI</title>
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          <isin value="US3137F8U278"/>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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        <title>GNMA II POOL MA5138 G2 04/48 FIXED 4.5</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>HILDENE TRUPS 2018-1A</name>
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        <title>HILDENE CLO HITR 2018 1A A1 144A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SD4642 FR 01/54 FIXED 6.5</title>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2021-56</name>
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        <title>FANNIE MAE FNR 2021 56 IB</title>
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          <isin value="US3136BGV997"/>
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      <invstOrSec>
        <name>RESIDENTIAL ACCREDIT LOANS 2005-QA6</name>
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          <isin value="US76110H6F17"/>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC-2962</name>
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        <name>FANNIEMAE STRIP-436</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON MUTUAL 2006-AR19</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2024-60</name>
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        <name>FNMA PASS THRU POOLS</name>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5070</name>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2010-158</name>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2025-PRL4</name>
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        <name>FANNIE MAE REMICS 2023-43</name>
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        <name>CITIGROUP COMMERCIAL MORTGAGE TRUST 2018-C6</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2014-8</name>
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        <name>COLLEGE AVE STUDENT LOANS LLC 2021-A</name>
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        <title>COLLEGE AVE STUDENT LOANS CASL 2021 A A2 144A</title>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUNDVIEW HOME EQUITY LOAN TR 2006-OPT3</name>
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        <title>SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2006 OPT3 2A4</title>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H14</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-19</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 19 SJ</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY ABS CAPITAL I 2004-WMC3</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE REMICS 2014-50</name>
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        <title>FANNIE MAE FNR 2014 50 FC</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2025-RPL3</name>
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          <isin value="US362963AA80"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-RPL1</name>
        <lei>N/A</lei>
        <title>CHASE MORTGAGE FINANCE CORPORA CHASE 2024 RPL1 A1A 144A</title>
        <cusip>16159MAA4</cusip>
        <identifiers>
          <isin value="US16159MAA45"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2015-64</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2015 64 MI</title>
        <cusip>3136AP5U2</cusip>
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          <isin value="US3136AP5U28"/>
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        <balance>188883.800000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHASEFLEX TRUST 2007-2</name>
        <lei>N/A</lei>
        <title>CHASEFLEX TRUST CFLX 2007 2 M1</title>
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        <identifiers>
          <isin value="US16165WAC01"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MB0810 G2 12/55 FIXED 3.5</title>
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        <curCd>USD</curCd>
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        <name>ARROWMARK COLORADO HOLDINGS 2018-3A</name>
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        <title>ELEVATION CLO LTD AWPT 2018 3A A1R2 144A</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NELNET STUDENT LOAN TRUST 2025-BA</name>
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        <title>NELNET STUDENT LOAN TRUST NSLT 2025 BA A1B 144A</title>
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          <isin value="US64032BAB99"/>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 365</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 365 C34</title>
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        <identifiers>
          <isin value="US31325XVP22"/>
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        <curCd>USD</curCd>
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        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QA2045 FR 08/49 FIXED 3.5</title>
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          <isin value="US31334YHW03"/>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SC0050 FR 02/40 FIXED 3</title>
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          <isin value="US3132D9BT04"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIRST HORIZON MTGE PASS-THRU TR 2005-AR5</name>
        <lei>N/A</lei>
        <title>FIRST HORIZON MORTGAGE PASS TH FHASI 2005 AR5 2A1</title>
        <cusip>32051GXQ3</cusip>
        <identifiers>
          <isin value="US32051GXQ36"/>
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        <balance>6981.410000</balance>
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        <curCd>USD</curCd>
        <valUSD>5124.630000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.41000 10/16/25-7Y LCH</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT TRUST 2024-2</name>
        <lei>N/A</lei>
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          <isin value="US694961AA13"/>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-H23</name>
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        <name>FANNIE MAE REMICS 2016-62</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-H20</name>
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        <name>GREENSKY HOME IMPROVEMENT TRUST 2024-2</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2025-187</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RJ4826 FR 09/55 FIXED 5.5</title>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST 2024-3</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST VERUS 2024 3 A1 144A</title>
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          <isin value="US92540MAA36"/>
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        <curCd>USD</curCd>
        <valUSD>4166884.800000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2069-04-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5155</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5155 MI</title>
        <cusip>3137H36X5</cusip>
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          <isin value="US3137H36X51"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140QB6E33"/>
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        <curCd>USD</curCd>
        <valUSD>5032759.690000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL BC8090 G2 10/47 FIXED 3.5</title>
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          <isin value="US3617BB7B18"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE 2004-10</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2004 10 ZB</title>
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          <isin value="US31393XCU90"/>
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        <curCd>USD</curCd>
        <valUSD>44885.550000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA5561 FN 04/50 FIXED 3.5</title>
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          <isin value="US3140QDFB51"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM 2025-A TRUST</name>
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        <title>SOFI CONSUMER LOAN PROGRAM TRU SCLP 2025 A C 144A</title>
        <cusip>83407UAC2</cusip>
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          <isin value="US83407UAC27"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021-NQ2R</name>
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        <title>NEW RESIDENTIAL MORTGAGE LOAN NRZT 2021 NQ2R M1 144A</title>
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          <isin value="US64831EAD22"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.2012</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA0032 FN 12/54 FIXED VAR</title>
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          <isin value="US3140W0BA23"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2018-135</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2018 135 BO</title>
        <cusip>38381AJF4</cusip>
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          <isin value="US38381AJF49"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2019-57</name>
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          <isin value="US38381VSX90"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2019-30</name>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <title>FED HM LN PC POOL SD6727 FR 07/54 FIXED 6.5</title>
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        <name>FREDDIE MAC REMICS 4474</name>
        <lei>N/A</lei>
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          <isin value="US3137BJFZ18"/>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FHLMC PASS THRU POOLS</name>
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        <title>FED HM LN PC POOL G61254 FG 01/48 FIXED 4</title>
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          <isin value="US31335BMB98"/>
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        <curCd>USD</curCd>
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          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.55016 03/01/24-7Y* LCH</title>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LONDON CLEARING HOUSE</counterpartyName>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <isin value="EZ5Z5JQ96961"/>
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        <balance>53400000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2894338.740000</valUSD>
        <pctVal>0.0211952</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE &amp; CO.</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
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                    <counterpartyName>JPMORGAN CHASE &amp; CO.</counterpartyName>
                    <counterpartyLei>8I5DZWZKVSZI1NUHU748</counterpartyLei>
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                  <derivAddlInfo>
                    <name>N/A</name>
                    <lei>N/A</lei>
                    <title>RFR USD SOFR/4.69300 08/29/35-10Y LCH</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <isin value="EZTFN8WW7M10"/>
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                    <balance>0.000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.000000</valUSD>
                    <pctVal>0.000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
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                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>N/A</issuerName>
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                        <isin value="EZTFN8WW7M10"/>
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                  <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="United States SOFR Secured Overnight Financing Rate" floatingRtSpread="0.000000" pmntAmt="0.000000">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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                  <fixedPmntDesc amount="0.000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.693000"/>
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                  <upfrontPmnt>0.000000</upfrontPmnt>
                  <pmntCurCd>USD</pmntCurCd>
                  <upfrontRcpt>0.000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>N/A</notionalAmt>
                  <curCd>USD</curCd>
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              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>4.690000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2035-08-27</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1706071.260000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2004-91</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2004 91 BR</title>
        <cusip>31394BYB4</cusip>
        <identifiers>
          <isin value="US31394BYB43"/>
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        <balance>21940.580000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22458.870000</valUSD>
        <pctVal>0.0001645</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DC7138 FN 11/54 FIXED 6.5</title>
        <cusip>3140AU4Y6</cusip>
        <identifiers>
          <isin value="US3140AU4Y68"/>
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        <balance>147256.410000</balance>
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        <curCd>USD</curCd>
        <valUSD>153610.550000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CROSS 2024-H6 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>CROSS MORTGAGE TRUST CROSS 2024 H6 A1 144A</title>
        <cusip>227919AA5</cusip>
        <identifiers>
          <isin value="US227919AA56"/>
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        <balance>2972585.120000</balance>
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        <curCd>USD</curCd>
        <valUSD>2975088.330000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2015-84</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2015 84 CI</title>
        <cusip>3136AQRG7</cusip>
        <identifiers>
          <isin value="US3136AQRG77"/>
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        <balance>421049.880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59695.360000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SD2235 FR 01/53 FIXED 6</title>
        <cusip>3132DPPU6</cusip>
        <identifiers>
          <isin value="US3132DPPU65"/>
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        <balance>18381530.860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18867759.300000</valUSD>
        <pctVal>0.138168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ASSET-BACKED CERT 2006-IM1</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ASSET BACKED CERTI CWL 2006 IM1 A2</title>
        <cusip>126670SP4</cusip>
        <identifiers>
          <isin value="US126670SP45"/>
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        <balance>157247.180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145615.390000</valUSD>
        <pctVal>0.0010663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.27303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SMB PRIVATE EDUCATION LOAN TRUST 2024-C</name>
        <lei>N/A</lei>
        <title>SMB PRIVATE EDUCATION LOAN TRU SMB 2024 C A1A 144A</title>
        <cusip>83206EAA5</cusip>
        <identifiers>
          <isin value="US83206EAA55"/>
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        <balance>11227082.120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11457586.470000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II TBA 30 YR 3 JUMBOS</title>
        <cusip>21H030641</cusip>
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          <isin value="US21H0306413"/>
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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>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FREDDIE MAC 3725</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3725 CD</title>
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        <balance>3851127.090000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BZ1178 FN 06/31 FIXED 5.81</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>HARBORVIEW MORTGAGE LOAN TR 2006-9</name>
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        <title>HARBORVIEW MORTGAGE LOAN TRUST HVMLT 2006 9 2A1A</title>
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        <identifiers>
          <isin value="US41161XAC02"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>HARBORVIEW MORTGAGE LOAN TR 2005-8</name>
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        <title>HARBORVIEW MORTGAGE LOAN TRUST HVMLT 2005 8 2A3</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5609</name>
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        <title>FREDDIE MAC FHR 5609 FC</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>INDYMAC INDX MORTGAGE LOAN TR 2005-AR13</name>
        <lei>N/A</lei>
        <title>INDYMAC INDX MORTGAGE LOAN TRU INDX 2005 AR13 4A1</title>
        <cusip>45660LRE1</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BCP TRUST 2021-330N</name>
        <lei>N/A</lei>
        <title>BCP TRUST BCP 2021 330N C 144A</title>
        <cusip>05553BAJ4</cusip>
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          <isin value="US05553BAJ44"/>
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        <balance>5000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1684188.000000</valUSD>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SFO COMMERCIAL MORTGAGE TRUST 2021-555</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OSCAR US FUNDING XVII LLC 2024-2A</name>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2015-58</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE-2020-27</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2020 27 IM</title>
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        <name>FREDDIE MAC REMICS 4367</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <delta>XXXX</delta>
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        <name>FHLMC PASS THRU POOLS</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HARBORVIEW MORTGAGE LOAN TR 2006-12</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2015-87</name>
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        <title>FANNIE MAE FNR 2015 87 IA</title>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>N/A</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2012-7</name>
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        <name>N/A</name>
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        <name>LONG BEACH MTGE LOAN TRUST 2004-2</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>CVC CORDATUS OPPORTUNITY LOAN FUND DAC 1A</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5010</name>
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        <name>FREDDIE MAC REMICS 4604</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-H02</name>
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      </invstOrSec>
      <invstOrSec>
        <name>GS MORTGAGE SECURITIES CORP TRUST 2018-TWR</name>
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      <invstOrSec>
        <name>FANNIE MAE 2006-46</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <name>OFSI BSL X LTD</name>
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        <name>GNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>VMC FINANCE 2021-FL4 LLC</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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          <isin value="US3617B8GX08"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
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          <isin value="US3138WJBN77"/>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <title>FED HM LN PC POOL QO2648 FR 10/39 FIXED 5.5</title>
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          <isin value="US3133WL5H33"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QX1612 FR 12/54 FIXED 5.5</title>
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          <isin value="US31425VYJ69"/>
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        <name>FANNIEMAE STRIP 419</name>
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        <name>JUBILEE CLO 2016-XVII BV 16-17A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>RESIDENTIAL ACCREDIT LOANS INC 2007-QS3</name>
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          <isin value="US75116BAA61"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>EFMT 2024-CES1</name>
        <lei>N/A</lei>
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          <isin value="US281907AA32"/>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>SBNA AUTO RECEIVABLES TRUST 2025-SF1</name>
        <lei>N/A</lei>
        <title>SBNA AUTO RECEIVABLES TRUST SBAT 2025 SF1 D 144A</title>
        <cusip>78437XAD8</cusip>
        <identifiers>
          <isin value="US78437XAD84"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2019-4</name>
        <lei>N/A</lei>
        <title>NEW RESIDENTIAL MORTGAGE LOAN NRZT 2019 4A A1B 144A</title>
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        <identifiers>
          <isin value="US64830WAD39"/>
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        <balance>511191.720000</balance>
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        <curCd>USD</curCd>
        <valUSD>479185.800000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>OBX 2024-HYB2 TRUST</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC STRIP TRUST 195</name>
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        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>RENAISSANCE HOME EQUITY LOAN TR 2006-1</name>
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        <title>RENAISSANCE HOME EQUITY LOAN T RAMC 2006 1 AF4</title>
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        <debtSec>
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      <invstOrSec>
        <name>BANK OF AMERICA MTGE SECURITIES 2005-C</name>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2020-99</name>
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        <title>FANNIE MAE FNR 2020 99 GI</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE REMICS 2025-70</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2017-60</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2021-59</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC STRIPS 389</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 4139</name>
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        <name>FS RIALTO 2026-FL11 ISSUER LLC 2026-FL11</name>
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        <name>FANNIE MAE REMICS 2020-2</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2016-32</name>
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        <name>FHLMC PASS THRU POOLS</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE 2005-70</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GUGGENHEIM CLO 2022-2A LTD</name>
        <lei>N/A</lei>
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        <cusip>40172PAL6</cusip>
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          <isin value="US40172PAL67"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2024-10</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2024 10 AF</title>
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          <isin value="US3136BQ6A27"/>
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        <balance>1614294.360000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CROSSROADS ASSET TRUST 2025-A</name>
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          <isin value="US22767VAB45"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LOAN MTGE 5199</name>
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        <title>FREDDIE MAC FHR 5199 IO</title>
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          <isin value="US3137H6AU96"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY IXIS REAL ESTATE CAPITAL TRUST 2006-1</name>
        <lei>N/A</lei>
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        <cusip>61749QAD2</cusip>
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          <isin value="US61749QAD25"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE INTEREST STRIP 446</name>
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          <isin value="US31425CDX02"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>LEHMAN MORTGAGE TRUST 2007-2</name>
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          <isin value="US52521DAB82"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2018-53</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>OBX 2025-R1 TRUST</name>
        <lei>N/A</lei>
        <title>ONSLOW BAY FINANCIAL LLC OBX 2025 R1 A1 144A</title>
        <cusip>67123GAC9</cusip>
        <identifiers>
          <isin value="US67123GAC96"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE ALT-A SECURITIES INC 2007-AR2</name>
        <lei>N/A</lei>
        <title>DEUTSCHE ALT A SECURITIES INC DBALT 2007 AR2 A1</title>
        <cusip>25151UAA5</cusip>
        <identifiers>
          <isin value="US25151UAA51"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2024-NQM3</name>
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        <cusip>61776UAA5</cusip>
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          <isin value="US61776UAA51"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LOAN TR 2006-23CB</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 23CB 1A10</title>
        <cusip>02147RAK6</cusip>
        <identifiers>
          <isin value="US02147RAK68"/>
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        <balance>787374.280000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL MA5217 FN 12/53 FIXED 6.5</title>
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          <isin value="US31418EYP95"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4143</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4143 HI</title>
        <cusip>3137AX7M9</cusip>
        <identifiers>
          <isin value="US3137AX7M93"/>
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        <balance>572945.930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8151.190000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MF1 MULTIFAMILY HOUSING MORTGAGE LOAN TRUST 2021-W10</name>
        <lei>N/A</lei>
        <title>MF1 MULTIFAMILY HOUSING MORTGA MF1 2021 W10 A 144A</title>
        <cusip>55284DAA0</cusip>
        <identifiers>
          <isin value="US55284DAA00"/>
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        <balance>5270000.000000</balance>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>COUNTRYWIDE ALTERNATIVE LN TR 2006-20CB</name>
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        <name>FANNIE MAE REMICS 2023-61</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H24</name>
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        <name>FREDDIE MAC 3001</name>
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        <name>GREENSKY HOME IMPROVEMENT TRUST 2024-1</name>
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        <name>WAMU MTGE P/T CERT 2007-HY3</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL CB7651 FN 12/53 FIXED 6.5</title>
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        <issuerCat>USGSE</issuerCat>
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        <name>NEW YORK MORTGAGE TRUST 2022-CP1</name>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.63294</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3316</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3316 JO</title>
        <cusip>31397HKD9</cusip>
        <identifiers>
          <isin value="US31397HKD97"/>
        </identifiers>
        <balance>1857.770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1552.350000</valUSD>
        <pctVal>0.0000114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5203</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5203 FA</title>
        <cusip>3137H6KK0</cusip>
        <identifiers>
          <isin value="US3137H6KK05"/>
        </identifiers>
        <balance>6217288.690000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5781468.570000</valUSD>
        <pctVal>0.0423375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 30 YR 4 SINGLE FAMILY MORTGAGE</title>
        <cusip>01F040644</cusip>
        <identifiers>
          <isin value="US01F0406441"/>
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        <balance>-22100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-20857052.240000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>FANNIE MAE REMICS 2012-142</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 142 AI</title>
        <cusip>3136A96P8</cusip>
        <identifiers>
          <isin value="US3136A96P80"/>
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        <balance>2208720.330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>274602.030000</valUSD>
        <pctVal>0.0020109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 418</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 418 C15</title>
        <cusip>31395Q3F5</cusip>
        <identifiers>
          <isin value="US31395Q3F53"/>
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        <balance>11323402.830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1915130.400000</valUSD>
        <pctVal>0.0140245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</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>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MB0305 G2 04/55 FIXED 4</title>
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        <identifiers>
          <isin value="US3618N5KT53"/>
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        <balance>494294.740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>463638.040000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>CHASE HOME LENDING MORTGAGE TRUST 2024-7</name>
        <lei>N/A</lei>
        <title>CHASE MORTGAGE FINANCE CORPORA CHASE 2024 7 A11 144A</title>
        <cusip>16159TAP6</cusip>
        <identifiers>
          <isin value="US16159TAP66"/>
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        <balance>15149691.160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15248277.780000</valUSD>
        <pctVal>0.111663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.9619</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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BF0497 FN 07/60 FIXED 3</title>
        <cusip>3140FXRT1</cusip>
        <identifiers>
          <isin value="US3140FXRT15"/>
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        <balance>24620706.870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21311585.880000</valUSD>
        <pctVal>0.156064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SB8379 FR 04/40 FIXED 5.5</title>
        <cusip>3132D6JY7</cusip>
        <identifiers>
          <isin value="US3132D6JY77"/>
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        <balance>136001073.130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>138747004.160000</valUSD>
        <pctVal>1.01604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>WATR 2026-1</name>
        <lei>N/A</lei>
        <title>WATR 2026 1 D 144A</title>
        <cusip>957ITBII1</cusip>
        <identifiers>
          <ticker value="WATR"/>
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        <balance>4688000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4694090.930000</valUSD>
        <pctVal>0.0343747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.77</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>FREDDIE MAC REMICS 4072</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4072 Z</title>
        <cusip>3137ARRJ7</cusip>
        <identifiers>
          <isin value="US3137ARRJ72"/>
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        <balance>1152017.430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1076379.080000</valUSD>
        <pctVal>0.0078823</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BT0924 FN 05/51 FIXED 3</title>
        <cusip>3140LPA28</cusip>
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          <isin value="US3140LPA282"/>
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        <balance>394062.690000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>351316.580000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIEMAE GRANTOR TRUST 2004-T3</name>
        <lei>N/A</lei>
        <title>FANNIEMAE GRANTOR TRUST FNGT 2004 T3 2A</title>
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        <identifiers>
          <isin value="US31393YV776"/>
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        <balance>11805.720000</balance>
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        <curCd>USD</curCd>
        <valUSD>11867.840000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.42615</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RCKT MORTGAGE TRUST 2024-CES7</name>
        <lei>N/A</lei>
        <title>WOODWARD CAPITAL MANAGEMENT RCKT 2024 CES7 A1A 144A</title>
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          <isin value="US749414AA67"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DC7014 FN 12/54 FIXED 5.5</title>
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          <isin value="US3140AUYL12"/>
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        <curCd>USD</curCd>
        <valUSD>2195388.280000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRPM 2025-RPL5 LLC</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAG PRPM 2025 RPL5 A1 144A</title>
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          <isin value="US69383PAA49"/>
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        <curCd>USD</curCd>
        <valUSD>23272699.210000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>31750SOZ3 PIMCO CDSOPT CALL USD 97.37500000 20</title>
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          <other otherDesc="Internal ID" value="OP004YPP9"/>
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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST 2024-5</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2017-ASHF</name>
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        <cusip>61691KAJ0</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2021-75</name>
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          <isin value="US3136BJR809"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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          <isin value="US3140H6DW61"/>
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        <balance>2787126.730000</balance>
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        <curCd>USD</curCd>
        <valUSD>2670831.300000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>MF1 MULTIFAMILY HOUSING MORTGAGE LOAN TRUST 2025-FL17</name>
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        <cusip>55287HAA8</cusip>
        <identifiers>
          <isin value="US55287HAA86"/>
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        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1496120.610000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.99956</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 15 YR 5 SINGLE FAMILY MORTGAGE</title>
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          <isin value="US01F0504526"/>
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        <balance>50000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50326038.000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4979</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4979 US</title>
        <cusip>3137FTY27</cusip>
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          <isin value="US3137FTY274"/>
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        <balance>3153768.520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350154.400000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.27362</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS6402 FN 11/53 FIXED VAR</title>
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          <isin value="US3140XNDG65"/>
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        <balance>8637579.180000</balance>
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        <curCd>USD</curCd>
        <valUSD>8952730.580000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BM4434 FN 06/48 FIXED VAR</title>
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          <isin value="US3140J84U41"/>
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        <balance>1142258.570000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2018-95</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2018 95 SA</title>
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        <curCd>USD</curCd>
        <valUSD>109675.010000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-182</name>
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          <isin value="US38380UAZ66"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4068</name>
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        <name>COUNTRYWIDE ASSET-BACKED CERT 2007-9</name>
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        <title>COUNTRYWIDE ASSET BACKED CERTI CWL 2007 9 2A4</title>
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          <isin value="US12670FAE07"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC 2189</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 2189 PO</title>
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          <isin value="US3133TLXZ65"/>
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        <balance>4456.630000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>GCAT 2024-NQM2 TRUST</name>
        <lei>N/A</lei>
        <title>GCAT GCAT 2024 NQM2 A1 144A</title>
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          <isin value="US36831CAA09"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BF0178 FN 03/57 FIXED 3</title>
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          <isin value="US3140FXFU16"/>
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        <balance>2439336.370000</balance>
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        <curCd>USD</curCd>
        <valUSD>2132521.720000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST 2007-A1</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST JPMMT 2007 A1 1A1</title>
        <cusip>46630GAA3</cusip>
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          <isin value="US46630GAA31"/>
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        <balance>2233.960000</balance>
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        <curCd>USD</curCd>
        <valUSD>2243.050000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.22204</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>C-BASS CBO XV LTD 15A</name>
        <lei>N/A</lei>
        <title>C BASS LTD CBCL 15A A 144A</title>
        <cusip>124670AA8</cusip>
        <identifiers>
          <isin value="US124670AA88"/>
        </identifiers>
        <balance>248639703.310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3644063.490000</valUSD>
        <pctVal>0.0266854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.02</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BCAP LLC TRUST 2007-AA2</name>
        <lei>N/A</lei>
        <title>BCAP LLC TRUST BCAP 2007 AA2 2A12</title>
        <cusip>05530NBA4</cusip>
        <identifiers>
          <isin value="US05530NBA46"/>
        </identifiers>
        <balance>965535.500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>376478.420000</valUSD>
        <pctVal>0.0027569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUNDVIEW HOME EQUITY LOAN TR 2006-OPT2</name>
        <lei>N/A</lei>
        <title>SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2006 OPT2 A4</title>
        <cusip>83611MML9</cusip>
        <identifiers>
          <isin value="US83611MML99"/>
        </identifiers>
        <balance>5831500.210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5738849.330000</valUSD>
        <pctVal>0.0420254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.35303</annualizedRt>
          <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 STRUCTURED PASS THRU SEC T-75</name>
        <lei>N/A</lei>
        <title>FHLMC STRUCTURED PASS THROUGH FSPC T 75 A2</title>
        <cusip>31397JMF8</cusip>
        <identifiers>
          <isin value="US31397JMF83"/>
        </identifiers>
        <balance>17229307.850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13310836.030000</valUSD>
        <pctVal>0.0974749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.08343</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEAR STEARNS ADJ RATE MTGE TR 2007-2</name>
        <lei>N/A</lei>
        <title>BEAR STEARNS ADJUSTABLE RATE M BSARM 2007 2 3A1</title>
        <cusip>07401EAE9</cusip>
        <identifiers>
          <isin value="US07401EAE95"/>
        </identifiers>
        <balance>1414910.320000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1271037.140000</valUSD>
        <pctVal>0.0093078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.29763</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN ALTERNATIVE LN TRUST 2008-R4</name>
        <lei>N/A</lei>
        <title>J.P. MORGAN ALTERNATIVE LOAN T JPALT 2008 R4 1A1 144A</title>
        <cusip>466309AA9</cusip>
        <identifiers>
          <isin value="US466309AA90"/>
        </identifiers>
        <balance>2463535.740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1140860.440000</valUSD>
        <pctVal>0.0083545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-165</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2015 165 IB</title>
        <cusip>38379FE39</cusip>
        <identifiers>
          <isin value="US38379FE393"/>
        </identifiers>
        <balance>633894.300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55259.610000</valUSD>
        <pctVal>0.0004047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME EQUITY PASS-THRU CERTS 2005-7</name>
        <lei>N/A</lei>
        <title>HOME EQUITY ASSET TRUST HEAT 2005 7 M2</title>
        <cusip>437084PA8</cusip>
        <identifiers>
          <isin value="US437084PA87"/>
        </identifiers>
        <balance>9788097.250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9480695.200000</valUSD>
        <pctVal>0.0694269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.49803</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHR-5100</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5100 MI</title>
        <cusip>3137FYVU7</cusip>
        <identifiers>
          <isin value="US3137FYVU77"/>
        </identifiers>
        <balance>18700838.560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3358982.910000</valUSD>
        <pctVal>0.0245977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-RPL4</name>
        <lei>N/A</lei>
        <title>CHASE MORTGAGE FINANCE CORPORA CHASE 2024 RPL4 A1A 144A</title>
        <cusip>16160NAB7</cusip>
        <identifiers>
          <isin value="US16160NAB73"/>
        </identifiers>
        <balance>7338218.060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6571477.010000</valUSD>
        <pctVal>0.0481228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.375</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE 2020-12</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2020 12 NI</title>
        <cusip>3136B8D89</cusip>
        <identifiers>
          <isin value="US3136B8D899"/>
        </identifiers>
        <balance>9217563.590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>665120.030000</valUSD>
        <pctVal>0.0048707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.06795</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2025-102</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2025 102 FD</title>
        <cusip>3136BYCU4</cusip>
        <identifiers>
          <isin value="US3136BYCU42"/>
        </identifiers>
        <balance>9444683.820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9468593.980000</valUSD>
        <pctVal>0.0693383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7119</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>PRPM 2026-1 LLC</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAG PRPM 2026 1 A1 144A</title>
        <cusip>74449BAA7</cusip>
        <identifiers>
          <isin value="US74449BAA70"/>
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        <balance>4510234.220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4466061.440000</valUSD>
        <pctVal>0.0327049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.185</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>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL0427 FR 10/54 FIXED 6.5</title>
        <cusip>31427MPM7</cusip>
        <identifiers>
          <isin value="US31427MPM72"/>
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        <balance>9719671.560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10272564.870000</valUSD>
        <pctVal>0.0752257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>COUNTRYWIDE HOME LOANS 2007-HY7</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE HOME LOANS CWHL 2007 HY7 A1</title>
        <cusip>12544HAY6</cusip>
        <identifiers>
          <isin value="US12544HAY62"/>
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        <balance>794531.670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>754617.020000</valUSD>
        <pctVal>0.005526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.33577</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>EMCM MORTGAGE LOAN TRUST 2003-A</name>
        <lei>N/A</lei>
        <title>EMC MORTGAGE LOAN TRUST EMCM 2003 A A1 144A</title>
        <cusip>268668BS8</cusip>
        <identifiers>
          <isin value="US268668BS86"/>
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        <balance>487421.230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493736.310000</valUSD>
        <pctVal>0.0036156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.89303</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>N/A</name>
        <lei>N/A</lei>
        <title>31750SP09 PIMCO CDSOPT PUT USD 94.37500000 202</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="OP004YPQ7"/>
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        <balance>-35500000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-134399.450000</valUSD>
        <pctVal>-0.0009842</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 4.5% JUN 30YR</issueTitle>
                <identifiers>
                  <isin value="US01F0426654"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>94.380000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>98569.300000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4136</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4136 IO</title>
        <cusip>3137AWHG3</cusip>
        <identifiers>
          <isin value="US3137AWHG39"/>
        </identifiers>
        <balance>404115.740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6286.870000</valUSD>
        <pctVal>0.000046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-AGLN</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAG WFCM 2025 AGLN A 144A</title>
        <cusip>94990HAA5</cusip>
        <identifiers>
          <isin value="US94990HAA59"/>
        </identifiers>
        <balance>9100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9091982.900000</valUSD>
        <pctVal>0.0665804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.31495</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2021-78</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2021 78 HI</title>
        <cusip>3136BJZL2</cusip>
        <identifiers>
          <isin value="US3136BJZL29"/>
        </identifiers>
        <balance>10788415.800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1983000.370000</valUSD>
        <pctVal>0.0145215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-34</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 34 PS</title>
        <cusip>3136ADQR3</cusip>
        <identifiers>
          <isin value="US3136ADQR39"/>
        </identifiers>
        <balance>413922.730000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24903.950000</valUSD>
        <pctVal>0.0001824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.37362</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 446</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 446 C18</title>
        <cusip>31425CDY8</cusip>
        <identifiers>
          <isin value="US31425CDY84"/>
        </identifiers>
        <balance>50545585.580000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10956878.290000</valUSD>
        <pctVal>0.0802369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDYMAC INDB MORTGAGE LOAN TR 2006-1</name>
        <lei>N/A</lei>
        <title>INDYMAC INDB MORTGAGE LOAN TRU INDB 2006 1 A1</title>
        <cusip>45661JAA1</cusip>
        <identifiers>
          <isin value="US45661JAA16"/>
        </identifiers>
        <balance>10211418.260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3189599.800000</valUSD>
        <pctVal>0.0233574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.93303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AREIT TRUST 2023-CRE8</name>
        <lei>N/A</lei>
        <title>AREIT CRE TRUST AREIT 2023 CRE8 A 144A</title>
        <cusip>04002BAA3</cusip>
        <identifiers>
          <isin value="US04002BAA35"/>
        </identifiers>
        <balance>2699000.780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2702388.430000</valUSD>
        <pctVal>0.0197895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.78992</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA6424 FN 07/50 FIXED 3</title>
        <cusip>3140QED66</cusip>
        <identifiers>
          <isin value="US3140QED669"/>
        </identifiers>
        <balance>21756008.390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19182868.930000</valUSD>
        <pctVal>0.140476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <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>31750SNB7 PIMCO CDSOPT PUT USD 101.37500000 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="OP004Y2Q2"/>
        </identifiers>
        <balance>-169000000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-313258.400000</valUSD>
        <pctVal>-0.002294</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 6.0% JUN 30YR</issueTitle>
                <identifiers>
                  <isin value="US01F0606677"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>101.380000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>175257.230000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA8043 G2 05/52 FIXED 3</title>
        <cusip>36179W5C8</cusip>
        <identifiers>
          <isin value="US36179W5C89"/>
        </identifiers>
        <balance>25002282.190000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22352630.580000</valUSD>
        <pctVal>0.163688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAMESTOWN CLO 2022 XVIIIA LTD</name>
        <lei>N/A</lei>
        <title>JAMESTOWN CLO LTD JTWN 2022 18A AR 144A</title>
        <cusip>47047RAN6</cusip>
        <identifiers>
          <isin value="US47047RAN61"/>
        </identifiers>
        <balance>20100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20126930.380000</valUSD>
        <pctVal>0.147389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.93802</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2020-89</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2020 89 IG</title>
        <cusip>3136BC5C0</cusip>
        <identifiers>
          <isin value="US3136BC5C00"/>
        </identifiers>
        <balance>8513118.020000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1443208.470000</valUSD>
        <pctVal>0.0105686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANGEL OAK MORTGAGE TRUST 2021-8</name>
        <lei>N/A</lei>
        <title>ANGEL OAK MORTGAGE TRUST AOMT 2021 8 M1 144A</title>
        <cusip>03465MAD5</cusip>
        <identifiers>
          <isin value="US03465MAD56"/>
        </identifiers>
        <balance>15681000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11752443.770000</valUSD>
        <pctVal>0.0860628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.29</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS8242 FN 06/54 FIXED VAR</title>
        <cusip>3140XQEQ6</cusip>
        <identifiers>
          <isin value="US3140XQEQ69"/>
        </identifiers>
        <balance>25022446.510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26039876.950000</valUSD>
        <pctVal>0.190689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H02</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H02 FA</title>
        <cusip>38382YN82</cusip>
        <identifiers>
          <isin value="US38382YN829"/>
        </identifiers>
        <balance>1155962.200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1171302.970000</valUSD>
        <pctVal>0.0085774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2073-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.57294</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIEMAC STRIP-362</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 362 C5</title>
        <cusip>31325W4Q2</cusip>
        <identifiers>
          <isin value="US31325W4Q21"/>
        </identifiers>
        <balance>3893092.980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576019.780000</valUSD>
        <pctVal>0.0042182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SMB PRIVATE EDUCATION LOAN TRUST 2026-C</name>
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        <title>83208D9Y5 SMB 2026 B C 144A</title>
        <cusip>990ACZVD8</cusip>
        <identifiers>
          <ticker value="SMB"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP MTGE LOAN TR INC 2006-NC2</name>
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          <isin value="US17309TAC27"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2019-45</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2019 45 SG</title>
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          <isin value="US38381TYZ29"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA2558 FN 08/55 FIXED VAR</title>
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          <isin value="US3140W2ZY09"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-H10</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2017 H10 FB</title>
        <cusip>38375UZZ6</cusip>
        <identifiers>
          <isin value="US38375UZZ64"/>
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        <balance>1363313.120000</balance>
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        <curCd>USD</curCd>
        <valUSD>1380592.300000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DE1081 FN 06/55 FIXED 6.5</title>
        <cusip>3140BDFX3</cusip>
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          <isin value="US3140BDFX37"/>
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        <curCd>USD</curCd>
        <valUSD>922899.170000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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      <invstOrSec>
        <name>MORGAN STANLEY ABS CAPITAL I 2007-NC3</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL INC MSAC 2007 NC3 A2A</title>
        <cusip>61755AAB2</cusip>
        <identifiers>
          <isin value="US61755AAB26"/>
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        <balance>3250276.240000</balance>
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        <curCd>USD</curCd>
        <valUSD>2479168.680000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRPM 2024-NQM1 TRUST</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAG PRPM 2024 NQM1 A1 144A</title>
        <cusip>693977AA8</cusip>
        <identifiers>
          <isin value="US693977AA82"/>
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        <balance>1481603.360000</balance>
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        <curCd>USD</curCd>
        <valUSD>1490922.050000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2011-117</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2011 117 NS</title>
        <cusip>3136A14J1</cusip>
        <identifiers>
          <isin value="US3136A14J12"/>
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        <balance>750543.630000</balance>
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        <curCd>USD</curCd>
        <valUSD>522117.480000</valUSD>
        <pctVal>0.0038235</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.23392</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COUNTRYWIDE ASSET-BACKED CERT 2004-2</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ASSET BACKED CERTI CWL 2004 2 1A</title>
        <cusip>1266713T1</cusip>
        <identifiers>
          <isin value="US1266713T17"/>
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        <balance>1933675.140000</balance>
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        <curCd>USD</curCd>
        <valUSD>1906462.340000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.23303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOME MTGE ASSETS 2005-2</name>
        <lei>N/A</lei>
        <title>AMERICAN HOME MORTGAGE ASSETS AHMA 2005 2 2A1A</title>
        <cusip>02660VBH0</cusip>
        <identifiers>
          <isin value="US02660VBH06"/>
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        <balance>835558.060000</balance>
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        <curCd>USD</curCd>
        <valUSD>523308.010000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <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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          <isLoanByFund>N</isLoanByFund>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AT6546 FN 06/43 FIXED 4</title>
        <cusip>3138WUHY2</cusip>
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          <isin value="US3138WUHY24"/>
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        <balance>17236.570000</balance>
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        <curCd>USD</curCd>
        <valUSD>16703.520000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BCAP LLC TRUST 2011-R11</name>
        <lei>N/A</lei>
        <title>BCAP LLC TRUST BCAP 2011 R11 32A7 144A</title>
        <cusip>05533FLT6</cusip>
        <identifiers>
          <isin value="US05533FLT65"/>
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        <balance>2409467.620000</balance>
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        <curCd>USD</curCd>
        <valUSD>2242121.420000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-26</maturityDt>
          <couponKind>Variable</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB7523 FN 11/53 FIXED 6.5</title>
        <cusip>3140QTLD9</cusip>
        <identifiers>
          <isin value="US3140QTLD95"/>
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        <balance>1499918.450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1561478.810000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SMB PRIVATE EDUCATION LOAN TRUST 2015-A</name>
        <lei>N/A</lei>
        <title>SMB PRIVATE EDUCATION LOAN TRU SMB 2015 A C 144A</title>
        <cusip>78448PAF7</cusip>
        <identifiers>
          <isin value="US78448PAF71"/>
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        <balance>2751001.080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2744304.040000</valUSD>
        <pctVal>0.0200965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>FANNIE MAE REMICS 2012-67</name>
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        <name>FANNIE MAE REMICS 2016-48</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H16</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2024-25</name>
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        <name>FREDDIE MAC REMICS 5013</name>
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        <name>FANNIE MAE-2006-65</name>
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        <name>FREDDIE MAC STRIPS 399</name>
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        <name>CSMC 2021-RPL2 TRUST</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H12</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>PIKES PEAK CLO 2018-2A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>PRPM 2025-RCF3 LLC</name>
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        <name>REPERFORMING LOAN REMIC TRUST 2006-R1</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5152</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5152 IM</title>
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          <isin value="US3137H3BV30"/>
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        <curCd>USD</curCd>
        <valUSD>2727482.090000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4976</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4976 DI</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004978 G2 03/41 FIXED 4.5</title>
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          <isin value="US36202FQ740"/>
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        <balance>7978377.970000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7914203.170000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA POOL BE6179 GN 12/47 FIXED 4</title>
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          <isin value="US3617G02L30"/>
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        <balance>95703.270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90711.690000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-11</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT SELECTION TRUST PAID 2024 11 B 144A</title>
        <cusip>69544AAB1</cusip>
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          <isin value="US69544AAB17"/>
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        <balance>883702.970000</balance>
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        <curCd>USD</curCd>
        <valUSD>889169.030000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.637</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIEMAC STRIP-206</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 206 PO</title>
        <cusip>3128CU5E2</cusip>
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          <isin value="US3128CU5E21"/>
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        <balance>31449.090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29704.170000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BM5400 FN 04/44 FIXED VAR</title>
        <cusip>3140JAAA6</cusip>
        <identifiers>
          <isin value="US3140JAAA67"/>
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        <balance>4235959.670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4083470.970000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SB8328 FR 09/39 FIXED 5.5</title>
        <cusip>3132D6HD5</cusip>
        <identifiers>
          <isin value="US3132D6HD58"/>
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        <balance>35560783.350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36278773.700000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL0426 FR 07/54 FIXED 6.5</title>
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          <isin value="US31427MPL99"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10040031.600000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5481</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5481 GF</title>
        <cusip>3137HHQF1</cusip>
        <identifiers>
          <isin value="US3137HHQF15"/>
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        <balance>6532276.450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6583545.670000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8119</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5508</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5508 FE</title>
        <cusip>3137HJGG6</cusip>
        <identifiers>
          <isin value="US3137HJGG63"/>
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        <balance>64212.310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64977.100000</valUSD>
        <pctVal>0.0004758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.2619</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2010-49</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2010 49 SC</title>
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          <isin value="US31398P5R61"/>
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        <balance>52324.590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51582.540000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.10724</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUROSAIL PLC 2007-5X</name>
        <lei>N/A</lei>
        <title>EUROSAIL PLC ESAIL 2007 5X A1A REGS</title>
        <cusip>B29H4QII9</cusip>
        <identifiers>
          <isin value="XS0328024608"/>
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        <balance>575166.490000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.755500"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.62264</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5563</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5563 GF</title>
        <cusip>3137HMKM1</cusip>
        <identifiers>
          <isin value="US3137HMKM15"/>
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        <balance>6651716.230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6682590.840000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7119</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC-2835</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 2835 QO</title>
        <cusip>31395FEZ3</cusip>
        <identifiers>
          <isin value="US31395FEZ36"/>
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        <balance>26087.760000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23518.880000</valUSD>
        <pctVal>0.0001722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>COUNTRYWIDE ALTERNATIVE LN TR 2005-51</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2005 51 1A1</title>
        <cusip>12668ACG8</cusip>
        <identifiers>
          <isin value="US12668ACG85"/>
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        <balance>120061.360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>115072.970000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.42952</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.7317* 03/01/24-7Y* LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="EZBKXTPHC9Q8"/>
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        <balance>1.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7034.560000</valUSD>
        <pctVal>-0.0000515</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5482</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2025-205</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2011-126</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>INDYMAC INDX MORTGAGE LOAN TR 2006-AR27</name>
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        <name>FREDDIE MAC STRIPS 324</name>
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        <name>OBX 2023-NQM6 TRUST</name>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2024-8</name>
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        <name>N/A</name>
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        <name>SYMPHONY CLO XXII LTD</name>
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        <name>FREDDIE MAC REMICS 4388</name>
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        <name>FREDDIE MAC REMICS 4990</name>
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        <name>FANNIE MAE REMICS 2009-36</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLS AUTO SELECT RECEIVABLES TRUST 2024-3</name>
        <lei>N/A</lei>
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          <isin value="US37989EAC03"/>
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        <balance>879546.080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>887133.840000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.59</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GPMT LLC 2021-FL3</name>
        <lei>N/A</lei>
        <title>GPMT LTD. GPMT 2021 FL3 B 144A</title>
        <cusip>36264BAE0</cusip>
        <identifiers>
          <isin value="US36264BAE02"/>
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        <balance>5000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000208.500000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.24404</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BY9287 FN 10/53 FIXED 6.5</title>
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          <isin value="US3140NSJ960"/>
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        <balance>775030.650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>816334.140000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LEHMAN XS TRUST 2007-15N</name>
        <lei>N/A</lei>
        <title>LEHMAN XS TRUST LXS 2007 15N 4A1</title>
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          <isin value="US52524VAQ23"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1447595.750000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.69303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOME MTG INV TRUST 2005-1</name>
        <lei>N/A</lei>
        <title>AMERICAN HOME MORTGAGE INVESTM AHM 2005 1 M1</title>
        <cusip>02660TDM2</cusip>
        <identifiers>
          <isin value="US02660TDM27"/>
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        <balance>5277801.920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5038112.660000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.64321</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROMARK CREDIT FUNDING III LTD 2024-3A</name>
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        <title>ROMARK CREDIT FUNDING I, LTD. RCF 2024 3A A 144A</title>
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          <isin value="US77587BAA26"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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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>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA2565 FN 08/55 FIXED VAR</title>
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          <isin value="US3140W2Z795"/>
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        <balance>5611240.330000</balance>
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        <curCd>USD</curCd>
        <valUSD>5938001.760000</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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VALLEY FUNDING PLC 1A</name>
        <lei>N/A</lei>
        <title>VALLEY FUNDING PLC VFUND 1A B 144A</title>
        <cusip>ACI2SNZB8</cusip>
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          <isin value="XS2959457453"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS8876 FN 08/54 FIXED VAR</title>
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          <isin value="US3140XQ2J51"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-1A</name>
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          <isin value="US39571NAB29"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CSMC 2021-NQM5</name>
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        <name>TRINITAS CLO VII LTD 2017-7A</name>
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        <name>GE-WMC MORTGAGE SECURITIES LLC 2006-1</name>
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        <name>PRPM 2024-NQM2 TRUST</name>
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        <name>N/A</name>
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        <name>CASCADE FUNDING MORTGAGE TRUST 2024-RM5</name>
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          <isin value="US147275AA96"/>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2010-103</name>
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        <title>FANNIE MAE FNR 2010 103 DS</title>
        <cusip>31398TW56</cusip>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GSAMP TRUST 2006-HE6</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>COUNTRYWIDE ALTERNATIVE LOAN 2006-OA11</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>WATR 2025-2</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <securityLending>
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      </invstOrSec>
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        <name>FHLMC PASS THRU POOLS</name>
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      <invstOrSec>
        <name>OPTION ONE MORTGAGE LOAN TRUST 2007-4</name>
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        <name>N/A</name>
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      <invstOrSec>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H21</name>
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        <name>NELNET STUDENT LOAN TRUST 2023-AA</name>
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        <title>NELNET STUDENT LOAN TRUST NSLT 2023 AA AFX 144A</title>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>JP MORGAN SEASONED MORTGAGE TRUST 2024-1</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2021-27</name>
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        <name>FREDDIE MAC REMICS 2978</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-61</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2012-H29</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2016-55</name>
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        <name>FNMA PASS THRU POOLS</name>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>OBX 2023-NQM10 TRUST</name>
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      <invstOrSec>
        <name>SMB PRIVATE EDUCATION LOAN TRUST 2024-A</name>
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        <title>SMB PRIVATE EDUCATION LOAN TRU SMB 2024 A A1A 144A</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-63</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2016 63 SJ</title>
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          <isin value="US3136ATXF69"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LONG BEACH MORTGAGE LOAN TR 2006-4</name>
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        <title>LONG BEACH MORTGAGE LOAN TRUST LBMLT 2006 4 1A</title>
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        <balance>1451632.870000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-11</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2016 11 BI</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>CSMC 2022-RPL4</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-52</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2016 52 PI</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>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>TOWD POINT MORTGAGE TRUST 2017-1</name>
        <lei>N/A</lei>
        <title>TOWD POINT MORTGAGE TRUST TPMT 2017 1 M2 144A</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE-2020-38</name>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2016-52</name>
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      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST 2021-10</name>
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        <title>JP MORGAN MORTGAGE TRUST JPMMT 2021 10 A3X 144A</title>
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        <name>COUNTRYWIDE ALTERNATIVE LOAN 2005-27</name>
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        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2005 27 1A2</title>
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        <name>FANNIE MAE REMICS 2016-79</name>
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        <title>FANNIE MAE FNR 2016 79 LS</title>
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      <invstOrSec>
        <name>N/A</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RCKT MORTGAGE TRUST 2024-CES9</name>
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        <title>WOODWARD CAPITAL MANAGEMENT RCKT 2024 CES9 A1A 144A</title>
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          <isin value="US749426AA06"/>
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        <curCd>USD</curCd>
        <valUSD>8860442.500000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.582</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA POOL 783320 GN 03/41 FIXED 4.5</title>
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          <isin value="US36241LVM52"/>
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        <balance>5424092.070000</balance>
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        <curCd>USD</curCd>
        <valUSD>5285503.700000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
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          <isin value="US01F0626634"/>
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        <balance>534938000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552956562.730000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal ID" value="OP004YN97"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CITIGROUP INC.</counterpartyName>
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            <shareNo>N/A</shareNo>
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      <invstOrSec>
        <name>UNITED STATES GOVT</name>
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          <isin value="US912797TT41"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-26</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RENAISSANCE HOME EQUITY LOAN TR 2006-1</name>
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        <title>RENAISSANCE HOME EQUITY LOAN T RAMC 2006 1 AF6</title>
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          <isin value="US759950GY88"/>
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        <balance>2134216.560000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.746</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>J.P. MORGAN MORTGAGE TRUST 2023-DSC1</name>
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        <title>JP MORGAN MORTGAGE TRUST JPMMT 2023 DSC1 A1 144A</title>
        <cusip>46656NAA7</cusip>
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          <isin value="US46656NAA72"/>
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        <balance>3585491.550000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-07-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Internal ID" value="OP004YBP4"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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                <issuerName>UMBS PASS THRU POOLS</issuerName>
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            <shareNo>N/A</shareNo>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CA1039 FN 01/38 FIXED 4</title>
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          <isin value="US3140Q8EM38"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2020-65</name>
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          <isin value="US3136BBUK64"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>ENCORE CREDIT RECEIVABLES TRUST 2005-3</name>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2017-66</name>
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        <title>FANNIE MAE FNR 2017 66 GS</title>
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      <invstOrSec>
        <name>CITIGROUP MORTGAGE LOAN TRUST 2025-3</name>
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        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2025 3 A29 144A</title>
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          <isin value="US17332RCX98"/>
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        <securityLending>
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        <name>FANNIE MAE REMICS 2016-88</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.23573</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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BM3927 FN 03/38 FIXED VAR</title>
        <cusip>3140J8LH4</cusip>
        <identifiers>
          <isin value="US3140J8LH49"/>
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        <balance>6578910.540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6483738.570000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2024-95</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2024 95 KF</title>
        <cusip>3136BTS53</cusip>
        <identifiers>
          <isin value="US3136BTS533"/>
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        <balance>147580.040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148509.880000</valUSD>
        <pctVal>0.0010875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7619</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AS9671 FN 05/47 FIXED 4</title>
        <cusip>3138WKW92</cusip>
        <identifiers>
          <isin value="US3138WKW924"/>
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        <balance>3932.070000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3768.820000</valUSD>
        <pctVal>0.0000276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>FANNIE MAE 2003-71</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2003 71 DS</title>
        <cusip>31393EKS7</cusip>
        <identifiers>
          <isin value="US31393EKS71"/>
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        <balance>253030.130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>238630.340000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.42263</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-136</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2017 136 WI</title>
        <cusip>38380HJC7</cusip>
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          <isin value="US38380HJC79"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4120</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4120 HS</title>
        <cusip>3137AVDC8</cusip>
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          <isin value="US3137AVDC87"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.795948</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5068</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5068 GI</title>
        <cusip>3137F8PA5</cusip>
        <identifiers>
          <isin value="US3137F8PA53"/>
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        <balance>9396293.890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1011069.410000</valUSD>
        <pctVal>0.007404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP 22</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 422 C10</title>
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          <isin value="US31397VSM09"/>
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        <balance>7506580.130000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RFR USD SOFR/3.50000 02/09/24-10Y LCH</title>
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          <isin value="EZ9G1V4TTF71"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>LONDON CLEARING HOUSE</counterpartyName>
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                <issuerName>N/A</issuerName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>THUNDERBOLT II AIRCRAFT LEASE LTD 2018-A</name>
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        <title>THUNDERBOLT AIRCRAFT LEASE LIM TBOLT 2018 A A 144A</title>
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          <isin value="US886065AA93"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>OCEANVIEW MORTGAGE TRUST 2025-INV3</name>
        <lei>N/A</lei>
        <title>OCEANVIEW MORTGAGE TRUST BVINV 2025 3 AF1 144A</title>
        <cusip>67648CAU4</cusip>
        <identifiers>
          <isin value="US67648CAU45"/>
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        <curCd>USD</curCd>
        <valUSD>11692234.080000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MILL CITY MORTGAGE LOAN TRUST 2019-GS2</name>
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        <title>MILL CITY MORTGAGE TRUST MCMLT 2019 GS2 M1 144A</title>
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          <isin value="US59981TAG04"/>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL AS9776 FN 06/37 FIXED 4</title>
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          <isin value="US3138WK2J35"/>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-81</name>
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        <title>FANNIE MAE FNR 2019 81 PI</title>
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          <isin value="US3136B8EF29"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIEMAC STRIP-362</name>
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          <isin value="US31325W4U33"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STRUCTURED ASSET INVST LN TR 2005-7</name>
        <lei>N/A</lei>
        <title>STRUCTURED ASSET INVESTMENT LO SAIL 2005 7 M2</title>
        <cusip>86358EWD4</cusip>
        <identifiers>
          <isin value="US86358EWD48"/>
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        <balance>2081300.890000</balance>
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        <curCd>USD</curCd>
        <valUSD>2046764.410000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.55803</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 15 YR 5.5 SINGLE FAMILY MORTGAGE</title>
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          <isin value="US01F0524581"/>
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        <curCd>USD</curCd>
        <valUSD>-261915395.590000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHASEFLEX TRUST 2007-2</name>
        <lei>N/A</lei>
        <title>CHASEFLEX TRUST CFLX 2007 2 A2</title>
        <cusip>16165WAB2</cusip>
        <identifiers>
          <isin value="US16165WAB28"/>
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        <balance>656525.130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>630492.070000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.47303</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OBX 2024-NQM17 TRUST</name>
        <lei>N/A</lei>
        <title>ONSLOW BAY FINANCIAL LLC OBX 2024 NQM17 A1 144A</title>
        <cusip>673911AC7</cusip>
        <identifiers>
          <isin value="US673911AC73"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3757173.060000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-2A</name>
        <lei>N/A</lei>
        <title>GREENSKY HOME IMPROVEMENT ISSU GSKY 2025 2A A2 144A</title>
        <cusip>39571VAB4</cusip>
        <identifiers>
          <isin value="US39571VAB45"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL AY0222 G2 01/47 FIXED 3.5</title>
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          <isin value="US36196PG710"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>REAL ESTATE ASSET LIQUIDITY TRUST 2018-1A</name>
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        <title>REAL ESTATE ASSET LIQUIDITY TR REALT 2018 1A A2 144A</title>
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        <identifiers>
          <isin value="CA75585RQM02"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>RBSSP RESECURITIZATION TRUST 2009-6</name>
        <lei>N/A</lei>
        <title>RBSSP RESECURITIZATION TRUST RBSSP 2009 6 17A3 144A</title>
        <cusip>74928XDE8</cusip>
        <identifiers>
          <isin value="US74928XDE85"/>
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        <curCd>USD</curCd>
        <valUSD>69784.710000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB7275 FN 10/53 FIXED 6.5</title>
        <cusip>3140QTCM9</cusip>
        <identifiers>
          <isin value="US3140QTCM95"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 734361 G2 03/42 FIXED 3.5</title>
        <cusip>3620AMZ21</cusip>
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          <isin value="US3620AMZ215"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 414</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 414 C18</title>
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        <identifiers>
          <isin value="US3142G9U815"/>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC 3171</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3171 OJ</title>
        <cusip>31396TUR2</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AS4556 FN 03/40 FIXED 3.5</title>
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          <isin value="US3138WEB244"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>TRICOLOR AUTO SECURITIZATION TRUST 2024-2</name>
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        <title>TRICOLOR AUTO SECURITIZATION T TAST 2024 2A A 144A</title>
        <cusip>89616PAA1</cusip>
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          <isin value="US89616PAA12"/>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5500</name>
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        <title>FREDDIE MAC FHR 5500 QF</title>
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          <isin value="US3137HJBW68"/>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SB8288 FR 03/39 FIXED 5.5</title>
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      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LOAN TRUST 2005-58</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2005 58 A1</title>
        <cusip>12668AWH4</cusip>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5442</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5442 FB</title>
        <cusip>3137HF4U6</cusip>
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          <isin value="US3137HF4U64"/>
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        <curCd>USD</curCd>
        <valUSD>18189623.870000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6319</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC STRIPS 408</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>WARWICK FINANCE RESIDENTIAL MORTGAGES 3A</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2024-74</name>
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        <name>FANNIE MAE REMICS 2013-31</name>
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        <name>COUNTRYWIDE ASSET-BACKED CERTIFICATES 2006-7</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE REMICS 2018-37</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY IXIS RE CAP TR 2006-2</name>
        <lei>N/A</lei>
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          <isin value="US617463AC80"/>
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        <balance>13712715.080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4464203.190000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004215 G2 08/38 FIXED 5.5</title>
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        <identifiers>
          <isin value="US36202EVG15"/>
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        <balance>7665.240000</balance>
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        <curCd>USD</curCd>
        <valUSD>7729.370000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GSAA HOME EQUITY TRUST 2005-6</name>
        <lei>N/A</lei>
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        <cusip>36242D3Y7</cusip>
        <identifiers>
          <isin value="US36242D3Y73"/>
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        <balance>2299051.770000</balance>
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        <curCd>USD</curCd>
        <valUSD>2292118.980000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.51303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASHFORD HOSPITALITY TRUST 2018-ASHF</name>
        <lei>N/A</lei>
        <title>ASHFORD HOSPITALITY TRUST AHT1 2018 ASHF D 144A</title>
        <cusip>04410RAL0</cusip>
        <identifiers>
          <isin value="US04410RAL06"/>
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        <balance>13939000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13786977.080000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.945</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT BASED ASSET SRVC &amp; SEC 2006-CB9</name>
        <lei>N/A</lei>
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        <cusip>12465MAA2</cusip>
        <identifiers>
          <isin value="US12465MAA27"/>
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        <balance>1784441.380000</balance>
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        <curCd>USD</curCd>
        <valUSD>826717.950000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.91303</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LENDINGPOINT PASS-THROUGH TRUST SERIES 2022-ST4</name>
        <lei>N/A</lei>
        <title>LENDINGPOINT PASS THROUGH TRUS LPPT 2022 ST4 A 144A</title>
        <cusip>52608GAA9</cusip>
        <identifiers>
          <isin value="US52608GAA94"/>
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        <balance>85668.110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85509.920000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-30</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 30 JI</title>
        <cusip>3136ADNA3</cusip>
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          <isin value="US3136ADNA31"/>
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        <balance>253566.090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27519.430000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>3175KL926 PIMCO FLOOR USD 0.02593 USD SOFR COM</title>
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          <other otherDesc="Internal ID" value="OP0032C25"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1270456.000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Nomura Holdings, Inc.</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <other otherDesc="Internal_ID" value="OP0032C25-USD-SOFR-COMPOUND"/>
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            <shareNo>N/A</shareNo>
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            <delta>XXXX</delta>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2021-3</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2021 3 TI</title>
        <cusip>3136BDR42</cusip>
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          <isin value="US3136BDR422"/>
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        <balance>41070282.160000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>CITIGROUP MORTGAGE LOAN TRUST 2009-6 2009-6</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2009 6 7A3 144A</title>
        <cusip>17315JCF7</cusip>
        <identifiers>
          <isin value="US17315JCF75"/>
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        <balance>1704267.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>570911.380000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5458</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5458 FE</title>
        <cusip>3137HFWZ4</cusip>
        <identifiers>
          <isin value="US3137HFWZ49"/>
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        <balance>11482681.810000</balance>
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        <curCd>USD</curCd>
        <valUSD>11521954.880000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7619</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CSMC TRUST 2017-RPL1</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE MORTGAGE TRUST CSMC 2017 RPL1 A2 144A</title>
        <cusip>22945AAB5</cusip>
        <identifiers>
          <isin value="US22945AAB52"/>
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        <balance>6580000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6179303.660000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4165</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4165 TI</title>
        <cusip>3137AYSK8</cusip>
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          <isin value="US3137AYSK87"/>
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        <balance>2127526.870000</balance>
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        <curCd>USD</curCd>
        <valUSD>96154.640000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CC0144 FN 03/55 FIXED 6.5</title>
        <cusip>3140Y6ES5</cusip>
        <identifiers>
          <isin value="US3140Y6ES53"/>
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        <balance>3775719.680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3951404.820000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GREENSKY HOME IMPROVEMENT TRUST 2024-2</name>
        <lei>N/A</lei>
        <title>GREENSKY HOME IMPROVEMENT ISSU GSKY 2024 2 A2 144A</title>
        <cusip>39571XAB0</cusip>
        <identifiers>
          <isin value="US39571XAB01"/>
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        <balance>162346.240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>162542.290000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-10-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL AY6116 G2 01/47 FIXED 3.5</title>
        <cusip>36196VYM5</cusip>
        <identifiers>
          <isin value="US36196VYM52"/>
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        <balance>952545.200000</balance>
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        <curCd>USD</curCd>
        <valUSD>886547.430000</valUSD>
        <pctVal>0.0064922</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GSAA HOME EQUITY TRUST 2007-6</name>
        <lei>N/A</lei>
        <title>GSAA HOME EQUITY TRUST GSAA 2007 6 A4</title>
        <cusip>36245RAF6</cusip>
        <identifiers>
          <isin value="US36245RAF64"/>
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        <balance>244603.760000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152916.540000</valUSD>
        <pctVal>0.0011198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.39303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FM1514 FN 09/49 FIXED VAR</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5121</name>
        <lei>N/A</lei>
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        <cusip>3137H13A2</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST 2006-HE2</name>
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          <isin value="US04541GWC22"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 004771 G2 08/40 FIXED 4.5</title>
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          <isin value="US36202FJQ00"/>
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        <balance>1167938.260000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST 2021-12</name>
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        <title>JP MORGAN MORTGAGE TRUST JPMMT 2021 12 AX1 144A</title>
        <cusip>46592WBU9</cusip>
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          <isin value="US46592WBU99"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CB8026 FN 02/54 FIXED 6.5</title>
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          <isin value="US3140QT4L04"/>
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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>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 15 YR 4 SINGLE FAMILY MORTGAGE</title>
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          <isin value="US01F0404461"/>
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        <balance>70600000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68959794.680000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2011-79</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2011 79 PO</title>
        <cusip>38376LPM5</cusip>
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          <isin value="US38376LPM53"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SD8385 FR 12/53 FIXED 6.5</title>
        <cusip>3132DWJ61</cusip>
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          <isin value="US3132DWJ614"/>
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        <curCd>USD</curCd>
        <valUSD>200707.620000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DD0851 FN 01/55 FIXED 6.5</title>
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          <isin value="US3140B05M60"/>
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        <curCd>USD</curCd>
        <valUSD>469392.680000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5011</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5011 BI</title>
        <cusip>3137FVSK9</cusip>
        <identifiers>
          <isin value="US3137FVSK93"/>
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        <balance>6595527.300000</balance>
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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>Fixed</couponKind>
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      <invstOrSec>
        <name>VALLEY FUNDING PLC 1A</name>
        <lei>N/A</lei>
        <title>VALLEY FUNDING PLC VFUND 1A A 144A</title>
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          <isin value="XS2959427548"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE 2008-22</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2008 22 FD</title>
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          <isin value="US31397LGE39"/>
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        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL Q56894 FG 06/48 FIXED 4</title>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL CC1712 FN 12/55 FIXED 6</title>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FS4835 FN 02/53 FIXED VAR</title>
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          <isin value="US3140XLLR72"/>
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        <balance>7216141.660000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-132</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 132 IK</title>
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        <curCd>USD</curCd>
        <valUSD>32507.580000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
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      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL6</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VALLEY FUNDING PLC 1A</name>
        <lei>N/A</lei>
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          <isin value="XS2959459079"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BEAR STEARNS ALT-A TRUST 2005-9</name>
        <lei>N/A</lei>
        <title>BEAR STEARNS ALT A TRUST BALTA 2005 9 24A1</title>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PRET 2025-NPL5 LLC</name>
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          <isin value="US74143LAA44"/>
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        <name>N/A</name>
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      <invstOrSec>
        <name>GSAA HOME EQUITY TRUST 2007-5</name>
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        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>STRUCTURED ADJUSTABLE RT MTGE LN 2005-17</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H11</name>
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        <name>JP MORGAN MTGE ACQUIS CORP 2006-FRE2</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-180</name>
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        <name>FREDDIE MAC 2437</name>
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        <name>FANNIE MAE REMICS 2014-29</name>
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        <name>FANNIE MAE REMICS 2006-113</name>
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        <name>N/A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>CMO PLACEHOLDER</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>N/A</name>
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        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
                    <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>N/A</name>
                    <lei>N/A</lei>
                    <title>RFR USD SOFR/4.46000 08/08/35-10Y LCH</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <isin value="EZVQ05PN4YB3"/>
                    </identifiers>
                    <balance>0.000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.000000</valUSD>
                    <pctVal>0.000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>N/A</issuerName>
                      <issueTitle>RFR USD SOFR/4.46000 08/08/35-10Y LCH</issueTitle>
                      <identifiers>
                        <isin value="EZVQ05PN4YB3"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="United States SOFR Secured Overnight Financing Rate" floatingRtSpread="0.000000" pmntAmt="0.000000">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
                    </rtResetTenors>
                  </floatingRecDesc>
                  <fixedPmntDesc amount="0.000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.460000"/>
                  <terminationDt>2045-08-08</terminationDt>
                  <upfrontPmnt>0.000000</upfrontPmnt>
                  <pmntCurCd>USD</pmntCurCd>
                  <upfrontRcpt>0.000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>N/A</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>4.460000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2035-08-06</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-2538149.940000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BE3780 FN 07/47 FIXED 4.5</title>
        <cusip>3140FPFW4</cusip>
        <identifiers>
          <isin value="US3140FPFW48"/>
        </identifiers>
        <balance>3275250.070000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3226952.970000</valUSD>
        <pctVal>0.0236309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST SERIES 2025-9</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST JPMMT 2025 9 A11 144A</title>
        <cusip>46594GBB4</cusip>
        <identifiers>
          <isin value="US46594GBB41"/>
        </identifiers>
        <balance>34002083.780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34091947.890000</valUSD>
        <pctVal>0.249655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.9619</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANC OF AMERICA FUNDING CORP 2006-J</name>
        <lei>N/A</lei>
        <title>BANC OF AMERICA FUNDING CORPOR BAFC 2006 J 4A1</title>
        <cusip>05951EAM9</cusip>
        <identifiers>
          <isin value="US05951EAM93"/>
        </identifiers>
        <balance>98016.190000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85640.710000</valUSD>
        <pctVal>0.0006271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75101</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSECO FINANCE SECURITIZATION 2000-4</name>
        <lei>N/A</lei>
        <title>CONSECO FINANCE SECURITIZATION CNF 2000 4 A6</title>
        <cusip>20846QDV7</cusip>
        <identifiers>
          <isin value="US20846QDV77"/>
        </identifiers>
        <balance>19650449.930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2357183.480000</valUSD>
        <pctVal>0.0172616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.31</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AD1329 FN 02/40 FIXED 4.5</title>
        <cusip>31418NPP9</cusip>
        <identifiers>
          <isin value="US31418NPP95"/>
        </identifiers>
        <balance>180119.600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>177490.970000</valUSD>
        <pctVal>0.0012998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4990</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4990 KS</title>
        <cusip>3137FUS70</cusip>
        <identifiers>
          <isin value="US3137FUS704"/>
        </identifiers>
        <balance>9877576.890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1136803.410000</valUSD>
        <pctVal>0.0083248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.32362</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP MORTGAGE LOAN TRUST 2025-RP2</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2025 RP2 SA 144A</title>
        <cusip>17332KAR9</cusip>
        <identifiers>
          <isin value="US17332KAR95"/>
        </identifiers>
        <balance>30358.090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30096.760000</valUSD>
        <pctVal>0.0002204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSUMER LOAN FINANCE ISSUER TRUST 2024-BA</name>
        <lei>N/A</lei>
        <title>CONSUMER LOAN FINANCE ISSUER T CLFT 2024 BA B 144A</title>
        <cusip>21050UAC2</cusip>
        <identifiers>
          <isin value="US21050UAC27"/>
        </identifiers>
        <balance>887269.280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>896180.660000</valUSD>
        <pctVal>0.0065627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4121</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4121 UI</title>
        <cusip>3137AV7B7</cusip>
        <identifiers>
          <isin value="US3137AV7B74"/>
        </identifiers>
        <balance>5068369.090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>552486.700000</valUSD>
        <pctVal>0.0040458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STRUCTURED ADJUSTABLE RT MTGE LN 2005-11</name>
        <lei>N/A</lei>
        <title>STRUCTURED ADJUSTABLE RATE MOR SARM 2005 11 1A1</title>
        <cusip>863579RP5</cusip>
        <identifiers>
          <isin value="US863579RP53"/>
        </identifiers>
        <balance>708856.730000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>589778.870000</valUSD>
        <pctVal>0.0043189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6724</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2022-20</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2022 20 ZP</title>
        <cusip>3136BL6W5</cusip>
        <identifiers>
          <isin value="US3136BL6W55"/>
        </identifiers>
        <balance>7673123.330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6302851.590000</valUSD>
        <pctVal>0.0461556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SL4307 FR 03/56 FIXED 5</title>
        <cusip>31427RYD6</cusip>
        <identifiers>
          <isin value="US31427RYD69"/>
        </identifiers>
        <balance>3879985.600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3868731.470000</valUSD>
        <pctVal>0.0283306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3753</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3753 F</title>
        <cusip>3137A3L31</cusip>
        <identifiers>
          <isin value="US3137A3L315"/>
        </identifiers>
        <balance>1283183.820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1274905.100000</valUSD>
        <pctVal>0.0093361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.33671</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-99</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 99 SD</title>
        <cusip>3136A8TN0</cusip>
        <identifiers>
          <isin value="US3136A8TN08"/>
        </identifiers>
        <balance>2810265.770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>442250.400000</valUSD>
        <pctVal>0.0032386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.82362</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5460</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5460 SG</title>
        <cusip>3137HFUG8</cusip>
        <identifiers>
          <isin value="US3137HFUG85"/>
        </identifiers>
        <balance>50504539.380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4952848.870000</valUSD>
        <pctVal>0.0362696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.3381</annualizedRt>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2023-39</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2024-B</name>
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        <name>WATR 2026-1</name>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2021-46</name>
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        <name>CARMAX SELECT RECEIVABLES TRUST 2024-A</name>
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        <name>FREDDIE MAC REMICS 5038</name>
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      </invstOrSec>
      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST 2024-9</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES CORP TRUST 2021-NQM1</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2021-56</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>CPS AUTO RECEIVABLES TRUST 2024-D</name>
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        <name>AMERIQUEST MTGE SECURITIES INC 2004-R12</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE REMICS 2021-28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>FREDDIE MAC REMICS 4124</name>
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        <name>FREDDIE MAC REMICS 5069</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>BEAR STEARNS ALT-A TRUST 2005-7</name>
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        <title>BEAR STEARNS ALT A TRUST BALTA 2005 7 22A1</title>
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        <name>ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2024-B</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <title>FED HM LN PC POOL G07335 FG 03/39 FIXED 7</title>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>VASA TRUST 2021-VASA</name>
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        <name>FREDDIE MAC REMICS 4385</name>
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        <name>FANNIE MAE REMICS 2019-10</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>MORGAN STANLEY ABS CAPITAL I 2007-HE2</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>BEAR STEARNS ADJUSTABLE RATE MORTGAGE TRUST 2005-1</name>
        <lei>N/A</lei>
        <title>BEAR STEARNS ADJUSTABLE RATE M BSARM 2005 1 2A1</title>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>MASTR ASSET BACKED SECUR TR 2005-FRE1</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2021-9</name>
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        <title>FANNIE MAE FNR 2021 9 GI</title>
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          <couponKind>Fixed</couponKind>
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        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II TBA 30 YR 4.5 JUMBOS</title>
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      </invstOrSec>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC REMICS 5051</name>
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        <name>ACE SECURITIES CORP 2003-NC1</name>
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        <name>FANNIE MAE REMICS 2021-7</name>
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        <name>PRET 2025-NPL13 LLC</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>APIDOS CLO XI 2012-11A</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2012-115</name>
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        <name>GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-2A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL MA3359 FN 04/38 FIXED 3</title>
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        <name>GNMA PASS THRU POOLS</name>
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          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140F2AR10"/>
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        <balance>26385.410000</balance>
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        <curCd>USD</curCd>
        <valUSD>25246.480000</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>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3393</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3393 JO</title>
        <cusip>31397PGA2</cusip>
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          <isin value="US31397PGA21"/>
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        <balance>4257.010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3890.880000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5051</name>
        <lei>N/A</lei>
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          <isin value="US3137F7Y827"/>
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        <curCd>USD</curCd>
        <valUSD>21679.890000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4813</name>
        <lei>N/A</lei>
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          <isin value="US3137FGSN65"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC 4615</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4615 AS</title>
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          <isin value="US3137BRYH25"/>
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        <balance>1944097.880000</balance>
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        <curCd>USD</curCd>
        <valUSD>104740.800000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
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          <isin value="EZK5GGZQ2595"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>DEUTSCHE BANK AKTIENGESELLSCHAFT</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-84</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 303</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>PRETIUM MORTGAGE CREDIT PARTNERS LLC 25-NPL14</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2024-H07</name>
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        <name>MASTR ASSET BACKED SEC TR 2006-AM3</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <curCd>USD</curCd>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>CITIGROUP MTGE LOAN TRUST INC 2005-11</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>ALTERNATIVE LOAN TRUST 2004-25CB</name>
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        <name>OBX 2023-NQM7 TRUST</name>
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        <name>CONSUMER LOAN FINANCE ISSUER TRUST 2024-A</name>
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        <name>ANCHORAGE CREDIT FUNDING 8 LTD 2019-8A</name>
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        <name>FANNIE MAE REMICS 2018-85</name>
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        <name>BEAR STEARNS ARM TR 2004-3</name>
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        <name>GNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2023-66</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>PRPM 2025-RCF6 LLC</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3611</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREDDIE MAC 2611</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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      <invstOrSec>
        <name>WELLS FARGO HOME EQUITY TRUST 2005-3</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>ARGENT SECURITIES INC 2006-M1</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>SMB PRIVATE EDUCATION LOAN TRUST 2025-C</name>
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          <isin value="US83208DAC11"/>
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        <name>PK ALIFT LOAN FUNDING 4 LP 2024-2</name>
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        <name>MORGAN STANLEY MORTGAGE TRUST-2005-9AR</name>
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        <name>LEHMAN XS TRUST 2006-14N</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2024-PJ7</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS-3800</name>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA0938 FN 03/55 FIXED VAR</title>
        <cusip>3140W1BG7</cusip>
        <identifiers>
          <isin value="US3140W1BG75"/>
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        <balance>26236072.280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27295018.140000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIEMAC STRIP-176</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 176 PO</title>
        <cusip>31282XVL2</cusip>
        <identifiers>
          <isin value="US31282XVL27"/>
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        <balance>20.270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20.230000</valUSD>
        <pctVal>0.0000001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AS4796 FN 04/45 FIXED 3.5</title>
        <cusip>3138WEKJ7</cusip>
        <identifiers>
          <isin value="US3138WEKJ77"/>
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        <balance>1639543.280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1540432.360000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</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>FREDDIE MAC REMICS 5070</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5070 AI</title>
        <cusip>3137F9VX6</cusip>
        <identifiers>
          <isin value="US3137F9VX65"/>
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        <balance>34133161.860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6282300.600000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>31750SKG9 PIMCO CDSOPT PUT USD 102.31250000 20</title>
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        <identifiers>
          <other otherDesc="Internal ID" value="OP004WXZ2"/>
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        <balance>-128000000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-694950.400000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>BANK OF AMERICA CORPORATION</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
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            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>102.310000</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>-454950.400000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2015-10</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2015 10 SA</title>
        <cusip>3136AMZT9</cusip>
        <identifiers>
          <isin value="US3136AMZT92"/>
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        <balance>1053219.790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56549.060000</valUSD>
        <pctVal>0.0004141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.07154</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2004-61</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2004 61 NS</title>
        <cusip>31394ATH9</cusip>
        <identifiers>
          <isin value="US31394ATH94"/>
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        <balance>87581.380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5178.560000</valUSD>
        <pctVal>0.0000379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.92362</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL RJ1013 FR 03/54 FIXED 6.5</title>
        <cusip>3142GRDT4</cusip>
        <identifiers>
          <isin value="US3142GRDT40"/>
        </identifiers>
        <balance>7359886.230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7743648.290000</valUSD>
        <pctVal>0.0567065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-111</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 111 NI</title>
        <cusip>3136A9GA0</cusip>
        <identifiers>
          <isin value="US3136A9GA07"/>
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        <balance>116427.900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2151.470000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BS9746 FN 10/28 FIXED 5.61</title>
        <cusip>3140LLZL8</cusip>
        <identifiers>
          <isin value="US3140LLZL84"/>
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        <balance>1808000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1817647.400000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.61</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QJ2566 FR 09/54 FIXED 6</title>
        <cusip>3133CSZ79</cusip>
        <identifiers>
          <isin value="US3133CSZ790"/>
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        <balance>3400808.780000</balance>
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        <curCd>USD</curCd>
        <valUSD>3521630.300000</valUSD>
        <pctVal>0.0257888</pctVal>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4143</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4143 HE</title>
        <cusip>3137AX7K3</cusip>
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          <isin value="US3137AX7K38"/>
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        <balance>1120306.000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>UPSTART SECURITIZATION TRUST 2025-3</name>
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        <title>UPSTART SECURITIZATION TRUST UPST 2025 3 B 144A</title>
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          <isin value="US91684FAC23"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5460</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5460 FB</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5476</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5476 SA</title>
        <cusip>3137HHFE6</cusip>
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        <curCd>USD</curCd>
        <valUSD>3849525.340000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WMALT MTGE PASS-THRU CERT 2005-10</name>
        <lei>N/A</lei>
        <title>WASHINGTON MUTUAL MORTGAGE PAS WMALT 2005 10 2A1</title>
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          <isin value="US93934FFZ09"/>
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        <balance>526839.150000</balance>
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        <curCd>USD</curCd>
        <valUSD>499601.670000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 3842</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3842 PH</title>
        <cusip>3137A9QP4</cusip>
        <identifiers>
          <isin value="US3137A9QP48"/>
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        <balance>5933.810000</balance>
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        <curCd>USD</curCd>
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        <name>FNMA PASS THRU POOLS</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LN TR 2006-14CB</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</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>COLOGIX CANADIAN ISSUER LP 2022-1CAN</name>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>HSI ASSET SEC CORP TRUST 2006-WMC1</name>
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      <invstOrSec>
        <name>UNITED STATES GOVT</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FANNIE MAE REMICS 2021-3</name>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BE7380 FN 01/47 FLOATING VAR</title>
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          <isin value="US3140FTFW69"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140EYAF85"/>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2005-22</name>
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        <name>FREDDIE MAC REMICS 4059</name>
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        <name>FREDDIE MAC 3117</name>
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        <name>N/A</name>
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        <name>UPSTART SECURITIZATION TRUST 2025-3</name>
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        <name>EURO-GALAXY III CLO BV 13-3A</name>
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        <name>GREYWOLF CLO III LTD 2020-3RA</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>N/A</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2018-24</name>
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        <name>FANNIE MAE REMICS 2016-83</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES 2010-6R</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE MORTGAGE TRUST CSMC 2010 6R 2A7 144A</title>
        <cusip>12643PAW2</cusip>
        <identifiers>
          <isin value="US12643PAW23"/>
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        <balance>5721188.040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4835393.090000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEAR STEARNS  STRUC PROD INC 2007-R6</name>
        <lei>N/A</lei>
        <title>BEAR STEARNS STRUCTURED PRODUC BSSP 2007 R6 1A1</title>
        <cusip>07402FAA3</cusip>
        <identifiers>
          <isin value="US07402FAA30"/>
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        <balance>1144872.280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>819288.350000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.78769</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 4990</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 4990 MI</title>
        <cusip>3137FUSA3</cusip>
        <identifiers>
          <isin value="US3137FUSA39"/>
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        <balance>3251892.950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>753755.290000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>FANNIE MAE REMICS 2024-10</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2024 10 AI</title>
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        <identifiers>
          <isin value="US3136BQ6B00"/>
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        <balance>43386966.570000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2107994.820000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2021-BXMF</name>
        <lei>N/A</lei>
        <title>BX TRUST BX 2021 BXMF C 144A</title>
        <cusip>05609RAJ3</cusip>
        <identifiers>
          <isin value="US05609RAJ32"/>
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        <balance>1074338.620000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1073214.000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STRUCTURED ASSET SEC CORP 2006-RF4</name>
        <lei>N/A</lei>
        <title>STRUCTURED ASSET SECURITIES CO SASC 2006 RF4 1A1 144A</title>
        <cusip>863911AA1</cusip>
        <identifiers>
          <isin value="US863911AA15"/>
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        <balance>729057.180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>614198.890000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMB PRIVATE EDUCATION LOAN TRUST 2026-C</name>
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        <title>83208D9E9 SMB 2026 B A1B SOFR30A+120BP</title>
        <cusip>990ACZVB2</cusip>
        <identifiers>
          <ticker value="SMB"/>
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        <balance>6992000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6992000.000000</valUSD>
        <pctVal>0.0512022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8719</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ABX.HE.AA.06-1 SP BOA</title>
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        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>BANK OF AMERICA CORPORATION</counterpartyName>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIEMAE STRIP-428</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 428 C16</title>
        <cusip>31423YJQ3</cusip>
        <identifiers>
          <isin value="US31423YJQ35"/>
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        <balance>27362446.200000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QJ0945 FR 07/54 FIXED 6</title>
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        <identifiers>
          <isin value="US3133CRBN27"/>
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        <balance>3663938.580000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3760757.790000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRPM 2025-8 LLC</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAG PRPM 2025 8 A1 144A</title>
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          <isin value="US69383BAA52"/>
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        <curCd>USD</curCd>
        <valUSD>1459422.870000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ANGEL OAK MORTGAGE TRUST 2023-6</name>
        <lei>N/A</lei>
        <title>ANGEL OAK MORTGAGE TRUST AOMT 2023 6 A1 144A</title>
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        <identifiers>
          <isin value="US03464UAA43"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BCP TRUST 2021-330N</name>
        <lei>N/A</lei>
        <title>BCP TRUST BCP 2021 330N D 144A</title>
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          <isin value="US05553BAL99"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HILTON USA TRUST 2016-SFP</name>
        <lei>N/A</lei>
        <title>HILTON USA TRUST HILT 2016 SFP A 144A</title>
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          <isin value="US43289VAA17"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QY2808 FR 05/55 FIXED 6</title>
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          <isin value="US31426MDN92"/>
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        <curCd>USD</curCd>
        <valUSD>1648006.040000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-25</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2019 25 PS</title>
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          <isin value="US3136B4ZD38"/>
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        <balance>4266883.250000</balance>
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        <curCd>USD</curCd>
        <valUSD>431544.890000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>FREDDIE MAC REMICS 3621</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FREDDIE MAC STRIPS 304</name>
        <lei>N/A</lei>
        <title>FREDDIEMAC STRIP FHS 304 C46</title>
        <cusip>31325UP34</cusip>
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        <balance>59317.680000</balance>
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      <invstOrSec>
        <name>FREDDIE MAC 4660</name>
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        <name>SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-5</name>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4942</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2010-133</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>AMERICAN HOME MORTGAGE ASSETS 2007-3</name>
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        <name>FANNIE MAE INTEREST STRIP 440</name>
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        <name>BSST 2021-1818 MORTGAGE TRUST</name>
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        <name>FANNIE MAE REMICS 2013-100</name>
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      <invstOrSec>
        <name>COUNTRYWIDE HOME LOANS 2006-20</name>
        <lei>N/A</lei>
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          <isin value="US12544AAC99"/>
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        <balance>5412546.740000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>MF1 2024-FL14 LLC</name>
        <lei>N/A</lei>
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          <isin value="US55416AAA79"/>
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        <balance>9500000.000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BEAR STEARNS ASSET BACKED SECURITIES TRUST 2006-SD2</name>
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          <isin value="US07388EAC03"/>
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        <curCd>USD</curCd>
        <valUSD>465672.050000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST 2026-CINV1</name>
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          <isin value="US161923CC99"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>COLT 2024-3 MORTGAGE LOAN TRUST</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>UNITED STATES GOVT</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 5083</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC PASS THRU POOLS</name>
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      <invstOrSec>
        <name>ING INVESTMENT MANAGEMENT CLO LTD 2012-4A</name>
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          <isin value="US92916GBF00"/>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>CSMC 2021-RPL6 TRUST</name>
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          <isin value="US12657GAA31"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE REMICS 2019-32</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE-2020-33</name>
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        <name>FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES KJ50</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>RCKT MORTGAGE TRUST 2024-CES5</name>
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      <invstOrSec>
        <name>FREDDIEMAC STRIP-362</name>
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      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST 2021-8</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST JPMMT 2021 8 A12 144A</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ACE SECURITIES CORP HOME EQUITY LOAN TRUST SERIES 2007-WM2</name>
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          <isin value="US00442KAB70"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL INC 2004-NC7</name>
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        <title>MORGAN STANLEY CAPITAL INC MSAC 2004 NC7 M2</title>
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          <isin value="US61744CFQ42"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>COUNTRYWIDE ALTERNATIVE LOAN TRUST 2005-26CB</name>
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          <isin value="US12667GTS20"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2025-PRL4</name>
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        <title>GS MORTGAGE BACKED SECURITIES GSMBS 2025 RPL4 SA 144A</title>
        <cusip>36272VAH9</cusip>
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          <isin value="US36272VAH96"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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          <isin value="US3140F9WB72"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA5193 G2 05/48 FIXED 4.5</title>
        <cusip>36179TXW0</cusip>
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          <isin value="US36179TXW07"/>
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        <balance>718276.340000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>ELLINGTON FINANCIAL MORTGAGE TRUST 2021-2</name>
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        <title>ELLINGTON FINANCIAL MORTGAGE T EFMT 2021 2 M1 144A</title>
        <cusip>31572LAD8</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2013-43</name>
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        <name>FREDDIE MAC REMICS 5070</name>
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          <isin value="US3137F9XF32"/>
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          <couponKind>Fixed</couponKind>
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        <name>EURO-GALAXY III CLO BV 13-3A</name>
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        <cusip>ACI1W6CM3</cusip>
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          <isin value="XS2305241064"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>FNMA PASS THRU POOLS</name>
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        <title>FNMA POOL MB0150 FN 06/42 FIXED 4</title>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BM2002 FN 10/47 FIXED VAR</title>
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        <name>WATR 2026-1</name>
        <lei>N/A</lei>
        <title>WATR 2026 1 A 144A</title>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <name>CROSS 2024-H3 MORTGAGE TRUST</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>UMBS PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>PREFERRED TERM SECURITIES XXVI LTD / PREFERRED TERM SECURITIES XXVI INC</name>
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        <name>FREDDIE MAC REMICS 5146</name>
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        <name>FREDDIE MAC STRIPS 390</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FANNIE MAE REMICS 2016-91</name>
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        <name>MADISON PARK FUNDING XLVI LTD 2020-46A</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES KJ49</name>
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        <name>PRETIUM MORTGAGE CREDIT PARTNERS LLC 2024-RPL1</name>
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        <name>BCAP LLC TRUST 2012-RR11</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>GNMA PASS THRU POOLS</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5070</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5070 PI</title>
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          <isin value="US3137F9Y542"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5568881.110000</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>3</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>37321.430000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL FA4650 FN 02/56 FIXED VAR</title>
        <cusip>3140W5EY6</cusip>
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          <isin value="US3140W5EY68"/>
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        <balance>23659482.360000</balance>
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        <curCd>USD</curCd>
        <valUSD>23590856.610000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA TBA 15 YR 3 SINGLE FAMILY MORTGAGE</title>
        <cusip>01F030447</cusip>
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          <isin value="US01F0304471"/>
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        <balance>-26025000.000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>STRUCTURED ASSET INVST LN TR 2006-2</name>
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        <title>STRUCTURED ASSET INVESTMENT LO SAIL 2006 2 A4</title>
        <cusip>86358EE77</cusip>
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          <isin value="US86358EE771"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <shareNo>N/A</shareNo>
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            <delta>XXXX</delta>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 2568</name>
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        <title>FREDDIE MAC FHR 2568 D</title>
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          <isin value="US31393KJC09"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2024-54</name>
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        <title>FANNIE MAE FNR 2024 54 FC</title>
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        <identifiers>
          <isin value="US3136BSSC02"/>
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        <balance>3431483.730000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5171</name>
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        <title>FREDDIE MAC FHR 5171 AI</title>
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          <isin value="US3137H4HW32"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5152</name>
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        <title>FREDDIE MAC FHR 5152 IK</title>
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          <isin value="US3137H3BT83"/>
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      <invstOrSec>
        <name>FREDDIE MAC REMICS 4248</name>
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        <title>FREDDIE MAC FHR 4248 ES</title>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-20</name>
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          <isin value="US38383VYR31"/>
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      <invstOrSec>
        <name>STRUCTURED ASSET MTGE INVEST 2006-AR6</name>
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          <isin value="US86360UAC09"/>
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      <invstOrSec>
        <name>NEW YORK MORTGAGE TRUST 2025-CP1</name>
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          <isin value="US67121VAA26"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE HOME LOANS 2007-15</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE HOME LOANS CWHL 2007 15 1A16</title>
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          <couponKind>Fixed</couponKind>
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        <name>FREDDIE MAC REMICS 5142</name>
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        <name>FNMA PASS THRU POOLS</name>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
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        <name>FANNIE MAE REMICS 2020-89</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2018-H05</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UWM-2021-INV4</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BANC OF AMERICA ALT LOAN TRUST 2007-2</name>
        <lei>N/A</lei>
        <title>BANC OF AMERICA ALTERNATIVE LO BOAA 2007 2 3A1</title>
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          <isin value="US059475AQ69"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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        <name>CARLYLE GLOBAL MARKET STRATEGIES EURO CLO 17-3A</name>
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          <isin value="XS2350015942"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNPP AM EURO CLO 2017 BV 17-1A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>FREDDIE MAC REMICS 5069</name>
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        <name>N/A</name>
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        <name>FANNIE MAE REMICS 2020-85</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>STRUCTURED ADJUSTABLE RT MTGE LN 2007-11</name>
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        <name>FREDDIE MAC STRIPS 414</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST 2024-P4</name>
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        <name>FANNIE MAE INTEREST STRIP 323</name>
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        <name>CONSUMER LOAN FINANCE ISSUER TRUST 2024-BA</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
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        <name>FHLMC PASS THRU POOLS</name>
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        <name>MFA 2024-RPL1 TRUST</name>
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        <name>RALI SERIES 2005-QO1 TRUST</name>
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        <name>COUNTRYWIDE ASSET-BACKED CERT 2004-2</name>
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        <name>FREDDIE MAC REMICS 4010</name>
        <lei>N/A</lei>
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          <isin value="US3137AMUM77"/>
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        <name>CREDIT SUISSE MORTGAGE TRUST 2013-MH1</name>
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          <isin value="US12647RAA23"/>
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        <name>FHLMC PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL SD7399 FR 12/54 FIXED 4.5</title>
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          <isin value="US3132DVGG41"/>
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        <name>PREFERRED RESIDENTIAL SECURITIES 2006-1X</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BS8910 FN 03/31 FIXED 4.99</title>
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          <isin value="US3140LK3U53"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.99</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP MTGE LOAN TR INC 2006-FX1</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2006 FX1 A3</title>
        <cusip>17309YAC1</cusip>
        <identifiers>
          <isin value="US17309YAC12"/>
        </identifiers>
        <balance>5131854.740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2993389.830000</valUSD>
        <pctVal>0.0219205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.39303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RESIDENTIAL ACCREDIT LOANS INC 2005-QO2</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL ACCREDIT LOANS, IN RALI 2005 QO2 A1</title>
        <cusip>761118HU5</cusip>
        <identifiers>
          <isin value="US761118HU52"/>
        </identifiers>
        <balance>1223473.400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1060862.770000</valUSD>
        <pctVal>0.0077687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.21874</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AEGIS ASSET BACKED SEC TR 2004-5</name>
        <lei>N/A</lei>
        <title>AEGIS ASSET BACKED SECURITIES AABST 2004 5 M2</title>
        <cusip>00764MDH7</cusip>
        <identifiers>
          <isin value="US00764MDH79"/>
        </identifiers>
        <balance>4286344.830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3958391.440000</valUSD>
        <pctVal>0.0289872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.62303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC-3152</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 3152 MO</title>
        <cusip>31396R2P1</cusip>
        <identifiers>
          <isin value="US31396R2P17"/>
        </identifiers>
        <balance>8826.750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7833.550000</valUSD>
        <pctVal>0.0000574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTRYWIDE ASSET-BACKED CERT 2007-5</name>
        <lei>N/A</lei>
        <title>COUNTRYWIDE ASSET BACKED CERTI CWL 2007 5 1A</title>
        <cusip>12668KAA1</cusip>
        <identifiers>
          <isin value="US12668KAA16"/>
        </identifiers>
        <balance>558805.450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>530175.050000</valUSD>
        <pctVal>0.0038825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.19303</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-23</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 23 ZL</title>
        <cusip>3136ADCC1</cusip>
        <identifiers>
          <isin value="US3136ADCC16"/>
        </identifiers>
        <balance>1199662.350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>988801.060000</valUSD>
        <pctVal>0.007241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <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>31750SLG8 PIMCO CDSOPT PUT USD 101.97656250 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="OP004XCZ3"/>
        </identifiers>
        <balance>-144000000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-597974.400000</valUSD>
        <pctVal>-0.004379</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CITIGROUP INC.</counterpartyName>
              <counterpartyLei>6SHGI4ZSSLCXXQSBB395</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 6.0% JUN 30YR</issueTitle>
                <identifiers>
                  <isin value="US01F0606677"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>101.980000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-316724.400000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP MORTGAGE LOAN TRUST 2014-8</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2014 8 2A2 144A</title>
        <cusip>17323AAF8</cusip>
        <identifiers>
          <isin value="US17323AAF84"/>
        </identifiers>
        <balance>5659467.850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5033776.330000</valUSD>
        <pctVal>0.0368622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.17019</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 003595 G2 08/34 FIXED 5</title>
        <cusip>36202D7G0</cusip>
        <identifiers>
          <isin value="US36202D7G00"/>
        </identifiers>
        <balance>1004.150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1013.040000</valUSD>
        <pctVal>0.0000074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MILL CITY MORTGAGE LOAN TRUST 2018-4</name>
        <lei>N/A</lei>
        <title>MILL CITY MORTGAGE TRUST MCMLT 2018 4 A1B 144A</title>
        <cusip>59980YAB1</cusip>
        <identifiers>
          <isin value="US59980YAB11"/>
        </identifiers>
        <balance>5995292.350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5895881.410000</valUSD>
        <pctVal>0.0431754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5052</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5052 EI</title>
        <cusip>3137F7HC2</cusip>
        <identifiers>
          <isin value="US3137F7HC29"/>
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        <balance>28066935.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4677220.000000</valUSD>
        <pctVal>0.0342512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>FREDDIE MAC REMICS 5152</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5152 IC</title>
        <cusip>3137H3BN1</cusip>
        <identifiers>
          <isin value="US3137H3BN14"/>
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        <balance>14747137.960000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2535674.520000</valUSD>
        <pctVal>0.0185687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>RESIDENTIAL ACCREDIT LOANS INC 2005-QA12</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL ACCREDIT LOANS, IN RALI 2005 QA12 CB1</title>
        <cusip>761118MY1</cusip>
        <identifiers>
          <isin value="US761118MY10"/>
        </identifiers>
        <balance>3712845.790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1368327.730000</valUSD>
        <pctVal>0.0100202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.67752</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>FANNIE MAE REMICS 2013-67</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 67 NS</title>
        <cusip>3136AFEM2</cusip>
        <identifiers>
          <isin value="US3136AFEM28"/>
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        <balance>347053.540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210141.990000</valUSD>
        <pctVal>0.0015389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.33543</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>MFA 2023-INV2 TRUST</name>
        <lei>N/A</lei>
        <title>MFRA TRUST MFRA 2023 INV2 A1 144A</title>
        <cusip>59319BAA5</cusip>
        <identifiers>
          <isin value="US59319BAA52"/>
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        <balance>3823723.260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3848962.890000</valUSD>
        <pctVal>0.0281859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.775</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>CITIGROUP MORTGAGE LOAN TRUST 2024-INV3</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI 2024 INV3 PT 144A</title>
        <cusip>17332ACD0</cusip>
        <identifiers>
          <isin value="US17332ACD00"/>
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        <balance>70169463.490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73048011.360000</valUSD>
        <pctVal>0.534929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0</annualizedRt>
          <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>31750SM02 PIMCO CDSOPT PUT USD 95.46875000 202</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="OP004XKR2"/>
        </identifiers>
        <balance>60500000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>392318.300000</valUSD>
        <pctVal>0.0028729</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE &amp; CO.</counterpartyName>
              <counterpartyLei>8I5DZWZKVSZI1NUHU748</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 4.5% JUN 30YR</issueTitle>
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                  <isin value="US01F0426654"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>95.470000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>127630.800000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-103</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 103 KO</title>
        <cusip>3136AGMW9</cusip>
        <identifiers>
          <isin value="US3136AGMW90"/>
        </identifiers>
        <balance>2030976.320000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1559430.940000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BM4774 FN 07/48 FIXED VAR</title>
        <cusip>3140J9JU6</cusip>
        <identifiers>
          <isin value="US3140J9JU60"/>
        </identifiers>
        <balance>11468464.980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11037674.110000</valUSD>
        <pctVal>0.0808286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMSR-2021-SFR1</name>
        <lei>N/A</lei>
        <title>AMSR TRUST AMSR 2021 SFR1 A 144A</title>
        <cusip>00179DAA4</cusip>
        <identifiers>
          <isin value="US00179DAA46"/>
        </identifiers>
        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3778946.800000</valUSD>
        <pctVal>0.0276731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.953</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WATR 2025-1</name>
        <lei>N/A</lei>
        <title>WATR ISSUER TRUST WATR 2025 1 B 144A</title>
        <cusip>942611AB0</cusip>
        <identifiers>
          <isin value="US942611AB01"/>
        </identifiers>
        <balance>5300000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5318039.290000</valUSD>
        <pctVal>0.0389439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.56</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2013-54</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2013 54 KZ</title>
        <cusip>3136AEUG0</cusip>
        <identifiers>
          <isin value="US3136AEUG01"/>
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        <balance>104634.920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73362.790000</valUSD>
        <pctVal>0.0005372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOODGREEN TRUST 2018-1A</name>
        <lei>N/A</lei>
        <title>GOODGREEN TRUST GOODG 2018 1A A 144A</title>
        <cusip>38218GAA0</cusip>
        <identifiers>
          <isin value="US38218GAA04"/>
        </identifiers>
        <balance>3929522.990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3684090.880000</valUSD>
        <pctVal>0.0269785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.93</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC REMICS 5444</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5444 FC</title>
        <cusip>3137HFD77</cusip>
        <identifiers>
          <isin value="US3137HFD778"/>
        </identifiers>
        <balance>2341468.090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2356597.020000</valUSD>
        <pctVal>0.0172573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7819</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL QY2497 FR 05/55 FIXED 6</title>
        <cusip>31426LX33</cusip>
        <identifiers>
          <isin value="US31426LX330"/>
        </identifiers>
        <balance>1689336.210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1754509.990000</valUSD>
        <pctVal>0.0128482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL BR3953 FN 03/51 FIXED 3</title>
        <cusip>3140L2MB6</cusip>
        <identifiers>
          <isin value="US3140L2MB61"/>
        </identifiers>
        <balance>124902.350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>112787.870000</valUSD>
        <pctVal>0.0008259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-16</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 16 K</title>
        <cusip>3136A4QV4</cusip>
        <identifiers>
          <isin value="US3136A4QV47"/>
        </identifiers>
        <balance>4589.500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4552.750000</valUSD>
        <pctVal>0.0000333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2014-42</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2014 42 SA</title>
        <cusip>3136AKPR8</cusip>
        <identifiers>
          <isin value="US3136AKPR80"/>
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        <balance>464650.170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17698.850000</valUSD>
        <pctVal>0.0001296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.8749</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UWM-2021-INV4</name>
        <lei>N/A</lei>
        <title>UNITED WHOLSALE MORTGAGE LLC UWM 2021 INV4 AX4 144A</title>
        <cusip>918307BE8</cusip>
        <identifiers>
          <isin value="US918307BE89"/>
        </identifiers>
        <balance>19677497.650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600660.540000</valUSD>
        <pctVal>0.0043986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.5</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>CHASEFLEX TRUST 2007-1</name>
        <lei>N/A</lei>
        <title>CHASEFLEX TRUST CFLX 2007 1 2A1</title>
        <cusip>16165VAD0</cusip>
        <identifiers>
          <isin value="US16165VAD01"/>
        </identifiers>
        <balance>4653098.310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1011436.530000</valUSD>
        <pctVal>0.0074067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.14303</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>31750SL11 PIMCO CDSOPT CALL USD 103.68750000 2</title>
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        <identifiers>
          <other otherDesc="Internal ID" value="OP004X2R2"/>
        </identifiers>
        <balance>-215500000.000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-10645.700000</valUSD>
        <pctVal>-0.000078</pctVal>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="See item: C.11.b counterparty" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UMBS PASS THRU POOLS</issuerName>
                <issueTitle>FNMA TBA 6.5% MAY 30YR</issueTitle>
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                  <isin value="US01F0626550"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>103.690000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-05-06</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>208221.490000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2019-33</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2019 33 DS</title>
        <cusip>3136B44H8</cusip>
        <identifiers>
          <isin value="US3136B44H82"/>
        </identifiers>
        <balance>5488258.460000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>683739.860000</valUSD>
        <pctVal>0.005007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.22362</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL AN8612 FN 03/28 FIXED 3.29</title>
        <cusip>3138LMSA2</cusip>
        <identifiers>
          <isin value="US3138LMSA22"/>
        </identifiers>
        <balance>23874000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23560925.910000</valUSD>
        <pctVal>0.172536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.29</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL 783590 G2 06/41 FIXED 4.5</title>
        <cusip>36241L7B6</cusip>
        <identifiers>
          <isin value="US36241L7B63"/>
        </identifiers>
        <balance>1048416.680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1039767.290000</valUSD>
        <pctVal>0.0076142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>GNMA II POOL MA8266 G2 09/52 FIXED 3.5</title>
        <cusip>36179XFF8</cusip>
        <identifiers>
          <isin value="US36179XFF87"/>
        </identifiers>
        <balance>612202.110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>565218.090000</valUSD>
        <pctVal>0.0041391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2025-A</name>
        <lei>N/A</lei>
        <title>ALLY BANK AUTO CREDIT LINKED N ABCLN 2025 A B 144A</title>
        <cusip>02007G5E9</cusip>
        <identifiers>
          <isin value="US02007G5E91"/>
        </identifiers>
        <balance>9895080.640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9917494.980000</valUSD>
        <pctVal>0.0726256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.648</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FED HM LN PC POOL U91696 FG 07/43 FIXED 4</title>
        <cusip>3132HBXZ3</cusip>
        <identifiers>
          <isin value="US3132HBXZ39"/>
        </identifiers>
        <balance>743042.940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>723121.650000</valUSD>
        <pctVal>0.0052954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2012-42</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2012 42 MZ</title>
        <cusip>3136A5GV2</cusip>
        <identifiers>
          <isin value="US3136A5GV22"/>
        </identifiers>
        <balance>26235.640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23061.500000</valUSD>
        <pctVal>0.0001689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE INTEREST STRIP FNS 427</name>
        <lei>N/A</lei>
        <title>FANNIEMAE STRIP FNS 427 C19</title>
        <cusip>31423XMV0</cusip>
        <identifiers>
          <isin value="US31423XMV00"/>
        </identifiers>
        <balance>34663888.810000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4500373.170000</valUSD>
        <pctVal>0.0329561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2018-19</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE A GNR 2018 19 WI</title>
        <cusip>38380VEV9</cusip>
        <identifiers>
          <isin value="US38380VEV99"/>
        </identifiers>
        <balance>2560560.220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>122341.260000</valUSD>
        <pctVal>0.0008959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.28463</annualizedRt>
          <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 PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL DA3439 FN 11/53 FIXED 6.5</title>
        <cusip>3140A3ZD8</cusip>
        <identifiers>
          <isin value="US3140A3ZD82"/>
        </identifiers>
        <balance>5951996.740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6158661.140000</valUSD>
        <pctVal>0.0450997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE REMICS 2017-25</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNR 2017 25 BI</title>
        <cusip>3136AWAJ6</cusip>
        <identifiers>
          <isin value="US3136AWAJ67"/>
        </identifiers>
        <balance>418798.640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19836.150000</valUSD>
        <pctVal>0.0001453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <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>REVERSE REPO BANK OF AMERICA REVERSE REPO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="913ZLA004"/>
        </identifiers>
        <balance>-43515852.430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-43607477.470000</valUSD>
        <pctVal>-0.319336</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="See item: C_10_b_ii_name" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="9DJT3UXIJIZJI4WXO774" name="BANK OF AMERICA CORPORATION"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>3.790000</repurchaseRt>
          <maturityDt>2026-04-13</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>49519050.450000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>44308832.250000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA PASS THRU POOLS</name>
        <lei>N/A</lei>
        <title>FNMA POOL MA3413 FN 07/38 FIXED 4</title>
        <cusip>31418CYK4</cusip>
        <identifiers>
          <isin value="US31418CYK43"/>
        </identifiers>
        <balance>2558695.120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2508559.250000</valUSD>
        <pctVal>0.0183701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM 2025-C TRUST</name>
        <lei>N/A</lei>
        <title>SOFI CONSUMER LOAN PROGRAM TRU SCLP 2025 C A</title>
        <cusip>83407XAA0</cusip>
        <identifiers>
          <isin value="US83407XAA00"/>
        </identifiers>
        <balance>24633696.310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24592188.530000</valUSD>
        <pctVal>0.180088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.19</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRET 2025-NPL4 LLC</name>
        <lei>N/A</lei>
        <title>PRETIUM MORTGAGE CREDIT PARTNE PRET 2025 NPL4 A1 144A</title>
        <cusip>74136UAA3</cusip>
        <identifiers>
          <isin value="US74136UAA34"/>
        </identifiers>
        <balance>12284758.920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12305501.740000</valUSD>
        <pctVal>0.0901129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.3677</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LOAN MTGE 5123</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHR 5123 IM</title>
        <cusip>3137H15V4</cusip>
        <identifiers>
          <isin value="US3137H15V41"/>
        </identifiers>
        <balance>6456353.080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>714267.630000</valUSD>
        <pctVal>0.0052306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2024-A</name>
        <lei>N/A</lei>
        <title>ALLY BANK AUTO CREDIT LINKED N ABCLN 2024 A D 144A</title>
        <cusip>02007GZ71</cusip>
        <identifiers>
          <isin value="US02007GZ718"/>
        </identifiers>
        <balance>207033.730000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210057.330000</valUSD>
        <pctVal>0.0015382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.315</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Total returns do not deduct sales loads and redemption fees." noteItem="B.5.a"/>

      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.c.vi"/>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D.  This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.d.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.e.iii"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list.  Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.f.ii"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-26</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
