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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.79000000</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>Avis Budget Rental Car Funding AESOP LLC</name>
        <lei>IHXLB8SL0QWSSG2VG640</lei>
        <title>Avis Budget Rental Car Funding AESOP LLC</title>
        <cusip>05377RHM9</cusip>
        <identifiers>
          <isin value="US05377RHM97"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1442029.96000000</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>2030-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.02000000</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>Barclays Commercial Mortgage Securities LLC</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust</title>
        <cusip>05494NAC5</cusip>
        <identifiers>
          <isin value="US05494NAC56"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>904897.98000000</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>2058-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.02000000</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>Bank5</name>
        <lei>N/A</lei>
        <title>Bank5</title>
        <cusip>05494RBF8</cusip>
        <identifiers>
          <isin value="US05494RBF82"/>
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        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1295919.82000000</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>2058-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.79000000</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>Bear Stearns Alt-A Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns ALT-A Trust</title>
        <cusip>07386HVS7</cusip>
        <identifiers>
          <isin value="US07386HVS74"/>
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        <balance>87742.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45121.67000000</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>2035-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.64000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BEIGNET INVESTOR LLC</name>
        <lei>N/A</lei>
        <title>Beignet Investor LLC</title>
        <cusip>076912AA2</cusip>
        <identifiers>
          <isin value="US076912AA21"/>
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        <balance>1517000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1548323.70000000</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>2049-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.58000000</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>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>08164BAD2</cusip>
        <identifiers>
          <isin value="US08164BAD29"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1229896.32000000</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>2057-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.66000000</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>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>081942AC8</cusip>
        <identifiers>
          <isin value="US081942AC80"/>
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        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1636056.00000000</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>2059-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.47000000</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>BMO Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BMO Mortgage Trust</title>
        <cusip>096941AB5</cusip>
        <identifiers>
          <isin value="US096941AB56"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>806716.08000000</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>2058-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.19000000</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>CIT Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>CIT Mortgage Loan Trust</title>
        <cusip>12559QAF9</cusip>
        <identifiers>
          <isin value="US12559QAF90"/>
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        <balance>1263561.80000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1276655.08000000</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>2037-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26000000</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>Canada Government Bonds</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Bonds</title>
        <cusip>135087R48</cusip>
        <identifiers>
          <isin value="CA135087R481"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
        <valUSD>693599.91000000</valUSD>
        <pctVal>0.126419331468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CASSA DEPOSITI E PRESTIT</name>
        <lei>81560029E2CE4D14F425</lei>
        <title>Cassa Depositi e Prestiti SpA</title>
        <cusip>147918AF3</cusip>
        <identifiers>
          <isin value="US147918AF37"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>394533.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust</title>
        <cusip>17025RAA3</cusip>
        <identifiers>
          <isin value="US17025RAA32"/>
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        <balance>62811.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57577.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.61000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>College Ave Student Loans</name>
        <lei>N/A</lei>
        <title>College Avenue Student Loans LLC</title>
        <cusip>193938AA5</cusip>
        <identifiers>
          <isin value="US193938AA57"/>
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        <balance>587756.60000000</balance>
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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>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.53000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association, TBA</title>
        <cusip>21H040673</cusip>
        <identifiers>
          <isin value="US21H0406734"/>
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        <balance>11000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10227035.83000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association, TBA</title>
        <cusip>21H042679</cusip>
        <identifiers>
          <isin value="US21H0426799"/>
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        <balance>2100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2017390.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Dell Equipment Finance Trust</name>
        <lei>N/A</lei>
        <title>Dell Equipment Finance Trust</title>
        <cusip>24703UAC7</cusip>
        <identifiers>
          <isin value="US24703UAC71"/>
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        <balance>428903.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>429476.15000000</valUSD>
        <pctVal>0.078278683405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.68000000</annualizedRt>
          <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>ECMC Group Student Loan Trust</name>
        <lei>N/A</lei>
        <title>ECMC Group Student Loan Trust</title>
        <cusip>26828HAA5</cusip>
        <identifiers>
          <isin value="US26828HAA59"/>
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        <balance>305165.49000000</balance>
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        <curCd>USD</curCd>
        <valUSD>304683.30000000</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>2068-02-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.49000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>Wells Fargo Bank NA</name>
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        <name>Wells Fargo Bank NA</name>
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        <name>HSBC Bank PLC</name>
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        <name>BNP Paribas SA</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>HSBC Bank PLC</name>
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        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
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        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
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        <name>JPMorgan Chase Bank NA</name>
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        <name>Deutsche Bank AG</name>
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        <name>HSBC Bank PLC</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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        <name>Goldman Sachs Bank USA</name>
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        <name>Citibank NA</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Standard Chartered Bank</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>Nomura Global Financial Products, Inc.</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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        <currencyConditional curCd="BRL" exchangeRt="5.16230000"/>
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      <invstOrSec>
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        <name>Citibank NA</name>
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        <name>Citibank NA</name>
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        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>Nomura Global Financial Products, Inc.</name>
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      <invstOrSec>
        <name>Nomura Global Financial Products, Inc.</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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        <securityLending>
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      <invstOrSec>
        <name>Bank of America NA</name>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
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        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <name>HSBC Bank PLC</name>
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        <name>HSBC Bank PLC</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <title>Federal Home Loan Mortgage Corp. REMICS</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. REMICS</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association REMICS</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <maturityDt>2035-08-25</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. REMICS</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>Fortress Credit BSL Limited</name>
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        <title>Fortress Credit BSL X Ltd.</title>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Freddie Mac Military Housing Bonds Resec Trust</name>
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        <title>Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates</title>
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        <name>Government National Mortgage Association</name>
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        <name>GS Mortgage Securities Trust</name>
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        <title>GS Mortgage Securities Trust</title>
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        <title>Government National Mortgage Association REMICS</title>
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        <name>JP Morgan Mortgage Trust</name>
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      <invstOrSec>
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        <lei>529900371ZWA9WXVGB88</lei>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900YPO46YLJDFF157</lei>
        <title>JP Morgan Mortgage Trust</title>
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      <invstOrSec>
        <name>LFT CRE LLC</name>
        <lei>N/A</lei>
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          <isin value="US50208TAA97"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-21</maturityDt>
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      <invstOrSec>
        <name>LRECS 2025-CRE1 LLC</name>
        <lei>N/A</lei>
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          <isin value="US50230AAA25"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1200374.93000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-19</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MF1</name>
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          <isin value="US55285AAA51"/>
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        <assetCat>ABS-CBDO</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-19</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MASTR Asset Backed Securities Trust</name>
        <lei>N/A</lei>
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          <isin value="US57643LFN10"/>
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        <balance>844769.37000000</balance>
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        <curCd>USD</curCd>
        <valUSD>842159.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust</title>
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          <isin value="US617970BC10"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-06-26</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
        <lei>54930035ESY1D7J97S77</lei>
        <title>Nelnet Student Loan Trust</title>
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          <isin value="US64032UAA97"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Neuberger Berman CLO Ltd</name>
        <lei>549300N83MM16HCONB28</lei>
        <title>Neuberger Berman Loan Advisers CLO 43Ltd.</title>
        <cusip>64134AAJ1</cusip>
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          <isin value="US64134AAJ16"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-17</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>2138001CG5SYL78G3648</lei>
        <title>New Residential Mortgage Loan Trust</title>
        <cusip>64828XAA1</cusip>
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          <isin value="US64828XAA19"/>
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        <balance>985208.03000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>OFSI Fund LTD</name>
        <lei>549300ISCSFRB3LRFG70</lei>
        <title>OFSI BSL X Ltd.</title>
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          <isin value="US67115PAW59"/>
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        <balance>1000000.00000000</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>2034-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>1166 Avenue of the Americas Commercial Mtg Trust</name>
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        <title>1166 Avenue of the Americas Commercial Mortgage Trust II</title>
        <cusip>682439AL8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>1166 Avenue of the Americas Commercial Mtg Trust</name>
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        <name>1166 Avenue of the Americas Commercial Mtg Trust</name>
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        <name>1166 Avenue of the Americas Commercial Mtg Trust</name>
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        <name>PK ALIFT LOAN FUNDING</name>
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        <name>PMT Loan Trust</name>
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        <title>PMT Loan Trust</title>
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        <name>REPUBLIC OF PERU</name>
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        <assetCat>DBT</assetCat>
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        <name>REPUBLIC OF PERU</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Peru Government International Bonds</title>
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        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>PIMCO PRV SHORT TERM FLT III</name>
        <lei>LWVQWTQCFH3YG7CVH718</lei>
        <title>PIMCO Short-Term Floating NAV Portfolio III</title>
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      <invstOrSec>
        <name>STATE OF QATAR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
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      <invstOrSec>
        <name>RESOLUTION FUNDING STRIP</name>
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        <name>State Street Global Advisors</name>
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          <isin value="US8574927062"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SLAM LLC</name>
        <lei>N/A</lei>
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          <isin value="US78450TAA51"/>
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        <balance>467171.23000000</balance>
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      <invstOrSec>
        <name>SMB Private Education Loan Trust</name>
        <lei>549300XC4C7GRVLU6076</lei>
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          <isin value="US78451PAA21"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-03-15</maturityDt>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>549300671OK77JNRLK28</lei>
        <title>Sequoia Mortgage Trust</title>
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          <isin value="US81750PBB13"/>
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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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      <invstOrSec>
        <name>Small Business Administration Participation Certs</name>
        <lei>N/A</lei>
        <title>U.S. Small Business Administration</title>
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          <isin value="US83162CRL99"/>
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        <balance>5512.22000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5516.18000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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      <invstOrSec>
        <name>Structured Adjustable Rate Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Structured Adjustable Rate Mortgage Loan Trust</title>
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          <isin value="US863579YR37"/>
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        <balance>166369.10000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-25</maturityDt>
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        <name>TENN VALLEY AUTHORITY</name>
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        <title>Tennessee Valley Authority</title>
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        <name>37 Capital CLO Ltd</name>
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          <maturityDt>2035-04-15</maturityDt>
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        <name>Trysail CLO Ltd</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury STRIPS Principal</title>
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          <isin value="US912803FF52"/>
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          <isin value="US912803FG36"/>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>United States Treasury</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <cusip>912810SZ2</cusip>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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          <isin value="US912810TN81"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <name>Credit Agricole CIB</name>
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        <name>WAMU Mortgage Pass-Through Certificates</name>
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        <curCd>USD</curCd>
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        <name>WAMU Mortgage Pass-Through Certificates</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>Wind River CLO Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Scotia Capital USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SG Americas Securities LLC</name>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>REPUBLIC OF SOUTH AFRICA</name>
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        <title>Republic of South Africa Government Bonds</title>
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          <isin value="ZAG000107012"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>REPUBLIC OF SOUTH AFRICA</name>
        <lei>378900AAFB4F17004C49</lei>
        <title>Republic of South Africa Government Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="ZAG000107004"/>
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        <balance>7800000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>NYKREDIT REALKREDIT A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
        <title>Nykredit Realkredit AS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DK0009527376"/>
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        <balance>1.99000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.54165000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <name>NYKREDIT REALKREDIT A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
        <title>Nykredit Realkredit AS</title>
        <cusip>000000000</cusip>
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          <isin value="DK0009528424"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>NYKREDIT REALKREDIT A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
        <title>Nykredit Realkredit AS</title>
        <cusip>000000000</cusip>
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          <isin value="DK0009527616"/>
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        <balance>1.36000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <name>JYSKE REALKREDIT A/S</name>
        <lei>529900R9HQNZRT2OXB26</lei>
        <title>Jyske Realkredit AS</title>
        <cusip>000000000</cusip>
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          <isin value="DK0009403727"/>
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        <balance>1.49000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Penta CLO S.A.</name>
        <lei>549300FTCSBBS0J25486</lei>
        <title>Penta CLO 9 DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2344757203"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Black Diamond CLO Ltd</name>
        <lei>549300I3ISWDFTMO5713</lei>
        <title>Black Diamond CLO DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2390844780"/>
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        <balance>169572.59000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>U.K. Gilts</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Gilts</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BPSNBB36"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
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        <name>BUONI POLIENNALI DEL TES</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Italy Buoni Poliennali Del Tesoro</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005588881"/>
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        <balance>4687276.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.80000000</annualizedRt>
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      <invstOrSec>
        <name>Japan Government Thirty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1300851R17"/>
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        <balance>380000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Japan Government Twenty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Twenty Year Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1201911R15"/>
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        <balance>500000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>Japan Government Thirty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1300861R49"/>
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        <balance>47000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="162.59500000"/>
        <valUSD>214220.79000000</valUSD>
        <pctVal>0.039045058495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</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>Japan Government Twenty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Twenty Year Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1201921R47"/>
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        <balance>74000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="162.59500000"/>
        <valUSD>383951.66000000</valUSD>
        <pctVal>0.069981139665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</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>Japan Government Thirty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1300871R70"/>
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        <balance>230000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="162.59500000"/>
        <valUSD>1144518.59000000</valUSD>
        <pctVal>0.208606248235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital Four CLO</name>
        <lei>254900PXJCJG50SO9P20</lei>
        <title>Capital Four CLO X DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3140140818"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>343201.31000000</valUSD>
        <pctVal>0.062553756919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.42000000</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>Bain Capital Euro CLO</name>
        <lei>549300GS1G9C1PHTFP28</lei>
        <title>Bain Capital Euro CLO DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3152565340"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>571950.94000000</valUSD>
        <pctVal>0.104246921640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.44000000</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>ROCKFORD TOWER EUROPE CLO</name>
        <lei>635400J1BXSISHD5XN53</lei>
        <title>Rockford Tower Europe CLO DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3147501103"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1143925.65000000</valUSD>
        <pctVal>0.208498175732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.49000000</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>Hayfin Emerald CLO</name>
        <lei>635400KMHFAB5ZUQED83</lei>
        <title>Hayfin Emerald CLO VI DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3196159894"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1372253.93000000</valUSD>
        <pctVal>0.250114542887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.45000000</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>Providus CLO</name>
        <lei>6354008C72YCMAEWD258</lei>
        <title>Providus CLO V DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3196134475"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1601513.03000000</valUSD>
        <pctVal>0.291900566410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.51000000</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>Harvest CLO</name>
        <lei>635400HU8ASOJYEX2I14</lei>
        <title>Harvest CLO XVI DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3233921025"/>
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        <balance>1010000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1155822.25000000</valUSD>
        <pctVal>0.210666515429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.46000000</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>MV Credit Euro CLO</name>
        <lei>635400BDB6DLUVKYJO21</lei>
        <title>MV Credit Euro CLO III DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3233494361"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1257826.03000000</valUSD>
        <pctVal>0.229258284962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.58000000</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>Cordatus CLO PLC</name>
        <lei>635400LAN4VXPJEK9R11</lei>
        <title>CVC Cordatus Loan Fund XII DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3244866821"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1144287.17000000</valUSD>
        <pctVal>0.208564068354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.29000000</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>Indigo Credit Management</name>
        <lei>635400RPIEMF9A3ZKM59</lei>
        <title>Indigo Credit Management I DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3236214899"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1143867.04000000</valUSD>
        <pctVal>0.208487493151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.46000000</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>Toro European CLO</name>
        <lei>213800UUXX2DYH3TCG21</lei>
        <title>Toro European CLO 2 DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2366419963"/>
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        <balance>979508.20000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1120022.78000000</valUSD>
        <pctVal>0.204141507281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.16000000</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>Palmer Square European Loan Funding</name>
        <lei>254900LLKAX2O4J8C439</lei>
        <title>Palmer Square European Loan Funding DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3321032537"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>915173.98000000</valUSD>
        <pctVal>0.166804639189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Harvest Funding</name>
        <lei>635400GYAAYKXXRBNI54</lei>
        <title>Harvest Funding PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3317471228"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>1989986.10000000</valUSD>
        <pctVal>0.362705803111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.64000000</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>Tikehau</name>
        <lei>635400WC6EUSVRGKOG51</lei>
        <title>Tikehau CLO X DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3355995781"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1716385.51000000</valUSD>
        <pctVal>0.312837855929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.48000000</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>Cordatus CLO PLC</name>
        <lei>549300E0CSGI3E3SNH05</lei>
        <title>CVC Cordatus Loan Fund XXXI DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3400973197"/>
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        <balance>1300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1487210.74000000</valUSD>
        <pctVal>0.271067202855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <balance>-42.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-8654.60000000</valUSD>
        <pctVal>-0.00157743495</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Chicago Board of Trade</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <futrDeriv derivCat="FUT">
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                    <counterpartyName>Chicago Board of Trade</counterpartyName>
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                  <derivAddlInfo>
                    <name>Chicago Board of Trade</name>
                    <lei>549300EX04Q2QBFQTQ27</lei>
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                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="ADI38FH49E"/>
                    </identifiers>
                    <balance>42.00000000</balance>
                    <units>NC</units>
                    <curCd>N/A</curCd>
                    <valUSD>-8654.60000000</valUSD>
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                    <assetCat>DIR</assetCat>
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                  <payOffProf>Short</payOffProf>
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                    <indexBasketInfo>
                      <indexName>CBOT 10 Year US Treasury Note</indexName>
                      <indexIdentifier>TYU6 Comdty</indexIdentifier>
                    </indexBasketInfo>
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                  <curCd>USD</curCd>
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              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1000.00000000</shareNo>
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            <expDt>2026-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>482.92000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>REALKREDIT DANMARK</name>
        <lei>549300NLOMBOWE943Y30</lei>
        <title>Realkredit Danmark AS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DK0004619467"/>
        </identifiers>
        <balance>1.30000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.54165000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REPUBLIC OF SOUTH AFRICA</name>
        <lei>378900AAFB4F17004C49</lei>
        <title>Republic of South Africa Government Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAG000125972"/>
        </identifiers>
        <balance>112600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38000000"/>
        <valUSD>7124046.64000000</valUSD>
        <pctVal>1.298467892797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-28</maturityDt>
          <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of America NA</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>31750SBA2 PIMCO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="31750SBA2"/>
        </identifiers>
        <balance>2300000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>2.30000000</valUSD>
        <pctVal>0.000000419210</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Bank of America NA</counterpartyName>
              <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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                <fwdDeriv derivCat="FWD">
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                    <counterpartyName>Bank of America NA</counterpartyName>
                    <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Bank of America NA</name>
                    <lei>B4TYDEB6GKMZO031MB27</lei>
                    <title>FX Contract</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="OP004RW50E"/>
                    </identifiers>
                    <balance>1.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>2.30000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <amtCurSold>3220000000.00000000</amtCurSold>
                  <curSold>KRW</curSold>
                  <amtCurPur>2300000.00000000</amtCurPur>
                  <curPur>USD</curPur>
                  <settlementDt>2026-07-09</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>1400.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-09</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-23069.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of America NA</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>31750SBB0 PIMCO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="31750SBB0"/>
        </identifiers>
        <balance>-2300000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-2.30000000</valUSD>
        <pctVal>-0.00000041921</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Bank of America NA</counterpartyName>
              <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <fwdDeriv derivCat="FWD">
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                    <counterpartyName>Bank of America NA</counterpartyName>
                    <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Bank of America NA</name>
                    <lei>B4TYDEB6GKMZO031MB27</lei>
                    <title>FX Contract</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="OP004RW68E"/>
                    </identifiers>
                    <balance>1.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>-2.30000000</valUSD>
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                    <assetCat>DFE</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>KR</invCountry>
                  </derivAddlInfo>
                  <amtCurSold>-2300000.00000000</amtCurSold>
                  <curSold>USD</curSold>
                  <amtCurPur>-3105000000.00000000</amtCurPur>
                  <curPur>KRW</curPur>
                  <settlementDt>2026-07-09</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>1350.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-09</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>8142.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>31750SV36 PIMCO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="31750SV36"/>
        </identifiers>
        <balance>-1720000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>-14605.90000000</valUSD>
        <pctVal>-0.00266215160</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <fwdDeriv derivCat="FWD">
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                  <derivAddlInfo>
                    <name>UBS AG</name>
                    <lei>BFM8T61CT2L1QCEMIK50</lei>
                    <title>FX Contract</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="OP0051DM0E"/>
                    </identifiers>
                    <balance>1.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>-14605.90000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>HU</invCountry>
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                  <amtCurSold>-1720000.00000000</amtCurSold>
                  <curSold>EUR</curSold>
                  <amtCurPur>-645000000.00000000</amtCurPur>
                  <curPur>HUF</curPur>
                  <settlementDt>2026-11-10</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>375.00000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2026-11-10</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>12679.54000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>-4011.84000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                  <derivAddlInfo>
                    <name>JPMorgan Chase Bank NA</name>
                    <lei>7H6GLXDRUGQFU57RNE97</lei>
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                    <identifiers>
                      <other otherDesc="Internal Identifier" value="OP0054M85E"/>
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                    <units>OU</units>
                    <descOthUnits>Notional Amount</descOthUnits>
                    <curCd>N/A</curCd>
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                    <assetCat>DIR</assetCat>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>4.13500000</exercisePrice>
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            <expDt>2026-07-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-251.84000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <derivAddlInfo>
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                  <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate Index" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <expDt>2026-07-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1353.44000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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          <other otherDesc="Internal Identifier" value="317UD3YA3"/>
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        <balance>-900000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
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        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="EUR" fixedOrFloating="Floating" floatingRtIndex="6 mo. EURIBOR" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="6" resetDt="Month" resetDtUnit="6"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="3.00000000"/>
            <terminationDt>2056-09-16</terminationDt>
            <upfrontPmnt>52470.17000000</upfrontPmnt>
            <pmntCurCd>EUR</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>EUR</rcptCurCd>
            <notionalAmt>4910000.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>27239.81000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR GBP SONIO/3.50000 03/18/26-5Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02NZ98"/>
        </identifiers>
        <balance>16010000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>-506812.45000000</valUSD>
        <pctVal>-0.09237442246</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="161196.57000000" curCd="GBP" fixedOrFloating="Fixed" fixedRt="3.50000000"/>
            <floatingPmntDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="1 day GBP SONIA" floatingRtSpread="0.00000000" pmntAmt="-172680.84000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2031-03-18</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>GBP</pmntCurCd>
            <upfrontRcpt>-49093.68000000</upfrontRcpt>
            <rcptCurCd>GBP</rcptCurCd>
            <notionalAmt>16010000.00000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-440252.79000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR GBP SONIO/4.00000 09/16/26-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02NZC1"/>
        </identifiers>
        <balance>10900000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>423055.77000000</valUSD>
        <pctVal>0.077108469661</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="1 day GBP SONIA" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="GBP" fixedOrFloating="Fixed" fixedRt="4.00000000"/>
            <terminationDt>2036-09-16</terminationDt>
            <upfrontPmnt>265522.95000000</upfrontPmnt>
            <pmntCurCd>GBP</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>GBP</rcptCurCd>
            <notionalAmt>10900000.00000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>66750.52000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR GBP SONIO/4.00000 03/18/26-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02NZF4"/>
        </identifiers>
        <balance>5080000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>172992.72000000</valUSD>
        <pctVal>0.031530603877</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="1 day GBP SONIA" floatingRtSpread="0.00000000" pmntAmt="54791.91000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-58454.80000000" curCd="GBP" fixedOrFloating="Fixed" fixedRt="4.00000000"/>
            <terminationDt>2036-03-18</terminationDt>
            <upfrontPmnt>11448.33000000</upfrontPmnt>
            <pmntCurCd>GBP</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>GBP</rcptCurCd>
            <notionalAmt>5080000.00000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>157807.01000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/3.50000 06/17/26-7Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02O1Q5"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>212544.80000000</valUSD>
        <pctVal>0.038739583347</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="11273.30000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-10888.89000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.50000000"/>
            <terminationDt>2033-06-17</terminationDt>
            <upfrontPmnt>61397.19000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>8000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>151147.61000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/3.75000 06/17/26-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02O8G0"/>
        </identifiers>
        <balance>6100000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>134826.47000000</valUSD>
        <pctVal>0.024574213398</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="8595.89000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-8895.84000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.75000000"/>
            <terminationDt>2036-06-17</terminationDt>
            <upfrontPmnt>74463.56000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>6100000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>60362.91000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/4.00000 06/17/26-30Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02O8N5"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>97830.90000000</valUSD>
        <pctVal>0.017831197491</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="4227.48000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-4666.66000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.00000000"/>
            <terminationDt>2056-06-17</terminationDt>
            <upfrontPmnt>57420.96000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>3000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>40409.94000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/4.00600 05/28/26-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02PDK2"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-1122.55000000</valUSD>
        <pctVal>-0.00020460213</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="4163.63000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.01000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="-3775.41000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2036-05-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-2729.47000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1100000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1606.92000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <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"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-03</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
