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        <name>United States Treasury</name>
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        <name>Bank of America NA</name>
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        <name>Chicago Board of Trade</name>
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        <name>Sound Point CLO LTD</name>
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        <name>Morgan Stanley &amp; Co. International PLC</name>
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        <name>Eurex Deutschland</name>
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        <name>United States Treasury</name>
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        <name>SLM Student Loan Trust</name>
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        <name>LCH Ltd.</name>
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        <name>United States Treasury</name>
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        <name>Fannie Mae</name>
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        <name>Deutsche Bank AG</name>
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      <invstOrSec>
        <name>Harvest CLO</name>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REALKREDIT DANMARK</name>
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        <name>HSBC Bank PLC</name>
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        <securityLending>
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        <name>Dryden Senior Loan Fund</name>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Adagio CLO</name>
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        <name>Morgan Stanley &amp; Co. International PLC</name>
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        <name>NYKREDIT REALKREDIT AS</name>
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      <invstOrSec>
        <name>Romark CLO Ltd</name>
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      <invstOrSec>
        <name>NYKREDIT REALKREDIT AS</name>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
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          <other otherDesc="Trade Identifier" value="25FQKBBQ6WW"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
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        <name>Chicago Board of Trade</name>
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      <invstOrSec>
        <name>BUONI POLIENNALI DEL TES</name>
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        <title>Italy Buoni Poliennali Del Tesoro</title>
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        <name>Freddie Mac</name>
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        <name>Morgan Stanley &amp; Co. International PLC</name>
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      <invstOrSec>
        <name>Ares European CLO</name>
        <lei>635400SFL7VSI4HNPI68</lei>
        <title>Ares European CLO X DAC</title>
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        <name>NYKREDIT REALKREDIT AS</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
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        <name>Societe Generale SA</name>
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        <name>Tikehau</name>
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        <name>LCH Ltd.</name>
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        <name>Osaka Exchange</name>
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        <name>Citigroup Mortgage Loan Trust Inc</name>
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        <name>LCH Ltd.</name>
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        <name>New Residential Mortgage Loan Trust</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
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          <isin value="US31396WTU08"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
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        <title>Angel Oak Mortgage Trust 2020-4</title>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>United States Treasury</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>Dryden Euro CLO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <name>LCH Ltd.</name>
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        <name>UBS GROUP AG</name>
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      <invstOrSec>
        <name>LCH Ltd.</name>
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        <name>Goldman Sachs Bank USA</name>
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            <putOrCall>Put</putOrCall>
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                      <other otherDesc="Internal Identifier" value="OP003XQ71E"/>
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        <name>Societe Generale SA</name>
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        <name>Citibank NA</name>
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        <name>Eurex Deutschland</name>
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        <title>EURO-BUND FUTURE SEP25</title>
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        <name>UMBS, TBA</name>
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        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <title>Bear Stearns ARM Trust 2004-10</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Venture CDO Ltd</name>
        <lei>54930010DKR017G3JK24</lei>
        <title>Venture XXVIII CLO Ltd</title>
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        <balance>58404.99000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Government National Mortgage Association</name>
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        <name>LCH Ltd.</name>
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        <name>Fannie Mae</name>
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        <name>LCH Ltd.</name>
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        <name>Morgan Stanley Capital Inc</name>
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        <name>HSBC Bank PLC</name>
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        <name>JYSKE REALKREDIT A/S</name>
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        <name>LCH Ltd.</name>
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        <name>LCH Ltd.</name>
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        <name>LCH Ltd.</name>
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        <name>JYSKE REALKREDIT A/S</name>
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        <name>HSBC Bank PLC</name>
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        <name>Government National Mortgage Association</name>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Indexed Notes</title>
        <cusip>912828ZZ6</cusip>
        <identifiers>
          <isin value="US912828ZZ63"/>
        </identifiers>
        <balance>12137416.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11405421.43000000</valUSD>
        <pctVal>3.261945506627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>INF SWAP GB NI 3.466 09/15/24-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU0AP415"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.72851800"/>
        <valUSD>14335.10000000</valUSD>
        <pctVal>0.004099832287</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="0.00000000" curCd="GBP" fixedOrFloating="Fixed" fixedRt="3.46600000"/>
            <otherPmntDesc fixedOrFloating="Other">Inflation based on U.K. Retail Price Index</otherPmntDesc>
            <terminationDt>2034-09-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>GBP</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>GBP</rcptCurCd>
            <notionalAmt>700000.00000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>14335.10000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>317U84TA3 PIMCO SWAPTION 2.44 PUT EUR 20270125</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="317U84TA3"/>
        </identifiers>
        <balance>-1300000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893200"/>
        <valUSD>-8036.14000000</valUSD>
        <pctVal>-0.00229833250</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="SWO">
            <counterparties>
              <counterpartyName>Barclays Bank PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>Barclays Bank PLC</counterpartyName>
                    <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Barclays Bank PLC</name>
                    <lei>G5GSEF7VJP5I7OUK5573</lei>
                    <title>IRS Swap</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="OP003YSW2E"/>
                    </identifiers>
                    <balance>1300000.00000000</balance>
                    <units>OU</units>
                    <descOthUnits>Notional Amount</descOthUnits>
                    <curCd>N/A</curCd>
                    <valUSD>-8036.14000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>N/A</issuerName>
                      <issueTitle>N/A</issueTitle>
                      <identifiers>
                        <other otherDesc="N/A" value="N/A"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <fixedRecDesc amount="0.00000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="2.44000000"/>
                  <floatingPmntDesc curCd="EUR" fixedOrFloating="Floating" floatingRtIndex="Euribor 6 Month" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Month" rateTenorUnit="6" resetDt="Month" resetDtUnit="6"/>
                    </rtResetTenors>
                  </floatingPmntDesc>
                  <terminationDt>2029-01-27</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>N/A</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>N/A</rcptCurCd>
                  <notionalAmt>1300000.00000000</notionalAmt>
                  <curCd>EUR</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>2.44000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2027-01-25</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>3527.28000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC Bank PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>PURCHASED USD / SOLD JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25EUKBBPVVL"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
        <valUSD>543.34000000</valUSD>
        <pctVal>0.000155395000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC Bank PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <amtCurSold>30539695.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>212617.19000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-07-02</settlementDt>
            <unrealizedAppr>543.34000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>INF SWAP EM NI 2.421 05/15/22-30Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU0EA026"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.84893200"/>
        <valUSD>-1373.83000000</valUSD>
        <pctVal>-0.00039291477</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>XX</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="0.00000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="2.42100000"/>
            <otherPmntDesc fixedOrFloating="Other">Inflation based on Eurostat Eurozone HICP ex-Tobacco NSA</otherPmntDesc>
            <terminationDt>2052-05-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>EUR</pmntCurCd>
            <upfrontRcpt>-28582.16000000</upfrontRcpt>
            <rcptCurCd>EUR</rcptCurCd>
            <notionalAmt>240000.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>28868.96000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>INF SWAP GB NI 3.5 08/15/24-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU0TX9S4"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.72851800"/>
        <valUSD>38093.48000000</valUSD>
        <pctVal>0.010894718505</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="0.00000000" curCd="GBP" fixedOrFloating="Fixed" fixedRt="3.50000000"/>
            <otherPmntDesc fixedOrFloating="Other">Inflation based on U.K. Retail Price Index</otherPmntDesc>
            <terminationDt>2034-08-15</terminationDt>
            <upfrontPmnt>6931.09000000</upfrontPmnt>
            <pmntCurCd>GBP</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>GBP</rcptCurCd>
            <notionalAmt>1600000.00000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>28966.63000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>PURCHASED DKK / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25FSKBBM4DV"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="DKK" exchangeRt="6.33375000"/>
        <valUSD>3824.62000000</valUSD>
        <pctVal>0.001093839635</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <amtCurSold>700336.73000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>4459981.92000000</amtCurPur>
            <curPur>DKK</curPur>
            <settlementDt>2025-07-02</settlementDt>
            <unrealizedAppr>3824.62000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REALKREDIT DANMARK</name>
        <lei>549300NLOMBOWE943Y30</lei>
        <title>Realkredit Danmark A/S</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DK0004619384"/>
        </identifiers>
        <balance>2.22000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.33375000"/>
        <valUSD>0.27000000</valUSD>
        <pctVal>0.000000077219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Indexed Notes</title>
        <cusip>91282CEJ6</cusip>
        <identifiers>
          <isin value="US91282CEJ62"/>
        </identifiers>
        <balance>5908500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5785548.25000000</valUSD>
        <pctVal>1.654664251846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Indexed Notes</title>
        <cusip>912828S50</cusip>
        <identifiers>
          <isin value="US912828S505"/>
        </identifiers>
        <balance>9797088.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9713286.35000000</valUSD>
        <pctVal>2.777995618875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NYKREDIT REALKREDIT AS</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
        <title>Nykredit Realkredit AS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DK0009527616"/>
        </identifiers>
        <balance>1.77000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.33375000"/>
        <valUSD>0.23000000</valUSD>
        <pctVal>0.000000065779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="For Schedule C Item C.9.b.ii Annualized Rate, the rates shown represent the annualized coupon rate for the investment.  If an investment is a zero coupon bond, discounted investment, or an unsettled loan or when-issued investment, where the rate has not been set, the field will be 0." noteItem="C.9.b.ii"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <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"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-15</ncom:dateSigned>
      <ncom:nameOfApplicant>PACIFIC SELECT FUND</ncom:nameOfApplicant>
      <ncom:signature>Trevor Smith</ncom:signature>
      <ncom:signerName>Trevor Smith</ncom:signerName>
      <ncom:title>Assistant Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
