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      </invstOrSec>
      <invstOrSec>
        <name>RC R/P DEUTSC  4.450% 06/05/25</name>
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        <name>CARVL 2018-1A AR V/R 07/16/31</name>
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        <name>FNMA 30YR TBA 4% JUN 25</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>JAPAN (40 Y 2.2% 03/20/64/JPY/</name>
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        <name>UBS GROUP AG 4.282% 01/09/28</name>
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        <name>FNR 2025-6 GF V/R 02/25/55</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>MALAYSIA  3.519% 04/20/28/MYR/</name>
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        <name>N/A</name>
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          <maturityDt>2044-07-25</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK NY V/R 01/07/28</name>
        <lei>N/A</lei>
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          <isin value="US25160PAH01"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CLIENT ID" value="SWU02DCP9BARC"/>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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      </invstOrSec>
      <invstOrSec>
        <name>DRSLF 2016-43A A V/R 04/20/34</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHR 4579 FD V/R 01/15/38</name>
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          <isin value="US3137BPPH69"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>ROMANIA 2% 04/14/33/EUR/</name>
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      <invstOrSec>
        <name>PRVD 2A ARR V/R 10/15/38 /EUR/</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>HVMLT 2005-2 2A1 V/R 05/19/35</name>
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        <name>F/C JPN 10Y BOND(OSE) JUN25</name>
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        <name>NGATE 07-1X A3 V/R 12/1/50</name>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.75348000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.86 02/28/29 BARC FLOAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02CKS6BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-14303.16000000</valUSD>
        <pctVal>-0.00806366497</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1463" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.86166000"/>
            <terminationDt>2029-02-28</terminationDt>
            <upfrontPmnt>-1600000.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>1600000.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1600000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-14303.16000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BSSP 2007-R6 V/R 1/26/36</name>
        <lei>N/A</lei>
        <title>BSSP 2007-R6 V/R 1/26/36 5.06345000</title>
        <cusip>07402FAA3</cusip>
        <identifiers>
          <isin value="US07402FAA30"/>
        </identifiers>
        <balance>26099.09000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18583.14000000</valUSD>
        <pctVal>0.010476581056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.06345000</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>CWHL 2005-9 1A3 V/R 05/25/35</name>
        <lei>N/A</lei>
        <title>CHL MORTGAGE PASS-THROUGH TRUST 2005-9 SER 2005-9 CL 1A3 V/R REGD 4.89920000</title>
        <cusip>12669GZQ7</cusip>
        <identifiers>
          <isin value="US12669GZQ71"/>
        </identifiers>
        <balance>33983.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29711.28000000</valUSD>
        <pctVal>0.016750271117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.89920000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CNH/USD FWD 20250820 000000902 USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1296327253"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-10134.05000000</valUSD>
        <pctVal>-0.00571325385</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-9510905.66000000</amtCurSold>
            <curSold>CNY</curSold>
            <amtCurPur>1317908.33000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-08-20</settlementDt>
            <unrealizedAppr>-10134.05000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS R02.47PST3M 02/03/30 BARCUS3BXXX FIXED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02E1P9BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="SEK" exchangeRt="9.58655000"/>
        <valUSD>6502.81000000</valUSD>
        <pctVal>0.003666076672</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="SEK" fixedOrFloating="Fixed" fixedRt="2.47375000"/>
            <floatingPmntDesc curCd="SEK" fixedOrFloating="Floating" floatingRtIndex="STIB3M" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1853" resetDt="Day" resetDtUnit="1853"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2030-02-03</terminationDt>
            <upfrontPmnt>-399738.35000000</upfrontPmnt>
            <pmntCurCd>SEK</pmntCurCd>
            <upfrontRcpt>399738.35000000</upfrontRcpt>
            <rcptCurCd>SEK</rcptCurCd>
            <notionalAmt>458976.37836344</notionalAmt>
            <curCd>SEK</curCd>
            <unrealizedAppr>6502.81000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS P02.25RER6M 09/17/55 BARCUS3BXXX FIXED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02FN64BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88066931"/>
        <valUSD>-25422.58000000</valUSD>
        <pctVal>-0.01433243897</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="2.25000000"/>
            <floatingPmntDesc curCd="EUR" fixedOrFloating="Floating" floatingRtIndex="EUR006M" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="10964" resetDt="Day" resetDtUnit="10964"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2055-09-17</terminationDt>
            <upfrontPmnt>-341639.97000000</upfrontPmnt>
            <pmntCurCd>EUR</pmntCurCd>
            <upfrontRcpt>326288.93000000</upfrontRcpt>
            <rcptCurCd>EUR</rcptCurCd>
            <notionalAmt>340649.99948732</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-10071.54000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CNH/USD FWD 20250618 000000902 USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1296310303"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-4165.54000000</valUSD>
        <pctVal>-0.00234839846</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-2160882.32000000</amtCurSold>
            <curSold>CNY</curSold>
            <amtCurPur>296064.00000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-06-18</settlementDt>
            <unrealizedAppr>-4165.54000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.84 05/15/34 BARC FLOAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02CL22BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1212.68000000</valUSD>
        <pctVal>-0.00068367026</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="3301" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.84681800"/>
            <terminationDt>2034-05-15</terminationDt>
            <upfrontPmnt>-300000.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>300000.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>300000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1212.68000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORO USD 5Y P 4.25000 L 06/23/25 BOA</name>
        <lei>N/A</lei>
        <title>ORO USD 5Y P 4.25000 L 06/23/25 BOA 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="317U6E1A3"/>
        </identifiers>
        <balance>-2700000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-99.36000000</valUSD>
        <pctVal>-0.00005601599</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>BANK OF AMERICA, N.A.</counterpartyName>
              <counterpartyLei>549300H041M8GSCMYP92</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ORO USD 5Y P 4.25000 L 06/23/25 BOA</issuerName>
                <issueTitle>0</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <principalAmt>1.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>4.25000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-23</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-99.36000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US TREAS BDS 2.25% 08/15/49</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY BOND 2.25000000</title>
        <cusip>912810SJ8</cusip>
        <identifiers>
          <isin value="US912810SJ88"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>244218.75000000</valUSD>
        <pctVal>0.137682734451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BONOS Y OB 2.55% 10/31/32/EUR/</name>
        <lei>N/A</lei>
        <title>BONOS Y OBLIG DEL ESTADO /EUR/ REGD 2.55000000</title>
        <cusip>E8922AMM9</cusip>
        <identifiers>
          <isin value="ES0000012K61"/>
        </identifiers>
        <balance>2100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88066931"/>
        <valUSD>2348284.55000000</valUSD>
        <pctVal>1.323887859204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.25 06/18/30 BARCUS3BXXX FLOAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02G0K6BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>85808.80000000</valUSD>
        <pctVal>0.048376261953</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1838" resetDt="Day" resetDtUnit="1"/>
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            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.25000000"/>
            <terminationDt>2030-06-18</terminationDt>
            <upfrontPmnt>-5530851.86000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.90 03/04/35 BARCUS3BXXX FLOAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02FNN7BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2070.39000000</valUSD>
        <pctVal>-0.00116721978</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="3677" resetDt="Day" resetDtUnit="1"/>
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            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.90750000"/>
            <terminationDt>2035-03-04</terminationDt>
            <upfrontPmnt>-400000.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>400000.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>400000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2070.39000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#889649 6.5% 08/01/37</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#889649 6.50000000</title>
        <cusip>31410KL69</cusip>
        <identifiers>
          <isin value="US31410KL695"/>
        </identifiers>
        <balance>1488.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1502.64000000</valUSD>
        <pctVal>0.000847140459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA II P#MB0255 3.5% 03/20/55</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#MB0255 3.50000000</title>
        <cusip>3618N5H93</cusip>
        <identifiers>
          <isin value="US3618N5H931"/>
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        <balance>2519835.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2241782.63000000</valUSD>
        <pctVal>1.263845476831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA 30YR TBA 6.5% JUL 25</name>
        <lei>N/A</lei>
        <title>FNMA 30YR TBA 6.5% JUL 25      TO BE ANNOUNCED 6.50000000</title>
        <cusip>01F062671</cusip>
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          <isin value="US01F0626717"/>
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        <balance>15200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15589403.02000000</valUSD>
        <pctVal>8.788807723671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.59 08/31/29 BARC FLOAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02FT76BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2826.04000000</valUSD>
        <pctVal>-0.00159323112</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1460" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.59254000"/>
            <terminationDt>2029-08-31</terminationDt>
            <upfrontPmnt>-2800000.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>2800000.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2800000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2826.04000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMMT 2003-A2 3A V/R 11/25/33</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST 2003-A2 SER 2003-A2 CL 3A1 V/R REGD 5.59768800</title>
        <cusip>466247AZ6</cusip>
        <identifiers>
          <isin value="US466247AZ62"/>
        </identifiers>
        <balance>594.88000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576.29000000</valUSD>
        <pctVal>0.000324893903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.59768800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS P00.45RMUTK 12/15/51 BARCUS3BXXX FIXED</title>
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        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU01BQZ7BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="143.89500000"/>
        <valUSD>-96933.76000000</valUSD>
        <pctVal>-0.05464815923</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="JPY" fixedOrFloating="Fixed" fixedRt="0.45000000"/>
            <floatingPmntDesc curCd="JPY" fixedOrFloating="Floating" floatingRtIndex="MUTKCALM" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="9506" resetDt="Day" resetDtUnit="9506"/>
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            </floatingPmntDesc>
            <terminationDt>2051-12-15</terminationDt>
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            <upfrontRcpt>242955.76000000</upfrontRcpt>
            <rcptCurCd>JPY</rcptCurCd>
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            <curCd>JPY</curCd>
            <unrealizedAppr>-35061.83000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS R01.50PCN07 03/18/31 SCX LONG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02F267"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CNY" exchangeRt="7.19975000"/>
        <valUSD>11424.46000000</valUSD>
        <pctVal>0.006440745816</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>STANDARD CHARTER BANK</counterpartyName>
              <counterpartyLei>RILFO74KP1CM8P6PCT96</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="CNY" fixedOrFloating="Fixed" fixedRt="1.50000000"/>
            <floatingPmntDesc curCd="CNY" fixedOrFloating="Floating" floatingRtIndex="CNRR007" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="2203" resetDt="Day" resetDtUnit="2203"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2031-03-18</terminationDt>
            <upfrontPmnt>-12800636.60000000</upfrontPmnt>
            <pmntCurCd>CNY</pmntCurCd>
            <upfrontRcpt>12843742.35000000</upfrontRcpt>
            <rcptCurCd>CNY</rcptCurCd>
            <notionalAmt>12958783.29108650</notionalAmt>
            <curCd>CNY</curCd>
            <unrealizedAppr>-31681.29000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.96 11/15/54 BARC FLOAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02F3Z2BARC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3803.07000000</valUSD>
        <pctVal>0.002144049451</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="10601" resetDt="Day" resetDtUnit="1"/>
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            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.96415000"/>
            <terminationDt>2054-11-15</terminationDt>
            <upfrontPmnt>-300000.00000000</upfrontPmnt>
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            <upfrontRcpt>300000.00000000</upfrontRcpt>
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            <notionalAmt>300000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3803.07000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BONOS Y OB 3.15% 04/30/35/EUR/</name>
        <lei>N/A</lei>
        <title>BONOS Y OBLIG DEL ESTADO /EUR/ REGD 3.15000000</title>
        <cusip>E4R46FAA8</cusip>
        <identifiers>
          <isin value="ES0000012O67"/>
        </identifiers>
        <balance>2760000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88066931"/>
        <valUSD>3146715.69000000</valUSD>
        <pctVal>1.774017845647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS R02.50PKWDC 09/17/30 BARC FIXED</title>
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        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02G9W1BARC"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="KRW" exchangeRt="1381.65000000"/>
        <valUSD>190.04000000</valUSD>
        <pctVal>0.000107138484</pctVal>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="KRW" fixedOrFloating="Fixed" fixedRt="2.50000000"/>
            <floatingPmntDesc curCd="KRW" fixedOrFloating="Floating" floatingRtIndex="KWCDC" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1839" resetDt="Day" resetDtUnit="1839"/>
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            </floatingPmntDesc>
            <terminationDt>2030-09-17</terminationDt>
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            <pmntCurCd>KRW</pmntCurCd>
            <upfrontRcpt>38487.88000000</upfrontRcpt>
            <rcptCurCd>KRW</rcptCurCd>
            <notionalAmt>40560.19976116</notionalAmt>
            <curCd>KRW</curCd>
            <unrealizedAppr>303.58000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NYO 2021-1290 A V/R 11/15/28</name>
        <lei>N/A</lei>
        <title>NYO COMMERCIAL MORTGAGE TRUST 2021-1290 SER 2021-1290 CL A V/R REGD 144A P/P 5.53848000</title>
        <cusip>62955HAA5</cusip>
        <identifiers>
          <isin value="US62955HAA59"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>398493.64000000</valUSD>
        <pctVal>0.224657992135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.53848000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>DRSLF 2018-55A A V/R 04/15/31</name>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="INTERNAL" value="1296322459"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS GRO V/R 04/25/35</name>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL" value="1296325315"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CLIENT ID" value="SWU01O3A9BARC"/>
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              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>BONOS Y OBL 1.4% 07/30/28/EUR/</name>
        <lei>N/A</lei>
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        <cusip>E8922AFW5</cusip>
        <identifiers>
          <isin value="ES0000012B88"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.88066931"/>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP04.15 11/15/34 BARC FLOAT</title>
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          <other otherDesc="CLIENT ID" value="SWU02F9E3BARC"/>
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              <counterpartyName>BARCLAYS BANK</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>PNC FINANCIAL SER V/R 01/29/36</name>
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          <isin value="US693475CC77"/>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK NY V/R 09/11/30</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US251526CX52"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.59 08/19/34 BARCUS3BXXX FLOAT</title>
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          <other otherDesc="CLIENT ID" value="SWU028ZZ3BARC"/>
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        <name>STATE OF ISRAEL 5.5% 03/12/34</name>
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        <invCountry>IL</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>WOODS 2018-12BA  V/R 06/15/31</name>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD/ZAR FWD 20250623 000006038 USD</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="1296344013"/>
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        <units>NC</units>
        <curCd>N/A</curCd>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>US T BILL ZCP 07/10/25</name>
        <lei>N/A</lei>
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          <isin value="US912797LW51"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>RC R/P DEUTSC  4.440% 06/05/25</name>
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          <other otherDesc="INTERNAL" value="349MF2"/>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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              <counterpartyInfo lei="9J6MBOOO7BECTDTUZW19" name="Deutsche Bank Securities Inc."/>
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      <invstOrSec>
        <name>REPUBLIC O 6.95% 08/12/31/PEN/</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-12</maturityDt>
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        <name>GOLDMAN SACHS GRO V/R 04/25/30</name>
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          <isin value="US38141GA872"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-25</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="CLIENT ID" value="SWU02CKU1BARC"/>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED KI 0.625% 10/22/50/GBP/</name>
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          <isin value="GB00BMBL1F74"/>
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      <invstOrSec>
        <name>NORDEA KREDIT 1% 10/01/50/DKK/</name>
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          <isin value="DK0002044551"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>KZT/USD FWD 20250911 000003534 USD</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="1296329093"/>
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        <units>NC</units>
        <curCd>N/A</curCd>
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              <counterpartyName>DEUTSCHE BANK AG</counterpartyName>
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      <invstOrSec>
        <name>BAFC 2006 A 1A1 V/R 2/20/36</name>
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      <invstOrSec>
        <name>N/A</name>
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        <title>IRS RSOFRP03.66 08/31/29 BARC FLOAT</title>
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          <other otherDesc="CLIENT ID" value="SWU02FUF6BARC"/>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
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            <amtCurSold>-247882.00000000</amtCurSold>
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            <amtCurPur>967116.58000000</amtCurPur>
            <curPur>PLN</curPur>
            <settlementDt>2025-06-06</settlementDt>
            <unrealizedAppr>10496.96000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CAD/USD FWD 20250702 000009049 USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1296356377"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-7483.44000000</valUSD>
        <pctVal>-0.00421892455</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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            <amtCurSold>-4534733.98000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>3301674.22000000</amtCurPur>
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            <unrealizedAppr>-7483.44000000</unrealizedAppr>
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        </derivativeInfo>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#FM1796 3.5% 10/01/34</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#FM1796 3.50000000</title>
        <cusip>3140X47J9</cusip>
        <identifiers>
          <isin value="US3140X47J93"/>
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        <balance>15345.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14658.72000000</valUSD>
        <pctVal>0.008264118349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP02.96 11/30/26 BARC FLOAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU01JJ13BARC"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>131253.06000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS R03.75PNF3F 06/15/27 BARCUS3BXXX FIXED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU01I841BARC"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="NZD" exchangeRt="1.67350023"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="NZD" fixedOrFloating="Fixed" fixedRt="3.75000000"/>
            <floatingPmntDesc curCd="NZD" fixedOrFloating="Floating" floatingRtIndex="NFIX3FRA" floatingRtSpread="0" pmntAmt="0.00000000">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="746" resetDt="Day" resetDtUnit="746"/>
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            </floatingPmntDesc>
            <terminationDt>2027-06-15</terminationDt>
            <upfrontPmnt>-586829.94000000</upfrontPmnt>
            <pmntCurCd>NZD</pmntCurCd>
            <upfrontRcpt>558605.79000000</upfrontRcpt>
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            <curCd>NZD</curCd>
            <unrealizedAppr>38077.76000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS R00.25PMUTK 03/15/32 BARCUS3BXXX FIXED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU01GJC5BARC"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="143.89500000"/>
        <valUSD>-17974.76000000</valUSD>
        <pctVal>-0.01013359583</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <cusip value="N/A"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="JPY" fixedOrFloating="Fixed" fixedRt="0.25000000"/>
            <floatingPmntDesc curCd="JPY" fixedOrFloating="Floating" floatingRtIndex="MUTKCALM" floatingRtSpread="0" pmntAmt="0.00000000">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="2571" resetDt="Day" resetDtUnit="2571"/>
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            </floatingPmntDesc>
            <terminationDt>2032-03-15</terminationDt>
            <upfrontPmnt>-411573.44000000</upfrontPmnt>
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            <curCd>JPY</curCd>
            <unrealizedAppr>-16496.06000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALBA 2007-1 V/R 03/17/39 /GBP/</name>
        <lei>N/A</lei>
        <title>ALBA 2007-1 PLC SER 2007-1 CL A3 V/R REGD REG S /GBP/ 4.76003000</title>
        <cusip>G021A3AA9</cusip>
        <identifiers>
          <isin value="XS0301721832"/>
        </identifiers>
        <balance>156288.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74214259"/>
        <valUSD>206877.35000000</valUSD>
        <pctVal>0.116630845273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-17</maturityDt>
          <couponKind>Variable</couponKind>
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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>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.62 11/30/29 BARCUS3BXXX FLOAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU02I618BARC"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5931.00000000</valUSD>
        <pctVal>-0.00334370845</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1461" resetDt="Day" resetDtUnit="1"/>
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            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.62000000"/>
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            <upfrontRcpt>1540000.00000000</upfrontRcpt>
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            <notionalAmt>1540000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-5352.63000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANDS CHINA LTD 5.4% 08/08/28</name>
        <lei>N/A</lei>
        <title>SANDS CHINA LTD REGD SER WI 5.40000000</title>
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        <identifiers>
          <isin value="US80007RAE53"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199415.46000000</valUSD>
        <pctVal>0.112424069915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IRS RSOFRP03.75 06/20/31 BARCUS3BXXX FLOAT</title>
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        <identifiers>
          <other otherDesc="CLIENT ID" value="SWU0204Z4BARC"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1856.95000000</valUSD>
        <pctVal>0.001046889126</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFRRATE" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="2201" resetDt="Day" resetDtUnit="1"/>
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            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.75000000"/>
            <terminationDt>2031-06-20</terminationDt>
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            <upfrontRcpt>400000.00000000</upfrontRcpt>
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            <notionalAmt>400000.00000000</notionalAmt>
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            <unrealizedAppr>3858.35000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS US50064FAM68 01.000 BP 06/20/2030 GSILGB2XXXX LONG</title>
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        <identifiers>
          <other otherDesc="CLIENT ID" value="SWPC0NLY0"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-13967.74000000</valUSD>
        <pctVal>-0.00787456588</pctVal>
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        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>REPUBLIC OF KOR 2.75% 01/19/27</issuerName>
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                  <cusip value="50064FAM6"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
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            <unrealizedAppr>-1189.25000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FRANCE (GOVT  2% 05/25/48/EUR/</name>
        <lei>N/A</lei>
        <title>FRANCE (GOVT OF) /EUR/ REGD SER OAT 2.00000000</title>
        <cusip>F26348BT2</cusip>
        <identifiers>
          <isin value="FR0013257524"/>
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        <balance>2100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88066931"/>
        <valUSD>1743478.63000000</valUSD>
        <pctVal>0.982917590220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-25</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>UMBS P#MA5071 5% 07/01/53</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#MA5071 5.00000000</title>
        <cusip>31418ET59</cusip>
        <identifiers>
          <isin value="US31418ET595"/>
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        <balance>94158.26000000</balance>
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        <name>N/A</name>
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      <invstOrSec>
        <name>GNMA II P#MA8043 3% 05/20/52</name>
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      <invstOrSec>
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      </invstOrSec>
      <invstOrSec>
        <name>F/C EURO-BUND FUTURE  JUN25</name>
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        <name>SAUDI INT 3.375% 03/05/32/EUR/</name>
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      <invstOrSec>
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        <name>UMBS P#QF1922 4.5% 10/01/52</name>
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        <name>TPMF 2024-G V/R 10/20/29 /GBP/</name>
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      <invstOrSec>
        <name>BONOS Y OBL 2.5% 05/31/27/EUR/</name>
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      <invstOrSec>
        <name>UMBS P#QI1359 5% 03/01/54</name>
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        <name>JAPAN (20 YEA 1% 12/20/35/JPY/</name>
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        <name>CASH COLLATERAL V/R 12/31/49</name>
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        <name>ROMANIA 1.75% 07/13/30/EUR/</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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      </invstOrSec>
      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JPMORGAN</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA 30YR TBA 3.0% JUL12</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SAMI 2005-AR2 2A V/R 05/25/45</name>
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          <isin value="US86359LJA89"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SINGAPORE  2.75% 03/01/35/SGD/</name>
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          <isin value="SGXF25686589"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="INTERNAL" value="1296348738"/>
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        <balance>1.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JPMORGAN CHASE BANK NA</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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      </invstOrSec>
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        <name>N/A</name>
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          <fwdDeriv derivCat="FWD">
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>BARCLAYS BANK</counterpartyName>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC V/R 03/13/28</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>REPUBLIC OF S 8% 01/31/30/ZAR/</name>
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        <units>PA</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.98280000"/>
        <valUSD>477073.23000000</valUSD>
        <pctVal>0.268958656287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINGAPORE 2.375% 07/01/39/SGD/</name>
        <lei>N/A</lei>
        <title>SINGAPORE GOVERNMENT /SGD/ REGD 2.37500000</title>
        <cusip>Y280CEAP2</cusip>
        <identifiers>
          <isin value="SGXF13029610"/>
        </identifiers>
        <balance>47000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SGD" exchangeRt="1.28965000"/>
        <valUSD>35852.51000000</valUSD>
        <pctVal>0.020212500529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</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="Currency code CNY is reflective of both onshore and offshore Yuan" noteItem="C.11.e.i"/>
      <explntrNote note="Currency code CNY is reflective of both onshore and offshore Yuan" noteItem="C.2.b"/>
      <explntrNote note="Currency code CNY is reflective of both onshore and offshore Yuan" noteItem="C.11.e.ii"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="ISO country code not reported for forwards, swaps or supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley Pathway Funds</ncom:nameOfApplicant>
      <ncom:signature>Francis Smith</ncom:signature>
      <ncom:signerName>Francis Smith</ncom:signerName>
      <ncom:title>Chief Financial Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
