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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>GE HEALTHCARE TECH INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUNICATIONS</name>
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        <name>Fannie Mae</name>
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        <name>US TREASURY N/B</name>
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        <name>ACCENTURE CAPITAL INC</name>
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        <name>VICI PROPERTIES LP</name>
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        <name>EOG RESOURCES INC</name>
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        <name>CONOCOPHILLIPS COMPANY</name>
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        <name>CONSTELLATION EN GEN LLC</name>
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        <title>Constellation Energy Generation LLC</title>
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        <invCountry>US</invCountry>
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        <name>SYNOPSYS INC</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>Synopsys Inc</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Broadcom Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MATTERHORN TELECOM SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIBANK NA</name>
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      <invstOrSec>
        <name>HERC HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MARS INC</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XGTV1</cusip>
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          <isin value="US3140XGTV18"/>
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        <balance>37892.30000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3133KJNE8</cusip>
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          <isin value="US3133KJNE81"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC</name>
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        <title>Cleveland-Cliffs Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>LEIDOS INC</name>
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        <title>Leidos Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-15</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140MB6X5</cusip>
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          <isin value="US3140MB6X54"/>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QP4F1</cusip>
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          <isin value="US3140QP4F18"/>
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        <name>Zais Matrix CDO I</name>
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        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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        <name>American Express Co</name>
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        <name>DOMINION ENERGY INC</name>
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        <name>BANK OF AMERICA CORP</name>
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        <title>Bank of America Corp</title>
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        <name>CITIBANK NA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AON NORTH AMERICA INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dryden Senior Loan Fund</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>AMERICAN TOWER TRUST I</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ABBVIE INC</name>
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        <title>AbbVie Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOMBARDIER INC</name>
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        <title>Bombardier Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <title>Pacific Gas and Electric Co</title>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
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          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>TCW Ltd</name>
        <lei>N/A</lei>
        <title>TCW CLO 2019-2 Ltd</title>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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        <balance>2193911.81000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XDRM0</cusip>
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        <balance>543320.78000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2022-B32 Mortgage Trust</title>
        <cusip>08163NBJ3</cusip>
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          <isin value="US08163NBJ37"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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        <name>NEXTERA ENERGY CAPITAL</name>
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        <title>NextEra Energy Capital Holdings Inc</title>
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        <name>PENNYMAC FIN SVCS INC</name>
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        <name>HCA Healthcare Inc</name>
        <lei>529900PH4ZGUH2MNEU89</lei>
        <title>HCA Healthcare Inc</title>
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        <assetCat>EC</assetCat>
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        <name>COTIVITI INC</name>
        <lei>254900YAQHVRTG4IFI64</lei>
        <title>COTIVITI INC</title>
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        <name>SIRIUS XM RADIO LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>Sirius XM Radio LLC</title>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2025-R04</title>
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          <isin value="US20755TAC53"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>T-MOBILE USA INC</name>
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      <invstOrSec>
        <name>ARCHROCK PARTNERS LP/FIN</name>
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      <invstOrSec>
        <name>Ally Financial Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
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        <curCd>USD</curCd>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>AMPHENOL CORP</name>
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        <title>Amphenol Corp</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
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          <isin value="US06539VBB36"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-15</maturityDt>
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      <invstOrSec>
        <name>BANK OF NY MELLON CORP</name>
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        <title>Bank of New York Mellon Corp/The</title>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWDC47"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS PLC</name>
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        <title>Barclays PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>QXO BUILDING PRODUCTS</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JEFFERIES FINANCE LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DRAGON BUYER INC</name>
        <lei>2549006V6EIUFGF2Y127</lei>
        <title>DRAGON BUYER INC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
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        <name>QUIKRETE HOLDINGS INC</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>Quikrete Holdings Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
        <cusip>87264ADU6</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-15</maturityDt>
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        <name>BERKSHIRE HATHAWAY ENERG</name>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank</name>
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      <invstOrSec>
        <name>JEFFERIES FIN GROUP INC</name>
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        <name>STONEPEAK NILE PARENT</name>
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      <invstOrSec>
        <name>NEW YORK LIFE GLOBAL FDG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Canyon Capital CLO Ltd</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-15</maturityDt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EB90</cusip>
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          <isin value="US31418EB908"/>
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        <balance>744655.35000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PACIFICORP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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        <name>MARS INC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Multifamily Structured P</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>AutoZone Inc</name>
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        <name>AMENTUM HOLDINGS INC</name>
        <lei>2549009FJIBLW40CU216</lei>
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        <name>JUNE PURCHASER LLC</name>
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        <name>STATE STREET CORP</name>
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        <name>AVIATION CAPITAL GROUP</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
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        <name>Danaher Corp</name>
        <lei>S4BKK9OTCEWQ3YHPFM11</lei>
        <title>Danaher Corp</title>
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          <ticker value="DHR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>DOMINION ENERGY INC</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc</title>
        <cusip>25746UDV8</cusip>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>DTE ENERGY CO</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-01</maturityDt>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MAGNERA CORP</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Sherwin-Williams Co/The</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fiserv Inc</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ROGERS COMMUNICATIONS IN</name>
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        <title>Rogers Communications Inc</title>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>US TREASURY N/B</name>
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        <issuerCat>UST</issuerCat>
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        <name>CELANESE US HOLDINGS LLC</name>
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        <title>Celanese US Holdings LLC</title>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
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        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
        <cusip>00774MBJ3</cusip>
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          <other otherDesc="SEDOL" value="BRXGPS6"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DEUTSCHE BANK NY</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG/New York NY</title>
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          <other otherDesc="SEDOL" value="BQD01V6"/>
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        <balance>1232000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1294476.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Government National Mortgage A</name>
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        <name>Goldman Sachs Financial Square Government Fund</name>
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          <ticker value="FGTXX"/>
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        <name>BLUE OWL CREDIT INCOME</name>
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        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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        <name>BP CAPITAL MARKETS PLC</name>
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        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JBS USA HOLD/FOOD GRP/CO</name>
        <lei>N/A</lei>
        <title>JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings Inc / JBS USA Food Co</title>
        <cusip>472140AG7</cusip>
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          <isin value="US472140AG79"/>
          <other otherDesc="SEDOL" value="BVLGR79"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>522376.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HOME DEPOT INC</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc/The</title>
        <cusip>437076DE9</cusip>
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          <isin value="US437076DE95"/>
          <other otherDesc="SEDOL" value="BSY14T1"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>577182.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc</title>
        <cusip>02079K107</cusip>
        <identifiers>
          <isin value="US02079K1079"/>
          <ticker value="GOOG"/>
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        <balance>99723.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
        <cusip>65339KCV0</cusip>
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          <isin value="US65339KCV08"/>
          <other otherDesc="SEDOL" value="BQWPXV6"/>
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        <balance>810000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>780062.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477DB6</cusip>
        <identifiers>
          <isin value="US857477DB68"/>
          <other otherDesc="SEDOL" value="BSTRKQ3"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>346390.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.83400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BP CAP MARKETS AMERICA</name>
        <lei>5493009NTB34VXE1T760</lei>
        <title>BP Capital Markets America Inc</title>
        <cusip>10373QCA6</cusip>
        <identifiers>
          <isin value="US10373QCA67"/>
          <other otherDesc="SEDOL" value="BPZRNN4"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71258.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.22700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YFH3</cusip>
        <identifiers>
          <isin value="US61747YFH36"/>
          <other otherDesc="SEDOL" value="BQ6C2Z0"/>
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        <balance>703000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>744753.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENTERPRISE PRODUCTS OPER</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VCG6</cusip>
        <identifiers>
          <isin value="US29379VCG68"/>
          <other otherDesc="SEDOL" value="BSWT873"/>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>388829.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Live Nation Entertainment Inc</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>Live Nation Entertainment Inc</title>
        <cusip>538034109</cusip>
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          <isin value="US5380341090"/>
          <ticker value="LYV"/>
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        <balance>52050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7874124.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VAN0</cusip>
        <identifiers>
          <isin value="US29273VAN01"/>
          <other otherDesc="SEDOL" value="BN2CHF8"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>956619.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38141GB86</cusip>
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          <isin value="US38141GB862"/>
          <other otherDesc="SEDOL" value="BT6NWN2"/>
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        <balance>670000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>660076.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.56100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HPS CORPORATE LENDING FU</name>
        <lei>549300ZS7IHUA6FKFV61</lei>
        <title>HPS Corporate Lending Fund</title>
        <cusip>40440VAK1</cusip>
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          <isin value="US40440VAK17"/>
          <other otherDesc="SEDOL" value="BS86YF8"/>
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        <balance>293000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>291656.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US ULTRA BOND CBT</title>
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          <ticker value="WNU5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01R98QCZ9"/>
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        <balance>11.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55670.45000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>US TREASURY N/B</issuerName>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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          <isin value="US95000U3P60"/>
          <other otherDesc="SEDOL" value="BP0BDM0"/>
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        <balance>445000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TE Connectivity PLC</name>
        <lei>6367003TB6K484NFHE54</lei>
        <title>TE Connectivity PLC</title>
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          <isin value="IE000IVNQZ81"/>
          <ticker value="TEL"/>
          <other otherDesc="SEDOL" value="BRC3N84"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ENTERPRISE PRODUCTS OPER</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VCH4</cusip>
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          <isin value="US29379VCH42"/>
          <other otherDesc="SEDOL" value="BSWT895"/>
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        <balance>345000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>333179.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
        <cusip>68389XBX2</cusip>
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          <isin value="US68389XBX21"/>
          <other otherDesc="SEDOL" value="BM5JB02"/>
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        <balance>113000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79099.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>MORGAN STANLEY</name>
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        <name>Fannie Mae</name>
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        <name>COSTAR GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ATHENE HOLDING LTD</name>
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        <name>SAP SE</name>
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        <name>ENBRIDGE INC</name>
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        <name>AZORRA SOAR TLB FINANCE</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
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        <name>FORESIGHT ENERGY</name>
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        <title>DaVita Inc</title>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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      <invstOrSec>
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        <name>KEY BANK NA</name>
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        <name>Advanced Micro Devices Inc</name>
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        <name>DEUTSCHE BANK NY</name>
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        <name>Freddie Mac</name>
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        <name>Aimco</name>
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        <name>Government National Mortgage A</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>FORD MOTOR CREDIT CO LLC</name>
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      <invstOrSec>
        <name>RESIDEO FUNDING INC</name>
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        <name>ENBRIDGE INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SVB FINANCIAL TRUST</name>
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        <name>Volkswagen Auto Lease Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <name>NEW COTAI EQUITY</name>
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        <name>PRUDENTIAL FINANCIAL INC</name>
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        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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        <name>AIR LEASE CORP</name>
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        <name>Apple Inc</name>
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        <name>FLORIDA POWER &amp; LIGHT CO</name>
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        <name>Quikrete Holdings Inc</name>
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        <name>Toyota Auto Receivables Owner</name>
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        <name>Vertex Pharmaceuticals Inc</name>
        <lei>54930015RAQRRZ5ZGJ91</lei>
        <title>Vertex Pharmaceuticals Inc</title>
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        <name>BOEING CO</name>
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        <name>PNC FINANCIAL SERVICES</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <name>iShares U.S. Treasury Bond ETF</name>
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        <name>Freddie Mac - STACR</name>
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        <name>SIEMENS FUNDING BV</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>Netflix Inc</name>
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        <name>DEUTSCHE BANK NY</name>
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        <name>UBS GROUP AG</name>
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        <name>Abbott Laboratories</name>
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        <name>SIEMENS FUNDING BV</name>
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        <name>NVIDIA Corp</name>
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        <name>Bank</name>
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        <name>Vanguard Russell 1000 Value</name>
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        <name>NORTHROP GRUMMAN CORP</name>
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      <invstOrSec>
        <name>Elmwood CLO 22 Ltd</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Auto Lease Securitizat</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OGLETHORPE POWER CORP</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
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          <ticker value="COF"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XCPG7</cusip>
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          <isin value="US3140XCPG72"/>
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        <balance>2311691.63000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3133CDUB81"/>
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        <balance>2114702.24000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>529900XX8WXEM4FBIH80</lei>
        <title>Freddie Mac STACR REMIC Trust 2025-DNA2</title>
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          <isin value="US35564NJA28"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>375241.76000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Vulcan Materials Co</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Co</title>
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          <isin value="US9291601097"/>
          <ticker value="VMC"/>
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        <balance>24183.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>OHA Credit Partners Ltd</name>
        <lei>549300LXLBAFTIMXZT54</lei>
        <title>OHA Credit Partners VII Ltd</title>
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        <identifiers>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>351550.85000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2022-B32 Mortgage Trust</title>
        <cusip>08163NBQ7</cusip>
        <identifiers>
          <isin value="US08163NBQ79"/>
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        <balance>1196000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>905632.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured P</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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          <isin value="US3137H9C983"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>APPALACHIAN POWER CO</name>
        <lei>3SCHO1ABYYIG382BEI70</lei>
        <title>Appalachian Power Co</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BlackRock Liquidity FedFund</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BlackRock Liquidity FedFund</title>
        <cusip>09248U700</cusip>
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          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CME Group Inc</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
        <title>CME Group Inc</title>
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          <isin value="US12572Q1058"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
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          <isin value="US91282CNK35"/>
          <other otherDesc="SEDOL" value="BVDCZR1"/>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Owner Trust 2024-B</title>
        <cusip>34531QAD1</cusip>
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          <isin value="US34531QAD16"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150BC7</cusip>
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          <isin value="US446150BC73"/>
          <other otherDesc="SEDOL" value="BPJP4P3"/>
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        <balance>645000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>676922.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ICON PARENT INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US BANCORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Madison Park Funding Ltd</name>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-20</maturityDt>
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        <name>Applied Materials Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>BROADCOM INC</name>
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        <title>Broadcom Inc</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VENTURE GLOBAL CALCASIEU</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <curCd>USD</curCd>
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        <name>Santander Drive Auto Receivabl</name>
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        <name>POPULAR INC</name>
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        <name>CELANESE US HOLDINGS LLC</name>
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        <title>Celanese US Holdings LLC</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <name>ALLIANCE LAUNDRY SYSTEMS</name>
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        <name>FORD MOTOR CREDIT CO LLC</name>
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        <title>Ford Motor Credit Co LLC</title>
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        <name>CHARTER COMM OPT LLC/CAP</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>TARGA RESOURCES PARTNERS</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners LP / Targa Resources Partners Finance Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIDCONTINENT COMMUNICATI</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oaktree CLO Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BURLINGTN NORTH SANTA FE</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TSMC</name>
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        <title>Taiwan Semiconductor Manufacturing Co Ltd</title>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>LIGHTNING POWER LLC</name>
        <lei>254900BWCHJ03XRL8K59</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ENERGY TRANSFER LP</name>
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        <title>Energy Transfer LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>STANDARD INDUSTRI INC/NY</name>
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        <name>PRP Advisors, LLC</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <name>US TREASURY N/B</name>
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        <name>OGLETHORPE POWER CORP</name>
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        <title>Oglethorpe Power Corp</title>
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        <name>ENBRIDGE INC</name>
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        <title>Enbridge Inc</title>
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        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <name>DEUTSCHE BANK NY</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CDW LLC/CDW FINANCE</name>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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        <name>META PLATFORMS INC</name>
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        <title>Meta Platforms Inc</title>
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        <name>Zebra Technologies Corp</name>
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        <name>JBS USA HOLD/FOOD GRP/CO</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verizon Master Trust</name>
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        <title>Verizon Master Trust</title>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2756915.46000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-22</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>AON CORP/AON GLOBAL HOLD</name>
        <lei>N/A</lei>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>N/A</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI Properties LP</title>
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          <isin value="US925650AC72"/>
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        <balance>1905000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1916979.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>Extra Space Storage LP</title>
        <cusip>30225VAS6</cusip>
        <identifiers>
          <isin value="US30225VAS60"/>
          <other otherDesc="SEDOL" value="BQXH7Z3"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76215.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BUNGE LTD FINANCE CORP</name>
        <lei>549300QHC068L40NNM71</lei>
        <title>Bunge Ltd Finance Corp</title>
        <cusip>120568BE9</cusip>
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          <isin value="US120568BE94"/>
          <other otherDesc="SEDOL" value="BRBTGQ2"/>
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        <balance>730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>722073.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWHE6</cusip>
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          <isin value="US3132DWHE66"/>
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        <balance>5085257.51000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4994635.17000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912810TX6</cusip>
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          <isin value="US912810TX63"/>
          <other otherDesc="SEDOL" value="BS2G1C0"/>
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        <balance>2815000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2568687.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <curCd>USD</curCd>
        <valUSD>5333304.71000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>WESTMORELAND COAL</name>
        <lei>N/A</lei>
        <title>WESTMORELAND COAL</title>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109.14000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>NOVELIS CORP</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>Novelis Corp</title>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>719116.28000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>MNSN Holdings Inc</name>
        <lei>N/A</lei>
        <title>MNSN Holdings Inc</title>
        <cusip>55339C109</cusip>
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          <ticker value="MNSH"/>
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        <balance>1315.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>DOW CHEMICAL CO/THE</name>
        <lei>ZQUIP1CSZO8LXRBSOU78</lei>
        <title>Dow Chemical Co/The</title>
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        <balance>510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>486543.72000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JEFFERIES FIN LLC / JFIN</name>
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        <title>Jefferies Finance LLC / JFIN Co-Issuer Corp</title>
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          <other otherDesc="SEDOL" value="BP83D39"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-08-15</maturityDt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QEKE1</cusip>
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          <isin value="US3140QEKE19"/>
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        <balance>1589591.15000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1341393.02000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912810UK2</cusip>
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          <isin value="US912810UK24"/>
          <other otherDesc="SEDOL" value="BPJK9V9"/>
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        <balance>6925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6887129.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <name>JUNE PURCHASER LLC</name>
        <lei>N/A</lei>
        <title>JUNE PURCHASER LLC</title>
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        <curCd>USD</curCd>
        <valUSD>451189.40000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <balance>58598.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50565.02000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-01</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <balance>361413.65000000</balance>
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          <maturityDt>2053-02-01</maturityDt>
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      <invstOrSec>
        <name>BOEING CO/THE</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CAP CORP</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>OGLETHORPE POWER CORP</name>
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        <name>Aon PLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

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        <title>Cloud Software Group Inc</title>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140AX6J1</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <invCountry>US</invCountry>
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        <debtSec>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XGUS6</cusip>
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        <balance>616897.04000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Seagate Technology Holdings PL</name>
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      <invstOrSec>
        <name>LEIDOS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DUKE ENERGY CAROLINAS</name>
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        <name>MARS INC</name>
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      <invstOrSec>
        <name>US BANCORP</name>
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        <title>US Bancorp</title>
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      <invstOrSec>
        <name>UnitedHealth Group Inc</name>
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        <name>GOAT HOLDCO LLC</name>
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      <invstOrSec>
        <name>SPRINT CAPITAL CORP</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>Sprint Capital Corp</title>
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          <isin value="US852060AD48"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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      <invstOrSec>
        <name>CATERPILLAR INC</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS GROUP AG</name>
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        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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        <name>MSILF Government Portfolio</name>
        <lei>549300BI6Y5SI6BYPB26</lei>
        <title>MSILF Government Portfolio</title>
        <cusip>61747C707</cusip>
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          <isin value="US61747C7074"/>
          <ticker value="MVRXX"/>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Ballyrock Ltd</name>
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        <title>Ballyrock CLO 18 Ltd</title>
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        <name>ENTERPRISE PRODUCTS OPER</name>
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        <name>ENERGY TRANSFER LP</name>
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        <title>Energy Transfer LP</title>
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        <name>Freddie Mac</name>
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        <title>Freddie Mac Pool</title>
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        <name>AMCOR FLEXIBLES NORTH AM</name>
        <lei>PTVU09TE3QPJPL7K4E13</lei>
        <title>Amcor Flexibles North America Inc</title>
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        <name>ONEOK INC</name>
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        <title>ONEOK Inc</title>
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        <name>AERCAP IRELAND CAP/GLOBA</name>
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        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <name>Magnetite CLO Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EOG RESOURCES INC</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-15</maturityDt>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
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          <isin value="US912810TQ13"/>
          <other otherDesc="SEDOL" value="BMXHQM5"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-15</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2020-B17 Mortgage Trust</title>
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          <isin value="US08162MAX65"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199164.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.28900000</annualizedRt>
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      <invstOrSec>
        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
        <cusip>404119DC0</cusip>
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          <isin value="US404119DC05"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15119.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>Lockheed Martin Corp</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp</title>
        <cusip>539830109</cusip>
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          <isin value="US5398301094"/>
          <ticker value="LMT"/>
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        <balance>17693.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENTEGRIS INC</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
        <title>Entegris Inc</title>
        <cusip>29365BAA1</cusip>
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          <isin value="US29365BAA17"/>
          <other otherDesc="SEDOL" value="BPVCP60"/>
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        <balance>610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>603796.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canyon Capital CLO Ltd</name>
        <lei>N/A</lei>
        <title>Canyon Capital CLO 2019-2 Ltd</title>
        <cusip>13887WAS9</cusip>
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          <isin value="US13887WAS98"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>499191.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HOME DEPOT INC</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc/The</title>
        <cusip>437076DB5</cusip>
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          <isin value="US437076DB56"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>223579.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-25</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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          <isin value="US46625H1005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>NORTHROP GRUMMAN CORP</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp</title>
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        <balance>165000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-06-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
        <cusip>00206R102</cusip>
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          <isin value="US00206R1023"/>
          <ticker value="T"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>APOLLO DEBT SOLUTIONS BD</name>
        <lei>549300UMUGX092P8DW87</lei>
        <title>Apollo Debt Solutions BDC</title>
        <cusip>03770DAD5</cusip>
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          <isin value="US03770DAD57"/>
          <other otherDesc="SEDOL" value="BMZLJ15"/>
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        <balance>1915000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ATMOS ENERGY CORP</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>Atmos Energy Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Inc</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy Inc</title>
        <cusip>65339F101</cusip>
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          <ticker value="NEE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CIFC Funding Ltd</name>
        <lei>N/A</lei>
        <title>CIFC Funding 2025-I Ltd</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Studio City International Hold</name>
        <lei>N/A</lei>
        <title>Studio City International Holdings Ltd</title>
        <cusip>86389T106</cusip>
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          <isin value="US86389T1060"/>
          <ticker value="MSC"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AON NORTH AMERICA INC</name>
        <lei>N/A</lei>
        <title>Aon North America Inc</title>
        <cusip>03740MAF7</cusip>
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        <balance>10000.00000000</balance>
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        <valUSD>9866.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNION PACIFIC CORP</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>FORD MOTOR CREDIT CO LLC</name>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>BMO 2022-C1 Mortgage Trust</name>
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        <name>BLUE OWL CREDIT INCOME</name>
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        <name>Freddie Mac - STACR</name>
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      <invstOrSec>
        <name>AMAZON HOLDCO INC</name>
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      <invstOrSec>
        <name>NUCOR CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US BANCORP</name>
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        <name>OFSI Fund LTD</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
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        <name>Government National Mortgage A</name>
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        <title>Ginnie Mae II Pool</title>
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        <name>A-AP BUYER INC</name>
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        <name>AT&amp;T INC</name>
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        <name>PACIFICORP</name>
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        <title>PacifiCorp</title>
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        <name>SEMPRA</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>Bank</name>
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        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAE Systems PLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>1820290.40000000</balance>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACKSTONE REG FINANCE</name>
        <lei>254900S2G1V55FTA4590</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Cummins Inc</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <balance>4673361.53000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4478672.09000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc</title>
        <cusip>02079K305</cusip>
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          <isin value="US02079K3059"/>
          <ticker value="GOOGL"/>
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        <balance>83348.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14688418.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38141GB78</cusip>
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          <isin value="US38141GB789"/>
          <other otherDesc="SEDOL" value="BSF0602"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>815371.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.01600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418DP97</cusip>
        <identifiers>
          <isin value="US31418DP975"/>
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        <balance>636456.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>508821.19000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2022-B33 Mortgage Trust</title>
        <cusip>08163PBG4</cusip>
        <identifiers>
          <isin value="US08163PBG46"/>
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        <balance>8325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7610263.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45820000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AIR LEASE CORP</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp</title>
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          <isin value="US00914AAV44"/>
          <other otherDesc="SEDOL" value="BRBCTR3"/>
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        <balance>439000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>448774.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YEX9</cusip>
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          <isin value="US61747YEX94"/>
          <other otherDesc="SEDOL" value="BPK5WH0"/>
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        <balance>1085000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13800000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3132DWHG1</cusip>
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          <isin value="US3132DWHG15"/>
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        <balance>410415.88000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>FMG RESOURCES AUG 2006</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>FMG Resources August 2006 Pty Ltd</title>
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          <isin value="US30251GBD88"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132DWE821"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>ACCENTURE CAPITAL INC</name>
        <lei>254900FRO0P7RIINYT25</lei>
        <title>Accenture Capital Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Home Depot Inc/The</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc/The</title>
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        <assetCat>EC</assetCat>
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        <name>Costco Wholesale Corp</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corp</title>
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          <ticker value="COST"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Nissan Master Owner Trust Rece</name>
        <lei>N/A</lei>
        <title>Nissan Master Owner Trust Receivables</title>
        <cusip>65479VAB2</cusip>
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          <isin value="US65479VAB27"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3032179.50000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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          <annualizedRt>5.05000000</annualizedRt>
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        <name>Blackstone Inc</name>
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        <name>Freddie Mac</name>
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        <name>US BANCORP</name>
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        <name>Vanguard S&amp;P 500 ETF</name>
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        <name>VICI PROPERTIES / NOTE</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>NGL ENRGY OP/FIN CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <name>AIR LEASE CORP</name>
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        <title>Air Lease Corp</title>
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        <name>US BANK NA CINCINNATI</name>
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        <name>US TREASURY N/B</name>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>Fidelity Government Portfolio</name>
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        <name>ELI LILLY &amp; CO</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>ENTERGY CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENTERGY CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
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        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>HERC HOLDINGS INC</name>
        <lei>549300TP80QLITMSBP82</lei>
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        <balance>220000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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        <name>ENBRIDGE INC</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE BANK AG</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROYALTY PHARMA PLC</name>
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        <name>Bank</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>Howmet Aerospace Inc</name>
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        <name>COMMONWEALTH EDISON CO</name>
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        <title>Meta Platforms Inc</title>
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        <invCountry>US</invCountry>
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        <name>Freddie Mac</name>
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        <name>Progressive Corp/The</name>
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        <name>Government National Mortgage A</name>
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        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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        <name>AON CORP/AON GLOBAL HOLD</name>
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        <name>Freddie Mac</name>
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        <name>VERIZON COMMUNICATIONS</name>
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        <name>ATHENE HOLDING LTD</name>
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        <name>ENBRIDGE INC</name>
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        <name>ConocoPhillips</name>
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        <name>Amazon.com Inc</name>
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        <name>Freddie Mac</name>
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        <name>BANK OF AMERICA CORP</name>
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        <name>Bank</name>
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        <name>Meta Platforms Inc</name>
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        <name>CBAMR Ltd</name>
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        <name>HENNEMAN TRUST</name>
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        <name>General Motors</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE</title>
        <cusip>009279100</cusip>
        <identifiers>
          <isin value="US0092791005"/>
          <ticker value="EADSY"/>
        </identifiers>
        <balance>392831.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20568631.16000000</valUSD>
        <pctVal>1.286955584460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QNUY6</cusip>
        <identifiers>
          <isin value="US3140QNUY61"/>
        </identifiers>
        <balance>1817768.60000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1520714.13000000</valUSD>
        <pctVal>0.095149333309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>617446448</cusip>
        <identifiers>
          <isin value="US6174464486"/>
          <ticker value="MS"/>
        </identifiers>
        <balance>103792.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14620141.12000000</valUSD>
        <pctVal>0.914765407266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured P</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137HB2L7</cusip>
        <identifiers>
          <isin value="US3137HB2L74"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>655276.05000000</valUSD>
        <pctVal>0.040999868457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</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>SIEMENS FUNDING BV</name>
        <lei>213800CCRGH2TO338X64</lei>
        <title>Siemens Funding BV</title>
        <cusip>82622RAE6</cusip>
        <identifiers>
          <isin value="US82622RAE62"/>
          <other otherDesc="SEDOL" value="BS5YY22"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>280129.30000000</valUSD>
        <pctVal>0.017527367971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</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>TRANSDIGM INC</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm Inc</title>
        <cusip>893647BY2</cusip>
        <identifiers>
          <isin value="US893647BY22"/>
          <other otherDesc="SEDOL" value="BV99DS3"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1003406.50000000</valUSD>
        <pctVal>0.062781990138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
