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    <isConfidential>false</isConfidential>
    <filerInfo>

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          <cik>0000914036</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


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        <seriesId>S000083643</seriesId>
        <classId>C000247618</classId>
        <classId>C000247619</classId>
        <classId>C000247620</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
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      <regFileNumber>811-08090</regFileNumber>
      <regCik>0000914036</regCik>
      <regLei>3EICVM5HD7FVBIM8WO57</regLei>
      <regStreet1>1301 S. Harrison Street</regStreet1>
      <regCity>FORT WAYNE</regCity>
      <regStateConditional regCountry="US" regState="US-IN"/>
      <regZipOrPostalCode>46802</regZipOrPostalCode>
      <regPhone>260-455-2000</regPhone>
      <seriesName>LVIP American Century Balanced Fund</seriesName>
      <seriesId>S000083643</seriesId>
      <seriesLei>254900LIBPHEI8QKOK26</seriesLei>
      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>3777090.32</totLiabs>
      <netAssets>376669350.72</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
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      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>60% S&amp;P 500, 40% Bloomberg US Aggregate Bond Index</nameDesignatedIndex>
          <indexIdentifier>60% SPX, 40% LBUSTRUU</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ABN AMRO Mortgage Corp</name>
        <lei>N/A</lei>
        <title>ABN Amro Mortgage Corp</title>
        <cusip>000780BZ8</cusip>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>189.33000000</valUSD>
        <pctVal>0.000050264243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABN AMRO BANK NV</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank NV</title>
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          <isin value="US00084DAV29"/>
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        <invCountry>NL</invCountry>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Arizona Biltmore Trust</name>
        <lei>N/A</lei>
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        <name>ABBOTT LABORATORIES</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AbbVie Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Agilent Technologies Inc</name>
        <lei>QUIX8Y7A2WP0XRMW7G29</lei>
        <title>Agilent Technologies Inc</title>
        <cusip>00846U101</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airbnb Inc</name>
        <lei>549300HMUDNO0RY56D37</lei>
        <title>Airbnb Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
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        <lei>549300HMUDNO0RY56D37</lei>
        <title>Airbnb Inc</title>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AIRCASTLE LTD</name>
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        <title>Aircastle Ltd</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ALLIANZ SE</name>
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        <title>Allianz SE</title>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLISON TRANSMISSION INC</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>Allison Transmission Inc</title>
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        <curCd>USD</curCd>
        <valUSD>149080.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
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        <name>Amazon.com Inc</name>
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        <name>AMCOR FLEXIBLES NORTH AM</name>
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        <name>American Express Co</name>
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        <name>Cencora Inc</name>
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        <name>AMGEN INC</name>
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        <name>Amphenol Corp</name>
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        <name>Analog Devices Inc</name>
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        <name>Apple Inc</name>
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        <name>AppLovin Corp</name>
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        <name>APPLOVIN CORP</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>5.13000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>APPLOVIN CORP</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp</title>
        <cusip>03831WAC2</cusip>
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          <isin value="US03831WAC29"/>
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        <balance>179000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180756.31000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>APPLOVIN CORP</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
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          <isin value="US03831WAD02"/>
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        <balance>145000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>143799.54000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA PUBLIC SERVICE</name>
        <lei>YG6VT0TPHRH4TFVAQV64</lei>
        <title>Arizona Public Service Co</title>
        <cusip>040555DH4</cusip>
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          <isin value="US040555DH45"/>
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        <balance>123000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127297.75000000</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>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASHTEAD CAPITAL INC</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital Inc</title>
        <cusip>045054AR4</cusip>
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          <isin value="US045054AR41"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>205814.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A3Z2</cusip>
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          <isin value="US04685A3Z27"/>
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        <balance>120000.00000000</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>2031-07-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATLAS WAREHOUSE LEND</name>
        <lei>25490068J12A1HV7YM70</lei>
        <title>Atlas Warehouse Lending Co LP</title>
        <cusip>049463AE2</cusip>
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          <isin value="US049463AE27"/>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>401092.43000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>ATLAS WAREHOUSE LEND</name>
        <lei>25490068J12A1HV7YM70</lei>
        <title>Atlas Warehouse Lending Co LP</title>
        <cusip>049463AG7</cusip>
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          <isin value="US049463AG74"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>245230.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATLAS WAREHOUSE LEND</name>
        <lei>25490068J12A1HV7YM70</lei>
        <title>Atlas Warehouse Lending Co LP</title>
        <cusip>049463AH5</cusip>
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          <isin value="US049463AH57"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>242117.77000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Automatic Data Processing Inc</name>
        <lei>HGBOLILQXWER4SAL2I23</lei>
        <title>Automatic Data Processing Inc</title>
        <cusip>053015103</cusip>
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          <isin value="US0530151036"/>
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        <balance>5802.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1178850.36000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AVOLON HOLDINGS FNDG LTD</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd</title>
        <cusip>05401ABF7</cusip>
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          <isin value="US05401ABF75"/>
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        <balance>179000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>171475.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust 2024-5C27</title>
        <cusip>05555FAC8</cusip>
        <identifiers>
          <isin value="US05555FAC86"/>
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        <balance>138000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>143631.77000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565A5R0</cusip>
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          <isin value="US05565A5R02"/>
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        <balance>400000.00000000</balance>
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        <valUSD>416660.80000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>05578QAH6</cusip>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>223940.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-14</maturityDt>
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      <invstOrSec>
        <name>Ball Corp</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>Ball Corp</title>
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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>BANCO BILBAO VIZCAYA ARG</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria SA</title>
        <cusip>05946KAF8</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-16</maturityDt>
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        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05971KAH2</cusip>
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        <balance>200000.00000000</balance>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-12</maturityDt>
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        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.63000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
        <cusip>060505104</cusip>
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        <balance>65718.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3203752.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <name>Blackbird Capital Aircraft</name>
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        <name>Booking Holdings Inc</name>
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        <name>BRAVO Residential Funding Trust</name>
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        <name>BRAVO Residential Funding Trust</name>
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        <name>Bristol-Myers Squibb Co</name>
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        <name>CVS HEALTH CORP</name>
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        <name>Countrywide Home Loans</name>
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        <name>Cadence Design Systems Inc</name>
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        <name>California State University</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chase Mortgage Finance Corporation</name>
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        <name>Chase Mortgage Finance Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chase Mortgage Finance Corporation</name>
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        <name>Cheniere Energy Inc</name>
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        <name>Church &amp; Dwight Co Inc</name>
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        <name>Citigroup Mortgage Loan Trust Inc</name>
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        <name>CITIGROUP INC</name>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <name>Citigroup Mortgage Loan Trust Inc</name>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust Inc</name>
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        <name>Coherent Corp</name>
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        <name>Colgate-Palmolive Co</name>
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        <name>University of California College of the Law San Francisco</name>
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        <name>University of California College of the Law San Francisco</name>
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        <name>COLUMBIA PIPELINE HOLDCO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COMMONWEALTH EDISON CO</name>
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        <title>Commonwealth Edison Co</title>
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        <fairValLevel>2</fairValLevel>
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        <name>COREBRIDGE FINANCIAL INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>Ginnie Mae</title>
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        <name>Costco Wholesale Corp</name>
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        <name>COTY/HFC PRESTIGE/INT US</name>
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        <name>COX COMMUNICATIONS INC</name>
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        <name>CREDIT AGRICOLE SA</name>
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        <name>Crowdstrike Holdings Inc</name>
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        <name>Cummins Inc</name>
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        <title>Cummins Inc</title>
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        <name>CyrusOne Data Centers Issuer I LLC</name>
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        <name>DI Issuer LLC</name>
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        <name>DTE ELECTRIC CO</name>
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        <title>DTE Electric Co</title>
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        <name>DBSG 2024-ALTA Mortgage Trust</name>
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        <name>Deere &amp; Co</name>
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        <name>DELL INT LLC / EMC CORP</name>
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        <name>DISCOVERY COMMUNICATIONS</name>
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        <name>DOMINION ENERGY INC</name>
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        <name>DRESDNER FNDG TRUST I</name>
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        <name>DUKE UNIVERSITY</name>
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        <name>DUKE UNIVERSITY HEALTH</name>
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        <name>Dynatrace Inc</name>
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        <name>ELECTRICITE DE FRANCE SA</name>
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        <name>Ellington Financial Mortgage Trust</name>
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        <name>EAGLE FUNDING LUXCO SARL</name>
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        <title>Eagle Funding Luxco Sarl</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
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      <invstOrSec>
        <name>UBS AG</name>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
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        <name>Morgan Stanley &amp; Co. International PLC</name>
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        <name>Morgan Stanley &amp; Co. International PLC</name>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
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      <invstOrSec>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ecolab Inc</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>Ecolab Inc</title>
        <cusip>278865100</cusip>
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          <isin value="US2788651006"/>
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        <balance>5255.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1397935.10000000</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>EMERA US FINANCE LLC</name>
        <lei>N/A</lei>
        <title>Emera US Finance LLC</title>
        <cusip>29103HAD9</cusip>
        <identifiers>
          <isin value="US29103HAD98"/>
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        <balance>56000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55687.59000000</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>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc</title>
        <cusip>29250NAN5</cusip>
        <identifiers>
          <isin value="US29250NAN57"/>
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        <balance>360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>360084.96000000</valUSD>
        <pctVal>0.095597095784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2077-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RBJ7</cusip>
        <identifiers>
          <isin value="US29273RBJ77"/>
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        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>136787.60000000</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>2045-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VAU4</cusip>
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          <isin value="US29273VAU44"/>
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        <balance>102000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110125.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.55000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VAW0</cusip>
        <identifiers>
          <isin value="US29273VAW00"/>
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        <balance>86000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80640.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENTERGY LOUISIANA LLC</name>
        <lei>0V5453U14HDZO63CGH17</lei>
        <title>Entergy Louisiana LLC</title>
        <cusip>29364WBR8</cusip>
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          <isin value="US29364WBR88"/>
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        <balance>53000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51703.27000000</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>2036-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</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>ENTERPRISE PRODUCTS OPER</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VCL5</cusip>
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          <isin value="US29379VCL53"/>
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        <balance>76000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76407.65000000</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>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EQUINIX EU 2 FINANCING C</name>
        <lei>254900FSZR46BPMCKI50</lei>
        <title>Equinix Europe 2 Financing Corp LLC</title>
        <cusip>29390XAH7</cusip>
        <identifiers>
          <isin value="US29390XAH70"/>
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        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>170207.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Equinix Inc</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
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        <balance>1397.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1369395.28000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303M102</cusip>
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          <isin value="US30303M1027"/>
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        <balance>7003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4006626.39000000</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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        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303M8X3</cusip>
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          <isin value="US30303M8X35"/>
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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>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303M8Y1</cusip>
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        <balance>120000.00000000</balance>
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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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          <maturityDt>2065-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303MAC6</cusip>
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        <balance>245000.00000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
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        <balance>175000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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          <annualizedRt>4.88000000</annualizedRt>
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      <invstOrSec>
        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303MAE2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FIP Master Funding, LLC</name>
        <lei>N/A</lei>
        <title>FIP Master Funding LLC</title>
        <cusip>30332YAM3</cusip>
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          <isin value="US30332YAM30"/>
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        <balance>498000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>489563.24000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>FS Commerical Mortgage Trust 2023-4SZN</name>
        <lei>N/A</lei>
        <title>FS Commercial Mortgage Trust 2023-4SZN</title>
        <cusip>30334RAA2</cusip>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>313296.88000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.07000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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>3132DM5Y7</cusip>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3133KQE28</cusip>
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          <isin value="US3133KQE289"/>
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        <curCd>USD</curCd>
        <valUSD>144542.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3133KQEW2</cusip>
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          <isin value="US3133KQEW24"/>
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        <balance>123291.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124566.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp</title>
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          <isin value="US3134A4KX12"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>781134.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3135G05Q2</cusip>
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          <isin value="US3135G05Q27"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>703109.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.88000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BQFV6</cusip>
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          <isin value="US3136BQFV63"/>
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        <balance>2911363.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>370899.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3138LSL65</cusip>
        <identifiers>
          <isin value="US3138LSL659"/>
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        <balance>95477.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90308.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140FS6H1</cusip>
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          <isin value="US3140FS6H11"/>
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        <balance>13973.24000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14139.98000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.17000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140LNDX2</cusip>
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          <isin value="US3140LNDX27"/>
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        <balance>39700.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35656.11000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140MHUV9</cusip>
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          <isin value="US3140MHUV90"/>
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        <balance>462886.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411938.87000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140MKAG7</cusip>
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          <isin value="US3140MKAG72"/>
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        <debtSec>
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          <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>3140N24W8</cusip>
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          <isin value="US3140N24W87"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140N25N7</cusip>
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          <isin value="US3140N25N79"/>
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        <curCd>USD</curCd>
        <valUSD>286146.02000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QG5L7</cusip>
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          <isin value="US3140QG5L75"/>
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        <balance>800116.01000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QN4N9</cusip>
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          <isin value="US3140QN4N96"/>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QNF31</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140QPAJ6</cusip>
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          <isin value="US3140QPAJ62"/>
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        <balance>615350.83000000</balance>
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        <curCd>USD</curCd>
        <valUSD>565794.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      </invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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        <name>Fannie Mae</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XNVZ4</cusip>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>FedEx Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
        <name>FEDEX FREIGHT HOLDING CO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ferguson Enterprises Inc</name>
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      <invstOrSec>
        <name>Flexential Issuer, LLC</name>
        <lei>N/A</lei>
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        <name>FLOWERS FOODS INC</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>FORD MOTOR CREDIT CO LLC</name>
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        <name>FOUNDRY JV HOLDCO LLC</name>
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        <name>FOUNDRY JV HOLDCO LLC</name>
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        <name>GCAT</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>Ginnie Mae II Pool</title>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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      <invstOrSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool</title>
        <cusip>36179YU36</cusip>
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          <isin value="US36179YU362"/>
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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>2054-04-20</maturityDt>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae I Pool</title>
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          <isin value="US36204DT661"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <title>Ginnie Mae I Pool</title>
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          <isin value="US36208T4S69"/>
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        <name>Government National Mortgage Association</name>
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        <name>GS Mortgage-Backed Securities Trust</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <name>Gilead Sciences Inc</name>
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        <name>GILDAN ACTIVEWEAR INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GLENCORE FUNDING LLC</name>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <curCd>USD</curCd>
        <valUSD>76236.46000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS BDC INC</name>
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        <title>Goldman Sachs BDC Inc</title>
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          <isin value="US38147UAG22"/>
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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>2029-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOLDMAN SACHS PRIVATE CR</name>
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        <title>Goldman Sachs Private Credit Corp</title>
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          <isin value="US38152BAJ08"/>
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        <curCd>USD</curCd>
        <valUSD>221566.87000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-23</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOLUB CAPITAL BDC</name>
        <lei>2549005WE0QLGK9APF78</lei>
        <title>Golub Capital BDC Inc</title>
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          <isin value="US38173MAD48"/>
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        <balance>119000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>121707.51000000</valUSD>
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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>2028-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.05000000</annualizedRt>
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      <invstOrSec>
        <name>GOLUB CAPITAL CAP FND</name>
        <lei>254900B5KBW6OY1F9951</lei>
        <title>Golub Capital Private Credit Fund</title>
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        <balance>150000.00000000</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>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GoodLeap Sustainable Home Improvement Loan Trust</name>
        <lei>N/A</lei>
        <title>GoodLeap Sustainable Home Solutions Trust 2021-4</title>
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          <isin value="US38237GAA76"/>
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        <balance>249422.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199244.36000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-20</maturityDt>
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        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
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          <isin value="US404119CZ09"/>
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        <balance>111000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113272.70000000</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>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>54000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53489.38000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
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          <isin value="US404119DF36"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217532.24000000</valUSD>
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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>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
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          <isin value="US404280BP39"/>
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        <balance>285000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>284762.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-23</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-11</maturityDt>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-24</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>HPS CORPORATE LENDING FU</name>
        <lei>549300ZS7IHUA6FKFV61</lei>
        <title>HPS Corporate Lending Fund</title>
        <cusip>40440VAC9</cusip>
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          <isin value="US40440VAC90"/>
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        <balance>65000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <balance>65000.00000000</balance>
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        <name>HPS CORPORATE LENDING FU</name>
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        <name>HOLOGIC INC</name>
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        <title>Hologic Inc</title>
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        <invCountry>US</invCountry>
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        <name>Home Depot Inc/The</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc/The</title>
        <cusip>437076102</cusip>
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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>Home Owner Mortgage Enhanced Securuties Limited</name>
        <lei>2549001JI3VOZZFMYK81</lei>
        <title>HOMES 2025-AFC3 Trust</title>
        <cusip>43762AAC9</cusip>
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        <balance>381462.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>378896.28000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Intuitive Surgical Inc</name>
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        <name>iShares Core S&amp;P 500 ETF</name>
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        <name>ITC HOLDINGS CORP</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>JPMorgan Chase &amp; Co</name>
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          <annualizedRt>6.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KILROY REALTY LP</name>
        <lei>5493008CT3N3JR7P1552</lei>
        <title>Kilroy Realty LP</title>
        <cusip>49427RAP7</cusip>
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          <isin value="US49427RAP73"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82064.43000000</valUSD>
        <pctVal>0.021786861565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KILROY REALTY LP</name>
        <lei>5493008CT3N3JR7P1552</lei>
        <title>Kilroy Realty LP</title>
        <cusip>49427RAQ5</cusip>
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          <isin value="US49427RAQ56"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>93631.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LADDER CAP FIN LLLP/CORP</name>
        <lei>N/A</lei>
        <title>Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp</title>
        <cusip>505742AP1</cusip>
        <identifiers>
          <isin value="US505742AP10"/>
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        <balance>290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>281088.94000000</valUSD>
        <pctVal>0.074624850538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>
      <invstOrSec>
        <name>LADDER CAP FIN LLLP/CORP</name>
        <lei>N/A</lei>
        <title>Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp</title>
        <cusip>505742AR7</cusip>
        <identifiers>
          <isin value="US505742AR75"/>
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        <balance>220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227419.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lam Research Corp</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>Lam Research Corp</title>
        <cusip>512807306</cusip>
        <identifiers>
          <isin value="US5128073062"/>
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        <balance>6556.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1400754.96000000</valUSD>
        <pctVal>0.371879197848</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY MUTUAL GROUP INC</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>Liberty Mutual Group Inc</title>
        <cusip>53079EBM5</cusip>
        <identifiers>
          <isin value="US53079EBM57"/>
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        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>366339.85000000</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>2051-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Liberty Media Corp-Liberty Formula One</name>
        <lei>N/A</lei>
        <title>Liberty Media Corp-Liberty Formula One</title>
        <cusip>531229755</cusip>
        <identifiers>
          <isin value="US5312297550"/>
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        <balance>3755.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>319250.10000000</valUSD>
        <pctVal>0.084756059761</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>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co</title>
        <cusip>532457108</cusip>
        <identifiers>
          <isin value="US5324571083"/>
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        <balance>3514.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3232071.78000000</valUSD>
        <pctVal>0.858066039570</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>
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      <invstOrSec>
        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
        <cusip>53944YAV5</cusip>
        <identifiers>
          <isin value="US53944YAV56"/>
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        <balance>342000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>358949.52000000</valUSD>
        <pctVal>0.095295653685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>LOEWS CORP</name>
        <lei>R8V1FN4M5ITGZOG7BS19</lei>
        <title>Loews Corp</title>
        <cusip>540424AU2</cusip>
        <identifiers>
          <isin value="US540424AU23"/>
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        <balance>145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141898.06000000</valUSD>
        <pctVal>0.037671782885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.94000000</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>City of Los Angeles Department of Airports</name>
        <lei>549300E7TO710PTXPJ65</lei>
        <title>LOS ANGELES CA DEPT OF ARPTS</title>
        <cusip>544435C32</cusip>
        <identifiers>
          <isin value="US544435C327"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26759.97000000</valUSD>
        <pctVal>0.007104366189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.58000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOUISVILLE GAS &amp; ELEC</name>
        <lei>KO3GRIB3RPH1XDX50U72</lei>
        <title>Louisville Gas and Electric Co</title>
        <cusip>546676BA4</cusip>
        <identifiers>
          <isin value="US546676BA44"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29769.83000000</valUSD>
        <pctVal>0.007903438371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOWE'S COS INC</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos Inc</title>
        <cusip>548661EW3</cusip>
        <identifiers>
          <isin value="US548661EW30"/>
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        <balance>165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>162163.29000000</valUSD>
        <pctVal>0.043051894105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>LOWE'S COS INC</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos Inc</title>
        <cusip>548661EX1</cusip>
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          <isin value="US548661EX13"/>
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        <balance>245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>238589.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>M&amp;T Bank RV Trust</name>
        <lei>N/A</lei>
        <title>M&amp;T Bank RV Trust 2026-1</title>
        <cusip>551923AA3</cusip>
        <identifiers>
          <isin value="US551923AA38"/>
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        <balance>797260.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>788241.35000000</valUSD>
        <pctVal>0.209266123854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>MF1 2021-FL7 Ltd</title>
        <cusip>55284AAC2</cusip>
        <identifiers>
          <isin value="US55284AAC27"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>349561.49000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.24000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MIRA Trust</name>
        <lei>N/A</lei>
        <title>MIRA Trust 2023-MILE</title>
        <cusip>55318EAA8</cusip>
        <identifiers>
          <isin value="US55318EAA82"/>
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        <balance>314000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>322424.24000000</valUSD>
        <pctVal>0.085598745792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Maritime Partners, LLC</name>
        <lei>N/A</lei>
        <title>MP 2023 LLC</title>
        <cusip>553427AB1</cusip>
        <identifiers>
          <isin value="US553427AB18"/>
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        <balance>490777.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486309.63000000</valUSD>
        <pctVal>0.129107831330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>MAPLE PARENT HLDS CO</name>
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      <invstOrSec>
        <name>MAPLE PARENT HLDS CO</name>
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          <isin value="US56530KAC09"/>
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          <maturityDt>2036-03-26</maturityDt>
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        <name>MARS INC</name>
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        <name>Marsh &amp; McLennan Cos Inc</name>
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        <name>Marriott International Inc/MD</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>MARRIOTT INTERNATIONAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MASS INSTITUTE OF TECH</name>
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        <title>Massachusetts Institute of Technology</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
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        <name>Mastercard Inc</name>
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        <name>MEDLINE BORROWER/MEDL CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MetLife Inc</name>
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        <name>METLIFE INC</name>
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        <name>METLIFE INC</name>
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        <name>Michigan Strategic Fund</name>
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        <name>Microsoft Corp</name>
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        <name>MIDAMERICAN ENERGY CO</name>
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      <invstOrSec>
        <name>Missouri Highway &amp; Transportation Commission</name>
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        <name>MongoDB Inc</name>
        <lei>549300TPTG69WKWE1Z37</lei>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <title>Morgan Stanley</title>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <name>MORGAN STANLEY PVT BANK</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <name>Mosaic Solar Loans LLC</name>
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        <name>Motorola Solutions Inc</name>
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        <name>NATIONWIDE BLDG SOCIETY</name>
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        <title>Nationwide Building Society</title>
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        <name>NATWEST GROUP PLC</name>
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        <name>New Jersey Turnpike Authority</name>
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        <lei>HKUPACFHSSASQK8HLS17</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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        <name>ORACLE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>OVINTIV INC</name>
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        <title>Ovintiv Inc</title>
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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>2053-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.10000000</annualizedRt>
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        <name>BLUE OWL CREDIT INCOME</name>
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        <title>Blue Owl Credit Income Corp</title>
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          <isin value="US69120VAP67"/>
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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>2027-09-16</maturityDt>
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        <name>PMT Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Palmer Square Loan Funding Ltd</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Parker-Hannifin Corp</name>
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        <name>PEPPERDINE UNIV</name>
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        <name>PepsiCo Inc</name>
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        <name>PETROLEOS MEXICANOS</name>
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        <title>Petroleos Mexicanos</title>
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        <name>PLAINS ALL AMER PIPELINE</name>
        <lei>N/A</lei>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>Procter &amp; Gamble Co/The</name>
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        <name>PRKCM Trust</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Progressive Corp/The</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp/The</title>
        <cusip>743315103</cusip>
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          <isin value="US7433151039"/>
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        <balance>4506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>893269.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Prologis Inc</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis Inc</title>
        <cusip>74340W103</cusip>
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          <isin value="US74340W1036"/>
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        <balance>19018.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS TARGETED US</name>
        <lei>5493004DTBWUQ9F2VJ87</lei>
        <title>Prologis Targeted US Logistics Fund LP</title>
        <cusip>74350LAF1</cusip>
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          <isin value="US74350LAF13"/>
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        <balance>305000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>296603.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Provident Funding Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Provident Funding Mortgage Trust 2025-1</title>
        <cusip>74388NAC0</cusip>
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          <isin value="US74388NAC02"/>
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        <balance>486174.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>486346.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Provident Funding Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Provident Funding Mortgage Trust 2025-3</title>
        <cusip>74388PAD3</cusip>
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          <isin value="US74388PAD33"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Provident Funding Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Provident Funding Mortgage Trust 2024-1</title>
        <cusip>74389BAC5</cusip>
        <identifiers>
          <isin value="US74389BAC54"/>
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        <balance>401660.49000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Purchasing Power Funding</name>
        <lei>N/A</lei>
        <title>Purchasing Power Funding 2026-A LLC</title>
        <cusip>74614AAA8</cusip>
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          <isin value="US74614AAA88"/>
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        <balance>507000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504070.81000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Woodward Capital Management</name>
        <lei>2549002LEW4WNQBOMB89</lei>
        <title>RCKT Mortgage Trust 2024-CES2</title>
        <cusip>74938PAA4</cusip>
        <identifiers>
          <isin value="US74938PAA49"/>
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        <balance>108208.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108860.78000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.14000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
        <lei>254900JZ559190WVJ551</lei>
        <title>RCKT Mortgage Trust 2026-CES2</title>
        <cusip>74940EAA5</cusip>
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          <isin value="US74940EAA55"/>
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        <balance>626816.43000000</balance>
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        <curCd>USD</curCd>
        <valUSD>619916.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
        <lei>N/A</lei>
        <title>RCKT Mortgage Trust 2026-CES3</title>
        <cusip>74940LAA9</cusip>
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          <isin value="US74940LAA98"/>
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        <balance>625000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
        <lei>2549002LEW4WNQBOMB89</lei>
        <title>RCKT Mortgage Trust 2024-CES6</title>
        <cusip>749410AA4</cusip>
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        <balance>79244.55000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
        <lei>2549002LEW4WNQBOMB89</lei>
        <title>RCKT Mortgage Trust 2024-CES1</title>
        <cusip>749424AA5</cusip>
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          <isin value="US749424AA57"/>
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        <balance>162674.90000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>RNL PH OWNER LLC</name>
        <lei>N/A</lei>
        <title>RNL PH Owner LLC</title>
        <cusip>74983YAA9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RKTL 2026-1</name>
        <lei>N/A</lei>
        <title>RKTL 2026-1</title>
        <cusip>74990JAA3</cusip>
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        <balance>422880.46000000</balance>
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      <invstOrSec>
        <name>Radian Mortgage Capital Trust</name>
        <lei>N/A</lei>
        <title>Radian Mortgage Capital Trust 2025-J3</title>
        <cusip>75024RAX2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>RATE Mortgage Trust 2024-J3</title>
        <cusip>75409UAH5</cusip>
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        <balance>43633.90000000</balance>
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      <invstOrSec>
        <name>Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Rate Mortgage Trust 205-J1</title>
        <cusip>75410CAE9</cusip>
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        <balance>111463.50000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rate Mortgage Trust</name>
        <lei>N/A</lei>
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        <balance>20030.81000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RIO TINTO FIN USA PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROMANIA</name>
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        <title>Romanian Government International Bond</title>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-04</maturityDt>
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      <invstOrSec>
        <name>ROYAL CARIBBEAN CRUISES</name>
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        <title>Royal Caribbean Cruises Ltd</title>
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          <isin value="US780153BV38"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>SCF Equipment Trust Llc</name>
        <lei>N/A</lei>
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          <isin value="US783896AD52"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCF Equipment Trust Llc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-20</maturityDt>
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      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
        <title>State Street Institutional US Government Money Market Fund</title>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>S&amp;P Global Inc</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global Inc</title>
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          <isin value="US78409V1044"/>
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        <balance>4912.00000000</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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      <invstOrSec>
        <name>SM ENERGY CO</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co</title>
        <cusip>78454LAN0</cusip>
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          <isin value="US78454LAN01"/>
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        <balance>108000.00000000</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>
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          <maturityDt>2026-09-15</maturityDt>
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      <invstOrSec>
        <name>State Street SPDR Portfolio High Yield Bond ETF</name>
        <lei>549300B3SM8J1H4W2052</lei>
        <title>State Street SPDR Portfolio High Yield Bond ETF</title>
        <cusip>78468R606</cusip>
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        <balance>31320.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sofi Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sofi Mortgage Trust 2016-1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SVC ABS LLC</name>
        <lei>N/A</lei>
        <title>SVC ABS LLC</title>
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        <balance>329129.00000000</balance>
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          <maturityDt>2056-03-20</maturityDt>
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        <name>SWCH Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SWCH Commercial Mortgage Trust 2025-DATA</title>
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        <balance>490000.00000000</balance>
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        <name>Salesforce Inc</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>Salesforce Inc</title>
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        <name>SALESFORCE INC</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>Salesforce Inc</title>
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        <name>SALESFORCE INC</name>
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        <title>Salesforce Inc</title>
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        <name>SALESFORCE INC</name>
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        <title>Salesforce Inc</title>
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      <invstOrSec>
        <name>Santander Mortgage Asset Receivable Trust</name>
        <lei>254900WEZWXJLYHMU869</lei>
        <title>Santander Mortgage Asset Receivable Trust 2025-Ces1</title>
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        <balance>518862.70000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander Mortgage Asset Receivable Trust</name>
        <lei>2549005ZY4JF8SF73087</lei>
        <title>Santander Mortgage Asset Receivable Trust 2026-NQM3</title>
        <cusip>802929AC3</cusip>
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        <name>Santander Mortgage Asset Receivable Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>Santander Mortgage Asset Receivable Trust</name>
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        <title>Santander Mortgage Asset Receivable Trust 2026-NQM2</title>
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          <isin value="US802933AC56"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2066-01-25</maturityDt>
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      <invstOrSec>
        <name>SAUDI INTERNATIONAL BOND</name>
        <lei>635400FMICXSM3SI3H65</lei>
        <title>Saudi Government International Bond</title>
        <cusip>80413TBR9</cusip>
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          <isin value="US80413TBR95"/>
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        <balance>380000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SLB Ltd</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SLB Ltd</title>
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          <isin value="AN8068571086"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHARLES SCHWAB CORP</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SEMPRA</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BM0</cusip>
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          <isin value="US816851BM02"/>
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        <balance>328000.00000000</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>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>549300671OK77JNRLK28</lei>
        <title>Sequoia Mortgage Trust 2024-6</title>
        <cusip>81743DAL7</cusip>
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          <isin value="US81743DAL73"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-27</maturityDt>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>54930005PH54PMVV8351</lei>
        <title>Sequoia Mortgage Trust 2024-8</title>
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        <name>Sequoia Mortgage Trust</name>
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        <title>Sequoia Mortgage Trust 2024-10</title>
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        <name>Sequoia Mortgage Trust</name>
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        <name>Sequoia Mortgage Trust</name>
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        <title>Sequoia Mortgage Trust 2025-7</title>
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        <name>Sequoia Mortgage Trust</name>
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        <name>ServiceNow Inc</name>
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        <title>ServiceNow Inc</title>
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        <name>SHELL FINANCE US INC</name>
        <lei>N/A</lei>
        <title>Shell Finance US Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SIERRA PACIFIC POWER CO</name>
        <lei>QB888G5GSVGE1LD1WV84</lei>
        <title>Sierra Pacific Power Co</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTHERN CO GAS CAPITAL</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
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        <name>Stack Infrastructure Issuer LLC</name>
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          <maturityDt>2035-03-01</maturityDt>
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        <name>SUBWAY FUNDING LLC</name>
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        <name>SUMITOMO MITSUI FINL GRP</name>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumter Landing Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumter Landing Community Development District</name>
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        <name>Sumter Landing Community Development District</name>
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          <maturityDt>2054-10-01</maturityDt>
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        <name>SUNOCO LP</name>
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        <name>Switch ABS Issuer, LLC</name>
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        <name>SYNOPSYS INC</name>
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        <name>PINNACLE BANK TN</name>
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        <name>Sysco Corp</name>
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        <name>TJX Cos Inc/The</name>
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        <name>TAKEOFF MERGER SUB INC</name>
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        <name>Taiwan Semiconductor Manufacturing Co Ltd</name>
        <lei>549300KB6NK5SBD14S87</lei>
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        <invCountry>TW</invCountry>
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        <name>Tesla Inc</name>
        <lei>54930043XZGB27CTOV49</lei>
        <title>Tesla Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Texas Natural Gas Securitization Finance Corp</name>
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        <title>TEXAS NATURAL GAS SECURITIZTN FIN CORP REVENUE</title>
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      <invstOrSec>
        <name>TEXTRON INC</name>
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        <name>Thermo Fisher Scientific Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-10-31</maturityDt>
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        <name>Towd Point Mortgage Trust</name>
        <lei>25490010CSYSAQU59J50</lei>
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        <balance>332300.73000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-03-25</maturityDt>
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        <name>Tractor Supply Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Trackside Rail, LLC</name>
        <lei>N/A</lei>
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          <maturityDt>2056-03-20</maturityDt>
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        <name>UBS GROUP AG</name>
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        <balance>205000.00000000</balance>
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        <valUSD>218494.17000000</valUSD>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-13</maturityDt>
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          <annualizedRt>9.25000000</annualizedRt>
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        <name>Uber Technologies Inc</name>
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        <title>Uber Technologies Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Union Pacific Corp</name>
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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>UNITED AIRLINES INC</name>
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        <title>United Airlines Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>4.63000000</annualizedRt>
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        <name>United Nations Development Corp</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United Rentals Inc</name>
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        <name>UNITED RENTALS NORTH AM</name>
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          <maturityDt>2029-12-15</maturityDt>
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        <name>United States Treasury</name>
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          <isin value="US91282CFV81"/>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>UnitedHealth Group Inc</name>
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        <name>UNITEDHEALTH GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of California</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-15</maturityDt>
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        <name>VALERO ENERGY CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VENTURE GLOBAL PLAQUE</name>
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        <title>Venture Global Plaquemines LNG LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VERIZON COMMUNICATIONS</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Vertex Pharmaceuticals Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VB-S1 Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verus Securitization Trust</name>
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        <name>PARAMOUNT GLOBAL</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
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        <name>Visa Inc</name>
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        <name>VORNADO REALTY LP</name>
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        <name>WEIR GROUP INC</name>
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        <title>Weir Group Inc</title>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Welltower Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Western Digital Corp</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>Western Digital Corp</title>
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          <isin value="US9581021055"/>
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      <invstOrSec>
        <name>Williams Cos Inc/The</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos Inc/The</title>
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          <isin value="US9694571004"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Workday Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WORKDAY INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Xylem Inc/NY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Zoetis Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Intercontinental Exchange, Inc.</name>
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      <invstOrSec>
        <name>ASML Holding NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0010273215"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SVENSKA HANDELSBANKEN AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>Svenska Handelsbanken AB</title>
        <cusip>000000000</cusip>
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        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
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        <valUSD>408764.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SWEDBANK AB</name>
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        <title>Swedbank AB</title>
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        <curCd>USD</curCd>
        <valUSD>411018.69000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>New Zealand Government Bonds</name>
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        <title>New Zealand Government Bonds</title>
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        <invCountry>NZ</invCountry>
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        <name>Chicago Board of Trade</name>
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        <name>Chicago Board of Trade</name>
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        <name>Chicago Board of Trade</name>
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        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT 5 Year U.S. Treasury Notes</indexName>
                <indexIdentifier>FVM6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>-653191.42000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4113.29000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 2YR NOTE (CBT) JUN26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01XK4Y0H9"/>
        </identifiers>
        <balance>58.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>22793.19000000</valUSD>
        <pctVal>0.006051246260</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT 2 Year U.S. Treasury Notes Futures</indexName>
                <indexIdentifier>TUM6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>12009034.91000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>22793.19000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 10YR ULTRA FUT JUN26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01XB0MN08"/>
        </identifiers>
        <balance>-8.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3392.27000000</valUSD>
        <pctVal>-0.00090059623</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Ultra 10 Year U.S. Treasury Notes Futures</indexName>
                <indexIdentifier>UXYM6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-904732.73000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3392.27000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2122174415"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>376787.20000000</valUSD>
        <pctVal>0.100031287196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</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>SKANDINAVISKA ENSKILDA</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>Skandinaviska Enskilda Banken AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2479344561"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402160.58000000</valUSD>
        <pctVal>0.106767534770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.88000000</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>New Zealand Government Bonds</name>
        <lei>549300237GPHG2AI7C34</lei>
        <title>New Zealand Government Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZGOVDT535C1"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NZD" exchangeRt="1.74019000"/>
        <valUSD>852234.53000000</valUSD>
        <pctVal>0.226255342615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>Eaton Corp PLC</name>
        <lei>549300VDIGTMXUNT7H71</lei>
        <title>Eaton Corp PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00B8KQN827"/>
        </identifiers>
        <balance>5220.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1867037.40000000</valUSD>
        <pctVal>0.495670113968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Johnson Controls International plc</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>Johnson Controls International plc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BY7QL619"/>
        </identifiers>
        <balance>14711.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1926405.45000000</valUSD>
        <pctVal>0.511431430860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde PLC</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
        </identifiers>
        <balance>5118.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2537299.68000000</valUSD>
        <pctVal>0.673614584024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trane Technologies PLC</name>
        <lei>549300BURLR9SLYY2705</lei>
        <title>Trane Technologies PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BK9ZQ967"/>
        </identifiers>
        <balance>4563.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1901584.62000000</valUSD>
        <pctVal>0.504841876931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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"/>
      <explntrNote note="The Fund accounts for Callable Taxable Bond Premiums under ASU 2017-08. An adjustment to account for the premium calculation is made for quarterly reporting purposes, but due to timing and complexity, is not reflected in N-PORT." noteItem="B.5.d"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-23</ncom:dateSigned>
      <ncom:nameOfApplicant>LINCOLN VARIABLE INSURANCE PRODUCTS TRUST</ncom:nameOfApplicant>
      <ncom:signature>James Hoffmayer</ncom:signature>
      <ncom:signerName>James Hoffmayer</ncom:signerName>
      <ncom:title>VP</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
