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        <name>Aon Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arizona Public Service Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Ashtead Capital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AutoNation, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avolon Holdings Funding Ltd.</name>
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        <name>BAT Capital Corp.</name>
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        <name>BAT Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BBCMS Mortgage Trust</name>
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          <isin value="US05555AAJ43"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BFLD Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05556QAC33"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
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          <isin value="US05593VAA17"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
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          <isin value="US05612AAA43"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05612GAA13"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
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          <isin value="US05619TAA60"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLP Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05625AAA97"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bacardi-Martini BV</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bain Capital Credit CLO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Balboa Bay Loan Funding Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Barings BDC, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <name>Cabot Corp.</name>
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        <name>CACI International, Inc.</name>
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        <name>California Public Finance Authority</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Carlyle US CLO Ltd.</name>
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        <name>Carnival Corp.</name>
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        <name>Carrier Global Corp.</name>
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        <name>Carrier Global Corp.</name>
        <lei>549300JE3W6CWY2NAN77</lei>
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        <name>CBAMR Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Columbia Pipelines Operating Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Comcast Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Comcast Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Commercial Metals Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth Edison Co.</name>
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        <name>Constellation Software, Inc.</name>
        <lei>549300B6PYHMCTDWQV29</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HP, Inc.</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
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        <name>HP, Inc.</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
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        <name>Halseypoint CLO 7 Ltd.</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Houston Galleria Mall Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Howmet Aerospace, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Humana, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hungary</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntington Ingalls Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hyatt Hotels Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IRV Trust</name>
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        <name>IDEX Corp.</name>
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        <name>Indiana Michigan Power Co.</name>
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        <name>Ingersoll Rand, Inc.</name>
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        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
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        <name>Intel Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMBB Commercial Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <name>Keurig Dr Pepper, Inc.</name>
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      <invstOrSec>
        <name>Keurig Dr Pepper, Inc.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KIND Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>KIND Commercial Mortgage Trust, Series 2024-1, Class A</title>
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          <isin value="US494925AA88"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kyndryl Holdings, Inc.</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
        <title>Kyndryl Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LBTY Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LBTY Commercial Mortgage Trust, Series 2026-225L, Class A</title>
        <cusip>50178LAA2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LBTY Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LPL Holdings, Inc.</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
        <title>LPL Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Laboratory Corp. of America Holdings</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>Laboratory Corp. of America Holdings</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEX Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>52885AAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MPLX LP</name>
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        <title>MPLX LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp.</name>
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      <invstOrSec>
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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>OHA Credit Funding 7 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OBX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OBX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OHA Credit Funding 15-R Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OBX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NYC Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NYC Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chord Energy Corp.</name>
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        <title>Chord Energy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>OBX Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OBX Trust</name>
        <lei>254900KNWDG7C03UTA13</lei>
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        <cusip>67449BAL7</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.41800000</annualizedRt>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Octagon Investment Partners XXI Ltd.</name>
        <lei>549300XIS9D4AHDX5A35</lei>
        <title>Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR4</title>
        <cusip>67590QBW6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.46253120</annualizedRt>
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        <name>Octagon 57 Ltd.</name>
        <lei>N/A</lei>
        <title>Octagon 57 Ltd., Series 2021-1A, Class B1R</title>
        <cusip>67592XAQ3</cusip>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Oncor Electric Delivery Co. LLC</name>
        <lei>549300SP2X2BS1KERD24</lei>
        <title>Oncor Electric Delivery Co. LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Oncor Electric Delivery Co. LLC</name>
        <lei>549300SP2X2BS1KERD24</lei>
        <title>Oncor Electric Delivery Co. LLC</title>
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        <balance>160000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PeaceHealth Obligated Group</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Piedmont Natural Gas Co., Inc.</name>
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        <name>Pikes Peak CLO 19</name>
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        <name>POSCO</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RHP Hotel Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Regal Rexnord Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic Services, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Romania</name>
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        <name>Royalty Pharma plc</name>
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        <name>Salesforce, Inc.</name>
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        <name>Salesforce, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <name>United Rentals North America, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US Bancorp</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <name>Wisconsin Power and Light Co.</name>
        <lei>JWBYHVQVMY66CVCOSO49</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>World Omni Auto Receivables Trust</name>
        <lei>N/A</lei>
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          <isin value="US98164JAE47"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Xcel Energy, Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>Xcel Energy, Inc.</title>
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          <isin value="US98388MAB37"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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        <name>Xcel Energy, Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
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          <isin value="US98389BAU44"/>
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        <curCd>USD</curCd>
        <valUSD>770910.57000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35000000</annualizedRt>
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        <name>Xilinx, Inc.</name>
        <lei>6EY4K7ZMF9UX1CU6KC79</lei>
        <title>Xilinx, Inc.</title>
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          <isin value="US983919AK78"/>
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        <balance>250000.00000000</balance>
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        <valUSD>230963.78000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>2.37500000</annualizedRt>
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        <name>Zoetis, Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis, Inc.</title>
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          <isin value="US98978VAN38"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>Saudi Arabian Oil Co.</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>Saudi Arabian Oil Co.</title>
        <cusip>N/A</cusip>
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          <isin value="XS1982113208"/>
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        <balance>2370000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-16</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
        <cusip>91087BAP5</cusip>
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          <isin value="XS2280637039"/>
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        <curCd>USD</curCd>
        <valUSD>1349070.00000000</valUSD>
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        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <name>Romania</name>
        <lei>315700IASY927EDWBK92</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS2756521303"/>
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        <curCd>USD</curCd>
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        <invCountry>RO</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Galaxy Pipeline Assets Bidco Ltd.</name>
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        <invCountry>JE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Hungary</name>
        <lei>5299003F3UFKGCCMAP43</lei>
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          <isin value="XS2574267188"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <name>Penta CLO DAC</name>
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          <isin value="XS3019792665"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Hungary</name>
        <lei>5299003F3UFKGCCMAP43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Indonesia</name>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Czech Repub. Kronas</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="FVM6COM"/>
          <other otherDesc="Future Ticker" value="FVM6 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Henley CLO XVII DAC</name>
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          <isin value="XS3356042963"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Polish Zloty - New</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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          <isin value="GB00JH7F7859"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Singapore Dollar</name>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>U.S. Treasury Ultra Bond</issueTitle>
                <identifiers>
                  <ticker value="WNM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>42101437.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1447445.15000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ares European CLO XXI DAC</name>
        <lei>254900REPQKNP1XRDH75</lei>
        <title>Ares European CLO XXI DAC, Series 21A, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2988590761"/>
        </identifiers>
        <balance>680000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>793829.02000000</valUSD>
        <pctVal>0.057913849294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.90399840</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>Sound Point Euro CLO 14 Funding DAC</name>
        <lei>635400MRPPDDKPZD8B91</lei>
        <title>Sound Point Euro CLO 14 Funding DAC, Series 14A, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2997433227"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>1630002.91000000</valUSD>
        <pctVal>0.118916971414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.83799960</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>CVC Cordatus Loan Fund III DAC</name>
        <lei>213800XV458LVR3TU384</lei>
        <title>CVC Cordatus Loan Fund III DAC, Series 3A, Class B1R3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3015758660"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>1983353.48000000</valUSD>
        <pctVal>0.144695685902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.69100080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Australia 3 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="YMM6COM"/>
          <other otherDesc="Future Ticker" value="YMM6 Comdty"/>
        </identifiers>
        <balance>10.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38898534"/>
        <valUSD>-5583.56000000</valUSD>
        <pctVal>-0.00040734899</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Clear (Futures)</counterpartyName>
              <counterpartyLei>549300ZD7BBOVZFVHK49</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Australia 3 Year Bond</issueTitle>
                <identifiers>
                  <ticker value="YMM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-15</expDate>
            <notionalAmt>1033723.50000000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>-5583.56000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South African Rand</name>
        <lei>N/A</lei>
        <title>South African Rand</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="ZAR"/>
        </identifiers>
        <balance>379.48000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="ZAR" exchangeRt="16.65750000"/>
        <valUSD>22.78000000</valUSD>
        <pctVal>0.000001661916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
