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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_26-80</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_26-80</title>
        <cusip>38385SL27</cusip>
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          <isin value="US38385SL273"/>
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        <curCd>USD</curCd>
        <valUSD>2766376.37000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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          <maturityDt>2056-05-20</maturityDt>
          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-155</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-155</title>
        <cusip>38383AJY1</cusip>
        <identifiers>
          <isin value="US38383AJY10"/>
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        <balance>26432565.81000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3251551.86000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.58000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2023-NQM3 Trust</title>
        <cusip>69380TAF8</cusip>
        <identifiers>
          <isin value="US69380TAF84"/>
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        <balance>2043000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.33000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F052664</cusip>
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          <isin value="US01F0526644"/>
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        <balance>60000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60264808.80000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-01</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>A&amp;D Mortgage Trust</name>
        <lei>984500FEB1BEC4C6Y473</lei>
        <title>A&amp;D Mortgage Trust 2026-NQM1</title>
        <cusip>00040DAC7</cusip>
        <identifiers>
          <isin value="US00040DAC74"/>
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        <balance>8878423.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8799427.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.91000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2024-RCF2 LLC</title>
        <cusip>693987AD1</cusip>
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          <isin value="US693987AD12"/>
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        <balance>2800000.00000000</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>
        <debtSec>
          <maturityDt>2054-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Reneu Redi Q-1 Trust 2026-RTL1</name>
        <lei>N/A</lei>
        <title>Reneu Redi Q-1 Trust 2026-RTL1</title>
        <cusip>759964AA7</cusip>
        <identifiers>
          <isin value="US759964AA78"/>
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        <balance>21000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21031655.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.89000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust 2020-2</title>
        <cusip>24380NAG4</cusip>
        <identifiers>
          <isin value="US24380NAG43"/>
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        <balance>4911000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4854924.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.36000000</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>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38381UN24</cusip>
        <identifiers>
          <isin value="US38381UN241"/>
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        <balance>154142158.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3879079.90000000</valUSD>
        <pctVal>0.146445721994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.72000000</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>BRAVO Residential Funding Trust</name>
        <lei>254900V4GL9A5JTVB991</lei>
        <title>BRAVO Residential Funding Trust 2025-HE1</title>
        <cusip>10568VAE4</cusip>
        <identifiers>
          <isin value="US10568VAE48"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1494858.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2072-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.86000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANNIE MAE FNMA_17-50</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_17-50</title>
        <cusip>3136AXAQ8</cusip>
        <identifiers>
          <isin value="US3136AXAQ83"/>
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        <balance>5739371.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>594597.17000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.37000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>VELOCITY COMMERCIAL CAPITAL LOAN TRUST VCC_25-MC1</name>
        <lei>N/A</lei>
        <title>VELOCITY COMMERCIAL CAPITAL LOAN TRUST VCC_25-MC1</title>
        <cusip>91825JAB6</cusip>
        <identifiers>
          <isin value="US91825JAB61"/>
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        <balance>5214000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5188708.45000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.05000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Visio 2019-2 Trust</name>
        <lei>N/A</lei>
        <title>Visio 2019-2 Trust</title>
        <cusip>92837DAE7</cusip>
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          <isin value="US92837DAE76"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.91000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000IT1PBTE7DAT80</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA1</title>
        <cusip>35564KBE8</cusip>
        <identifiers>
          <isin value="US35564KBE82"/>
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        <balance>14000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15551335.80000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.36000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHNGE MORTGAGE TRUST CHNGE_23-2</name>
        <lei>N/A</lei>
        <title>CHNGE MORTGAGE TRUST CHNGE_23-2</title>
        <cusip>169926AF9</cusip>
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          <isin value="US169926AF98"/>
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        <balance>4942000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Upstart Securitization Trust</name>
        <lei>N/A</lei>
        <title>Upstart Securitization Trust 2025-1</title>
        <cusip>91684PAC0</cusip>
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          <isin value="US91684PAC05"/>
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        <balance>10850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11490876.95000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BXPP3</cusip>
        <identifiers>
          <isin value="US3136BXPP37"/>
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        <balance>23037773.25000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22969827.95000000</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>2055-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.46000000</annualizedRt>
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        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Verus Securitization 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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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FIGRE 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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        <fairValLevel>2</fairValLevel>
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        <name>Ally Bank Auto Credit-Linked Notes</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>Genworth Mortgage Insurance Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Preston Ridge Partners Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Genworth Mortgage Insurance Corporation</name>
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        <title>Triangle Re 2021-2 Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-122</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRESTON RIDGE PARTNERS MORTGAGE PRPM_25-3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BHMS Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ASP WHCO PARTICIPATION LP ASPWP-29-1A</name>
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        <fairValLevel>3</fairValLevel>
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        <name>SPLITERO TRUST SPLTO_25-1</name>
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        <title>SPLITERO TRUST SPLTO_25-1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-148</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-148</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP MORTGAGE LOAN TRUST IN</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-197</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_4097</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE FNMA_17-72</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_17-163</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GCAT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Preston Ridge Partners Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE FNMA_24-74</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Trade</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>Government National Mortgage Association</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>1</fairValLevel>
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        <name>Pagaya AI Debt Selection Trust</name>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST GRADE_22-INV1</name>
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        <name>Freddie Mac</name>
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        <name>Toorak Mortgage Corp.</name>
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        <name>Knock Issuer Trust 2025-1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>TCW Gem Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-144</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FIGURE LENDING FIGRE_23-HE3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-7</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRESTON RIDGE PARTNERS MORTGAGE TRUST PRPM_23-RCF2</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MFRA Trust</name>
        <lei>254900XBKB8JES2BO797</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_25-5563</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-97</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRP ADVISORS LLC PRPM_24-RPL4</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LHOME MORTGAGE TRUST LHOME_24-RTL5</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COLT MORTGAGE LOAN TRUST COLT_21-3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COLT MORTGAGE LOAN TRUST COLT_25-5</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HTAP Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137FTYA9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-44</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage 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>Stanwich Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_23-66</name>
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        <name>HTAP Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Global Markets, Inc.</name>
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        <name>Fannie Mae</name>
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        <name>Goldman Sachs International</name>
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        <name>Splitero Trust 2025-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Upgrade Master Pass-Thru Trust</name>
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        <name>CHNGE MORTGAGE TRUST CHNGE_23-3</name>
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        <name>Government National Mortgage Association</name>
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        <name>HTAP Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>tvc mortgage trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-117</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>Citigroup Global Markets, Inc.</name>
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        <name>GS Mortgage-Backed Securities Trust</name>
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        <name>Starwood Mortgage Residential Trust 2020-INV1</name>
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        <name>Government National Mortgage Association</name>
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        <name>Preston Ridge Partners Mortgage Trust</name>
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        <name>BRAVO RESIDENTIAL FUNDING TRUST BRAVO_21-NQM2</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</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>FIGRE Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KSL Resorts</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <name>Fannie Mae</name>
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        <name>Upstart Securitization Trust</name>
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        <name>STRUCTURED AGENCY CREDIT RISK STACR_20-CS01</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-40</name>
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        <name>PRESTON RIDGE PARTNERS MORTGAGE TRUST PRPM_26-NQM2</name>
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        <name>Ally Bank Auto Credit-Linked Notes</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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        <name>Preston Ridge Partners Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <title>Fannie Mae Connecticut Avenue Securities</title>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Easy Street Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LHOME Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CHNGE Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <name>A&amp;D Mortgage Trust</name>
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        <name>Elmwood CLO VIII 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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Global Markets, Inc.</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <curCd>USD</curCd>
        <valUSD>759459.40000000</valUSD>
        <pctVal>0.028671639415</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>Citigroup Global Markets, Inc.</counterpartyName>
              <counterpartyLei>MBNUM2BPBDO7JBLYG310</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>CITIBANK NA</counterpartyName>
                    <counterpartyLei>N/A</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>CITIBANK NA</name>
                    <lei>N/A</lei>
                    <title>IRS Swap</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="BAXG1ED75_P_C_CE"/>
                    </identifiers>
                    <balance>262000000.00000000</balance>
                    <units>OU</units>
                    <descOthUnits>Notional Amount</descOthUnits>
                    <curCd>N/A</curCd>
                    <valUSD>759459.40000000</valUSD>
                    <pctVal>0.03000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>N/A</issuerName>
                      <issueTitle>N/A</issueTitle>
                      <identifiers>
                        <other otherDesc="N/A" value="N/A"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.50000000"/>
                  <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate Index" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Month" rateTenorUnit="12" resetDt="Month" resetDtUnit="12"/>
                    </rtResetTenors>
                  </floatingPmntDesc>
                  <terminationDt>2031-10-13</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>N/A</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>N/A</rcptCurCd>
                  <notionalAmt>262000000.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>3.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-10-08</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1650940.60000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COREVEST AMERICAN FINANCE LTD CAFL_25-RRTL2 ISSUER LP</name>
        <lei>N/A</lei>
        <title>COREVEST AMERICAN FINANCE LTD CAFL_25-RRTL2 ISSUER LP</title>
        <cusip>12770JAC5</cusip>
        <identifiers>
          <isin value="US12770JAC53"/>
        </identifiers>
        <balance>6500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6476945.15000000</valUSD>
        <pctVal>0.244522137532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.84000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-06</ncom:dateSigned>
      <ncom:nameOfApplicant>Columbia Funds Series Trust II</ncom:nameOfApplicant>
      <ncom:signature>Jennifer Borges</ncom:signature>
      <ncom:signerName>Jennifer Borges</ncom:signerName>
      <ncom:title>Senior Manager</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
