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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
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        <cusip>01F052672</cusip>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria</title>
        <cusip>05971MGY5</cusip>
        <identifiers>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7988689.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140N7ZQ6</cusip>
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          <isin value="US3140N7ZQ60"/>
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        <balance>1649744.68000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1492540.59000000</valUSD>
        <pctVal>0.169264346264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H20, Class HI</title>
        <cusip>38375UN55</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>20327.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.28177000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RFMSI Trust</name>
        <lei>N/A</lei>
        <title>RFMSI Trust, Series 2007-S6, Class 1A10</title>
        <cusip>762009AK4</cusip>
        <identifiers>
          <isin value="US762009AK44"/>
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        <balance>872149.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>688755.30000000</valUSD>
        <pctVal>0.078109577971</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2020-167, Class YI</title>
        <cusip>38382LAC5</cusip>
        <identifiers>
          <isin value="US38382LAC54"/>
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        <balance>5956577.29600000</balance>
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        <curCd>USD</curCd>
        <valUSD>750155.56000000</valUSD>
        <pctVal>0.085072788847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2025-89, Class UZ</title>
        <cusip>3136BXXH2</cusip>
        <identifiers>
          <isin value="US3136BXXH29"/>
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        <balance>917622.44780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>915581.20000000</valUSD>
        <pctVal>0.103833191745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FMC GMSR Issuer Trust</name>
        <lei>N/A</lei>
        <title>FMC GMSR Issuer Trust, Series 2022-GT1, Class A</title>
        <cusip>30259RAM7</cusip>
        <identifiers>
          <isin value="US30259RAM79"/>
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        <balance>3524925.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3522977.83000000</valUSD>
        <pctVal>0.399529864241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.19000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>3618H9TZ1</cusip>
        <identifiers>
          <isin value="US3618H9TZ13"/>
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        <balance>533251.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>558174.27000000</valUSD>
        <pctVal>0.063300792987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179VA91</cusip>
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          <isin value="US36179VA915"/>
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        <balance>33409.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32092.92000000</valUSD>
        <pctVal>0.003639557382</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
        <cusip>3133SKCK5</cusip>
        <identifiers>
          <isin value="US3133SKCK51"/>
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        <balance>1778609.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1458559.08000000</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>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
        <cusip>3133SKBW0</cusip>
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          <isin value="US3133SKBW09"/>
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        <balance>2211386.67000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1801021.53000000</valUSD>
        <pctVal>0.204248201975</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>3617JUSZ5</cusip>
        <identifiers>
          <isin value="US3617JUSZ50"/>
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        <balance>15766.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15394.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EMF-NL Prime BV</name>
        <lei>724500YACYYG8XY5LM10</lei>
        <title>EMF-NL Prime BV, Series 2008-APRX, Class A3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0362465881"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>3.08999880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>IndyMac INDX Mortgage Loan Trust, Series 2004-AR9, Class 3A</title>
        <cusip>45660N3Q6</cusip>
        <identifiers>
          <isin value="US45660N3Q66"/>
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        <balance>12653.29460000</balance>
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        <curCd>USD</curCd>
        <valUSD>12525.31000000</valUSD>
        <pctVal>0.001420456115</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.24499920</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>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT</title>
        <cusip>35563PDD8</cusip>
        <identifiers>
          <isin value="US35563PDD87"/>
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        <balance>820880.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>739198.24000000</valUSD>
        <pctVal>0.083830153559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.25000080</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 4286, Class SC</title>
        <cusip>3137B6US8</cusip>
        <identifiers>
          <isin value="US3137B6US81"/>
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        <balance>56035.34000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41290.19000000</valUSD>
        <pctVal>0.004682590922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.11514760</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Lafayette Federal Credit Union Asset Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HT</title>
        <cusip>35563PBE8</cusip>
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          <isin value="US35563PBE88"/>
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        <curCd>USD</curCd>
        <valUSD>1186431.32000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999880</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PRPM Trust</name>
        <lei>N/A</lei>
        <title>PRPM Trust, Series 2022-INV1, Class A1</title>
        <cusip>69377EAA7</cusip>
        <identifiers>
          <isin value="US69377EAA73"/>
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        <balance>659242.25870000</balance>
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        <curCd>USD</curCd>
        <valUSD>659050.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2014-23, Class SA</title>
        <cusip>3136AJ4H6</cusip>
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        <curCd>USD</curCd>
        <valUSD>7766.32000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.08342800</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
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          <isin value="US31378YKB91"/>
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        <curCd>USD</curCd>
        <valUSD>47.16000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>38376RC79</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHL Mortgage Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust, Series 2004-HYB1, Class 2A</title>
        <cusip>12669FNP4</cusip>
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          <isin value="US12669FNP44"/>
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        <balance>57388.54130000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Real Estate Asset Liquidity Trust</name>
        <lei>N/A</lei>
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          <isin value="CA75585RRY31"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>TDA 27 FTA</name>
        <lei>95980020140005710276</lei>
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        <identifiers>
          <isin value="ES0377954021"/>
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        <balance>304958.50000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Champs Trust</name>
        <lei>N/A</lei>
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          <isin value="US15878CAA80"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2023-1, Class MT</title>
        <cusip>35563PK73</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ATLX Trust</name>
        <lei>N/A</lei>
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        <cusip>049915AC5</cusip>
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          <isin value="US049915AC56"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 4350, Class DS</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>ECAF I Ltd.</name>
        <lei>635400SSRNQERTYCWK57</lei>
        <title>ECAF I Ltd., Series 2015-1A, Class A2</title>
        <cusip>26827EAC9</cusip>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Amortizing Residential Collateral Trust</name>
        <lei>N/A</lei>
        <title>Amortizing Residential Collateral Trust, Series 2002-BC7, Class A1</title>
        <cusip>86358R7H4</cusip>
        <identifiers>
          <isin value="US86358R7H40"/>
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        <balance>769353.76000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.52282040</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Legacy Mortgage Asset Trust</name>
        <lei>N/A</lei>
        <title>Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1</title>
        <cusip>52475XAA2</cusip>
        <identifiers>
          <isin value="US52475XAA28"/>
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        <balance>133144.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>134185.10000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.24999960</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>21H040673</cusip>
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        <balance>5400000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31383RFY3</cusip>
        <identifiers>
          <isin value="US31383RFY36"/>
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        <balance>51.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51.81000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H20, Class IB</title>
        <cusip>38375UM72</cusip>
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          <isin value="US38375UM724"/>
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        <balance>3508258.18250000</balance>
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        <curCd>USD</curCd>
        <valUSD>110802.37000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2024-RTL6, Class A1</title>
        <cusip>79585UAA8</cusip>
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          <isin value="US79585UAA88"/>
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        <balance>494000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495723.62000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.43900040</annualizedRt>
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      <invstOrSec>
        <name>EFMT</name>
        <lei>N/A</lei>
        <title>EFMT, Series 2024-RM3, Class A1A</title>
        <cusip>26845EAA1</cusip>
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          <isin value="US26845EAA10"/>
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        <balance>2365407.36000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2306126.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bayview Commercial Asset Trust</name>
        <lei>N/A</lei>
        <title>Bayview Commercial Asset Trust, Series 2007-3, Class A1</title>
        <cusip>07325YAA6</cusip>
        <identifiers>
          <isin value="US07325YAA64"/>
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        <balance>939742.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>903864.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.12282080</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2019-H15, Class CI</title>
        <cusip>38380LZZ9</cusip>
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          <isin value="US38380LZZ92"/>
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        <balance>1642501.66440000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>1.23694920</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>36179UQU9</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2010-H26</title>
        <cusip>38375BGT3</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.61200000</annualizedRt>
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      <invstOrSec>
        <name>ATLX Trust</name>
        <lei>N/A</lei>
        <title>ATLX Trust, Series 2024-RPL2, Class A2</title>
        <cusip>049919AB9</cusip>
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          <isin value="US049919AB95"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Eurosail-NL BV</name>
        <lei>724500VX65TCSYFLOA51</lei>
        <title>Eurosail-NL BV, Series 2007-NL2X, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0327217880"/>
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        <balance>500000.00000000</balance>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.43999880</annualizedRt>
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      <invstOrSec>
        <name>Nordea Kredit Realkreditaktieselskab</name>
        <lei>52990080NNXXLC14OC65</lei>
        <title>Nordea Kredit Realkreditaktieselskab</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>24913923.00000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.54165000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust, Series 2004-A, Class A2</title>
        <cusip>59020UAS4</cusip>
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          <isin value="US59020UAS42"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.67998920</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>3617VAGH8</cusip>
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          <isin value="US3617VAGH88"/>
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        <balance>819616.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>741057.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.06500040</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Pool, 30 Year</title>
        <cusip>31427MAS0</cusip>
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          <isin value="US31427MAS08"/>
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        <balance>1578778.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1588439.25000000</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>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Banna RMBS DAC</name>
        <lei>549300ITMSQX8FY8ZS10</lei>
        <title>Banna RMBS DAC, Series 2019-1, Class C</title>
        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>3618K4DG7</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-4, Class HT</title>
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        <curCd>USD</curCd>
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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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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US36181CNU89"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>E-MAC Program BV</name>
        <lei>724500SKQP7E7072AD15</lei>
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        <identifiers>
          <isin value="XS0344801765"/>
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        <balance>127934.06000000</balance>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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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, Series 2025-J1, Class A4</title>
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        <identifiers>
          <isin value="US75410CAD11"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CoreVest American Finance Trust</name>
        <lei>N/A</lei>
        <title>CoreVest American Finance Trust, Series 2020-3, Class XB</title>
        <cusip>21873CAE3</cusip>
        <identifiers>
          <isin value="US21873CAE30"/>
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        <balance>62310773.30000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>RCKT Mortgage Trust</name>
        <lei>N/A</lei>
        <title>RCKT Mortgage Trust, Series 2024-INV1, Class A1</title>
        <cusip>74938QAA2</cusip>
        <identifiers>
          <isin value="US74938QAA22"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2019-H18, Class IE</title>
        <cusip>38380LL92</cusip>
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          <isin value="US38380LL923"/>
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        <balance>7057650.78080000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>3138A5GF3</cusip>
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          <isin value="US3138A5GF36"/>
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        <balance>15946.40000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2014-H21, Class BI</title>
        <cusip>38375UPZ7</cusip>
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        <balance>201497.29950000</balance>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>ABFC Trust</name>
        <lei>N/A</lei>
        <title>ABFC Trust, Series 2004-OPT4, Class M1</title>
        <cusip>04542BHD7</cusip>
        <identifiers>
          <isin value="US04542BHD73"/>
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        <balance>129502.58000000</balance>
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        <valUSD>132574.39000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>36184YE78</cusip>
        <identifiers>
          <isin value="US36184YE788"/>
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        <balance>91353.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84343.15000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Mortgage Trust, Series 2020-INV2, Class A3</title>
        <cusip>46652KAC3</cusip>
        <identifiers>
          <isin value="US46652KAC36"/>
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        <balance>73042.51160000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Eurosail-NL BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pagaya AI Technology in Housing Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Retained Vantage Data Centers Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Reperforming Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RMF Buyout Issuance Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FMC GMSR Issuer Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Saluds Grade Alternative Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>38375BR79</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-71, Class MI</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Cloud Capital Holdco LP</name>
        <lei>N/A</lei>
        <title>Cloud Capital Holdco LP, Series 2024-1A, Class A2</title>
        <cusip>102104AA4</cusip>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</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>ABFC Trust</name>
        <lei>N/A</lei>
        <title>ABFC Trust, Series 2004-OPT2, Class A1A</title>
        <cusip>04542BFU1</cusip>
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          <isin value="US04542BFU17"/>
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        <balance>174699.84000000</balance>
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        <curCd>USD</curCd>
        <valUSD>173873.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.54281840</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2014-H24, Class BI</title>
        <cusip>38375URJ1</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>1.67070960</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, Single Family, 30 Year</title>
        <cusip>01F030678</cusip>
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          <isin value="US01F0306781"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8724219.00000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust, Series 2025-S2, Class A1</title>
        <cusip>81748UAA8</cusip>
        <identifiers>
          <isin value="US81748UAA88"/>
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        <balance>2687725.84000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2481946.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Resloc UK plc</name>
        <lei>213800RE18XIC3OI1847</lei>
        <title>Resloc UK plc, Series 2007-1X, Class C1A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0300474789"/>
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        <balance>214365.60000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.85099840</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-1, Class HT</title>
        <cusip>35563PHZ5</cusip>
        <identifiers>
          <isin value="US35563PHZ53"/>
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        <balance>1073521.86490000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2011-136, Class IG</title>
        <cusip>38377YTQ3</cusip>
        <identifiers>
          <isin value="US38377YTQ34"/>
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        <balance>7504.13270000</balance>
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        <curCd>USD</curCd>
        <valUSD>153.29000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-H21, Class AS</title>
        <cusip>38375BVZ2</cusip>
        <identifiers>
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        <balance>16096.61380000</balance>
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        <curCd>USD</curCd>
        <valUSD>786.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.61038000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179U3S9</cusip>
        <identifiers>
          <isin value="US36179U3S95"/>
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        <balance>37611.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33049.15000000</valUSD>
        <pctVal>0.003748000427</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>3140W24A6</cusip>
        <identifiers>
          <isin value="US3140W24A66"/>
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        <balance>4704184.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4733559.49000000</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>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class XA</title>
        <cusip>46645UAV9</cusip>
        <identifiers>
          <isin value="US46645UAV98"/>
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        <balance>1166327.73940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306.74000000</valUSD>
        <pctVal>0.000034786421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.78208560</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>E-MAC De BV</name>
        <lei>724500O14PEZ6A6JKY59</lei>
        <title>E-MAC De BV, Series DE07-1, Class C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0322557017"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <pctVal>0.111688821640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>7.44500160</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
        <cusip>31323AEC2</cusip>
        <identifiers>
          <isin value="US31323AEC27"/>
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        <balance>30461.78000000</balance>
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        <curCd>USD</curCd>
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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>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Pool, 30 Year</title>
        <cusip>3132DWPS6</cusip>
        <identifiers>
          <isin value="US3132DWPS60"/>
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        <balance>4738933.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4761121.13000000</valUSD>
        <pctVal>0.539943811882</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust, Series 2007-1, Class 3A</title>
        <cusip>59023HAD3</cusip>
        <identifiers>
          <isin value="US59023HAD35"/>
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        <balance>6201.93840000</balance>
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        <curCd>USD</curCd>
        <valUSD>5997.87000000</valUSD>
        <pctVal>0.000680199621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.60036080</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H09, Class HI</title>
        <cusip>38375UZJ2</cusip>
        <identifiers>
          <isin value="US38375UZJ23"/>
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        <balance>2077582.01100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>132285.88000000</valUSD>
        <pctVal>0.015002126674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.17572120</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-H28, Class SC</title>
        <cusip>38375BZM7</cusip>
        <identifiers>
          <isin value="US38375BZM70"/>
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        <balance>97783.27000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3.82000000</valUSD>
        <pctVal>0.000000433214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.30191040</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>Natixis Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust, Series 2019-10K, Class E</title>
        <cusip>63874UAL8</cusip>
        <identifiers>
          <isin value="US63874UAL89"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>929558.90000000</valUSD>
        <pctVal>0.105418358855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.27241880</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>Structured Asset Securities Corp. Mortgage-Backed Pass-Through Certificates Trust</name>
        <lei>N/A</lei>
        <title>Structured Asset Securities Corp. Mortgage-Backed Pass-Through Certificates Trust, Series 2000-5, Class B1</title>
        <cusip>863572Z97</cusip>
        <identifiers>
          <isin value="US863572Z974"/>
        </identifiers>
        <balance>27765.97000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27850.77000000</valUSD>
        <pctVal>0.003158468458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.61617000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179UKM3</cusip>
        <identifiers>
          <isin value="US36179UKM35"/>
        </identifiers>
        <balance>12823.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11961.88000000</valUSD>
        <pctVal>0.001356559286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GMAC Financiera SA de CV Sociedad Financiera de Objeto Ltdo</name>
        <lei>N/A</lei>
        <title>GMAC Financiera SA de CV Sociedad Financiera de Objeto Ltdo, Series 2007-2U, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX97MX020028"/>
        </identifiers>
        <balance>15560706.90000000</balance>
        <units>PA</units>
        <currencyConditional curCd="MXN" exchangeRt="17.48750000"/>
        <valUSD>1434764.36000000</valUSD>
        <pctVal>0.162712125261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>18.02000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2018-H11, Class AI</title>
        <cusip>38380LFF5</cusip>
        <identifiers>
          <isin value="US38380LFF58"/>
        </identifiers>
        <balance>1794974.45900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56974.28000000</valUSD>
        <pctVal>0.006461274368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-02-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.86419880</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>FHLMC Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-3, Class HT</title>
        <cusip>35563PGA1</cusip>
        <identifiers>
          <isin value="US35563PGA12"/>
        </identifiers>
        <balance>519318.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>447478.56000000</valUSD>
        <pctVal>0.050747139764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2015-H23, Class TI</title>
        <cusip>38376RHK5</cusip>
        <identifiers>
          <isin value="US38376RHK59"/>
        </identifiers>
        <balance>128847.84420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5623.05000000</valUSD>
        <pctVal>0.000637692461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-09-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.93311000</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>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Pool, 30 Year</title>
        <cusip>31427RR77</cusip>
        <identifiers>
          <isin value="US31427RR774"/>
        </identifiers>
        <balance>3071321.12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2970291.39000000</valUSD>
        <pctVal>0.336851428839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-01</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31400HWA7</cusip>
        <identifiers>
          <isin value="US31400HWA75"/>
        </identifiers>
        <balance>59397.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61479.18000000</valUSD>
        <pctVal>0.006972160945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, Single Family, 30 Year</title>
        <cusip>01F020679</cusip>
        <identifiers>
          <isin value="US01F0206791"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3991797.00000000</valUSD>
        <pctVal>0.452697175642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust, Series 2026-4, Class A1</title>
        <cusip>81750QAA2</cusip>
        <identifiers>
          <isin value="US81750QAA22"/>
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        <balance>3815885.63000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3802331.99000000</valUSD>
        <pctVal>0.431210543203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2015-H15, Class AI</title>
        <cusip>38376RCW4</cusip>
        <identifiers>
          <isin value="US38376RCW43"/>
        </identifiers>
        <balance>2952854.69110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144365.07000000</valUSD>
        <pctVal>0.016371989720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.81455120</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>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Whole Loan Securities Trust, Series 2017-SC02, Class 2A2</title>
        <cusip>3137G1BX4</cusip>
        <identifiers>
          <isin value="US3137G1BX40"/>
        </identifiers>
        <balance>669663.58310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>590112.71000000</valUSD>
        <pctVal>0.066922831278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-H20, Class MI</title>
        <cusip>38375BVM1</cusip>
        <identifiers>
          <isin value="US38375BVM17"/>
        </identifiers>
        <balance>15779.65470000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>834.54000000</valUSD>
        <pctVal>0.000094642563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.64397160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>3138WELB3</cusip>
        <identifiers>
          <isin value="US3138WELB33"/>
        </identifiers>
        <balance>521518.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>496830.13000000</valUSD>
        <pctVal>0.056343946504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RMF Buyout Issuance Trust</name>
        <lei>N/A</lei>
        <title>RMF Buyout Issuance Trust, Series 2020-HB1, Class M4</title>
        <cusip>76971EAG9</cusip>
        <identifiers>
          <isin value="US76971EAG98"/>
        </identifiers>
        <balance>1662000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1564477.66000000</valUSD>
        <pctVal>0.177422503708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000120</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>CAFL Issuer LLC</name>
        <lei>N/A</lei>
        <title>CAFL Issuer LLC, Series 2026-R1, Class A1</title>
        <cusip>124761AA5</cusip>
        <identifiers>
          <isin value="US124761AA54"/>
        </identifiers>
        <balance>4615799.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4603420.90000000</valUSD>
        <pctVal>0.522059523498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust, Series 2004-FM1, Class B1</title>
        <cusip>59020UFY6</cusip>
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          <isin value="US59020UFY64"/>
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        <balance>47292.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46300.30000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, Single Family, 30 Year</title>
        <cusip>01F052672</cusip>
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          <isin value="US01F0526727"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Brean Asset-Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Brean Asset-Backed Securities Trust, Series 2023-SRM1, Class M3</title>
        <cusip>10638RAD1</cusip>
        <identifiers>
          <isin value="US10638RAD17"/>
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        <balance>1673554.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1503575.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
        <cusip>3128L4EV2</cusip>
        <identifiers>
          <isin value="US3128L4EV29"/>
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        <balance>7181.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7449.09000000</valUSD>
        <pctVal>0.000844777929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140KBZB3</cusip>
        <identifiers>
          <isin value="US3140KBZB30"/>
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        <balance>147575.08000000</balance>
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        <curCd>USD</curCd>
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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>2050-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3622ADYJ1</cusip>
        <identifiers>
          <isin value="US3622ADYJ14"/>
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        <balance>1454262.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="52097"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>27009.59000000</valUSD>
        <pctVal>0.003063072873</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BNP Paribas</counterpartyName>
              <counterpartyLei>R0MUWSFPU8MPRO8K5P83</counterpartyLei>
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            <amtCurSold>2066851.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>1489387.97000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-09-16</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>E-MAC NL BV</name>
        <lei>724500SQXZRLADX2J753</lei>
        <title>E-MAC NL BV, Series NL04-I, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0188806870"/>
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        <balance>90994.60430000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
        <valUSD>103330.76000000</valUSD>
        <pctVal>0.011718417346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.34299880</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31388LC81</cusip>
        <identifiers>
          <isin value="US31388LC815"/>
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        <balance>688.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>713.04000000</valUSD>
        <pctVal>0.000080863629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>CHL Mortgage Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust, Series 2003-48, Class 1A1</title>
        <cusip>12669EU79</cusip>
        <identifiers>
          <isin value="US12669EU792"/>
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        <balance>110250.29300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108421.82000000</valUSD>
        <pctVal>0.012295778490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.05696400</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>E-MAC NL BV</name>
        <lei>724500ZVKRLV3I0BMR76</lei>
        <title>E-MAC NL BV, Series NL05-I, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0216513548"/>
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        <balance>49161.69000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
        <valUSD>52830.56000000</valUSD>
        <pctVal>0.005991348081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.66500040</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>MASTR Adjustable Rate Mortgages Trust</name>
        <lei>N/A</lei>
        <title>MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 5A1</title>
        <cusip>576433MY9</cusip>
        <identifiers>
          <isin value="US576433MY93"/>
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        <balance>132999.00250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>122616.14000000</valUSD>
        <pctVal>0.013905511794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.77021960</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>31418C2G8</cusip>
        <identifiers>
          <isin value="US31418C2G87"/>
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        <balance>12762.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12234.36000000</valUSD>
        <pctVal>0.001387460388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM Trust, Series 2023-AFC4, Class A1</title>
        <cusip>69380GAA7</cusip>
        <identifiers>
          <isin value="US69380GAA76"/>
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        <balance>888961.12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>893024.21000000</valUSD>
        <pctVal>0.101275074270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.22499840</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>3617JUST9</cusip>
        <identifiers>
          <isin value="US3617JUST90"/>
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        <balance>10889.60000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10214.13000000</valUSD>
        <pctVal>0.001158352441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>
        <name>E-MAC De BV</name>
        <lei>72450085LQ6DKJ7BBA61</lei>
        <title>E-MAC De BV, Series DE05-I, Class C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0221902538"/>
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        <balance>18095.19000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
        <valUSD>20635.23000000</valUSD>
        <pctVal>0.002340176702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.32500160</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>31418CVJ0</cusip>
        <identifiers>
          <isin value="US31418CVJ07"/>
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        <balance>29206.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26880.13000000</valUSD>
        <pctVal>0.003048391221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Eurohome Italy Mortgages Srl</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FSMBT Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CFMT LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Usd</name>
        <lei>2549003L5ZG5M2ZSE107</lei>
        <title>Natixis SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PNMAC GMSR Issuer Trust</name>
        <lei>N/A</lei>
        <title>PNMAC GMSR Issuer Trust, Series 2025-GT1, Class A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Brean Asset-Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Brean Asset-Backed Securities Trust, Series 2024-RM8, Class A1</title>
        <cusip>10637YAA3</cusip>
        <identifiers>
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        <balance>1373504.93000000</balance>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M</title>
        <cusip>35563PLU1</cusip>
        <identifiers>
          <isin value="US35563PLU11"/>
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        <balance>3165545.71000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ECAF I Ltd.</name>
        <lei>635400SSRNQERTYCWK57</lei>
        <title>ECAF I Ltd., Series 2015-1A, Class A1</title>
        <cusip>26827EAA3</cusip>
        <identifiers>
          <isin value="US26827EAA38"/>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EquiFirst Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>EquiFirst Mortgage Loan Trust, Series 2004-2, Class M7</title>
        <cusip>29445FBP2</cusip>
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          <isin value="US29445FBP27"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Raptor Aircraft Finance I LLC</name>
        <lei>549300QFYP8PTWJMXQ65</lei>
        <title>Raptor Aircraft Finance I LLC, Series 2019-1, Class A</title>
        <cusip>75383HAA9</cusip>
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          <isin value="US75383HAA95"/>
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        <balance>830702.90000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.21300000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797VA2</cusip>
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          <isin value="US912797VA22"/>
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        <balance>5709700.00000000</balance>
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        <valUSD>5616745.97000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>VCC Trust</name>
        <lei>N/A</lei>
        <title>VCC Trust, Series 2026-MC2, Class A1</title>
        <cusip>91826WAA8</cusip>
        <identifiers>
          <isin value="US91826WAA80"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4005000.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.59999960</annualizedRt>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>3618LMMC5</cusip>
        <identifiers>
          <isin value="US3618LMMC58"/>
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        <balance>659851.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>667571.31000000</valUSD>
        <pctVal>0.075707168119</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>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>3618BDKS3</cusip>
        <identifiers>
          <isin value="US3618BDKS30"/>
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        <balance>57417.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58627.95000000</valUSD>
        <pctVal>0.006648811895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sutherland Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sutherland Commercial Mortgage Trust, Series 2021-SB10, Class B</title>
        <cusip>86935JAB3</cusip>
        <identifiers>
          <isin value="US86935JAB35"/>
        </identifiers>
        <balance>506289.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>445810.96000000</valUSD>
        <pctVal>0.050558022480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.22999840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Mortgage Trust, Series 2008-R2, Class 1A1</title>
        <cusip>46632TAA3</cusip>
        <identifiers>
          <isin value="US46632TAA34"/>
        </identifiers>
        <balance>51485.14190000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48106.82000000</valUSD>
        <pctVal>0.005455643546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.92681880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RBSSP Resecuritization Trust</name>
        <lei>N/A</lei>
        <title>RBSSP Resecuritization Trust, Series 2009-8, Class 7A1</title>
        <cusip>74927BAK6</cusip>
        <identifiers>
          <isin value="US74927BAK61"/>
        </identifiers>
        <balance>34173.65000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>237688.14000000</valUSD>
        <pctVal>0.026955466338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>93.51902880</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>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2020-3, Class M</title>
        <cusip>35563PTU3</cusip>
        <identifiers>
          <isin value="US35563PTU39"/>
        </identifiers>
        <balance>1150056.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1100551.46000000</valUSD>
        <pctVal>0.124810088687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
        <cusip>3133N3U51</cusip>
        <identifiers>
          <isin value="US3133N3U513"/>
        </identifiers>
        <balance>51394.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47203.83000000</valUSD>
        <pctVal>0.005353238283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Usd</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05593DQD8</cusip>
        <identifiers>
          <isin value="US05593DQD83"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
        <pctVal>0.567034315174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.14000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3138WFK88</cusip>
        <identifiers>
          <isin value="US3138WFK887"/>
        </identifiers>
        <balance>95358.52000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>87895.89000000</valUSD>
        <pctVal>0.009967997158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31389UVE6</cusip>
        <identifiers>
          <isin value="US31389UVE62"/>
        </identifiers>
        <balance>573.91000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>594.02000000</valUSD>
        <pctVal>0.000067365944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, Single Family, 30 Year</title>
        <cusip>01F040677</cusip>
        <identifiers>
          <isin value="US01F0406771"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4672851.50000000</valUSD>
        <pctVal>0.529933430043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-H28, Class SA</title>
        <cusip>38375BYF3</cusip>
        <identifiers>
          <isin value="US38375BYF39"/>
        </identifiers>
        <balance>17690.36980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>349.76000000</valUSD>
        <pctVal>0.000039665184</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-09-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.85914000</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2018-H05, Class BI</title>
        <cusip>38380LAD5</cusip>
        <identifiers>
          <isin value="US38380LAD55"/>
        </identifiers>
        <balance>123801.36760000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5069.17000000</valUSD>
        <pctVal>0.000574878667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-02-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.39011920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
        <cusip>3132GEB90</cusip>
        <identifiers>
          <isin value="US3132GEB901"/>
        </identifiers>
        <balance>12817.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12898.05000000</valUSD>
        <pctVal>0.001462727389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H08, Class XI</title>
        <cusip>38376R2M7</cusip>
        <identifiers>
          <isin value="US38376R2M72"/>
        </identifiers>
        <balance>136570.23250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6307.95000000</valUSD>
        <pctVal>0.000715364821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.19152880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2010-47, Class BX</title>
        <cusip>38376YU41</cusip>
        <identifiers>
          <isin value="US38376YU412"/>
        </identifiers>
        <balance>65536.02660000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2461.38000000</valUSD>
        <pctVal>0.000279137384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.80239840</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>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM Trust, Series 2023-AFC1, Class A1</title>
        <cusip>693981AA0</cusip>
        <identifiers>
          <isin value="US693981AA03"/>
        </identifiers>
        <balance>1700869.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1700943.52000000</valUSD>
        <pctVal>0.192898668802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.59800080</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>Quest Trust</name>
        <lei>N/A</lei>
        <title>Quest Trust, Series 2002-X1, Class M2</title>
        <cusip>748351AD5</cusip>
        <identifiers>
          <isin value="US748351AD53"/>
        </identifiers>
        <balance>228239.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>261931.91000000</valUSD>
        <pctVal>0.029704876241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.51281840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, Single Family, 30 Year</title>
        <cusip>01F022675</cusip>
        <identifiers>
          <isin value="US01F0226757"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6685312.80000000</valUSD>
        <pctVal>0.758160353055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H15, Class XI</title>
        <cusip>38376R6L5</cusip>
        <identifiers>
          <isin value="US38376R6L53"/>
        </identifiers>
        <balance>8492069.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>241504.27000000</valUSD>
        <pctVal>0.027388241670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-07-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.61759160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>36183FLP2</cusip>
        <identifiers>
          <isin value="US36183FLP26"/>
        </identifiers>
        <balance>62231.37000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57630.66000000</valUSD>
        <pctVal>0.006535712365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H22, Class KI</title>
        <cusip>38375UV72</cusip>
        <identifiers>
          <isin value="US38375UV725"/>
        </identifiers>
        <balance>7137157.73510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415218.43000000</valUSD>
        <pctVal>0.047088619620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-11-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.46702960</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>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HA</title>
        <cusip>35563PDU0</cusip>
        <identifiers>
          <isin value="US35563PDU03"/>
        </identifiers>
        <balance>1138854.88000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1075019.10000000</valUSD>
        <pctVal>0.121914543833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999880</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>CSFB Mortgage Securities</name>
        <lei>N/A</lei>
        <title>CSFB Mortgage Securities</title>
        <cusip>22540A3K2</cusip>
        <identifiers>
          <isin value="US22540A3K29"/>
        </identifiers>
        <balance>1020000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>908150.27000000</valUSD>
        <pctVal>0.102990473285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797VF1</cusip>
        <identifiers>
          <isin value="US912797VF19"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14453025.60000000</valUSD>
        <pctVal>1.639072294659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities Corp.</name>
        <lei>N/A</lei>
        <title>Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR2, Class 2B</title>
        <cusip>22540VTZ5</cusip>
        <identifiers>
          <isin value="US22540VTZ57"/>
        </identifiers>
        <balance>44279.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33375.26000000</valUSD>
        <pctVal>0.003784983539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.06281840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179USL7</cusip>
        <identifiers>
          <isin value="US36179USL79"/>
        </identifiers>
        <balance>14230.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13704.98000000</valUSD>
        <pctVal>0.001554238789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-20</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>RMF Buyout Issuance Trust</name>
        <lei>N/A</lei>
        <title>RMF Buyout Issuance Trust, Series 2020-HB1, Class M3</title>
        <cusip>76971EAF1</cusip>
        <identifiers>
          <isin value="US76971EAF16"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1067138.16000000</valUSD>
        <pctVal>0.121020791150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.74999840</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>National City Mortgage Capital Trust</name>
        <lei>N/A</lei>
        <title>National City Mortgage Capital Trust, Series 2008-1, Class 2A1</title>
        <cusip>635419AE4</cusip>
        <identifiers>
          <isin value="US635419AE44"/>
        </identifiers>
        <balance>37932.09010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36264.54000000</valUSD>
        <pctVal>0.004112647720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>3140XLYC6</cusip>
        <identifiers>
          <isin value="US3140XLYC66"/>
        </identifiers>
        <balance>3393341.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3484201.31000000</valUSD>
        <pctVal>0.395132340749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179UVZ2</cusip>
        <identifiers>
          <isin value="US36179UVZ29"/>
        </identifiers>
        <balance>27262.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26256.95000000</valUSD>
        <pctVal>0.002977718332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-20</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>New Century Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>New Century Home Equity Loan Trust, Series 2003-5, Class AII</title>
        <cusip>64352VEG2</cusip>
        <identifiers>
          <isin value="US64352VEG23"/>
        </identifiers>
        <balance>179347.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>119097.94000000</valUSD>
        <pctVal>0.013506523769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56282000</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>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Whole Loan Securities Trust, Series 2017-SC02, Class 1A</title>
        <cusip>3137G1BS5</cusip>
        <identifiers>
          <isin value="US3137G1BS54"/>
        </identifiers>
        <balance>889227.41240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>760125.46000000</valUSD>
        <pctVal>0.086203443931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-1, Class M</title>
        <cusip>35563PJQ3</cusip>
        <identifiers>
          <isin value="US35563PJQ37"/>
        </identifiers>
        <balance>2814303.48240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2726710.82000000</valUSD>
        <pctVal>0.309227720499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.74999840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RCKT Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>749431AA0</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31418FED5</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MR 225 North Calvert Owner LP</name>
        <lei>54930085Y0Q8WMSEBT43</lei>
        <title>MR 225 North Calvert Owner LP</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="AIS9994F6"/>
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        <curCd>USD</curCd>
        <valUSD>2249999.07000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H25, Class AI</title>
        <cusip>38375UY95</cusip>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.48815080</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179U6L1</cusip>
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          <isin value="US36179U6L16"/>
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        <balance>171446.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>153077.38000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, Single Family, 30 Year</title>
        <cusip>01F042673</cusip>
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          <isin value="US01F0426738"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
        <cusip>312944BB6</cusip>
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          <isin value="US312944BB61"/>
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        <balance>19901.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20026.52000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <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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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>3618BWLQ4</cusip>
        <identifiers>
          <isin value="US3618BWLQ46"/>
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        <balance>38948.88000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39769.73000000</valUSD>
        <pctVal>0.004510160323</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Multifamily Trust</name>
        <lei>N/A</lei>
        <title>Multifamily Trust, Series 2016-1, Class A</title>
        <cusip>62547LAA1</cusip>
        <identifiers>
          <isin value="US62547LAA17"/>
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        <balance>923739.81000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>909317.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31371KLU3</cusip>
        <identifiers>
          <isin value="US31371KLU33"/>
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        <balance>3805.98000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3939.36000000</valUSD>
        <pctVal>0.000446750459</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Onity Loan Investment Trust</name>
        <lei>N/A</lei>
        <title>Onity Loan Investment Trust, Series 2026-HB2, Class M5</title>
        <cusip>68279MAF9</cusip>
        <identifiers>
          <isin value="US68279MAF95"/>
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        <balance>3920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3087827.51000000</valUSD>
        <pctVal>0.350180831502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999880</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>Eurosail-NL BV</name>
        <lei>724500VX65TCSYFLOA51</lei>
        <title>Eurosail-NL BV, Series 2007-NL2X, Class M</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0330526772"/>
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        <balance>34002.48000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <pctVal>0.004406547276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.03999920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
        <cusip>3133JL4Z9</cusip>
        <identifiers>
          <isin value="US3133JL4Z96"/>
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        <balance>2757595.11000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2391534.42000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
        <cusip>3128M7S49</cusip>
        <identifiers>
          <isin value="US3128M7S490"/>
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        <balance>3403.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3543.67000000</valUSD>
        <pctVal>0.000401876498</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2013-12, Class SP</title>
        <cusip>3136ABVH3</cusip>
        <identifiers>
          <isin value="US3136ABVH36"/>
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        <balance>20678.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144.05000000</valUSD>
        <pctVal>0.000016336258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.90775880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Strips, Series 208</title>
        <cusip>31282YCX5</cusip>
        <identifiers>
          <isin value="US31282YCX58"/>
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        <balance>20248.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1974.90000000</valUSD>
        <pctVal>0.000223967213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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>Ocwen Loan Investment Trust</name>
        <lei>N/A</lei>
        <title>Ocwen Loan Investment Trust, Series 2024-HB1, Class M4</title>
        <cusip>675952AE5</cusip>
        <identifiers>
          <isin value="US675952AE50"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1926424.40000000</valUSD>
        <pctVal>0.218469748077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>Cendant Mortgage Corp.</name>
        <lei>N/A</lei>
        <title>Cendant Mortgage Corp., Series 2003-A, Class A2</title>
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          <isin value="US151314FP16"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2018-H07, Class BI</title>
        <cusip>38380LCG6</cusip>
        <identifiers>
          <isin value="US38380LCG68"/>
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        <balance>76336.38050000</balance>
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        <curCd>USD</curCd>
        <valUSD>2892.69000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.67843880</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GSR Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>GSR Mortgage Loan Trust, Series 2003-1, Class A2</title>
        <cusip>36229RJJ9</cusip>
        <identifiers>
          <isin value="US36229RJJ95"/>
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        <balance>2700.86000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2703.97000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NALP Business Loan Trust</name>
        <lei>N/A</lei>
        <title>NALP Business Loan Trust, Series 2024-1, Class A</title>
        <cusip>629863AA9</cusip>
        <identifiers>
          <isin value="US629863AA91"/>
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        <balance>1250209.91000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1249609.43000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.49000000</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>
      <invstOrSec>
        <name>RCO Trust</name>
        <lei>N/A</lei>
        <title>RCO Trust, Series 2025-PR1, Class A</title>
        <cusip>74939AAA6</cusip>
        <identifiers>
          <isin value="US74939AAA60"/>
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        <balance>4621687.75700000</balance>
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        <curCd>USD</curCd>
        <valUSD>4572235.24000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-02</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.24999960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Onity Loan Investment Trust</name>
        <lei>N/A</lei>
        <title>Onity Loan Investment Trust, Series 2024-HB2, Class M4</title>
        <cusip>68278DAE3</cusip>
        <identifiers>
          <isin value="US68278DAE31"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2880933.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2015-H16, Class XI</title>
        <cusip>38376REB8</cusip>
        <identifiers>
          <isin value="US38376REB87"/>
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        <balance>61808.28040000</balance>
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        <curCd>USD</curCd>
        <valUSD>3466.83000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-07-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.55850920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GITSIT Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>GITSIT Mortgage Loan Trust, Series 2025-NPL1, Class A1</title>
        <cusip>375926AA0</cusip>
        <identifiers>
          <isin value="US375926AA05"/>
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        <balance>540584.17000000</balance>
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        <curCd>USD</curCd>
        <valUSD>541220.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.27559920</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>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust, Series 2004-FM1, Class B2</title>
        <cusip>59020UFZ3</cusip>
        <identifiers>
          <isin value="US59020UFZ30"/>
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        <balance>309935.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>277710.97000000</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>2035-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.68782080</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>Oceanview Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Oceanview Mortgage Trust, Series 2026-1, Class A</title>
        <cusip>675967AA1</cusip>
        <identifiers>
          <isin value="US675967AA16"/>
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        <balance>2825867.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2780174.98000000</valUSD>
        <pctVal>0.315290923170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.10400080</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31379NGV3</cusip>
        <identifiers>
          <isin value="US31379NGV38"/>
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        <balance>24.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25.79000000</valUSD>
        <pctVal>0.000002924762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>3617UNGV0</cusip>
        <identifiers>
          <isin value="US3617UNGV03"/>
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        <balance>707167.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600226.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H11, Class XI</title>
        <cusip>38376R4N3</cusip>
        <identifiers>
          <isin value="US38376R4N38"/>
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        <balance>1852575.86260000</balance>
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        <curCd>USD</curCd>
        <valUSD>67597.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.93449960</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2015-H13, Class JS</title>
        <cusip>38376RCP9</cusip>
        <identifiers>
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        <balance>31299.79650000</balance>
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        <curCd>USD</curCd>
        <valUSD>462.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.19884960</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-H17, Class DI</title>
        <cusip>38376RXL5</cusip>
        <identifiers>
          <isin value="US38376RXL58"/>
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        <balance>5783560.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195287.70000000</valUSD>
        <pctVal>0.022146965446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-07-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.11052160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GSR Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>GSR Mortgage Loan Trust, Series 2005-8F, Class 2A5</title>
        <cusip>362341VT3</cusip>
        <identifiers>
          <isin value="US362341VT38"/>
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        <balance>2013.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1894.82000000</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>2035-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>E-MAC Program II BV</name>
        <lei>724500E754K57OOQQ940</lei>
        <title>E-MAC Program II BV, Series 2008-NL4, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0355816421"/>
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        <balance>85578.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
        <valUSD>96113.47000000</valUSD>
        <pctVal>0.010899927128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.41499840</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>European Residential Loan Securitisation DAC</name>
        <lei>635400NCOLE2BYYWTZ86</lei>
        <title>European Residential Loan Securitisation DAC, Series 2019-NPL1, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2022085414"/>
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        <balance>690416.08000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2014-H19, Class AI</title>
        <cusip>38375UPK0</cusip>
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        <curCd>USD</curCd>
        <valUSD>25591.47000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1</title>
        <cusip>795935AA3</cusip>
        <identifiers>
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        <balance>6444627.40000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6454168.67000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.76199960</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-H24, Class KI</title>
        <cusip>38376RG42</cusip>
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        <balance>2781051.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201459.33000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.71389960</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
        <cusip>3133JL7L7</cusip>
        <identifiers>
          <isin value="US3133JL7L73"/>
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        <balance>1250241.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1159767.61000000</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>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-H01, Class TI</title>
        <cusip>38375BF23</cusip>
        <identifiers>
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        <balance>44842.66750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>560.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.43801920</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>
        <name>OLIT</name>
        <lei>N/A</lei>
        <title>OLIT, Series 2025-HB2, Class M4</title>
        <cusip>68278FAE8</cusip>
        <identifiers>
          <isin value="US68278FAE88"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7637602.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999880</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>
        <name>PNMAC GMSR Issuer Trust</name>
        <lei>5493007JEN3QN6CZC711</lei>
        <title>PNMAC GMSR Issuer Trust, Series 2024-GT1, Class A</title>
        <cusip>69354WAJ5</cusip>
        <identifiers>
          <isin value="US69354WAJ53"/>
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        <balance>2911764.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2949381.80000000</valUSD>
        <pctVal>0.334480137830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.84834120</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
        <cusip>3128M7S56</cusip>
        <identifiers>
          <isin value="US3128M7S565"/>
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        <balance>6216.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6486.50000000</valUSD>
        <pctVal>0.000735613617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140J9LM1</cusip>
        <identifiers>
          <isin value="US3140J9LM17"/>
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        <balance>422261.91000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>376170.92000000</valUSD>
        <pctVal>0.042660364002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H22, Class GI</title>
        <cusip>38375UU99</cusip>
        <identifiers>
          <isin value="US38375UU990"/>
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        <balance>6588371.68890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>518320.38000000</valUSD>
        <pctVal>0.058781088342</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.62231920</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>FCT Marsollier Mortgages</name>
        <lei>549300VIS1TRAU2LEV45</lei>
        <title>FCT Marsollier Mortgages, Series 2009-1, Class R</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0010744698"/>
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        <balance>2750000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <pctVal>0.361549303621</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.13500160</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ACE Securities Corp. Net Interest Margin Trust</name>
        <lei>N/A</lei>
        <title>ACE Securities Corp. Net Interest Margin Trust, Series 2000-1, Class CTFS</title>
        <cusip>004426AE2</cusip>
        <identifiers>
          <isin value="US004426AE28"/>
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        <balance>1467403.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>870000.28000000</valUSD>
        <pctVal>0.098664002594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2026-NPL1, Class A1</title>
        <cusip>79581YAA4</cusip>
        <identifiers>
          <isin value="US79581YAA47"/>
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        <balance>7638347.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7660196.24000000</valUSD>
        <pctVal>0.868718825810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.04400120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Notes</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="TYU6COM"/>
          <other otherDesc="Future Ticker" value="TYU6 Comdty"/>
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        <balance>88.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>39029.06000000</valUSD>
        <pctVal>0.004426163261</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
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                <issuerName>N/A</issuerName>
                <issueTitle>U.S. Treasury 10 Year Notes</issueTitle>
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                  <ticker value="TYU6 Comdty"/>
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            <expDate>2026-09-21</expDate>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>36176D5L3</cusip>
        <identifiers>
          <isin value="US36176D5L35"/>
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        <balance>37506.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37584.11000000</valUSD>
        <pctVal>0.004262296015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, Single Family, 30 Year</title>
        <cusip>01F050676</cusip>
        <identifiers>
          <isin value="US01F0506760"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14740430.25000000</valUSD>
        <pctVal>1.671665954437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STAR Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Boston Lending Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Onity Loan Investment Trust</name>
        <lei>N/A</lei>
        <title>Onity Loan Investment Trust, Series 2026-HB3, Class M3</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Option One Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OBX</name>
        <lei>N/A</lei>
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        <cusip>67448KAA2</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>STAR Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 2 Year Notes</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="TUU6COM"/>
          <other otherDesc="Future Ticker" value="TUU6 Comdty"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DP Facilities Data Center Subordinated Pass Through Trust</name>
        <lei>549300TYHFJ7EETO8B10</lei>
        <title>DP Facilities Data Center Subordinated Pass Through Trust</title>
        <cusip>23341GAA2</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140L6M76</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Pool, 30 Year</title>
        <cusip>31425W2U4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-H22, Class AI</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-135, Class SM</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Terwin Mortgage Trust TMTS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-H13, Class AI</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Bayview Financial Revolving Asset Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2015-H09, Class AI</title>
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        <curCd>USD</curCd>
        <valUSD>5178.98000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.00723040</annualizedRt>
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      <invstOrSec>
        <name>Galton Funding Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Galton Funding Mortgage Trust, Series 2019-1, Class A22</title>
        <cusip>36418WAJ8</cusip>
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          <isin value="US36418WAJ80"/>
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        <curCd>USD</curCd>
        <valUSD>353904.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.99999960</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31386TQ73</cusip>
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          <isin value="US31386TQ739"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3138ARHD9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>European Residential Loan Securitisation DAC</name>
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        <title>European Residential Loan Securitisation DAC, Series 2019-NPL1, Class C</title>
        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>N/A</lei>
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        <cusip>35563PMT3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Impac CMB Trust</name>
        <lei>N/A</lei>
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          <isin value="US45254NQX83"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ACM Auto Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RMF Proprietary Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Champs Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2016-15, Class AS</title>
        <cusip>3136AQ7J3</cusip>
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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>Alba plc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>A&amp;D Mortgage Trust</name>
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        <cusip>00249XAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>27727.70000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>PMT Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>69383XAA7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 4265, Class ST</title>
        <cusip>3137B5SC8</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Strips, Series 307</title>
        <cusip>31364JT29</cusip>
        <identifiers>
          <isin value="US31364JT293"/>
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        <balance>5057.10000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <name>ABFC Trust</name>
        <lei>N/A</lei>
        <title>ABFC Trust, Series 2005-WF1, Class M5</title>
        <cusip>04542BMC3</cusip>
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        <balance>47230.89000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H14, Class AI</title>
        <cusip>38376R5Q5</cusip>
        <identifiers>
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        <balance>318060.44710000</balance>
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        <curCd>USD</curCd>
        <valUSD>14210.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-06-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.16042840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2024-1, Class MT</title>
        <cusip>35563PR43</cusip>
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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>GNMA</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>FNMA</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2017-H25</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Prosil Acquisition SA</name>
        <lei>529900REZH4056FENJ94</lei>
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        <cusip>N/A</cusip>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KGS-Alpha SBA COOF Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>38382YTV5</cusip>
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          <isin value="US38382YTV55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>ACM Auto Trust</name>
        <lei>N/A</lei>
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        <cusip>00161TAA9</cusip>
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          <isin value="US00161TAA97"/>
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        <balance>3657835.20000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <balance>931.71290000</balance>
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        <curCd>USD</curCd>
        <valUSD>41.34000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Bayview Commercial Asset Trust</name>
        <lei>N/A</lei>
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        <cusip>07326BAB3</cusip>
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          <isin value="US07326BAB36"/>
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        <curCd>USD</curCd>
        <valUSD>1726469.62000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
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        <cusip>35563PMX4</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Harvest Commercial Capital Loan Trust</name>
        <lei>N/A</lei>
        <title>Harvest Commercial Capital Loan Trust, Series 2019-1, Class M6</title>
        <cusip>41753CAG1</cusip>
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          <isin value="US41753CAG15"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>31418DD74</cusip>
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        <balance>56951.65000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Champs Trust</name>
        <lei>N/A</lei>
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        <cusip>158926AA3</cusip>
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          <isin value="US158926AA39"/>
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        <balance>3468814.96000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NovaStar Mortgage Funding Trust</name>
        <lei>N/A</lei>
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        <cusip>66987XDD4</cusip>
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          <isin value="US66987XDD49"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>FMC GMSR Issuer Trust</name>
        <lei>N/A</lei>
        <title>FMC GMSR Issuer Trust, Series 2021-GT1, Class A</title>
        <cusip>30259RAH8</cusip>
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          <isin value="US30259RAH84"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.62000160</annualizedRt>
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      <invstOrSec>
        <name>RMF Proprietary Issuance Trust</name>
        <lei>N/A</lei>
        <title>RMF Proprietary Issuance Trust, Series 2022-1, Class A1</title>
        <cusip>74969XAA9</cusip>
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          <isin value="US74969XAA90"/>
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        <balance>5025636.73000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.99999880</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-H05, Class SA</title>
        <cusip>38375BL67</cusip>
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          <isin value="US38375BL676"/>
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        <balance>71876.68400000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-10-20</maturityDt>
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          <annualizedRt>0.57169080</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-H13, Class SI</title>
        <cusip>38375B2R2</cusip>
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          <isin value="US38375B2R24"/>
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        <balance>485470.49250000</balance>
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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>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest SBA Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cascade Funding Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nykredit Realkredit A/S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Lansdowne Mortgage Securities No. 1 plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest SBA Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Delta Funding Home Equity Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FortiFi</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Finance of America HECM Buyout</name>
        <lei>N/A</lei>
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        <cusip>31735EAE6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CSFB Mortgage-Backed Pass-Through Certificates Trust</name>
        <lei>N/A</lei>
        <title>CSFB Mortgage-Backed Pass-Through Certificates Trust, Series 2005-10, Class 4A1</title>
        <cusip>225470EA7</cusip>
        <identifiers>
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        <balance>470334.21000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Commercial Capital Loan 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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>TIAA Bank Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>loanDepot GMSR Master Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OLIT</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MASTR Alternative Loan Trust</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="P194161"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust, Series 2007-4, Class 1A1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Prime Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>3138AMBK0</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, Other</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Pool, 30 Year</title>
        <cusip>31427BJB2</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179VA83</cusip>
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        <balance>49327.93000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
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        <name>WaMu Mortgage Backed Pass-Through Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Commercial Capital Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RMF Buyout Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pagaya AI Debt Grantor Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CFMT LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole Corporate &amp; Investment Bank SA</name>
        <lei>1VUV7VQFKUOQSJ21A208</lei>
        <title>Credit Agricole Corporate &amp; Investment Bank SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RMF Buyout Issuance Trust</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tricolor Auto Securitization Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CFMT LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bear Stearns Asset-Backed Securities I Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RMF Buyout Issuance Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EMF-NL Prime BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ACM Auto Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>La Hipotecaria Panamanian Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NovaStar Mortgage Funding Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ellington Financial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>3618JKPK1</cusip>
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        <balance>894370.70000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179UZH8</cusip>
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          <isin value="US36179UZH84"/>
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        <curCd>USD</curCd>
        <valUSD>118458.39000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2019-H14, Class DI</title>
        <cusip>38380LYZ0</cusip>
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          <isin value="US38380LYZ02"/>
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        <balance>2576045.56900000</balance>
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        <curCd>USD</curCd>
        <valUSD>152290.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-08-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.45613880</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>RMF Buyout Issuance Trust</name>
        <lei>N/A</lei>
        <title>RMF Buyout Issuance Trust, Series 2021-HB1, Class M5</title>
        <cusip>74969TAF7</cusip>
        <identifiers>
          <isin value="US74969TAF75"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1413819.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>Y</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>IMS Ecuadorian Mortgage Trust</name>
        <lei>N/A</lei>
        <title>IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA</title>
        <cusip>44970EAA1</cusip>
        <identifiers>
          <isin value="US44970EAA10"/>
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        <balance>214028.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>204875.46000000</valUSD>
        <pctVal>0.023234283231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31390RTP8</cusip>
        <identifiers>
          <isin value="US31390RTP81"/>
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        <balance>737.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>763.18000000</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>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>MASTR Reperforming Loan Trust</name>
        <lei>N/A</lei>
        <title>MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3</title>
        <cusip>57643QAH8</cusip>
        <identifiers>
          <isin value="US57643QAH83"/>
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        <balance>89578.43430000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2025-99, Class ZK</title>
        <cusip>3136BXY65</cusip>
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          <isin value="US3136BXY657"/>
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        <curCd>USD</curCd>
        <valUSD>1332117.67000000</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>2055-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>
        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MT</title>
        <cusip>35563PMK2</cusip>
        <identifiers>
          <isin value="US35563PMK20"/>
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        <balance>759538.40000000</balance>
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        <curCd>USD</curCd>
        <valUSD>647179.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MASTR Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>MASTR Asset Securitization Trust, Series 2005-2, Class 4A1</title>
        <cusip>57643MLK8</cusip>
        <identifiers>
          <isin value="US57643MLK89"/>
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        <balance>908.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>852.48000000</valUSD>
        <pctVal>0.000096677082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Legacy Mortgage Asset Trust</name>
        <lei>N/A</lei>
        <title>Legacy Mortgage Asset Trust, Series 2021-GS2, Class A2</title>
        <cusip>52476DAB3</cusip>
        <identifiers>
          <isin value="US52476DAB38"/>
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        <balance>3178320.60000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.49999880</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>Countrywide</name>
        <lei>N/A</lei>
        <title>Countrywide Asset-Backed Certificates, Series 2004-SD2, Class M2</title>
        <cusip>1266716Z4</cusip>
        <identifiers>
          <isin value="US1266716Z40"/>
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        <balance>324722.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>342590.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.93781840</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>CoreVest American Finance Trust</name>
        <lei>N/A</lei>
        <title>CoreVest American Finance Trust, Series 2021-2, Class XA</title>
        <cusip>21873BAC9</cusip>
        <identifiers>
          <isin value="US21873BAC90"/>
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        <balance>1361406.02220000</balance>
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        <curCd>USD</curCd>
        <valUSD>23252.81000000</valUSD>
        <pctVal>0.002637028238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.04066800</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>Amortizing Residential Collateral Trust</name>
        <lei>N/A</lei>
        <title>Amortizing Residential Collateral Trust, Series 2001-BC6W, Class A</title>
        <cusip>86358RND5</cusip>
        <identifiers>
          <isin value="US86358RND51"/>
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        <balance>304787.87330000</balance>
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        <curCd>USD</curCd>
        <valUSD>303023.43000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.91239080</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
        <cusip>3128M8W83</cusip>
        <identifiers>
          <isin value="US3128M8W839"/>
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        <balance>25373.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25164.11000000</valUSD>
        <pctVal>0.002853782776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 4363, Class TI</title>
        <cusip>3137BCNT1</cusip>
        <identifiers>
          <isin value="US3137BCNT13"/>
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        <balance>85458.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4296.51000000</valUSD>
        <pctVal>0.000487253721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.97188560</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>Y</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2014-H12, Class BI</title>
        <cusip>38375UJE1</cusip>
        <identifiers>
          <isin value="US38375UJE10"/>
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        <balance>375832.16380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14031.69000000</valUSD>
        <pctVal>0.001591289945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.60985880</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>Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust, Series 2004-2CB, Class 1A9</title>
        <cusip>12667FAQ8</cusip>
        <identifiers>
          <isin value="US12667FAQ81"/>
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        <balance>78500.13740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79456.34000000</valUSD>
        <pctVal>0.009010894267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>
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        <name>Realkredit Danmark A/S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Towd Point Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ACM Auto Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FMC Issuer Trust-FMSR</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Newtek Small Business Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <balance>2381606.15000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PRPM LLC</name>
        <lei>N/A</lei>
        <title>PRPM LLC, Series 2026-4, Class A1</title>
        <cusip>69384NAA8</cusip>
        <identifiers>
          <isin value="US69384NAA81"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments II Trust</name>
        <lei>N/A</lei>
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        <balance>44203.77000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Cascade MH Asset Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GSR Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>GSR Mortgage Loan Trust, Series 2004-3F, Class 1A1</title>
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        <identifiers>
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        <balance>9006.78000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8704.69000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Rate Mortgage Trust, Series 2025-J3, Class A1</title>
        <cusip>75410EAA3</cusip>
        <identifiers>
          <isin value="US75410EAA38"/>
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        <balance>2239340.51000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2232373.36000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000080</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2025-91, Class UZ</title>
        <cusip>3136BXLV4</cusip>
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        <balance>751345.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>748840.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VINE Trust</name>
        <lei>N/A</lei>
        <title>VINE Trust, Series 2023-SFR1, Class E1</title>
        <cusip>91825KAE7</cusip>
        <identifiers>
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        <balance>1849000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
        <cusip>3132GJUA5</cusip>
        <identifiers>
          <isin value="US3132GJUA59"/>
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        <balance>24952.88000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24746.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust, Series 2020-SEQ1, Class M1</title>
        <cusip>79581PAC9</cusip>
        <identifiers>
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        <balance>2500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-25</maturityDt>
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          <annualizedRt>7.49999880</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
        <cusip>3132M9WH3</cusip>
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          <isin value="US3132M9WH38"/>
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        <balance>42134.52000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40517.89000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WMRK Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class B</title>
        <cusip>929342AB9</cusip>
        <identifiers>
          <isin value="US929342AB95"/>
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        <balance>2633855.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2642313.05000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.06138920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RFMSI Trust</name>
        <lei>N/A</lei>
        <title>RFMSI Trust, Series 2007-S6, Class 1A13</title>
        <cusip>762009AN8</cusip>
        <identifiers>
          <isin value="US762009AN82"/>
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        <balance>815362.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60531.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.73718000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cascade Funding Mortgage Trust</name>
        <lei>984500AB3AED98FEEV98</lei>
        <title>Cascade Funding Mortgage Trust, Series 2024-RM5, Class M2</title>
        <cusip>147275AC5</cusip>
        <identifiers>
          <isin value="US147275AC52"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1370025.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.99999960</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>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2014-H20, Class MI</title>
        <cusip>38375UQU7</cusip>
        <identifiers>
          <isin value="US38375UQU78"/>
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        <balance>845166.69100000</balance>
        <units>PA</units>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Velocity Commercial Capital Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</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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      <invstOrSec>
        <name>Newtek Small Business Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Onity Loan Investment Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ACM Auto Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RMF Proprietary Issuance Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PRKCM Trust</name>
        <lei>N/A</lei>
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          <isin value="US69391XAA72"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.43100040</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single Family, 30 Year</title>
        <cusip>3618NPT70</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-H08, Class XB</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31418MJT0</cusip>
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          <isin value="US31418MJT09"/>
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        <balance>12166.55000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179UUB6</cusip>
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          <isin value="US36179UUB69"/>
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        <balance>51391.78000000</balance>
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        <valUSD>49495.52000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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        <cusip>35563PZ28</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ACM Auto Trust</name>
        <lei>N/A</lei>
        <title>ACM Auto Trust, Series 2025-4A, Class A</title>
        <cusip>00161LAA6</cusip>
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          <isin value="US00161LAA61"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rain City Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>75079KAA1</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ReadyCap Lending Small Business Loan Trust</name>
        <lei>N/A</lei>
        <title>ReadyCap Lending Small Business Loan Trust, Series 2026-4, Class B</title>
        <cusip>755943AB3</cusip>
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          <isin value="US755943AB30"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>loanDepot GMSR Trust</name>
        <lei>N/A</lei>
        <title>loanDepot GMSR Trust, Series 2025-GT1, Class A</title>
        <cusip>53946TAD4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Mortgage Trust, Series 2020-2, Class A3</title>
        <cusip>46591TAC8</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ReadyCap Lending Small Business Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ATLX Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Realkredit Danmark A/S</name>
        <lei>549300NLOMBOWE943Y30</lei>
        <title>Realkredit Danmark A/S, Series 28S</title>
        <cusip>N/A</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2010-68, Class BA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pool, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Legacy Mortgage Asset Trust</name>
        <lei>N/A</lei>
        <title>Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1</title>
        <cusip>52474XAA3</cusip>
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          <isin value="US52474XAA37"/>
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        <balance>1160865.88000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-07-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <fairValLevel>2</fairValLevel>
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        <name>Boston Lending Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSMC Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RMF Buyout Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</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>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GSR Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LSF11 Boson Investments Sarl Compartment 2</name>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chase Home Lending Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Champs Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.59120080</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 4259, Class IA</title>
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        <curCd>USD</curCd>
        <valUSD>3885.33000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>E-MAC Program BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</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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        <fairValLevel>2</fairValLevel>
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        <name>RiverView HECM Pass-Through Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bayview Commercial Asset Trust</name>
        <lei>N/A</lei>
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          <isin value="US07325YAC21"/>
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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>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lehman ABS Manufactured Housing Contract Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FMC GMSR Issuer Trust</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VelocitySBA Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Adjustable Rate Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Saxon Asset Securities Trust</name>
        <lei>N/A</lei>
        <title>Saxon Asset Securities Trust, Series 2002-3, Class M1</title>
        <cusip>805564MK4</cusip>
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          <isin value="US805564MK44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eurohome Mortgages plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cascade Funding Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chase Home Lending Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EFMT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MERIT Securities Corp.</name>
        <lei>N/A</lei>
        <title>MERIT Securities Corp., Series 11PA, Class B3</title>
        <cusip>589962DH9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Nykredit Realkredit A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
        <title>Nykredit Realkredit A/S, Series 01E</title>
        <cusip>N/A</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>36179WRT7</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-H11, Class PI</title>
        <cusip>38375BZ96</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>CWHEQ Revolving Home Equity Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>126685AK2</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>3.97986840</annualizedRt>
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      <invstOrSec>
        <name>Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>Seasoned Credit Risk Transfer Trust, Series 2025-2, Class MTU</title>
        <cusip>35563VAY2</cusip>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-H04, Class BI</title>
        <cusip>38375BK92</cusip>
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          <isin value="US38375BK926"/>
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        <balance>28261.53820000</balance>
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        <curCd>USD</curCd>
        <valUSD>4529.05000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-02-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.26409120</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
        <cusip>31416BXR4</cusip>
        <identifiers>
          <isin value="US31416BXR40"/>
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        <balance>3168.93000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3229.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GSAA Trust</name>
        <lei>N/A</lei>
        <title>GSAA Trust, Series 2004-CW1, Class 2A1</title>
        <cusip>36228FT55</cusip>
        <identifiers>
          <isin value="US36228FT558"/>
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        <balance>130467.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130395.74000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest SBA Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>loanDepot FAMSR Master Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>DataBank Issuer</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NALP Business Loan Trust</name>
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        <name>2023-MIC Trust</name>
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        <name>GNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PRPM Fundido DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ABFS Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nykredit Realkredit A/S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alternative Loan Trust</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Nykredit Realkredit A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Onity Loan Investment Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Oakwood Mortgage Investors, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>James F. Kirchner</ncom:signature>
      <ncom:signerName>James F. Kirchner</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
