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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AutoZone, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Essential Utilities, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GoodLeap Sustainable Home Solutions Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kentucky Utilities Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T, 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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        <name>GGP Commercial Mortgage Trust</name>
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        <name>Roper Technologies, Inc.</name>
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        <name>Graham Holdings Co.</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Talen Energy Supply LLC</name>
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        <name>PLYM Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2017-GS8, Class XA</title>
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        <name>GATX Corp.</name>
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        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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        <name>National Fuel Gas Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freedom Mortgage Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tallgrass Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage 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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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PSEG Power LLC</name>
        <lei>N/A</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 2006-20, Class 1A36</title>
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          <isin value="US12544ABM62"/>
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        <balance>1016370.74560000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>CNH Industrial Capital LLC</name>
        <lei>549300PNSJ5B81UMVO28</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
        <lei>254900GRN1I3WMM1H095</lei>
        <title>Angel Oak Mortgage Trust, Series 2025-6, Class M1A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Liberty Mutual Group, Inc.</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>Liberty Mutual Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Vale Overseas Ltd.</name>
        <lei>254900BA3U6G5DNV5V04</lei>
        <title>Vale Overseas Ltd.</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GGAM Finance Ltd.</name>
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        <title>GGAM Finance Ltd.</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Yinson Bergenia Production BV</name>
        <lei>549300JDIAWKPMZD5256</lei>
        <title>Yinson Bergenia Production BV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CTR Partnership LP</name>
        <lei>N/A</lei>
        <title>CTR Partnership LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Blackbird Capital II Aircraft Lease Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stellantis Financial Underwritten Enhanced Lease Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northrop Grumman Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RALI Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG, Inc.</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>Kennametal, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AB Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Global Aircraft Leasing Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Global Aircraft Leasing Co. Ltd.</title>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Mortgage Acquisition Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Guardian Life Global Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Nabors Industries, Inc.</name>
        <lei>549300VFQWRKICUFNU92</lei>
        <title>Nabors Industries, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust, Series 2025-V17, Class A3</title>
        <cusip>081934AR2</cusip>
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          <isin value="US081934AR26"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.07460000</annualizedRt>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Radiology Partners, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK5</name>
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          <isin value="US06644XBG07"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Academy Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Illumina, Inc.</name>
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        <title>Illumina, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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          <isin value="US91282CAV37"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>GGP</name>
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        <title>GGP, Series 2026-TY, Class A</title>
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          <isin value="US373914AA87"/>
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        <balance>40000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
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          <isin value="XS1694218469"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Invesco CLO Ltd.</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Acrec Fl LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Asurion LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ELP Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMSR Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Partners of America Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chpe LLC</name>
        <lei>2549001XI2F7Q85COR50</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Voyager Parent LLC</name>
        <lei>2549002DYVI4ACSV4V71</lei>
        <title>Voyager Parent LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Asurion LLC</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>Asurion LLC</title>
        <cusip>045941AA9</cusip>
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        <name>Marriott International, Inc.</name>
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        <name>Chile Electricity Lux MPC Sarl</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CCL Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Newell Brands, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Trans-Allegheny Interstate Line Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Cheniere Energy, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Waste Connections, Inc.</name>
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        <name>BBCMS Mortgage Trust</name>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Celanese US Holdings LLC</name>
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        <name>Voya CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NXP BV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Esentia Energy Development SAB de CV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WESCO Distribution, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Triton Container International Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Uniti Services LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lamar Media Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of South Africa</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Caturus Energy LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Genesee &amp; Wyoming, Inc.</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>Columbus McKinnon Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Veralto Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bunge Ltd. Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Mercantil del Norte SA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Windstream Services LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust, Series 2021-6, Class B1</title>
        <cusip>92538MAE9</cusip>
        <identifiers>
          <isin value="US92538MAE93"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>486026.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2066-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.04700120</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>QTS Issuer ABS I LLC</name>
        <lei>N/A</lei>
        <title>QTS Issuer ABS I LLC, Series 2025-1A, Class B</title>
        <cusip>74690DAB7</cusip>
        <identifiers>
          <isin value="US74690DAB73"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97405.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.92800000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust, Series 2025-V14, Class AM</title>
        <cusip>08164BAG5</cusip>
        <identifiers>
          <isin value="US08164BAG59"/>
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        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>179371.52000000</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>2057-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.08979960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust, Series 2026-5C8, Class C</title>
        <cusip>95005BAH3</cusip>
        <identifiers>
          <isin value="US95005BAH33"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97521.80000000</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>2059-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Motorola Solutions, Inc.</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
        <title>Motorola Solutions, Inc.</title>
        <cusip>620076CB3</cusip>
        <identifiers>
          <isin value="US620076CB33"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31270.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
        <lei>5493000PGBS1C22ELQ16</lei>
        <title>Element Fleet Management Corp.</title>
        <cusip>286181AP7</cusip>
        <identifiers>
          <isin value="US286181AP72"/>
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        <balance>37000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37205.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.03700000</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>Bell Telephone Co. of Canada or Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada</title>
        <cusip>0778FPAQ2</cusip>
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          <isin value="US0778FPAQ20"/>
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        <balance>33000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34100.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arizona Public Service Co.</name>
        <lei>YG6VT0TPHRH4TFVAQV64</lei>
        <title>Arizona Public Service Co.</title>
        <cusip>040555DJ0</cusip>
        <identifiers>
          <isin value="US040555DJ01"/>
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        <balance>78000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78235.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</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>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967QF1</cusip>
        <identifiers>
          <isin value="US172967QF11"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19739.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.50300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CRC Insurance Group LLC</name>
        <lei>N/A</lei>
        <title>CRC Insurance Group LLC</title>
        <cusip>69867RAA5</cusip>
        <identifiers>
          <isin value="US69867RAA59"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49840.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CRH America Finance, Inc.</name>
        <lei>549300WEVUODRJ4CWK56</lei>
        <title>CRH America Finance, Inc.</title>
        <cusip>12636YAH5</cusip>
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          <isin value="US12636YAH53"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34463.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PBF Holding Co. LLC</name>
        <lei>N/A</lei>
        <title>PBF Holding Co. LLC</title>
        <cusip>69318FAN8</cusip>
        <identifiers>
          <isin value="US69318FAN87"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4950.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SFO Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SFO Commercial Mortgage Trust, Series 2021-555, Class A</title>
        <cusip>78432WAA1</cusip>
        <identifiers>
          <isin value="US78432WAA18"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99906.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.13947880</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Iskandar Enterprise LLC</name>
        <lei>N/A</lei>
        <title>Iskandar Enterprise LLC, Series 2026-1A, Class A23</title>
        <cusip>464338AC6</cusip>
        <identifiers>
          <isin value="US464338AC64"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99115.01000000</valUSD>
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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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          <maturityDt>2056-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53800000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co., Series C</title>
        <cusip>233331BQ9</cusip>
        <identifiers>
          <isin value="US233331BQ97"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29243.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BBCMS Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust, Series 2025-5C37, Class A3</title>
        <cusip>05494NAC5</cusip>
        <identifiers>
          <isin value="US05494NAC56"/>
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        <balance>49000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49232.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.01500000</annualizedRt>
          <isDefault>N</isDefault>
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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, Series 2020-77, Class S</title>
        <cusip>3136BCVA5</cusip>
        <identifiers>
          <isin value="US3136BCVA56"/>
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        <balance>4982402.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>163826.86000000</valUSD>
        <pctVal>0.143103916284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Penn Entertainment, Inc.</name>
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      <invstOrSec>
        <name>Intel Corp.</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>Oryx Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Acushnet Co.</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>Vertiv Group Corp.</name>
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        <name>BANK5</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of Nova Scotia (The)</name>
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        <name>Honeywell Aerospace, Inc.</name>
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        <name>WSP Global, Inc.</name>
        <lei>549300IQ87LU6X6ERQ78</lei>
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        <name>Level 3 Financing, Inc.</name>
        <lei>254900AE5FEFIJOXWL19</lei>
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        <name>Kinder Morgan Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NYC Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bioceanico Sovereign Certificate Ltd.</name>
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        <name>GFL Environmental Holdings US, Inc.</name>
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        <name>Antero Midstream Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Discovery Global Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>nVent Finance Sarl</name>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Westinghouse Air Brake Technologies Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Directv Financing LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Travelers Cos., Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NCL Corp. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Rivers Enterprise Borrower LLC</name>
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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>Venture Global Plaquemines LNG LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Azorra Finance Ltd.</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>Azorra Finance Ltd.</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>VeriSign, Inc.</name>
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        <name>McDonald's Corp.</name>
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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>Cherry Securitization Trust</name>
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        <name>Zoetis, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominican Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMDB Commercial Mortgage Securities Trust</name>
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        <name>Generadora de Gatun SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verisk Analytics, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Parex Resources, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NYC Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <title>UMBS</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Hills Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <title>T-Mobile USA, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BAT Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OneMain Finance Corp.</name>
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        <title>OneMain Finance Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CIFC Funding 2025-VII Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>549300C2HE5FJAWYZL57</lei>
        <title>CSAIL Commercial Mortgage Trust, Series 2016-C6, Class XA</title>
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        <name>JSW Hydro Energy Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WR Grace Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BMO Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Commercial Mortgage 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>Cheniere Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OneMain Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WEC Energy Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meridian Arc Holdco LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BMO Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Benchmark Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <title>Venture Global Plaquemines LNG LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>MF1 Ltd.</name>
        <lei>N/A</lei>
        <title>MF1 Ltd., Series 2022-FL8, Class A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>ArcelorMittal SA</title>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Adani International Container Terminal Pvt Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Solventum Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</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>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Internacional del Peru SAA Interbank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VSP Optical Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vivint Solar Financing VII LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Flex Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Olin Corp.</name>
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        <name>Banco de Credito del Peru S.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allegiant Travel Co.</name>
        <lei>549300JM9OZXOHWL2K18</lei>
        <title>Allegiant Travel Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Acrisure LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Molex Electronic Technologies LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verus Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MF1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Midstream I LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northrop Grumman Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exeter Automobile Receivables Trust</name>
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        <name>OAK-Eagle Acquireco, Inc.</name>
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        <name>Textron, Inc.</name>
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        <name>Cosan Overseas Ltd.</name>
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        <name>QTS Fayetteville I Dc1-2 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Brsp 2026-Fl3 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Garda World Security Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tallgrass Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dell, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Porsche Innovative Lease Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>YPF SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Las Vegas Sands Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Weatherford International Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>DISH DBS Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Glencore Funding LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>LifePoint Health, Inc.</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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>EMRLD Borrower LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program Trust</name>
        <lei>N/A</lei>
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          <isin value="US83408EAA10"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alliant Holdings Intermediate LLC</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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          <isin value="US38381DBP42"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-08-16</maturityDt>
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          <annualizedRt>0.86735160</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA ACES, Series 2022-M4, Class A1X</title>
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          <isin value="US3136BLQ781"/>
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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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      <invstOrSec>
        <name>MTN Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MTN Commercial Mortgage Trust, Series 2026-LPFX, Class A</title>
        <cusip>624944AA2</cusip>
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          <isin value="US624944AA20"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
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          <isin value="US431318BG88"/>
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        <balance>15000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-15</maturityDt>
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      <invstOrSec>
        <name>Kroger Co. (The)</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>Kroger Co. (The)</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661EM5</cusip>
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          <isin value="US548661EM57"/>
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        <balance>19000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18299.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matador Resources Co.</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
        <cusip>576485AJ5</cusip>
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          <isin value="US576485AJ51"/>
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        <balance>15000.00000000</balance>
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        <valUSD>14623.64000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Uniti Group LP</name>
        <lei>N/A</lei>
        <title>Uniti Group LP</title>
        <cusip>91327TAC5</cusip>
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          <isin value="US91327TAC53"/>
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        <balance>15000.00000000</balance>
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        <valUSD>15648.24000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
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          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>Bravo Residential Funding Trust</name>
        <lei>254900XY2WSFF1Q6S467</lei>
        <title>BRAVO Residential Funding Trust, Series 2025-NQM9, Class M1</title>
        <cusip>10569WAF8</cusip>
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          <isin value="US10569WAF86"/>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.02499960</annualizedRt>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
        <cusip>89788MAT9</cusip>
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          <isin value="US89788MAT99"/>
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        <balance>63000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.15300000</annualizedRt>
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        <name>Viper Energy Partners LLC</name>
        <lei>54930010ZZ02MRGRI973</lei>
        <title>Viper Energy Partners LLC</title>
        <cusip>92764MAA2</cusip>
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        <balance>22000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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        <name>J&amp;F LUXEMBOURG FINANCE SARL</name>
        <lei>2549000MXOO8WPL8P809</lei>
        <title>J&amp;F Luxembourg Finance Sarl</title>
        <cusip>46594TAB7</cusip>
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          <isin value="US46594TAB70"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24875.00000000</valUSD>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>BX Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust, Series 2026-ALOHA, Class C</title>
        <cusip>12434HAE3</cusip>
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          <isin value="US12434HAE36"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.32539000</annualizedRt>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp.</title>
        <cusip>125896BY5</cusip>
        <identifiers>
          <isin value="US125896BY50"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16386.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
        <cusip>539830CM9</cusip>
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          <isin value="US539830CM96"/>
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        <balance>34000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34149.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <name>Qorvo, Inc.</name>
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        <name>CSX Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>VT Topco, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RHP Hotel Properties LP</name>
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        <name>Discovery Global Holdings, Inc.</name>
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        <name>Goat Holdco LLC</name>
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        <name>Herc Holdings, Inc.</name>
        <lei>549300TP80QLITMSBP82</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BDS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sabre Financial Borrower LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Royalty Pharma plc</name>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Anywhere Real Estate Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OAK-Eagle Acquireco, Inc.</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>OAK-Eagle Acquireco, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gray Media, Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>Gray Media, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Xylem, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>First Industrial LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Quikrete Holdings, 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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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Azorra Finance Ltd.</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>Azorra Finance Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Rivers Enterprise Borrower LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Overseas Bank Ltd.</name>
        <lei>IO66REGK3RCBAMA8HR66</lei>
        <title>United Overseas Bank Ltd.</title>
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        <name>Point Au Roche Park CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Videotron Ltd.</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>Scalelogix Abs Us Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EchoStar Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jacobs Solutions, Inc.</name>
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        <name>TELUS Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BBCMS Mortgage Trust</name>
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        <name>BBCMS Mortgage Trust</name>
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        <name>UKG, Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>QXO Building Products, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Energizer Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Discovery Global Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PennyMac Financial Services, Inc.</name>
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        <name>Chord Energy Corp.</name>
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        <name>GNMA</name>
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        <name>Sabre GLBL, Inc.</name>
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        <name>American Tower Corp.</name>
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        <name>Stack Infrastructure Issuer LLC</name>
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        <name>Victra Holdings LLC</name>
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        <name>TransCanada PipeLines Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PFP Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Colonial Enterprises, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Block Financial LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Property Trust, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <name>PENN Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp. Ltd.</name>
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        <name>Augusta SpinCo Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Thunderbolt III Aircraft Lease Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vertiv Holdings Co.</name>
        <lei>549300KTTIRAOGXCRV69</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>American Tower Corp.</name>
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        <name>Ford Motor Co.</name>
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        <name>Amgen, Inc.</name>
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        <name>Avolon Holdings Funding Ltd.</name>
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        <name>Nexstar Media, Inc.</name>
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        <name>Benchmark Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CD Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Corp.</name>
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        <title>Duke Energy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gray Media, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SoFi Consumer Loan Program Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cardinal Health, Inc.</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SE Cosmos LLC</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>Mavis Tire Express Services Topco Corp.</name>
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        <name>Benchmark Mortgage Trust</name>
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        <name>Dexko Global, Inc.</name>
        <lei>549300SMZ4OV1KBH1M19</lei>
        <title>Dexko Global, Inc.</title>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>DISH DBS Corp.</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp.</title>
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        <name>QXO Building Products, Inc.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Star Energy Geothermal Wayang Windu Ltd.</name>
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        <name>Benchmark Mortgage Trust</name>
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        <name>Pampa Energia SA</name>
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        <name>Hyundai Capital America</name>
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        <name>FNMA</name>
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        <name>BMO Mortgage Trust</name>
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        <name>Madison IAQ LLC</name>
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        <name>JetBlue Airways Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sabre GLBL, Inc.</name>
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        <name>Marriott International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Bank of America Merrill Lynch Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sonoco Products Co.</name>
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        <name>BBCMS Mortgage Trust</name>
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        <name>VeriSign, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Extra Space Storage LP</name>
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        <name>Aviation Capital Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Seaspan Corp. Pte. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CoreWeave, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntington Bancshares, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PR RNO Property Owner 1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Benchmark Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Neptune Bidco US, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cardinal Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Octagon Investment Partners 51 Ltd.</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>LBTY Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Agree LP</name>
        <lei>549300DXY3G299V1BO77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AREIT Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>LLC</name>
        <lei>N/A</lei>
        <title>MF1 LLC, Series 2026-FL21, Class ASFX</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Fertitta Entertainment LLC</name>
        <lei>N/A</lei>
        <title>Fertitta Entertainment LLC</title>
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        <name>Duke Energy Corp.</name>
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        <name>Arrow Electronics, Inc.</name>
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        <name>Commonwealth Edison Co.</name>
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        <name>Kodiak Gas Services LLC</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>NYC Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Rentals North America, Inc.</name>
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        <title>United Rentals North America, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CIM Trust</name>
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          <isin value="US12569UAA97"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Medline Borrower LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Life Time, Inc.</name>
        <lei>549300PALKE96VYH4X17</lei>
        <title>Life Time, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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        <name>Performance Food Group, Inc.</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>Performance Food Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Whirlpool Corp.</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>Whirlpool Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Cloud Software Group, Inc.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>Cloud Software Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSTL Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSTL Commercial Mortgage Trust, Series 2026-GATE3, Class C</title>
        <cusip>228920AE4</cusip>
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        <balance>40000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Veritiv Operating Co.</name>
        <lei>5493004G8OK5L1UTIY12</lei>
        <title>Veritiv Operating Co.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>10.50000000</annualizedRt>
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        <name>Eastern Energy Gas Holdings LLC</name>
        <lei>549300BFOD6TDMVV4O24</lei>
        <title>Eastern Energy Gas Holdings LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.65000000</annualizedRt>
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        <name>FS Trust</name>
        <lei>N/A</lei>
        <title>FS Trust, Series 2026-HULA, Class A</title>
        <cusip>30345AAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Viking Cruises Ltd.</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>Viking Cruises Ltd.</title>
        <cusip>92676XAH0</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.87500000</annualizedRt>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Getty Images, Inc.</name>
        <lei>5493005NV20IG4VEKZ40</lei>
        <title>Getty Images, Inc.</title>
        <cusip>374276AR4</cusip>
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          <isin value="US374276AR47"/>
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        <balance>20000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>10.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Brown &amp; Brown, Inc.</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>Suzano Netherlands BV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>American Express Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Natural Foods, Inc.</name>
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        <name>Citigroup, Inc.</name>
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        <name>GNMA</name>
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        <name>Spirit AeroSystems, Inc.</name>
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        <name>Centene Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Verus Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ERAC USA Finance LLC</name>
        <lei>LTKX5ODQW6Z7BQ2K1V47</lei>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Essential Properties LP</name>
        <lei>254900XX9FNFCDE1NX02</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
        <cusip>629377DG4</cusip>
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          <isin value="US629377DG42"/>
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        <balance>10000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Trust</name>
        <lei>529900PEVYDPZXGGUW77</lei>
        <title>J.P. Morgan Mortgage Trust, Series 2026-NQM1, Class A3</title>
        <cusip>46660DAG0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Verus Securitization Trust</name>
        <lei>213800OKSLL73WD2H386</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LifePoint Health, Inc.</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kodiak Gas Services LLC</name>
        <lei>549300ZQBRWEUOVOM131</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GCAT Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BBCMS Mortgage Trust</name>
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        <title>BBCMS Mortgage Trust, Series 2020-C6, Class XA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Mars, Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
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        <fairValLevel>2</fairValLevel>
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    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
