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        <fairValLevel>2</fairValLevel>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Beach Acquisition Bidco 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>Federation des Caisses Desjardins du Quebec</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Norwegian Krone</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BWX Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DoorDash, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA or FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hess Midstream Operations LP</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>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Constellation Energy Generation LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AeroVironment, Inc.</name>
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        <name>Republic of Peru</name>
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      <invstOrSec>
        <name>Hunter Douglas, Inc.</name>
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        <name>COMM Mortgage Trust</name>
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        <name>Match Group Holdings II LLC</name>
        <lei>5493003RFFE030RC9167</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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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>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KazMunayGas National Co. JSC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Singapore Dollar</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>BAT Capital Corp.</name>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
        <cusip>893647BZ9</cusip>
        <identifiers>
          <isin value="US893647BZ96"/>
          <other otherDesc="Inhouse Asset ID" value="1506628"/>
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        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15318.24000000</valUSD>
        <pctVal>0.016200539945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RHP Hotel Properties LP / RHP Finance Corp.</name>
        <lei>N/A</lei>
        <title>RHP Hotel Properties LP / RHP Finance Corp.</title>
        <cusip>749571AK1</cusip>
        <identifiers>
          <isin value="US749571AK15"/>
          <other otherDesc="Inhouse Asset ID" value="1340902"/>
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        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>122853.48000000</valUSD>
        <pctVal>0.129929594402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>South Bow USA Infrastructure Holdings LLC</name>
        <lei>254900Z1WAY7QFQ7O850</lei>
        <title>South Bow USA Infrastructure Holdings LLC</title>
        <cusip>83007CAD4</cusip>
        <identifiers>
          <isin value="US83007CAD48"/>
          <other otherDesc="Inhouse Asset ID" value="1498552"/>
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        <balance>135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135492.07000000</valUSD>
        <pctVal>0.143296141874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.02600000</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>WULF Compute LLC</name>
        <lei>N/A</lei>
        <title>WULF Compute LLC</title>
        <cusip>982911AA7</cusip>
        <identifiers>
          <isin value="US982911AA70"/>
          <other otherDesc="Inhouse Asset ID" value="1534016"/>
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        <balance>180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>189173.34000000</valUSD>
        <pctVal>0.200069345516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hungary</name>
        <lei>5299003F3UFKGCCMAP43</lei>
        <title>Hungary Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2010026305"/>
          <other otherDesc="Inhouse Asset ID" value="1201579"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202666.53000000</valUSD>
        <pctVal>0.214339716236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-128, Class IA</title>
        <cusip>38378HK70</cusip>
        <identifiers>
          <isin value="US38378HK703"/>
          <other otherDesc="Inhouse Asset ID" value="1295593"/>
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        <balance>590134.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91612.03000000</valUSD>
        <pctVal>0.096888699451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="62351"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-10403.24000000</valUSD>
        <pctVal>-0.01100244578</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Bank and Trust</counterpartyName>
              <counterpartyLei>571474TGEMMWANRLN572</counterpartyLei>
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            <amtCurSold>331192.84000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>51952400.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2026-08-19</settlementDt>
            <unrealizedAppr>-10403.24000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A3Q2</cusip>
        <identifiers>
          <isin value="US04685A3Q28"/>
          <other otherDesc="Inhouse Asset ID" value="1345937"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131901.00000000</valUSD>
        <pctVal>0.139498233434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.58300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="57683"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>1028.40000000</valUSD>
        <pctVal>0.001087633780</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
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            <amtCurSold>53000.00000000</amtCurSold>
            <curSold>NZD</curSold>
            <amtCurPur>31145.03000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-07-15</settlementDt>
            <unrealizedAppr>1028.40000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>01F052680</cusip>
        <identifiers>
          <isin value="US01F0526800"/>
          <other otherDesc="Inhouse Asset ID" value="1629599"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8014936.88000000</valUSD>
        <pctVal>8.476581192334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dominican Republic</name>
        <lei>254900EHU7Q8FGVPI369</lei>
        <title>Dominican Republic Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USP3579ECH82"/>
          <other otherDesc="Inhouse Asset ID" value="1125111"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>218925.50000000</valUSD>
        <pctVal>0.231535170345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AES Andes SA</name>
        <lei>549300IF4IFG0FS0RM26</lei>
        <title>AES Andes SA</title>
        <cusip>00111VAD9</cusip>
        <identifiers>
          <isin value="US00111VAD91"/>
          <other otherDesc="Inhouse Asset ID" value="1452903"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207739.00000000</valUSD>
        <pctVal>0.219704350349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2020-63, Class PS</title>
        <cusip>38382FGP3</cusip>
        <identifiers>
          <isin value="US38382FGP36"/>
          <other otherDesc="Inhouse Asset ID" value="1295509"/>
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        <balance>1737098.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195694.86000000</valUSD>
        <pctVal>0.206966492007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.34649080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gen Digital, Inc.</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital, Inc.</title>
        <cusip>668771AM0</cusip>
        <identifiers>
          <isin value="US668771AM05"/>
          <other otherDesc="Inhouse Asset ID" value="1445616"/>
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        <balance>205000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202191.25000000</valUSD>
        <pctVal>0.213837061060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
        <cusip>3617LELG7</cusip>
        <identifiers>
          <isin value="US3617LELG72"/>
          <other otherDesc="Inhouse Asset ID" value="1295684"/>
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        <balance>29610.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26319.23000000</valUSD>
        <pctVal>0.027835164937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2014-H21, Class BI</title>
        <cusip>38375UPZ7</cusip>
        <identifiers>
          <isin value="US38375UPZ74"/>
          <other otherDesc="Inhouse Asset ID" value="1295820"/>
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        <balance>387837.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10805.16000000</valUSD>
        <pctVal>0.011427515575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.52802000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DXP Enterprises, Inc.</name>
        <lei>N/A</lei>
        <title>DXP Enterprises, Inc., First Lien, Initial CME Term Loan</title>
        <cusip>23338DAS5</cusip>
        <identifiers>
          <isin value="US23338DAS53"/>
          <other otherDesc="Inhouse Asset ID" value="1550831"/>
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        <balance>32337.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32522.79000000</valUSD>
        <pctVal>0.034396037568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
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              <counterpartyName>LCH Clearnet</counterpartyName>
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        <name>Boston Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federative Republic of Brazil</name>
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        <name>AAdvantage Loyalty IP Ltd.</name>
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        <name>GNMA</name>
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        <name>FNMA</name>
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        <name>BAT Capital Corp.</name>
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        <name>American Tower 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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        <name>Royal Caribbean Cruises Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>WisdomTree, Inc.</name>
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        <name>Provincia del Chubut Argentina</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pertamina Hulu Energi PT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Commercial Metals Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CoreWeave, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ecopetrol SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hashemite Kingdom of Jordan</name>
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        <name>Morgan Stanley Bank of America Merrill Lynch Trust</name>
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        <name>PRET Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PPL Capital Funding, Inc.</name>
        <lei>549300MROK5WY0D2NU17</lei>
        <title>PPL Capital Funding, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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              <title>PPL Corp.</title>
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        <name>BANK</name>
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      <invstOrSec>
        <name>Bausch + Lomb Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Flutter Financing BV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Filtration Group 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>TransDigm, Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rain Carbon, Inc.</name>
        <lei>25490038N6JQH7QXUK52</lei>
        <title>Rain Carbon, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>US Foods, Inc.</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
        <title>US Foods, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>Medline Borrower LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>EquipmentShare.com, Inc.</name>
        <lei>254900PWJK48CGPKPI80</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Motorola Solutions, Inc.</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>AptarGroup, Inc.</name>
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        <name>White Cap Supply Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
        <title>SOP</title>
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        <name>Novelis Corp.</name>
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        <name>Republic of Bulgaria</name>
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        <name>Illumina, Inc.</name>
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        <name>Guidewire Software, Inc.</name>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings, Inc.</name>
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        <name>JBT Marel Corp.</name>
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        <name>Commercial Metals Co.</name>
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        <name>Sinclair Television Group, Inc.</name>
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        <name>NCL Corp. Ltd.</name>
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        <name>Morgan Stanley</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Uzbekistan International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm, Inc.</name>
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        <name>Endo Finance Holdings LP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>COMM Mortgage Trust</name>
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        <name>Republic of Cameroon International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CD Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Live Nation Entertainment, Inc.</name>
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        <title>Live Nation Entertainment, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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              <title>Live Nation Entertainment, Inc.</title>
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      <invstOrSec>
        <name>Washington Mutual Asset-Backed Certificates WMABS Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bandwidth, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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              <title>Bandwidth, Inc.</title>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of El Salvador</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>JPMBB Commercial Mortgage Securities Trust</name>
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        <name>FHLMC</name>
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        <name>Kedrion SpA</name>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4105, Class HI</title>
        <cusip>3137AUD48</cusip>
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        <curCd>USD</curCd>
        <valUSD>3808.47000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AAdvantage Loyalty IP Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ON Semiconductor Corp.</name>
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        <name>Republic of Chile</name>
        <lei>549300FLZTJM5YJF8D34</lei>
        <title>Chile Government Bond</title>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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          <isin value="US06051GNA30"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>Targa Resources Corp.</title>
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          <isin value="US87612GAT85"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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        <name>Deep Blue Operating I LLC</name>
        <lei>254900D4FS23P1TU7R69</lei>
        <title>Deep Blue Operating I LLC, First Lien, Initial CME Term Loan</title>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2020-63, Class AS</title>
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          <isin value="US38382FGR91"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM Mortgage Trust, Series 2015-CR22, Class B</title>
        <cusip>12592XBG0</cusip>
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          <isin value="US12592XBG07"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Securities</title>
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          <isin value="US01F0606834"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000ITFTMJUMPDE35</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Vibrant CLO XVI Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-98, Class SK</title>
        <cusip>38382TD27</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Canadian Dollar</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>08162PAG6</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRET LLC</name>
        <lei>2549002NGM9N1GT2FK83</lei>
        <title>PRET LLC, Series 2026-NPL1, Class A1</title>
        <cusip>69383TAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397D83</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Haleon US Capital LLC</name>
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        <name>Beach Acquisition Bidco LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Hercules Capital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Indonesia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alternative Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Capital I Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CFCRE Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean International Ltd.</title>
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          <isin value="US893814AA10"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Banijay Entertainment SAS</name>
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        <title>Banijay Entertainment SAS</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OneMain Finance Corp.</title>
        <cusip>682691AG5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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      <invstOrSec>
        <name>Knife River 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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        <name>Viking Cruises Ltd.</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
        <cusip>718172DA4</cusip>
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          <isin value="US718172DA46"/>
          <other otherDesc="Inhouse Asset ID" value="1238192"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>274138.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Archrock Services LP / Archrock Partners Finance Corp.</name>
        <lei>N/A</lei>
        <title>Archrock Services LP / Archrock Partners Finance Corp.</title>
        <cusip>03958CAA7</cusip>
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          <isin value="US03958CAA71"/>
          <other otherDesc="Inhouse Asset ID" value="1560385"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64649.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VEGAS</name>
        <lei>N/A</lei>
        <title>VEGAS, Series 2024-GCS, Class D</title>
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          <isin value="US92254BAC90"/>
          <other otherDesc="Inhouse Asset ID" value="1569527"/>
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        <balance>99000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98818.51000000</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>2036-07-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.42371760</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>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1598846"/>
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        <balance>5869000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>147452.04000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>ICE Clear US</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CDX North American High Yield Index Series 46-V2</indexName>
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            <swapFlag>Y</swapFlag>
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            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>147452.04000000</unrealizedAppr>
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        <securityLending>
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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 2024-V11, Class XA</title>
        <cusip>081921BA5</cusip>
        <identifiers>
          <isin value="US081921BA52"/>
          <other otherDesc="Inhouse Asset ID" value="1413181"/>
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        <balance>6573545.84000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>115349.30000000</valUSD>
        <pctVal>0.121993188663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.77265000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republic of Costa Rica</name>
        <lei>549300S1EK2VN6XVJP58</lei>
        <title>Costa Rica Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USP3699PGK77"/>
          <other otherDesc="Inhouse Asset ID" value="1168628"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>206884.00000000</valUSD>
        <pctVal>0.218800104062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
        <cusip>694308KL0</cusip>
        <identifiers>
          <isin value="US694308KL02"/>
          <other otherDesc="Inhouse Asset ID" value="1273633"/>
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        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133881.16000000</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>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</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>Braskem Idesa SAPI</name>
        <lei>YH0V7ZHY352ITDGEYB83</lei>
        <title>Braskem Idesa SAPI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USP1850NAA92"/>
          <other otherDesc="Inhouse Asset ID" value="1025322"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128544.00000000</valUSD>
        <pctVal>0.135947876957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.45000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stonex Escrow Issuer LLC</name>
        <lei>N/A</lei>
        <title>Stonex Escrow Issuer LLC</title>
        <cusip>86189AAA7</cusip>
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          <isin value="US86189AAA79"/>
          <other otherDesc="Inhouse Asset ID" value="1489934"/>
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        <balance>230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>236695.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>RHP Hotel Properties LP / RHP Finance Corp.</name>
        <lei>N/A</lei>
        <title>RHP Hotel Properties LP / RHP Finance Corp.</title>
        <cusip>749571AG0</cusip>
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          <isin value="US749571AG03"/>
          <other otherDesc="Inhouse Asset ID" value="1133678"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49109.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Arcosa, Inc.</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa, Inc.</title>
        <cusip>039653AC4</cusip>
        <identifiers>
          <isin value="US039653AC46"/>
          <other otherDesc="Inhouse Asset ID" value="1383744"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31318.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>XHR LP</name>
        <lei>549300M88BPT83ZL2164</lei>
        <title>XHR LP</title>
        <cusip>98372MAE5</cusip>
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          <isin value="US98372MAE57"/>
          <other otherDesc="Inhouse Asset ID" value="1419121"/>
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        <balance>195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199743.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>F&amp;G Annuities &amp; Life, Inc.</name>
        <lei>N/A</lei>
        <title>F&amp;G Annuities &amp; Life, Inc.</title>
        <cusip>30190AAC8</cusip>
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          <isin value="US30190AAC80"/>
          <other otherDesc="Inhouse Asset ID" value="1303183"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>133722.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Zoetis, Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis, Inc.</title>
        <cusip>98978VAY9</cusip>
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          <isin value="US98978VAY92"/>
          <other otherDesc="Inhouse Asset ID" value="1555402"/>
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        <balance>41000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37311.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
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              <name>Zoetis, Inc.</name>
              <title>Zoetis, Inc.</title>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ACA1</cusip>
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          <isin value="US87264ACA16"/>
          <other otherDesc="Inhouse Asset ID" value="1148154"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110530.94000000</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>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Gabx Leasing LLC</name>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ProPetro Holding Corp.</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Delek US Holdings, Inc.</name>
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        <name>ESAB Corp.</name>
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        <name>BioMarin Pharmaceutical</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <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>CoreWeave, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CMS Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Halozyme Therapeutics, Inc.</name>
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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>Murphy Oil Corp.</name>
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        <name>RCO IX Mortgage LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Herc Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Benin Government International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Space Exploration Technologies Corp.</name>
        <lei>549300B9WLO96RQCXP87</lei>
        <title>Space Exploration Technologies Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Almonty Industries, Inc.</name>
        <lei>54930049R1BTGV5RJ021</lei>
        <title>Almonty Industries, Inc.</title>
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        <invCountry>CA</invCountry>
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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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              <counterpartyName>CITIBANK NA</counterpartyName>
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                <indexName>Markit CMBX North American Index Series BB-6</indexName>
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      <invstOrSec>
        <name>HUB International Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <title>SOP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nutanix, Inc.</name>
        <lei>549300X7J6E8TKVIXW09</lei>
        <title>Nutanix, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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              <title>Nutanix, Inc.</title>
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      <invstOrSec>
        <name>Dominican Republic</name>
        <lei>254900EHU7Q8FGVPI369</lei>
        <title>Dominican Republic Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="USP3579ECB13"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>213066.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-42</title>
        <cusip>38379V6K5</cusip>
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          <isin value="US38379V6K50"/>
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        <curCd>USD</curCd>
        <valUSD>63672.18000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Albaugh LLC</name>
        <lei>N/A</lei>
        <title>Albaugh LLC, First Lien, Initial CME Term Loan</title>
        <cusip>01260HAH8</cusip>
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          <isin value="US01260HAH84"/>
          <other otherDesc="Inhouse Asset ID" value="1346681"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>PROG Holdings, Inc.</name>
        <lei>549300DHYTLBOVRXIG52</lei>
        <title>PROG Holdings, Inc.</title>
        <cusip>74319RAA9</cusip>
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          <isin value="US74319RAA95"/>
          <other otherDesc="Inhouse Asset ID" value="1173816"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>263339.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Patrick Industries, Inc.</name>
        <lei>549300FZ5ZTCCJ3Z5W14</lei>
        <title>Patrick Industries, Inc.</title>
        <cusip>703343AG8</cusip>
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          <isin value="US703343AG80"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <title>Patrick Industries, Inc.</title>
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      <invstOrSec>
        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>Wayfair LLC</title>
        <cusip>94419NAC1</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Novartis Capital Corp.</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>Novartis Capital Corp.</title>
        <cusip>66989HAY4</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1540522"/>
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        <curCd>USD</curCd>
        <valUSD>167059.83000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>Rand Parent LLC</name>
        <lei>N/A</lei>
        <title>Rand Parent LLC, First Lien, CME Term Loan, B</title>
        <cusip>75223LAD8</cusip>
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          <isin value="US75223LAD82"/>
          <other otherDesc="Inhouse Asset ID" value="1440077"/>
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        <balance>55925.19930000</balance>
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        <curCd>USD</curCd>
        <valUSD>55874.87000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.73222000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Insulet Corp.</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>Insulet Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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        <name>Digital Realty Trust LP</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
        <title>Digital Realty Trust LP</title>
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              <title>Digital Realty Trust, Inc.</title>
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        <name>Northwoods Capital Ltd.</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Onto Innovation, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>GNMA</name>
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        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Hyundai Capital America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cogent Communications Group LLC / Cogent Finance, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Veterinary Partners LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Czech Koruna</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Cleveland-Cliffs, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of El Salvador</name>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>1011778 BC ULC / New Red Finance, Inc.</name>
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        <name>CIFC Funding Ltd.</name>
        <lei>549300X1SKS4LNS5LQ62</lei>
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        <name>Chart Industries, Inc.</name>
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        <name>Rosen International SARL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Box, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Republic of Guatemala</name>
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        <name>Liberty Media Corp.-Liberty Formula One Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Datadog, Inc.</name>
        <lei>549300F6JNO0KRPO1K63</lei>
        <title>Datadog, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Viking Cruises Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EquipmentShare.com, Inc.</name>
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        <name>IREN Ltd.</name>
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        <title>IREN Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Waystar Technologies, Inc.</name>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Suriname Government International Bond</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>N/A</name>
        <lei>N/A</lei>
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        <name>FHLMC Multifamily Structured Credit Risk</name>
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        <name>SG Commercial Mortgage Securities Trust</name>
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        <name>TransDigm, Inc.</name>
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        <lei>ZD2NBKV6GCC3UMGBM518</lei>
        <title>Spirit AeroSystems, Inc.</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>N/A</lei>
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        <cusip>20754CAF6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Whirlpool Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ligand Pharmaceuticals, Inc.</name>
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        <name>Morgan Stanley Capital I Trust</name>
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        <name>UKG, Inc.</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Note</title>
        <cusip>91282CAY7</cusip>
        <identifiers>
          <isin value="US91282CAY75"/>
        </identifiers>
        <balance>133000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133000.00000000</valUSD>
        <pctVal>0.140660533633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4000, Class PI</title>
        <cusip>3137ALYB9</cusip>
        <identifiers>
          <isin value="US3137ALYB93"/>
          <other otherDesc="Inhouse Asset ID" value="1292962"/>
        </identifiers>
        <balance>92328.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11624.27000000</valUSD>
        <pctVal>0.012293804671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Advanced Drainage Systems, Inc.</name>
        <lei>N/A</lei>
        <title>Advanced Drainage Systems, Inc., First Lien, Initial CME Term Loan</title>
        <cusip>00769QAK9</cusip>
        <identifiers>
          <isin value="US00769QAK94"/>
          <other otherDesc="Inhouse Asset ID" value="1576599"/>
        </identifiers>
        <balance>46222.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46684.45000000</valUSD>
        <pctVal>0.049373380822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.24545000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Waste Pro USA, Inc.</name>
        <lei>549300BY1QXU5BI3UF28</lei>
        <title>Waste Pro USA, Inc.</title>
        <cusip>94107JAC7</cusip>
        <identifiers>
          <isin value="US94107JAC71"/>
          <other otherDesc="Inhouse Asset ID" value="1435730"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246189.84000000</valUSD>
        <pctVal>0.260369881726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>01F022683</cusip>
        <identifiers>
          <isin value="US01F0226831"/>
          <other otherDesc="Inhouse Asset ID" value="1629598"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>835390.61000000</valUSD>
        <pctVal>0.883507436053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kodiak Gas Services LLC</name>
        <lei>549300ZQBRWEUOVOM131</lei>
        <title>Kodiak Gas Services LLC</title>
        <cusip>50012LAD6</cusip>
        <identifiers>
          <isin value="US50012LAD64"/>
          <other otherDesc="Inhouse Asset ID" value="1512592"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152134.20000000</valUSD>
        <pctVal>0.160896825232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lendbuzz Securitization Trust</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust, Series 2026-1A, Class C</title>
        <cusip>525952AD9</cusip>
        <identifiers>
          <isin value="US525952AD90"/>
          <other otherDesc="Inhouse Asset ID" value="1565344"/>
        </identifiers>
        <balance>49107.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48697.28000000</valUSD>
        <pctVal>0.051502145799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.74000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Zealand Dollar</name>
        <lei>N/A</lei>
        <title>New Zealand Dollar</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="NZD"/>
        </identifiers>
        <balance>-14030.03000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="NZD" exchangeRt="1.76071837"/>
        <valUSD>-7968.35000000</valUSD>
        <pctVal>-0.00842731100</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
        <cusip>780153BV3</cusip>
        <identifiers>
          <isin value="US780153BV38"/>
          <other otherDesc="Inhouse Asset ID" value="1379224"/>
        </identifiers>
        <balance>143000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145056.82000000</valUSD>
        <pctVal>0.153411802318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
        <cusip>428102AE7</cusip>
        <identifiers>
          <isin value="US428102AE79"/>
          <other otherDesc="Inhouse Asset ID" value="1158141"/>
        </identifiers>
        <balance>155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149597.57000000</valUSD>
        <pctVal>0.158214090424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM Mortgage Trust, Series 2014-CR14, Class C</title>
        <cusip>12630DBD5</cusip>
        <identifiers>
          <isin value="US12630DBD57"/>
          <other otherDesc="Inhouse Asset ID" value="1292313"/>
        </identifiers>
        <balance>98000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95856.25000000</valUSD>
        <pctVal>0.101377378023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.24639720</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gates Corp.</name>
        <lei>984500F43C791F4C7894</lei>
        <title>Gates Corp.</title>
        <cusip>367398AA2</cusip>
        <identifiers>
          <isin value="US367398AA27"/>
          <other otherDesc="Inhouse Asset ID" value="1360586"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>143363.92000000</valUSD>
        <pctVal>0.151621394669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
