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        <name>FIDELIS MTG TR 2025-RTL1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>REACH ABS TRUST 2023-1</name>
        <lei>N/A</lei>
        <title>Reach Financial LLC Series 2024-1A, Class C</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PAGAYA AI DEBT TRUST 2025-R1</name>
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        <cusip>69548DAA3</cusip>
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          <isin value="US69548DAA37"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>REACH ABS TRUST 2025-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BREAN ASSET BACKED SECURITIES TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LIFE 2022-BMR2 MORTGAGE TRUST</name>
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          <isin value="US53218DAJ72"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PAGAYA AI DEBT GRANTOR TRUST 2025-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2024-BIO2</name>
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        <cusip>05613GAG7</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LENDBUZZ SECURITIZATION TRUST 2024-3</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>Federal National Mortgage Association Series 2014-45 Class IO</title>
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        <fairValLevel>2</fairValLevel>
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        <name>COLEM 2021-HLNE MORTGAGE TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>Federal National Mortgage Association Series 2010-44 Class CS</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HOME PARTNERS OF AMERICA 2019-2 TRUST</name>
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        <title>Home Partners of America Trust Series 2019-2, Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MARINER FINANCE ISSUANCE TRUST 2024-A</name>
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          <isin value="US567928AC03"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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        <cusip>316773DD9</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Incorporated 3.875%, Due 04/15/2030</title>
        <cusip>87264ABF1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GINNIE MAE (H) 23-85</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HAWAII HOTEL TRUST 2025-MAUI</name>
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        <title>Hawaii Hotel Trust Series 2025-MAUI, Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST 2026-R1</name>
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        <cusip>76089TAB6</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <title>Federal National Mortgage Association Pool DA1518</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST 2025-1</name>
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        <cusip>76089YAC3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <cusip>614916AE4</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <title>U.S. Treasury Notes 3.75%, Due 08/31/2026</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NMEF FUNDING 2025-B LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TRICOLOR AUTO SECURITIZATION TRUST 2024-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FHF ISSUER TRUST 2024-2</name>
        <lei>N/A</lei>
        <title>First Help Financial, LLC Series 2026-1A, Class A2</title>
        <cusip>30345FAB3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC MSCR TRUST MN10</name>
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        <name>ONITY LOAN INVESTMENT TRUST 2026-HB1</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2024-AIRC</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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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <name>UNITED AUTO CREDIT SECURITIZATION TRUST 2026-1</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Federal Home Loan Mortgage Corporation Pool QH5181</title>
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        <name>NALP BUSINESS LOAN TRUST 2024-1</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2025-NPL2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GENESIS SLS FIN MSTR TR 2019-A</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>REACH ABS TR 2024-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>US BANK NA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>COLLEGE AVENUE STUDENT LOANS 2018-A LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association Pool 788003</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AGORACAPITAL AUTO SECURITIES TR 202</name>
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        <cusip>008483AB5</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PROGRESS RESIDENTIAL 2021-SFR5 TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>VERUS SECURITIZATION TRUST 2026-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isin value="US12009GAB68"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ONITY LOAN INVESTMENT TRUST 2026-HB2</name>
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        <title>Onity Loan Investment Trust Series 2026-HB2, Class M2</title>
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          <isin value="US68279MAC64"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK NA</name>
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        <cusip>17325FBL1</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AFFIRM ASSET SECURITIZATION TRUST 2025-X1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <cusip>91282CJP7</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALLY AUTO RECEIVABLES TRUST 2022-3</name>
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        <title>Ally Bank Auto Credit-Linked Notes Series 2025-A, Class G</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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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>OCWEN LN INVESTMNT TR2024-HB1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GENESIS SLS FIN MSTR TR 2019-A</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2026-NPL1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Finbe USA Trust 2025-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BREAN ASSET BACKED SECS TR 24-RM8</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>UPSTART PS-TRGH TR SR 2022-ST3</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ENERGY TRANSFER LP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <title>Federal National Mortgage Association Pool FS5590</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Pool FN BM7863</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ALPHAFLOW TRANSITIONAL MORTGAGE TRU</name>
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        <title>AlphaFlow Transitional Mortgage Company Series 2021-WL1, Class A1</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <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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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Ally Bank Sandy (Utah)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association Pool G2 DM6320</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST 2026-R1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
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        <name>POINT SECURITIZATION TRUST 2025-2</name>
        <lei>N/A</lei>
        <title>Point Securitization Trust Series 2025-2, Class B1</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KEYBANK NA</name>
        <lei>HUX2X73FUCYHUVH1BK78</lei>
        <title>Key Bank NA 4.39%, Due 12/14/2027</title>
        <cusip>49306SAA4</cusip>
        <identifiers>
          <isin value="US49306SAA42"/>
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        <balance>1600000.00000000</balance>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Achv ABS Trust 2024-1PL</name>
        <lei>N/A</lei>
        <title>ACHV ABS Trust Series 2024-1PL, Class D</title>
        <cusip>00092BAD6</cusip>
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          <isin value="US00092BAD64"/>
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        <balance>9860243.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9934555.01000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OPORTUN ISSUANCE TRUST 2021-B</name>
        <lei>N/A</lei>
        <title>Oportun Funding LLC Series 2021-B, Class D</title>
        <cusip>68377GAD8</cusip>
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          <isin value="US68377GAD88"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORTHWESTERN MUTUAL GLOBAL FUNDING</name>
        <lei>635400LZXFVELZDVP257</lei>
        <title>Northwestern Mutual Global Funding 4.40%, Due 03/30/2029</title>
        <cusip>66815L3A5</cusip>
        <identifiers>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LHOME MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust Series 2024-RTL4, Class A2</title>
        <cusip>50205PAB8</cusip>
        <identifiers>
          <isin value="US50205PAB85"/>
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        <balance>9500000.00000000</balance>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN EXPRESS COMPANY</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Company 2.55% due 03/04/2027</title>
        <cusip>025816CS6</cusip>
        <identifiers>
          <isin value="US025816CS64"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <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>OPORTUN ISSUANCE TRUST 2025-A</name>
        <lei>N/A</lei>
        <title>Oportun Funding, LLC Series 2025-D, Class D</title>
        <cusip>68379HAD4</cusip>
        <identifiers>
          <isin value="US68379HAD44"/>
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        <balance>24555000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24655616.57000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.97000000</annualizedRt>
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      <invstOrSec>
        <name>CONTINENTAL FIN CRC MT TR 20-A</name>
        <lei>N/A</lei>
        <title>Continental Finance Credit Card ABS Master Trust Series 2025-A, Class D</title>
        <cusip>66981PAY4</cusip>
        <identifiers>
          <isin value="US66981PAY43"/>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7396896.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHF ISSUER TRUST 2024-2</name>
        <lei>N/A</lei>
        <title>First Help Financial, LLC Series 2026-1A, Class A1</title>
        <cusip>30345FAA5</cusip>
        <identifiers>
          <isin value="US30345FAA57"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NMEF FUNDING LLC 2023-A</name>
        <lei>N/A</lei>
        <title>NMEF Funding LLC Series 2023-A, Class C</title>
        <cusip>62890QAD7</cusip>
        <identifiers>
          <isin value="US62890QAD79"/>
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        <balance>4500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.04000000</annualizedRt>
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        <name>US BANK NA</name>
        <lei>6BYL5QZYBDK8S7L73M02</lei>
        <title>US Bank Credit-Linked Notes Series 2026-RVM1, Class E</title>
        <cusip>90355PAN6</cusip>
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          <isin value="US90355PAN69"/>
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        <curCd>USD</curCd>
        <valUSD>7302123.22000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.88000000</annualizedRt>
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      <invstOrSec>
        <name>CFMT 2024-HB14 LLC</name>
        <lei>9845005986F840FBE847</lei>
        <title>Cascade Funding Mortgage Trust Series 2024-HB14, Class M4</title>
        <cusip>12530XAE1</cusip>
        <identifiers>
          <isin value="US12530XAE13"/>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8189364.10000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>BREAN ASSET BACKED SECURITIES TRUST 2022-RM3</name>
        <lei>N/A</lei>
        <title>Brean Asset Backed Securities Series 2022-RM5, Class A</title>
        <cusip>10637WAA7</cusip>
        <identifiers>
          <isin value="US10637WAA71"/>
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        <balance>6323057.94000000</balance>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2026-4</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Selection Trust Series 2026-4, Class A1</title>
        <cusip>694957AA9</cusip>
        <identifiers>
          <isin value="US694957AA92"/>
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        <balance>25000000.00000000</balance>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 2024-01</name>
        <lei>254900QY3MMJFMNKXA93</lei>
        <title>Multifamily Connecticut Avenue Series 2024-01, Class M7</title>
        <cusip>62548RAA7</cusip>
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          <isin value="US62548RAA77"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>6.37776000</annualizedRt>
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      <invstOrSec>
        <name>CASCADE FUNDING MORTGAGE TRUST 2017-1</name>
        <lei>N/A</lei>
        <title>Cascade Funding Mortgage Trust Series 2022-AB2, Class M3</title>
        <cusip>12530JAD4</cusip>
        <identifiers>
          <isin value="US12530JAD46"/>
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        <balance>5181956.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5024893.16000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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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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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <title>Federal National Mortgage Association Pool AL8682</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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        <name>Pagaya Point of Sale Holdings Trust 2025-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC MSCR TRUST MN1</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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>BUILDERS CAP LN ACQ TR 2024-NPL1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NAVIENT REFINANCE LOAN TRUST 2026-A</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BX TRUST 2018-BILT</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>POINT SECURITIZATION TRUST 2025-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Redwood Funding Trust 2026-1</name>
        <lei>N/A</lei>
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        <cusip>75806HAA8</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>VISTA POINT SECURITIZATION TRUST 2024-CES2</name>
        <lei>N/A</lei>
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        <cusip>92841YAA3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>MultiFamily Structured Credit Series 2024-MN8, Class M1</title>
        <cusip>35563RAA3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LINCOLN FINANCIAL GLOBAL FUNDING</name>
        <lei>984500OC010458395923</lei>
        <title>Lincoln Financial Global Funding 4.625%, Due 05/28/2028</title>
        <cusip>53359KAB7</cusip>
        <identifiers>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>US BANK NA</name>
        <lei>6BYL5QZYBDK8S7L73M02</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Gs Mortgage Backed Securities Trust 2026-R1</name>
        <lei>N/A</lei>
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        <cusip>36274QAA3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.53400000</annualizedRt>
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        <name>CASCADE FUNDING MORTGAGE TRUST 2017-1</name>
        <lei>N/A</lei>
        <title>Cascade Funding Mortgage Trust Series 2022-AB2, Class M2</title>
        <cusip>12530JAC6</cusip>
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          <isin value="US12530JAC62"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN EXPRESS COMPANY</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Company 5.043%, Due 07/26/2028</title>
        <cusip>025816DV8</cusip>
        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.04300000</annualizedRt>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Multifamily Structured Credit Risk Series 25-MN12 Class M1</title>
        <cusip>355913AA2</cusip>
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          <isin value="US355913AA28"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>5.37775920</annualizedRt>
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      <invstOrSec>
        <name>COMM 2020-CX MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM Mortgage Trust Series 2020-CX, Class B</title>
        <cusip>12656KAE7</cusip>
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        <balance>2950000.00000000</balance>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AMCR ABS TRUST 2024-A</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FS TRUST 2026-HULA</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isin value="US16473RAD61"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>A10 2025-FL6 Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PFP 2025-12 LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2012-LC5</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2022-FL1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>UPGRADE MASTER PASS - THRU TRUST SERIES 2025-ST5</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FREMF 2012-KF01 MORTGAGE TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Rmf Buyout Issuance Tr 2018</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Pool BM7901</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <cusip>38385CBT4</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2025-7</name>
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        <cusip>69545RAC1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association Pool DO4617</title>
        <cusip>3618V1DW6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>MERCHANTS FLEET FUNDING LLC</name>
        <lei>254900Z2OOQUA5IN2X83</lei>
        <title>Merchants Fleet Funding, LLC Series 2025-1A, Class E</title>
        <cusip>588926AQ8</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RKTL 2026-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>US BANK NA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST 2025-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RFT TRUST 2024-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LENDINGPOINT 2022-C ASSET SECURITIZATION TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>UPGRADE MASTER CREDIT PASS-THRU TRUST SERIES 2025-ST2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Federal Home Loan Mortgage Corporation Pool 841741</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AMDR ABS TRUST 2025-1</name>
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        <cusip>02342WAB8</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MOSAIC SOLAR LOAN TRUST 2020-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LENDMARK FUNDING TRUST 2020-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RESEARCH-DRIVEN PAGAYA MOTOR TRUST 2025-4</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>ACHV ABS TRUST 2023-3PL</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>WELLS FARGO &amp; COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BREAN ASSET BACKED SECURITIES TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CONTINENTAL FIN CRC MT TR 20-A</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LHOME MTG TR 2024-RTL3</name>
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        <title>LHOME Mortgage Trust Series 2024-RTL3, Class A2</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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        <name>DEXT ABS 2023-2 LLC</name>
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        <name>Arivo Acceptance Auto Loan Receivables Trust 2024-1</name>
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        <fairValLevel>2</fairValLevel>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.33202920</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>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Series 2006-56 Class DC</title>
        <cusip>31395NXE2</cusip>
        <identifiers>
          <isin value="US31395NXE20"/>
        </identifiers>
        <balance>241717.60000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>237347.45000000</valUSD>
        <pctVal>0.004260659689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.37658120</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>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2012-LC5</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commerical Mortgage Trust Series 2025-1918, Class C</title>
        <cusip>95004QAE8</cusip>
        <identifiers>
          <isin value="US95004QAE89"/>
        </identifiers>
        <balance>12500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12265316.25000000</valUSD>
        <pctVal>0.220176532422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.69206000</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>BXMT 2021-FL4 LTD</name>
        <lei>N/A</lei>
        <title>BXMT Ltd. Series 2021-FL4, Class D</title>
        <cusip>05609GAJ7</cusip>
        <identifiers>
          <isin value="US05609GAJ76"/>
        </identifiers>
        <balance>7975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7725318.70000000</valUSD>
        <pctVal>0.138678355172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.24156840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Diamond Hill Funds</ncom:nameOfApplicant>
      <ncom:signature>Julie Roach</ncom:signature>
      <ncom:signerName>Julie Roach</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
