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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <cusip>3137B75V7</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>Government National Mortgage Association Series 2023-81, Class AL</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TRANSCANADA PIPELINES LTD</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ALPHABET INC</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Incorporated 5.70%, Due 11/15/2075</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.70000000</annualizedRt>
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        <name>BAY TRUST 2026-MDWS</name>
        <lei>375X9PSJLLOV7F21O626</lei>
        <title>Bay Trust Series 2026-MDWS, Class A</title>
        <cusip>05494UAA3</cusip>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo and Company 3.35%, Due 03/02/2033</title>
        <cusip>95000U2U6</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>BX COMMERCIAL MORTGAGE TRUST 2024-BIO2</name>
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        <cusip>05613GAG7</cusip>
        <identifiers>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America 4.75%, Due 09/26/2031</title>
        <cusip>44891ADH7</cusip>
        <identifiers>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Assocation Series 2009-50, Class HZ</title>
        <cusip>31396QLY3</cusip>
        <identifiers>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Series 2021-6, Class KU</title>
        <cusip>3136BD2W7</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <name>RYDER SYSTEM INC</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>Ryder System Incorporated 4.90%, Due 12/01/2029</title>
        <cusip>78355HLD9</cusip>
        <identifiers>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PROTECTIVE LIFE GLOBAL FUNDING</name>
        <lei>635400EVYITCJYWL2I50</lei>
        <title>Protective Life Global Funding 4.772%, Due 12/09/2029</title>
        <cusip>74368CCA0</cusip>
        <identifiers>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BANK OF NEW YORK MELLON CORP (THE)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corporation 5.316%, Due 06/06/2036</title>
        <cusip>06406RCJ4</cusip>
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        <assetCat>DBT</assetCat>
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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>MOSAIC SOLAR LOAN TRUST 2023-1</name>
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        <title>Mosaic Solar Loans, LLC Series 2023-1A, Class A</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FMC CORP</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corporation 6.375%, Due 05/18/2053</title>
        <cusip>302491AY1</cusip>
        <identifiers>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <name>RMF PROPRIETARY ISSUANCE TRUST</name>
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        <identifiers>
          <isin value="US76971WAA27"/>
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        <curCd>USD</curCd>
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        <pctVal>0.224295920490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>TORONTO DOMINION BANK (THE)</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>UNLOCK HEA TRUST 2025-1</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>RMF PROP ISS TR 2022-1</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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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ACHD TRUST 2026-DS1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC MSCR TRUST MN2</name>
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        <cusip>35563JAB9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>AES CORP (THE)</name>
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        <cusip>00130HCL7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BREAN ASSET BACKED SECURITIES TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CAFL 2026-R1 Issuer LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Rmf Buyout Issuance Tr 2018</name>
        <lei>N/A</lei>
        <title>RMF Buyout Issuance Trust Series 2020-HB1, Class AB</title>
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        <fairValLevel>2</fairValLevel>
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        <name>LHOME MTG TR 2025-RTL1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PHILIP MORRIS INTERNATIONAL INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <cusip>06051GJT7</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AMCR ABS TRUST 2024-A</name>
        <lei>N/A</lei>
        <title>AMCR ABS Trust Series 2026-A, Class B</title>
        <cusip>02341AAB7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>CAPSTONE BORROWER INC</name>
        <lei>254900YSP2BAI3YKIX08</lei>
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        <cusip>140944AA7</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ULTIMATE KRONOS GROUP INC</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG Incorporated 6.875%, Due 02/01/2031</title>
        <cusip>90279XAA0</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Upstart Securitization Trust 2018-2</name>
        <lei>549300MM4LHW6AKJUZ51</lei>
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        <cusip>91684FAD0</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PHILLIPS 66 COMPANY</name>
        <lei>RVJMT2IZVVSKIRJJBH76</lei>
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        <cusip>718547AY8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>PRINCIPAL LIFE GLOBAL FUNDING II</name>
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        <cusip>74256LFC8</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.80000000</annualizedRt>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>Federal National Mortgage Association Pool FN BM6504</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>INTOWN 2025-STAY MORTGAGE TRUST</name>
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        <title>INTOWN Mortgage Trust Series 2025-STAY, Class D</title>
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          <isin value="US46117WAG78"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>DELUXE CORP</name>
        <lei>KWGNKB8TX9LE5TV29231</lei>
        <title>Deluxe Corp 8.125%, Due 9/15/2029</title>
        <cusip>248019AW1</cusip>
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          <isin value="US248019AW14"/>
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        <curCd>USD</curCd>
        <valUSD>77644.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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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>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>REALTY INCOME CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LINCOLN FINANCIAL GLOBAL FUNDING</name>
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        <name>CUBESMART LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>Cubesmart LP 3.0%, Due 02/15/2030</title>
        <cusip>22966RAF3</cusip>
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        <name>US BANK NA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST 2026-R1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JACKSON NATIONAL LIFE GLOBAL FUNDING</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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          <couponKind>Fixed</couponKind>
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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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        <fairValLevel>2</fairValLevel>
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        <name>TARGET CORP</name>
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        <title>Target Corporation 5.0%, Due 04/15/2035</title>
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        <fairValLevel>2</fairValLevel>
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        <title>Government National Mortgage Assocation Series 2018-79, Class LM</title>
        <cusip>38380XDW4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>EMERGENT BIOSOLUTIONS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <title>Federal Home Loan Mortgage Corporation Series 4487, Class TL</title>
        <cusip>3137BK2R0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>VEROS AUTO RECEIVABLES TRUST 2017-1</name>
        <lei>N/A</lei>
        <title>Veros Auto Receivables Trust Series 2026-1, Class C</title>
        <cusip>92511CAC6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2016-FL1 LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIFE 2022-BMR2 MORTGAGE TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COMCAST CORP</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corporation 1.95%, Due 01/15/2031</title>
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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>LIFE 2021-BMR MORTGAGE TRUST</name>
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        <title>Life Financial Services Trust Series 2021-BMR, Class E</title>
        <cusip>53218CAJ9</cusip>
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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 Series 2018-16, Class HW</title>
        <cusip>3136B1BF0</cusip>
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        <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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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SPLITERO TRUST 2026-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN CHASE &amp; COMPANY</name>
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        <cusip>46647PEQ5</cusip>
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        <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 4%, DUE 02/15/2034</title>
        <cusip>91282CJZ5</cusip>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        
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        <fairValLevel>2</fairValLevel>
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        <name>DUKE ENERGY CAROLINAS LLC</name>
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        <cusip>26442CBQ6</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN EXPRESS COMPANY</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>UPGRADE RECEIVABLES 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>NYT 2019- NYT MORTGAGE TRUST</name>
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        <title>NYT Mortgage Trust Series 2019-NYT, Class C</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ALTAGAS LTD</name>
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        <name>EVERFORTH INC</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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        <title>Genesis Sales Finance Master Trust Series 2024-B, Class D</title>
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        <name>NATIONAL MENTOR HOLDINGS INC</name>
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        <name>WORTHINGTON STEEL INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GOODLEAP SUSTAINABLE HOME SOLUTIONS TRUST 2024-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN EXPRESS COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TRUIST FINANCIAL CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Government National Mortgage Association Series 2020-183, Class EB</title>
        <cusip>38382LRW3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>JOHNSON CONTROLS INTERNATIONAL PLC / TYCO FIRE &amp; SECURITY FINANCE SCA</name>
        <lei>N/A</lei>
        <title>Johnson Controls International 4.90%, Due 12/01/2032</title>
        <cusip>47837RAE0</cusip>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2025-6</name>
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        <title>Pagaya AI Debt Selection Trust Series 2025-6, Class B</title>
        <cusip>69549BAC2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>TELUS CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MOHEGAN ESCROW ISSUER LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <title>Federal Home Loan Mortgage Corporation Series 4274, Class EM</title>
        <cusip>3137B5UH4</cusip>
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        <name>YONDR JK 1 LLC</name>
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        <name>REACH ABS TRUST 2025-1</name>
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        <name>ADVANCE AUTO PARTS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MOSAIC SOLAR LOAN TRUST 2022-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LAND O'LAKES CAPITAL TRUST I</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NYSEG STORM FUNDING LLC</name>
        <lei>N/A</lei>
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        <cusip>67122QAA2</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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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LFS TOPCO LLC</name>
        <lei>N/A</lei>
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        <cusip>50203TAB2</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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          <couponKind>Variable</couponKind>
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        <name>CHOBANI LLC / CHOBANI FINANCE CORP INC</name>
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        <cusip>17027NAD4</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GAIA PURCHASER INC</name>
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        <cusip>36276MAA0</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Protected Notes 0.625%, Due 02/15/2043</title>
        <cusip>912810RA8</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>OSAIC HOLDINGS INC</name>
        <lei>549300XL60BDV6UW5C86</lei>
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        <cusip>00791GAC1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ALPHA GENERATION LLC</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 2020-92, Class NB</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MACY'S RETAIL HOLDINGS LLC</name>
        <lei>549300JMONK27O4SQQ19</lei>
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        <cusip>55617LAL6</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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      <invstOrSec>
        <name>RMF PRPTR ISSN TR 2022-3</name>
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        <title>RMF Proprietary Issuance Trust Series 2022-3, Class M3</title>
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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>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FIDELIS MORTGAGE TRUST 2025-RTL1</name>
        <lei>N/A</lei>
        <title>Fidelis Mortgage Trust Series 25-RTL1 Class A2</title>
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        <fairValLevel>2</fairValLevel>
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        <title>Achieve Mortgage Series 2025-HE1, Class A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pagaya AI Debt Trust 2025 8</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Selection Trust Series 2025-8, Class B</title>
        <cusip>69549TAC3</cusip>
        <identifiers>
          <isin value="US69549TAC36"/>
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        <balance>99965.59000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99379.43000000</valUSD>
        <pctVal>0.099000489351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40900000</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>CALUMET SPECIALTY PRODUCTS PARTNERS LP/CALUMET FINANCE CORP</name>
        <lei>N/A</lei>
        <title>Calumet Specialty Products 9.75%, Due 02/15/2031</title>
        <cusip>131477BA8</cusip>
        <identifiers>
          <isin value="US131477BA87"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105732.30000000</valUSD>
        <pctVal>0.105329135418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TORONTO DOMINION BANK (THE)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank / The 4.866%, Due 04/22/2033</title>
        <cusip>89115KAR1</cusip>
        <identifiers>
          <isin value="US89115KAR14"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24815.44000000</valUSD>
        <pctVal>0.024720817008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.86600000</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>GLOBAL MEDICAL RESPONSE INC</name>
        <lei>549300ZFWD4ZFCEJCQ87</lei>
        <title>Global Medical Response Incorporated 7.375%, Due 10/01/2032</title>
        <cusip>37960BAD7</cusip>
        <identifiers>
          <isin value="US37960BAD73"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103625.50000000</valUSD>
        <pctVal>0.103230368792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DTE ELECTRIC COMPANY</name>
        <lei>9N0FWODEJVKHC2DYLO03</lei>
        <title>DTE Electric Company 4.85%, Due 03/01/2036</title>
        <cusip>23338VBB1</cusip>
        <identifiers>
          <isin value="US23338VBB18"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48867.73000000</valUSD>
        <pctVal>0.048681393961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</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>THREELANDS ENERGY LTD SARL</name>
        <lei>N/A</lei>
        <title>Threelands Ltd. SA RL 7.45%, Due 10/20/2035</title>
        <cusip>88580LAA4</cusip>
        <identifiers>
          <isin value="US88580LAA44"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>203040.00000000</valUSD>
        <pctVal>0.202265794419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.45000000</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>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp Sr Glbl Nt Variable Rate Due 09/06/2030</title>
        <cusip>316773DM9</cusip>
        <identifiers>
          <isin value="US316773DM97"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100148.24000000</valUSD>
        <pctVal>0.099766367825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.89499920</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>CATERPILLAR INC</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar Incorporated 5.20%, Due 05/15/2035</title>
        <cusip>149123CL3</cusip>
        <identifiers>
          <isin value="US149123CL34"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51000.28000000</valUSD>
        <pctVal>0.050805812400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="51000.28"/>
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      </invstOrSec>
      <invstOrSec>
        <name>VLS COMMERCIAL MORTGAGE TRUST 2020-LAB</name>
        <lei>N/A</lei>
        <title>VLS Commercial Mortgage Trust Series 2020-LAB, Class A</title>
        <cusip>92858TAA4</cusip>
        <identifiers>
          <isin value="US92858TAA43"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255708.84000000</valUSD>
        <pctVal>0.254733804485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.13000000</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>Vista Point Securitization Trust 2024 CES3</name>
        <lei>N/A</lei>
        <title>Vista Point Securitization Trust Series 2024-CES3, Class A1</title>
        <cusip>92841WAA7</cusip>
        <identifiers>
          <isin value="US92841WAA71"/>
        </identifiers>
        <balance>64997.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65051.71000000</valUSD>
        <pctVal>0.064803663324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.67900000</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>TRUENOORD CAPITAL DAC</name>
        <lei>N/A</lei>
        <title>TrueNoord Capital DAC 8.50%, Due 6/15/2030</title>
        <cusip>89785GAA6</cusip>
        <identifiers>
          <isin value="US89785GAA67"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77752.13000000</valUSD>
        <pctVal>0.077455655743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Series 2012-110, Class CA</title>
        <cusip>3136A9HT8</cusip>
        <identifiers>
          <isin value="US3136A9HT88"/>
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        <balance>371122.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>339251.76000000</valUSD>
        <pctVal>0.337958169545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BXMT 2021-FL4 LTD</name>
        <lei>N/A</lei>
        <title>BXMT Series 21-FL4 Class A</title>
        <cusip>05609GAA6</cusip>
        <identifiers>
          <isin value="US05609GAA67"/>
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        <balance>89418.40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>89373.24000000</valUSD>
        <pctVal>0.089032453646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.04159840</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>FEDERAL HOME LOAN MORTGAGE CORP</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corporation Series 5517, Class LT</title>
        <cusip>3137HKH56</cusip>
        <identifiers>
          <isin value="US3137HKH563"/>
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        <balance>12115951.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73496.58000000</valUSD>
        <pctVal>0.073216332450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.20000160</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>SOLARIS ENERGY INFRASTRUCTURE LLC</name>
        <lei>N/A</lei>
        <title>Solaris Energy Infrastructure Incorporated 6.375%, Due 05/15/2031</title>
        <cusip>83419YAA4</cusip>
        <identifiers>
          <isin value="US83419YAA47"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>252789.33000000</valUSD>
        <pctVal>0.251825426778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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>UPGRADE MASTER PASS - THRU TRUST SERIES 2025-ST5</name>
        <lei>N/A</lei>
        <title>Upgrade Master Pass-Thru Trust Series 2025-ST5, Class C</title>
        <cusip>91535BAC2</cusip>
        <identifiers>
          <isin value="US91535BAC28"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>298415.91000000</valUSD>
        <pctVal>0.297278029469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.92300000</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>VERIZON COMMUNICATIONS INC</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Wireless 5.0%, Due 01/15/2036</title>
        <cusip>92343VHG2</cusip>
        <identifiers>
          <isin value="US92343VHG23"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73147.37000000</valUSD>
        <pctVal>0.072868454012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FLORIDA POWER &amp; LIGHT COMPANY</name>
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        <cusip>341081FH5</cusip>
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        <name>FEDERAL HOME LOAN BANKS</name>
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        <title>Federal Home Loan Mortgage Corporation Series 5147, Class PA</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>EVERSOURCE ENERGY</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Series 2016-31, Class TM</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>UNLOCK HEA TRUST 2025-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <title>Research-Driven Pagaya Motor Asset Trust Series 2024-3A, Class C</title>
        <cusip>76089HAC0</cusip>
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          <isin value="US76089HAC07"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GB AIT BUYER INC</name>
        <lei>N/A</lei>
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          <isin value="US36147AAA34"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <cusip>38383HMD8</cusip>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC SERVICE ELECTRIC &amp; GAS COMPANY</name>
        <lei>549300RUHPVD434XUK18</lei>
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        <cusip>74456QCW4</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.66600000</annualizedRt>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP 5.60%, Due 09/01/2034</title>
        <cusip>29273VBA7</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>153086.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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        <name>CIPHER COMPUTE LLC</name>
        <lei>N/A</lei>
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        <cusip>17253NAA5</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BP CAPITAL MARKETS AMERICA INC</name>
        <lei>5493009NTB34VXE1T760</lei>
        <title>BP Capital Markets America 4.812%, Due 02/13/2033</title>
        <cusip>10373QBU3</cusip>
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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>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.81200000</annualizedRt>
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        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Incorporated 4.80%, Due 02/15/2036</title>
        <cusip>11135FCY5</cusip>
        <identifiers>
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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>
          <annualizedRt>4.80000000</annualizedRt>
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        <name>AMAZON.COM INC</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Amazon.com Incorporated 5.65%, Due 03/13/2046</title>
        <cusip>023135DG8</cusip>
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        <curCd>USD</curCd>
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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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association Series 2022-64, Class MA</title>
        <cusip>38383PS85</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>TREEHOUSE FOODS INC</name>
        <lei>5493007M7EVHE470Q576</lei>
        <title>Industrial F&amp;B Investments III Incorporated 7.75%, Due 02/11/2033</title>
        <cusip>456142AA6</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>Wells Fargo &amp; Company 5.211%, Due 12/03/2035</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association Series 2021-136, Class TC</title>
        <cusip>38382WU96</cusip>
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        <curCd>USD</curCd>
        <valUSD>708163.16000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <name>LOWE'S COMPANIES INC</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos, Inc. 5.15%, Due 07/01/2033</title>
        <cusip>548661EQ6</cusip>
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        <curCd>USD</curCd>
        <valUSD>151510.83000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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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>FEDERAL HOME LOAN BANKS</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>Federal Home Loan Mortgage Corporation Series 5156, Class GD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PETCO HEALTH AND WELLNESS COMPANY INC</name>
        <lei>2549007TYGV6RVSE9M61</lei>
        <title>Petco Health &amp; Wellness 8.25%, Due 02/01/2031</title>
        <cusip>71601VAA3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KROGER COMPANY (THE)</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
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        <cusip>501044DV0</cusip>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DOMINION ENERGY SOUTH CAROLINA INC</name>
        <lei>3QRVFYR22IUIEOORTK28</lei>
        <title>Dominion Energy South Carolina Incorporated 5.30%, Due 01/15/2035</title>
        <cusip>25731VAC8</cusip>
        <identifiers>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50672.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>UNLOCK HEA TRUST 2025-2</name>
        <lei>N/A</lei>
        <title>Unlock HEA Trust Series 2025-2, Class A</title>
        <cusip>914917AA7</cusip>
        <identifiers>
          <isin value="US914917AA77"/>
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        <balance>96186.10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95169.54000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NORFOLK SOUTHERN CORP</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>Norfolk Southern Corporation 5.10%, Due 05/01/2035</title>
        <cusip>655844CV8</cusip>
        <identifiers>
          <isin value="US655844CV85"/>
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        <balance>75000.00000000</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>
          <annualizedRt>5.10000000</annualizedRt>
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        <name>CHAMPIONS FINANCING INC</name>
        <lei>391200ZDD75EGEUJ7625</lei>
        <title>Champions Financing Incorporated 8.75%, Due 02/15/2029</title>
        <cusip>15870LAA6</cusip>
        <identifiers>
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        <balance>50000.00000000</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>8.75000000</annualizedRt>
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        <name>ONITY LOAN INVESTMENT TRUST 2026-HB2</name>
        <lei>N/A</lei>
        <title>Onity Loan Investment Trust Series 2026-HB2, Class M3</title>
        <cusip>68279MAD4</cusip>
        <identifiers>
          <isin value="US68279MAD48"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corporation 3.194%, Due 07/23/2030</title>
        <cusip>06051GHV4</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>238937.51000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.19400000</annualizedRt>
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        <name>FEDERAL HOME LOAN BANKS</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>Federal Home Loan Mortgage Corporation Series 5169, Class YA</title>
        <cusip>3137H4HS2</cusip>
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          <isin value="US3137H4HS20"/>
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        <valUSD>205031.27000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>REACH ABS TRUST 2025-1</name>
        <lei>N/A</lei>
        <title>Reach Financial LLC Series 2025-1A, Class B</title>
        <cusip>75525PAB8</cusip>
        <identifiers>
          <isin value="US75525PAB85"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200621.64000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.34000000</annualizedRt>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U. S. Treasury Strips 0.000%, Due 08/15/2043</title>
        <cusip>912834MT2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Incorporated 4.692%, Due 10/23/2030</title>
        <cusip>38141GB60</cusip>
        <identifiers>
          <isin value="US38141GB607"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199051.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>SHELL FINANCE US INC</name>
        <lei>N/A</lei>
        <title>Shell Finance US Incorporated 4.75%, Due 01/06/2036</title>
        <cusip>822905AQ8</cusip>
        <identifiers>
          <isin value="US822905AQ86"/>
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        <balance>125000.00000000</balance>
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        <name>ASURION LLC / ASURION CO-ISSUER INC</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>ELLUCIAN HOLDINGS INC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KEYCORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <name>CYPRIUM CORP / CYPRIUM HOLDINGS LUXEMBOURG SARL</name>
        <lei>N/A</lei>
        <title>Cyprium Corporation / Cyprium Holdings 6.375%, Due 04/15/2034</title>
        <cusip>23292NAB4</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LOANPAL SOLAR LOAN 2020-2 LLC</name>
        <lei>N/A</lei>
        <title>Loanpal Solar Loan Ltd. Series 2020-2GF, Class B</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U. S. Treasury Strips 0.000%, Due 08/15/2034</title>
        <cusip>9128334Y3</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Series 2012-42, Class PY</title>
        <cusip>3136A5GP5</cusip>
        <identifiers>
          <isin value="US3136A5GP53"/>
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        <balance>100000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>ATLANTICUS HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>Atlanticus Holdings Corporation 9.75%, Due 09/01/2030</title>
        <cusip>04914AAA2</cusip>
        <identifiers>
          <isin value="US04914AAA25"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75906.72000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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      <invstOrSec>
        <name>BX TRUST 2018-BILT</name>
        <lei>N/A</lei>
        <title>BX Trust Series 2026-CSMO, Class A</title>
        <cusip>12433LAA3</cusip>
        <identifiers>
          <isin value="US12433LAA35"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100218.75000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FREEDOM MORTGAGE HOLDINGS LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>Freedom Mortgage Holdings 7.875%, Due 04/01/2033</title>
        <cusip>35641AAD0</cusip>
        <identifiers>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>OPORTUN ISSUANCE TRUST 2021-C</name>
        <lei>N/A</lei>
        <title>Oportun Funding LLC Series 2021-C, Class C</title>
        <cusip>68377WAC5</cusip>
        <identifiers>
          <isin value="US68377WAC55"/>
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        <balance>27877.67000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27556.21000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.61000000</annualizedRt>
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        <name>OPORTUN FUNDING TRUST 2024-3</name>
        <lei>N/A</lei>
        <title>Opportun Funding, LLC Series 2024-3, Class C</title>
        <cusip>68377NAC5</cusip>
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          <isin value="US68377NAC56"/>
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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>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc. 4.30%, Due 11/15/2030</title>
        <cusip>404119DD8</cusip>
        <identifiers>
          <isin value="US404119DD87"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48908.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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        <name>UNITED PARCEL SERVICE INC</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>United Parcel Service Incorporated 5.25%, Due 05/14/2035</title>
        <cusip>911312CJ3</cusip>
        <identifiers>
          <isin value="US911312CJ32"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25503.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>CITADEL FINANCE LLC</name>
        <lei>549300BQL283NCR7P163</lei>
        <title>Citadel Finance LLC 4.75%, Due 02/14/2029</title>
        <cusip>17287HAE0</cusip>
        <identifiers>
          <isin value="US17287HAE09"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>246081.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 2025-01</name>
        <lei>N/A</lei>
        <title>Multifamily Connecticut Avenue Series 2025-1, Class M1</title>
        <cusip>62549CAA9</cusip>
        <identifiers>
          <isin value="US62549CAA99"/>
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        <balance>199800.47000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202388.93000000</valUSD>
        <pctVal>0.201617206994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.02776080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Achv ABS Trust 2024-1PL</name>
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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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        <name>CRANE NXT COMPANY</name>
        <lei>549300EXNPSXEWUD3N21</lei>
        <title>Crane NXT Company 4.20%, Due 03/15/2048</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NORTHWESTERN MUTUAL GLOBAL FUNDING</name>
        <lei>635400LZXFVELZDVP257</lei>
        <title>Northwestern Mutual Global 5.16%, Due 05/28/2031</title>
        <cusip>66815L2S7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>MOO SECURITIZATION TRUST 2026-RM2</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>XPLR INFRASTRUCTURE OPERATING PARTNERS LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>NextEra Energy Operating Partners LP 7.25% Due 1/15/2029</title>
        <cusip>65342QAM4</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WESTERN ALLIANCE BANK</name>
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        <cusip>95758BCL1</cusip>
        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>OAK-EAGLE ACQUIRECO INC</name>
        <lei>6488ICS9P20290MA1H31</lei>
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        <cusip>67124CAA1</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PNC FINANCIAL SERVICES GROUP INC (THE)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services 6.037%, Due 10/28/2033</title>
        <cusip>693475BJ3</cusip>
        <identifiers>
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        <balance>75000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TEXTRON FINANCIAL CORP</name>
        <lei>4E8B2CNXPE5P5AY03O18</lei>
        <title>Textron Financial Corporation Floater, Due 02/15/2042</title>
        <cusip>883199AR2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>TRINET GROUP INC</name>
        <lei>5299003FJVBETSFKE990</lei>
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        <cusip>896288AA5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>FAIR ISAAC CORP</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>Fair Isaac Corporation 6.25%, Due 09/15/2034</title>
        <cusip>303250AJ3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association Pool G2 DJ1126</title>
        <cusip>3618KMHB4</cusip>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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 M3</title>
        <cusip>12530JAD4</cusip>
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          <isin value="US12530JAD46"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <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>ONEMAIN FINANCIAL ISSUANCE TRUST 2026-1</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <cusip>38141GXR0</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>K. HOVNANIAN ENTERPRISES INC</name>
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        <cusip>48251UAQ1</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAPITAL AMERICA</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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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corporation Series 5643, Class CZ</title>
        <cusip>3137HR7L7</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Rmf Buyout Issuance Tr 2018</name>
        <lei>N/A</lei>
        <title>RMF Buyout Issuance Trust Series 2020-HB1, Class M2</title>
        <cusip>76971EAE4</cusip>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ACHD TRUST 2025-DS1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>VISTAJET MALTA FINANCE PLC / VISTA MANAGEMENT HOLDING INC</name>
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        <cusip>92841HAA0</cusip>
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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>VIKING BAKED GOODS ACQUISITION CORP</name>
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        <cusip>92676AAA5</cusip>
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        <invCountry>US</invCountry>
        
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.62500000</annualizedRt>
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        <name>JP MORGAN CHASE &amp; COMPANY</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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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 HOME LOAN MORTGAGE CORP</name>
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        <title>Federal Home Loan Mortgage Corp Series 5038 Class QP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Home Loan Mortgage Corp.</name>
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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 Series 2021-29, Class AG</title>
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        <name>HONEYWELL AEROSPACE INC</name>
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        <title>Honeywell Aerospace Incorporated 4.60%, Due 03/16/2033</title>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>BAYVIEW STUDENT LOAN CREDIT LINKED NOTES 2026-CRD1</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
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        <identifiers>
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        <valUSD>240123.67000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <curCd>USD</curCd>
        <valUSD>226882.79000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>META PLATFORMS INC</name>
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        <title>Meta Platforms Incorporated 6.20%, Due 05/15/2046</title>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200138.37000000</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>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </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>
