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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US01F0506760"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US01F0526727"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS, TBA</name>
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          <isin value="US01F0606834"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US01F0626899"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Apogee Therapeutics Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Argent Securities Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Argent Securities Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Asset Backed Securities Corp Home Equity Ln Trst</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <title>Bear Stearns ARM Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Brighthouse Financial Inc</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc.</title>
        <cusip>10922N103</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America NA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banco Santander SA</name>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>Banco Santander SA</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
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        <name>HSBC Bank PLC</name>
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        <name>HSBC Bank PLC</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Bank PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</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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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Impac CMB Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Asset Securitization Trust</name>
        <lei>N/A</lei>
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          <isin value="US45660LJZ31"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IndyMac INDB Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>IndyMac INDB Mortgage Loan Trust</title>
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          <isin value="US45661JAA16"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-25</maturityDt>
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      <invstOrSec>
        <name>JP Morgan Mortgage Acquisition Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kenvue Inc</name>
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        <title>Kenvue, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Laurentian Bank of Canada</name>
        <lei>HO0K6ZULL3QE6S6SFW60</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Lehman ABS Manufactured Housing Contract</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lehman XS Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Long Beach Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CLARITEV CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Navient Student Loan Trust</name>
        <lei>549300ZUZB9UCBWEBN39</lei>
        <title>Navient Private Education Refi Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>549300ZUZB9UCBWEBN39</lei>
        <title>Navient Private Education Refi Loan Trust</title>
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        <fairValLevel>1</fairValLevel>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Structured Asset Securities Corporation</name>
        <lei>N/A</lei>
        <title>Structured Asset Securities Corp. Mortgage Loan Trust</title>
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          <isin value="US863576FN94"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98541.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56000000</annualizedRt>
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      <invstOrSec>
        <name>Structured Asset Securities Corporation</name>
        <lei>N/A</lei>
        <title>Structured Asset Securities Corp. Mortgage Loan Trust</title>
        <cusip>86361NAD3</cusip>
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          <isin value="US86361NAD30"/>
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        <curCd>USD</curCd>
        <valUSD>39076.46000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.33000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TCI-Symphony CLO</name>
        <lei>5493005WLG3H3B8NI222</lei>
        <title>TCI-Symphony CLO Ltd.</title>
        <cusip>87229WAQ4</cusip>
        <identifiers>
          <isin value="US87229WAQ42"/>
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        <balance>32096.24000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32101.76000000</valUSD>
        <pctVal>0.011171188343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>25490010CSYSAQU59J50</lei>
        <title>Towd Point Mortgage Trust</title>
        <cusip>89171UAL3</cusip>
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          <isin value="US89171UAL35"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4863597.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UniFirst Corp/MA</name>
        <lei>5493003XBTNWBC8UK019</lei>
        <title>UniFirst Corp.</title>
        <cusip>904708104</cusip>
        <identifiers>
          <isin value="US9047081040"/>
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        <balance>1200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>317352.00000000</valUSD>
        <pctVal>0.110436280228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797TP2</cusip>
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          <isin value="US912797TP29"/>
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        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>139693.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797TQ0</cusip>
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          <isin value="US912797TQ02"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99710.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797TX5</cusip>
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          <isin value="US912797TX52"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99490.49000000</valUSD>
        <pctVal>0.034621995871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797TY3</cusip>
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          <isin value="US912797TY36"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>298258.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797UN5</cusip>
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          <isin value="US912797UN51"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199881.27000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Bills</title>
        <cusip>912797UP0</cusip>
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          <isin value="US912797UP00"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99871.01000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-14</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Bills</title>
        <cusip>912797UQ8</cusip>
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          <isin value="US912797UQ82"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>399200.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-21</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Bills</title>
        <cusip>912797UR6</cusip>
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          <isin value="US912797UR65"/>
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        <balance>100000.00000000</balance>
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        <valUSD>99729.34000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-28</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Bills</title>
        <cusip>912797US4</cusip>
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          <isin value="US912797US49"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-04</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Bills</title>
        <cusip>912797UT2</cusip>
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          <isin value="US912797UT22"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>796693.58000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-11</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Bills</title>
        <cusip>912797UU9</cusip>
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          <isin value="US912797UU94"/>
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        <curCd>USD</curCd>
        <valUSD>696590.30000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797UV7</cusip>
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          <isin value="US912797UV77"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>198884.72000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-25</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810ST6</cusip>
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          <isin value="US912810ST60"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>WAMU Mortgage Pass-Through Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Warner Bros Discovery Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TITULOS DE TESORERIA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LETRA TESOURO NACIONAL</name>
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        <fairValLevel>2</fairValLevel>
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                    <othIndNotAmt>22052.92000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>132.92000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ZOZO INC (AKA: START TODAY CO LTD)</othIndName>
                    <identifiers>
                      <other otherDesc="SSM_ID" value="B292RC1V7"/>
                    </identifiers>
                    <othIndNotAmt>48640.90000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>293.18000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds Rate" floatingRtSpread="0.65000000" pmntAmt="-616474.10000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-10-07</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>178799183.04960000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1077700.98000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>RFR USD SOFR/3.00000 09/16/26-2Y CME</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02Q4I5"/>
        </identifiers>
        <balance>29200000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-562465.00000000</valUSD>
        <pctVal>-0.19573389283</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2028-09-16</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-563903.10000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>29200000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1438.10000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>FOXA US TRS EQUITY SOFR+65 MYI</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02Q727"/>
        </identifiers>
        <balance>281832.38000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-3767.42000000</valUSD>
        <pctVal>-0.00131103585</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Fox Corp.</issuerName>
                <issueTitle>Fox Corp.</issueTitle>
                <identifiers>
                  <cusip value="35137L105"/>
                  <isin value="US35137L1052"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.65000000" pmntAmt="468.39000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2027-06-16</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>278064.96000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3767.42000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D. This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list. Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-03</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO VARIABLE INSURANCE TRUST</ncom:nameOfApplicant>
      <ncom:signature>Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
