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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BEIGNET INVESTOR LLC</name>
        <lei>N/A</lei>
        <title>Beignet Investor LLC</title>
        <cusip>076912AA2</cusip>
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          <isin value="US076912AA21"/>
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        <balance>1451000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1480960.90000000</valUSD>
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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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      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>08160JAE7</cusip>
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          <isin value="US08160JAE73"/>
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        <balance>2300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2244428.78000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.02000000</annualizedRt>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>081927AB1</cusip>
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          <isin value="US081927AB15"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>819742.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>081942AB0</cusip>
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          <isin value="US081942AB08"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1303309.54000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.98000000</annualizedRt>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>5493004GWEVMOU8S3L34</lei>
        <title>COMM Mortgage Trust</title>
        <cusip>12636GAA9</cusip>
        <identifiers>
          <isin value="US12636GAA94"/>
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        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1678029.37000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>549300818AKCJ4Q9TD76</lei>
        <title>CSMC Trust</title>
        <cusip>12660WAA3</cusip>
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          <isin value="US12660WAA36"/>
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        <balance>865000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>722278.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.14000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>5493004SLAYUFMHIS127</lei>
        <title>Countrywide Alternative Loan Trust</title>
        <cusip>12667GCB7</cusip>
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          <isin value="US12667GCB77"/>
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        <balance>10219.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9927.88000000</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>2035-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.18000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust</title>
        <cusip>12669GPN5</cusip>
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          <isin value="US12669GPN50"/>
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        <balance>22425.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20975.21000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association, TBA</title>
        <cusip>21H040673</cusip>
        <identifiers>
          <isin value="US21H0406734"/>
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        <balance>7300000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association, TBA</title>
        <cusip>21H042679</cusip>
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          <isin value="US21H0426799"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Credit Suisse First Boston Mortgage Securities Corp.</title>
        <cusip>22541NNN5</cusip>
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          <isin value="US22541NNN56"/>
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        <balance>288.57000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>VESSEL MANAGEMENT SERVIC</name>
        <lei>549300FGG4OD84UNFA43</lei>
        <title>Vessel Management Services, Inc.</title>
        <cusip>228027AA6</cusip>
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          <isin value="US228027AA61"/>
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        <balance>332000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DBWF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DBWF Mortgage Trust</title>
        <cusip>23307CAA3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dell Equipment Finance Trust</name>
        <lei>N/A</lei>
        <title>Dell Equipment Finance Trust</title>
        <cusip>24703UAC7</cusip>
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          <isin value="US24703UAC71"/>
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        <balance>557574.40000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-22</maturityDt>
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      <invstOrSec>
        <name>ECMC Group Student Loan Trust</name>
        <lei>N/A</lei>
        <title>ECMC Group Student Loan Trust</title>
        <cusip>26828HAA5</cusip>
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        <balance>101721.83000000</balance>
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        <valUSD>101561.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>31287LU83</cusip>
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        <balance>969.49000000</balance>
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        <valUSD>1025.47000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. REMICS</title>
        <cusip>3133T8Z67</cusip>
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        <balance>12.32000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Floating</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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900YPO46YLJDFF157</lei>
        <title>JP Morgan Mortgage Trust</title>
        <cusip>46664MAA9</cusip>
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        <balance>1185312.58000000</balance>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MASTR Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>MASTR Asset-Backed Securities Trust</title>
        <cusip>57643LFN1</cusip>
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          <isin value="US57643LFN10"/>
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        <balance>259929.04000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
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          <isin value="US59020UMF92"/>
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        <balance>238096.25000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-25</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust</title>
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          <isin value="US617970BC10"/>
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        <balance>1300000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-26</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Natixis Commercial Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust</title>
        <cusip>63874TAA5</cusip>
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          <isin value="US63874TAA51"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Navient Education Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Education Loan Trust</title>
        <cusip>63943MAA7</cusip>
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          <isin value="US63943MAA71"/>
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        <balance>492424.95000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.86000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
        <lei>54930035ESY1D7J97S77</lei>
        <title>Nelnet Student Loan Trust</title>
        <cusip>64032UAA9</cusip>
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          <isin value="US64032UAA97"/>
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        <balance>1173475.52000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.61000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>2138001CG5SYL78G3648</lei>
        <title>New Residential Mortgage Loan Trust</title>
        <cusip>64828XAA1</cusip>
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          <isin value="US64828XAA19"/>
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        <balance>207412.22000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>2138001CG5SYL78G3648</lei>
        <title>New Residential Mortgage Loan Trust</title>
        <cusip>64830NAA9</cusip>
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          <isin value="US64830NAA90"/>
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        <balance>47286.68000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>PMT Loan Trust</name>
        <lei>N/A</lei>
        <title>PMT Loan Trust</title>
        <cusip>69383WBP5</cusip>
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          <isin value="US69383WBP59"/>
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        <balance>971678.71000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-02-25</maturityDt>
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      <invstOrSec>
        <name>PIMCO PRV SHORT TERM FLT III</name>
        <lei>LWVQWTQCFH3YG7CVH718</lei>
        <title>PIMCO Short-Term Floating NAV Portfolio III</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Residential Accredit Loans, Inc.</name>
        <lei>N/A</lei>
        <title>RALI Trust</title>
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          <isin value="US748940AA13"/>
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        <balance>13650.64000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Renaissance Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>Renaissance Home Equity Loan Trust</title>
        <cusip>759950AW8</cusip>
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          <isin value="US759950AW86"/>
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        <balance>1473.90000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RESOLUTION FUNDING STRIP</name>
        <lei>N/A</lei>
        <title>Resolution Funding Corp. Interest STRIPS</title>
        <cusip>76116EHL7</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>SFO Commerical Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SFO Commercial Mortgage Trust</title>
        <cusip>78432WAA1</cusip>
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          <isin value="US78432WAA18"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>549300671OK77JNRLK28</lei>
        <title>Sequoia Mortgage Trust</title>
        <cusip>81743PBW5</cusip>
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        <balance>7814.93000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>549300671OK77JNRLK28</lei>
        <title>Sequoia Mortgage Trust</title>
        <cusip>81750PBB1</cusip>
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        <balance>1253441.94000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-25</maturityDt>
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          <annualizedRt>5.11000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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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          <isin value="US86358HRX97"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US86363LAB99"/>
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        <curCd>USD</curCd>
        <valUSD>24562.02000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>TENN VALLEY AUTH</name>
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          <isin value="US88059FBG54"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Towd Point Mortgage Trust</name>
        <lei>25490010CSYSAQU59J50</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</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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        <name>United States Treasury</name>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2600000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>35021.94000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/4.00600 05/28/26-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02PDK2"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-1122.55000000</valUSD>
        <pctVal>-0.00025784383</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>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</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="4163.63000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.01000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="-3775.41000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2036-05-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-2729.47000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1100000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1606.92000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/4.00200 05/28/26-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02PE62"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-942.76000000</valUSD>
        <pctVal>-0.00021654701</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>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</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="2646.94000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="-2402.53000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2036-05-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-1747.36000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>700000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>804.60000000</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>
