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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>5493004SLAYUFMHIS127</lei>
        <title>Countrywide Alternative Loan Trust</title>
        <cusip>02147DAB7</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>5493004SLAYUFMHIS127</lei>
        <title>Countrywide Alternative Loan Trust</title>
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          <isin value="US02148FBX24"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anchorage Capital CLO LTD</name>
        <lei>549300AYL7KYENHY1C67</lei>
        <title>Anchorage Capital CLO 20 Ltd.</title>
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          <isin value="US03330YAJ91"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>2549003MM0537Y3QHI22</lei>
        <title>Angel Oak Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Arbor Realty Collateralized Loan Obligation Ltd</name>
        <lei>N/A</lei>
        <title>Arbor Realty Commercial Real Estate Notes Ltd.</title>
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          <isin value="US03880XAA46"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Argent Securities Inc.</name>
        <lei>N/A</lei>
        <title>Argent Mortgage Loan Trust</title>
        <cusip>040104MX6</cusip>
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          <isin value="US040104MX65"/>
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        <balance>319599.30000000</balance>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Argent Securities Inc.</name>
        <lei>N/A</lei>
        <title>Argent Securities Trust</title>
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          <isin value="US040104TG69"/>
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        <balance>106087.85000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24948.84000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.08000000</annualizedRt>
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      <invstOrSec>
        <name>ARES CLO Ltd</name>
        <lei>549300BC3E2Y44TL8536</lei>
        <title>ARES XLIV CLO Ltd.</title>
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          <isin value="US04016NBH52"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Atlas Senior Loan Fund LTD</name>
        <lei>213800YL4OYYQS6XD442</lei>
        <title>Atlas Senior Loan Fund XVIII Ltd.</title>
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        <balance>4500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>AVOLON HOLDINGS FNDG LTD</name>
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        <title>Avolon Holdings Funding Ltd.</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bain Capital Credit CLO Limited</name>
        <lei>549300434Q955VK1W392</lei>
        <title>Bain Capital Credit CLO Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Banc of America Funding Corporation</name>
        <lei>5493001796TAQ7M7QX12</lei>
        <title>Banc of America Funding Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Mortgage Securities</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Banc of America Funding Corporation</name>
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        <title>Banc of America Funding Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bear Stearns Adjustable Rate Mortgage Trust</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>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BEIGNET INVESTOR LLC</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Boyce Park CLO, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit-Based Asset Servicing and Securitization</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>CIT Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse Mortgage Trust</name>
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        <title>CSMC Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Countrywide Asset-Backed Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Countrywide Alternative Loan Trust</name>
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        <title>Countrywide Alternative Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Countrywide Alternative Loan Trust</name>
        <lei>5493004SLAYUFMHIS127</lei>
        <title>Countrywide Alternative Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale SA</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>Wells Fargo Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Societe Generale SA</name>
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        <title>Purchased USD / Sold AUD</title>
        <cusip>000000000</cusip>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44520557"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <counterparties>
              <counterpartyName>Societe Generale SA</counterpartyName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
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        <cusip>000000000</cusip>
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        <units>NC</units>
        <currencyConditional curCd="SEK" exchangeRt="9.67905723"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Wells Fargo Bank NA</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Purchased USD / Sold NZD</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <currencyConditional curCd="NZD" exchangeRt="1.75875456"/>
        <valUSD>-19059.94000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
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        <securityLending>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>Purchased AUD / Sold USD</title>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44435600"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>Purchased USD / Sold CHF</title>
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        <currencyConditional curCd="CHF" exchangeRt="0.80800000"/>
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        <assetCat>DFE</assetCat>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>Standard Chartered Bank</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>Purchased USD / Sold GBP</title>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Structured Pass Through Securities</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FHLMC Structured Pass Through Securities</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates</title>
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          <isin value="US31395M2F53"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
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        <title>Federal National Mortgage Association REMICS</title>
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          <isin value="US31396L4T48"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US31396WTU08"/>
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        <curCd>USD</curCd>
        <valUSD>1308.38000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US31405PRS10"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US31405YPX30"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.97000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31406RHY4</cusip>
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          <isin value="US31406RHY45"/>
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        <curCd>USD</curCd>
        <valUSD>10022.59000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140XJ4D2</cusip>
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          <isin value="US3140XJ4D27"/>
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        <balance>329127.08000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>First Franklin Mtg Loan Asset Backed Certificates</name>
        <lei>N/A</lei>
        <title>First Franklin Mortgage Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Horizon Alternative Mortgage Securities</name>
        <lei>5493005TE20WPW8O1W08</lei>
        <title>First Horizon Alternative Mortgage Securities Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Horizon Alternative Mortgage Securities</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fortress Credit BSL Limited</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fremont Home Loan Trust</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</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <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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      <invstOrSec>
        <name>Home Equity Asset Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Asset Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Trust</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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        <lei>529900371ZWA9WXVGB88</lei>
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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>Lehman ABS Manufactured Housing Contract</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>Lehman XS Trust</name>
        <lei>549300FDK6ZP3YIHRJ47</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Long Beach Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MF1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marble Point CLO</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MASTR Adjustable Rate Mortgages Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Mellon Residential Funding Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley IXIS Real Estate Capital Trust</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>MOUNTAIN VIEW CLO</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New Century Home Equity Loan Trust</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>OZLM Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PIMCO PRV SHORT TERM FLT III</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RD MICHIGAN PROP OWNER I</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Renaissance Home Equity Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Accredit Loans, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Asset Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Funding Mtg Sec I</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SLM Student Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Saxon Asset Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Securitized Asset Backed Receivables LLC Trust</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>Sequoia Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sequoia Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Small Business Administration Participation Certs</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sound Point CLO LTD</name>
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        <title>Sound Point CLO IX Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sound Point CLO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Soundview Home Equity Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Soundview Home Equity Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Soundview Home Equity Loan Trust</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>
        <debtSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments 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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        <name>TCW CLO 2019-1 AMR, LTD.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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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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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>FRANCE (GOVT OF)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dryden Euro CLO</name>
        <lei>635400YO6CJ2YJRXF230</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>St Pauls CLO</name>
        <lei>635400814HPIBD5YSW07</lei>
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          <isin value="XS2319913104"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ares European CLO</name>
        <lei>635400SFL7VSI4HNPI68</lei>
        <title>ARES European CLO X DAC</title>
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          <isin value="XS2347648961"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dryden Euro CLO</name>
        <lei>635400V5VX7XDQVRNU55</lei>
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        <cusip>000000000</cusip>
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          <isin value="XS2353412633"/>
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        <assetCat>ABS-CBDO</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Black Diamond CLO Ltd</name>
        <lei>549300I3ISWDFTMO5713</lei>
        <title>Black Diamond CLO DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2390844780"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>St Pauls CLO</name>
        <lei>549300IMSL8GGSOV5A04</lei>
        <title>St. Paul's CLO IV DAC</title>
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          <isin value="XS2400757501"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>St Pauls CLO</name>
        <lei>549300HFD82A7GIR1V82</lei>
        <title>St. Paul's CLO II DAC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BUONI POLIENNALI DEL TES</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Italy Buoni Poliennali Del Tesoro</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BUONI POLIENNALI DEL TES</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AlbaCore Euro CLO</name>
        <lei>635400OMGYX1QQYCTI48</lei>
        <title>AlbaCore Euro CLO IV DAC</title>
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          <isin value="XS2861758642"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Cordatus CLO PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tikehau CLO IX DAC</name>
        <lei>635400WF4D7I3IFMCZ19</lei>
        <title>Tikehau CLO IX DAC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Palmer Square European Loan Funding</name>
        <lei>54930004WJL9ZPQZOM50</lei>
        <title>Palmer Square European Loan Funding DAC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVC Cordatus Opportunity Loan Fund DAC</name>
        <lei>635400C8SJP8XE4FXA57</lei>
        <title>CVC Cordatus Opportunity Loan Fund-R DAC</title>
        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JAPAN GOVT CPI LINKED</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government CPI-Linked Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU0XL419"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>173080.59000000</valUSD>
        <pctVal>0.012759189877</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>XX</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="0.00000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="2.59000000"/>
            <otherPmntDesc fixedOrFloating="Other">Inflation based on Eurostat Eurozone HICP ex-Tobacco NSA</otherPmntDesc>
            <terminationDt>2052-12-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>EUR</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>EUR</rcptCurCd>
            <notionalAmt>2000000.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>173080.59000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>INF SWAP EM NI 2.59 03/15/22-30Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU0ZD712"/>
        </identifiers>
        <balance>1300000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>33239.84000000</valUSD>
        <pctVal>0.002450381236</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>XX</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="0.00000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="2.59000000"/>
            <otherPmntDesc fixedOrFloating="Other">Inflation based on Eurostat Eurozone HICP ex-Tobacco NSA</otherPmntDesc>
            <terminationDt>2052-03-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>EUR</pmntCurCd>
            <upfrontRcpt>-30403.75000000</upfrontRcpt>
            <rcptCurCd>EUR</rcptCurCd>
            <notionalAmt>1300000.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>67147.62000000</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>
