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          <isin value="US02557TAE91"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>196532.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Rentals (North America), Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals (North America), Inc.</title>
        <cusip>911365BQ6</cusip>
        <identifiers>
          <isin value="US911365BQ63"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202319.80000000</valUSD>
        <pctVal>1.396569620982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31418FT49</cusip>
        <identifiers>
          <isin value="US31418FT493"/>
        </identifiers>
        <balance>584259.35000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>549347.51000000</valUSD>
        <pctVal>3.792026503725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eurohome UK Mortgages PLC</name>
        <lei>213800B2HNVAOW7VZL10</lei>
        <title>Eurohome UK Mortgages PLC, Series 2007-2, Class B1</title>
        <cusip>BCC0ZHX24</cusip>
        <identifiers>
          <isin value="XS0311695778"/>
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        <balance>140000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74308000"/>
        <valUSD>187654.60000000</valUSD>
        <pctVal>1.295338931719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26751000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>05565QDV7</cusip>
        <identifiers>
          <isin value="US05565QDV77"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195516.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>ZB9757814</cusip>
        <identifiers>
          <isin value="XS2813323503"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74308000"/>
        <valUSD>285526.52000000</valUSD>
        <pctVal>1.970927530656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Republic of South Africa Government Bond</name>
        <lei>378900AAFB4F17004C49</lei>
        <title>Republic of South Africa Government Bond, Series 2048</title>
        <cusip>EJ2359143</cusip>
        <identifiers>
          <isin value="ZAG000096173"/>
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        <balance>12000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.55125000"/>
        <valUSD>688460.42000000</valUSD>
        <pctVal>4.752292696122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Goldman Sachs International</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal SystemID" value="5412798"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
        <valUSD>1489.26000000</valUSD>
        <pctVal>0.010280038205</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>EUR versus NOK</issuerName>
                <issueTitle>EUR versus NOK</issueTitle>
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                  <other otherDesc="CADIS_ID" value="5412798"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-5434.69000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vale Overseas Ltd.</name>
        <lei>254900BA3U6G5DNV5V04</lei>
        <title>Vale Overseas Ltd.</title>
        <cusip>91911TAT0</cusip>
        <identifiers>
          <isin value="US91911TAT07"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199680.00000000</valUSD>
        <pctVal>1.378347655137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3132DVGG4</cusip>
        <identifiers>
          <isin value="US3132DVGG41"/>
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        <balance>550796.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>523309.26000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc., Series 20-A, Conv.</title>
        <cusip>29250NBC8</cusip>
        <identifiers>
          <isin value="US29250NBC83"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199793.84000000</valUSD>
        <pctVal>1.379133467922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2080-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>Y</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>US TREASURY YIELD CURVE RATE T NOTE CONSTANT MATURITY 5 YEAR US TREASURY YIELD CURVE RATE T</name>
              <title>US TREASURY YIELD CURVE RATE T NOTE CONSTANT MATURITY 5 YEAR US TREASURY YIELD CURVE RATE T</title>
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                <ticker value="H15T5Y"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="1.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>254900XRZJZN8JGL1235</lei>
        <title>BRAVO Residential Funding Trust, Series 2026-NQM1, Class A3</title>
        <cusip>10570CAG7</cusip>
        <identifiers>
          <isin value="US10570CAG78"/>
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        <balance>279239.15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275761.59000000</valUSD>
        <pctVal>1.903522340511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.20500000</annualizedRt>
          <isDefault>N</isDefault>
          <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>N/A</name>
        <lei>N/A</lei>
        <title>Bank of America, National Association</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4292.72000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>4.80000000</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>-3957.28000000</unrealizedAppr>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Goldman Sachs do Brasil Corretora de Titulos e Valores Mobiliarios S/A</title>
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          <other otherDesc="Internal SystemID" value="5419362"/>
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        <balance>-2000000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
        <valUSD>-367.62000000</valUSD>
        <pctVal>-0.00253760098</pctVal>
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        <assetCat>DCR</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                    <lei>N/A</lei>
                    <title>Goldman Sachs International</title>
                    <cusip>N/A</cusip>
                    <identifiers>
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                    <balance>1.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
                    <valUSD>N/A</valUSD>
                    <pctVal>N/A</pctVal>
                    <assetCat>DCR</assetCat>
                    <issuerConditional desc="N/A" issuerCat="OTHER"/>
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                      <indexIdentifier>N/A</indexIdentifier>
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                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>750000.00000000</notionalAmt>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>375.00000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2026-08-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>7758.24000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS Mortgage-Backed Securities Trust</name>
        <lei>254900U0V0TUGIF39T29</lei>
        <title>GS Mortgage-Backed Securities Trust, Series 2025-CES2, Class A1</title>
        <cusip>36273BAA7</cusip>
        <identifiers>
          <isin value="US36273BAA70"/>
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        <balance>266910.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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                <issuerName>USD versus JPY</issuerName>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>EUR versus USD</issuerName>
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      <invstOrSec>
        <name>Eurohome UK Mortgages PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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          <isin value="US404280CN71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Lightpath Fiber Issuer LLC</name>
        <lei>N/A</lei>
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          <isin value="US53229YAC30"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-03-25</maturityDt>
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          <annualizedRt>5.89000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Goldman Sachs International</title>
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        <balance>-8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-25999.18000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                    <name>N/A</name>
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                    <curCd>USD</curCd>
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                  <otherRecDesc fixedOrFloating="Other">Other</otherRecDesc>
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            <delta>XXXX</delta>
            <unrealizedAppr>526.02000000</unrealizedAppr>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>1906.67000000</valUSD>
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        <invCountry>N/A</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY BANK,N.A.</counterpartyName>
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      <invstOrSec>
        <name>Harvest Funding PLC</name>
        <lei>635400GYAAYKXXRBNI54</lei>
        <title>Harvest Funding PLC</title>
        <cusip>BCC3TQWX8</cusip>
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          <isin value="XS3317472036"/>
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        <balance>150000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74308000"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank, N.A.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc.</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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            <delta>XXXX</delta>
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        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Telecommunications Co. Telekom Srbija Akcionarsko drustvo, Belgrade</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RCKT Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Muthoot Finance Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Agency Credit Risk 2026-DNA1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RMAC Securities No. 1 PLC</name>
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        <name>Pacific Gas and Electric Co.</name>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>MORGAN STANLEY BANK,N.A.</counterpartyName>
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            <curPur>USD</curPur>
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            <unrealizedAppr>17894.23000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust 2026-1</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust 2026-1, Series 2026-1, Class A3</title>
        <cusip>617956AC1</cusip>
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          <isin value="US617956AC19"/>
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        <balance>276908.72000000</balance>
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        <curCd>USD</curCd>
        <valUSD>275733.57000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>East One 2025-1 PLC</name>
        <lei>213800NEAFVXSQQHPC92</lei>
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          <isin value="XS3224657182"/>
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        <currencyConditional curCd="GBP" exchangeRt="0.74308000"/>
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        <pctVal>1.308234572356</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-02-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>254900KYTF3JMR1ZQR67</lei>
        <title>Angel Oak Mortgage Trust, Series 2026-2, Class A3</title>
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          <isin value="US03466LAG95"/>
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        <balance>322872.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>318695.15000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.20200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140W0WQ4</cusip>
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          <isin value="US3140W0WQ46"/>
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        <balance>585791.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552811.16000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage-Backed Securities Trust</name>
        <lei>254900RIVK2GCJ08H839</lei>
        <title>GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1</title>
        <cusip>36272NAA2</cusip>
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        <curCd>USD</curCd>
        <valUSD>269064.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-25</maturityDt>
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          <annualizedRt>5.16600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                    <name>N/A</name>
                    <lei>N/A</lei>
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                    <indexBasketInfo>
                      <indexName>N/A</indexName>
                      <indexIdentifier>N/A</indexIdentifier>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912797UG01"/>
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        <curCd>USD</curCd>
        <valUSD>516632.00000000</valUSD>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
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          <isin value="US29379VBR33"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
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          <isin value="FR001400BBL2"/>
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        <balance>200000.00000000</balance>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>198486.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>KBC Group N.V.</name>
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        <title>KBC Group N.V.</title>
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          <isin value="BE0390219856"/>
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        <balance>200000.00000000</balance>
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        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Subway Funding LLC</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Actively Managed Exchange-Traded Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
