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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AlphaFlow Transitional Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARES CLO Ltd</name>
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        <name>BXP Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Barclays Mortgage Loan Trust 2026-NQM5</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BHMS Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BHMS Commercial Mortgage Trust 2025-ATLS</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BRAVO Residential Funding Trust</name>
        <lei>254900V4GL9A5JTVB991</lei>
        <title>BRAVO Residential Funding Trust 2025-HE1</title>
        <cusip>10568VAE4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>BRAVO Residential Funding Trust</name>
        <lei>254900V4GL9A5JTVB991</lei>
        <title>BRAVO Residential Funding Trust 2025-HE1</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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        <name>Credit Suisse 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>CarMax Select Receivables Trust</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Carvana Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cayuga Park CLO, Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Center Street Lending Resi-Investor Abs Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHNGE Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHNGE Mortgage Trust 2022-1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <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>COMM Mortgage Trust</name>
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        <title>COMM 2019-521F Mortgage Trust</title>
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        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae</title>
        <cusip>21H042695</cusip>
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          <isin value="US21H0426955"/>
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        <balance>240000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>224627596.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-09-01</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust 2025-CES1</title>
        <cusip>24380WAG4</cusip>
        <identifiers>
          <isin value="US24380WAG42"/>
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        <balance>4800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4724243.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.97000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust 2025-CES1</title>
        <cusip>24380WAH2</cusip>
        <identifiers>
          <isin value="US24380WAH25"/>
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        <balance>2965200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2914970.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.91000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
        <lei>254900NFBGFOBK1G2B84</lei>
        <title>EFMT 2025-RTL1</title>
        <cusip>26846FAC3</cusip>
        <identifiers>
          <isin value="US26846FAC32"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1996116.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.39000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
        <lei>254900NFBGFOBK1G2B84</lei>
        <title>EFMT 2025-RTL1</title>
        <cusip>26846FAD1</cusip>
        <identifiers>
          <isin value="US26846FAD15"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2244457.35000000</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>2040-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.33000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
        <lei>254900UDLJF220C8I638</lei>
        <title>Ellington Financial Mortgage Trust 2017-1</title>
        <cusip>26846MAA2</cusip>
        <identifiers>
          <isin value="US26846MAA27"/>
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        <balance>4446754.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4366635.97000000</valUSD>
        <pctVal>0.166292109008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.91000000</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>Easy Street Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Easy Street Mortgage Loan Trust 2025-RTL1</title>
        <cusip>27786FAA7</cusip>
        <identifiers>
          <isin value="US27786FAA75"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10042780.00000000</valUSD>
        <pctVal>0.382453467149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.46000000</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>Easy Street Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Easy Street Mortgage Loan Trust 2025-RTL1</title>
        <cusip>27786FAC3</cusip>
        <identifiers>
          <isin value="US27786FAC32"/>
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        <balance>3750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3747052.88000000</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>2040-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.12000000</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>Easy Street Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Easy Street Mortgage Loan Trust 2025-RTL2</title>
        <cusip>27786YAA6</cusip>
        <identifiers>
          <isin value="US27786YAA64"/>
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        <balance>16700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16605461.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.61000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EDGEX Issuer Trust</name>
        <lei>N/A</lei>
        <title>EDGEX 2025-1NN Issuer Trust</title>
        <cusip>280579103</cusip>
        <identifiers>
          <isin value="US2805791033"/>
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        <balance>8358000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4361101.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EDGEX Issuer Trust</name>
        <lei>N/A</lei>
        <title>EDGEX 2025-1NN Issuer Trust</title>
        <cusip>280579AB9</cusip>
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          <isin value="US280579AB97"/>
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        <balance>6537298.84000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6445011.79000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EDGEX Issuer Trust</name>
        <lei>N/A</lei>
        <title>EDGEX 2025-2NN Issuer Trust</title>
        <cusip>28057AAB6</cusip>
        <identifiers>
          <isin value="US28057AAB61"/>
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        <balance>8988934.96000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8867692.21000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Elmwood CLO VIII Ltd</name>
        <lei>N/A</lei>
        <title>Elmwood CLO VIII Ltd</title>
        <cusip>290021AL8</cusip>
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          <isin value="US290021AL80"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2388410.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Elmwood CLO 16 Ltd</name>
        <lei>N/A</lei>
        <title>Elmwood CLO 16 Ltd</title>
        <cusip>29003DAE7</cusip>
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          <isin value="US29003DAE76"/>
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        <balance>2750000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Elmwood CLO 19 Ltd</name>
        <lei>N/A</lei>
        <title>Elmwood CLO 19 Ltd</title>
        <cusip>29004JAW3</cusip>
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          <isin value="US29004JAW36"/>
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        <balance>15000000.00000000</balance>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-17</maturityDt>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust</title>
        <cusip>30166XAG9</cusip>
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          <isin value="US30166XAG97"/>
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        <balance>5299000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5463833.87000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust 2026-1</title>
        <cusip>30168HAG2</cusip>
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          <isin value="US30168HAG20"/>
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        <balance>6500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2025-HE1</title>
        <cusip>30191LAF6</cusip>
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          <isin value="US30191LAF67"/>
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        <balance>2110000.00000000</balance>
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        <valUSD>2168674.46000000</valUSD>
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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>FIGRE Trust</name>
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          <isin value="US31684UAE10"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FIGRE Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIGRE Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FIGRE Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000IT1PBTE7DAT80</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac - STACR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac - STACR</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GCAT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GITSIT Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage-Backed Securities Trust</name>
        <lei>25490076N7JFR2Y3CU63</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Invesco CLO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>Lafayette Federal Credit Union Asset Trust 2026-HI1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lendbuzz Securitization 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>New York Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NETCREDIT FUNDING B, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <title>Saluda Grade Alternative Mortgage Trust 2022-INV1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <title>Saluda Grade Alternative Mortgage Trust 2026-LOC6</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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        <name>Splitero Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Stanwich 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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        <name>Starwood Mortgage Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Mortgage Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TCW Ltd</name>
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        <invCountry>KY</invCountry>
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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>Enact Mortgage Insurance Corporation</name>
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        <title>Triangle Re 2021-2 Ltd</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enact Mortgage Insurance Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enact Mortgage Insurance Corporation</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Truist Bank Auto Credit-Linked Notes Series 2026-1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>USASF Receivables LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Upgrade Master Pass-Thru Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Upstart Securitization Trust</name>
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        <title>UPSTART Securitization Trust 2026-1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Upstart Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Upstart Securitization 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>
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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>Vista Point Securitization 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>3</fairValLevel>
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                    <valUSD>27.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>N/A</issuerName>
                      <issueTitle>N/A</issueTitle>
                      <identifiers>
                        <other otherDesc="N/A" value="N/A"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.40000000"/>
                  <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate Index" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Month" rateTenorUnit="12" resetDt="Month" resetDtUnit="12"/>
                    </rtResetTenors>
                  </floatingPmntDesc>
                  <terminationDt>2026-09-08</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>N/A</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>N/A</rcptCurCd>
                  <notionalAmt>270000000.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>3.40000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-08</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-2659473.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>OTC SWAPTION</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BAXFEKLN5"/>
        </identifiers>
        <balance>250000000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>74950.00000000</valUSD>
        <pctVal>0.002854278134</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>Citibank NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>Citibank NA</counterpartyName>
                    <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Citibank NA</name>
                    <lei>E57ODZWZ7FF32TWEFA76</lei>
                    <title>IRS Swap</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="OP0051KH3E"/>
                    </identifiers>
                    <balance>250000000.00000000</balance>
                    <units>OU</units>
                    <descOthUnits>Notional Amount</descOthUnits>
                    <curCd>N/A</curCd>
                    <valUSD>74950.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>N/A</issuerName>
                      <issueTitle>N/A</issueTitle>
                      <identifiers>
                        <other otherDesc="N/A" value="N/A"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.50000000"/>
                  <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate Index" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Month" rateTenorUnit="12" resetDt="Month" resetDtUnit="12"/>
                    </rtResetTenors>
                  </floatingPmntDesc>
                  <terminationDt>2026-12-01</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>N/A</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>N/A</rcptCurCd>
                  <notionalAmt>250000000.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>3.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-01</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-4262550.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <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"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-10-05</ncom:dateSigned>
      <ncom:nameOfApplicant>Columbia Funds Series Trust II</ncom:nameOfApplicant>
      <ncom:signature>Jennifer Borges</ncom:signature>
      <ncom:signerName>Jennifer Borges</ncom:signerName>
      <ncom:title>Senior Manager</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
