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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-155</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-155</title>
        <cusip>38383AJY1</cusip>
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          <isin value="US38383AJY10"/>
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        <balance>27107131.40000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3978166.70000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2023-NQM3 Trust</title>
        <cusip>69380TAF8</cusip>
        <identifiers>
          <isin value="US69380TAF84"/>
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        <balance>2043000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2054843.07000000</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>2068-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.37000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
        <lei>984500FEB1BEC4C6Y473</lei>
        <title>A&amp;D Mortgage Trust 2026-NQM1</title>
        <cusip>00040DAC7</cusip>
        <identifiers>
          <isin value="US00040DAC74"/>
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        <balance>9024101.69000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9046586.14000000</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>2071-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.91000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2024-RCF2 LLC</title>
        <cusip>693987AD1</cusip>
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          <isin value="US693987AD12"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2707447.96000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</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 2020-2</title>
        <cusip>24380NAG4</cusip>
        <identifiers>
          <isin value="US24380NAG43"/>
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        <balance>4911000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4984616.38000000</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>2065-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.46000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>254900V4GL9A5JTVB991</lei>
        <title>BRAVO Residential Funding Trust 2025-HE1</title>
        <cusip>10568VAE4</cusip>
        <identifiers>
          <isin value="US10568VAE48"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1525654.95000000</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>2072-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.83000000</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>
      <invstOrSec>
        <name>FANNIE MAE FNMA_17-50</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_17-50</title>
        <cusip>3136AXAQ8</cusip>
        <identifiers>
          <isin value="US3136AXAQ83"/>
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        <balance>5971818.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>763688.75000000</valUSD>
        <pctVal>0.028667183611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.32000000</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>VELOCITY COMMERCIAL CAPITAL LOAN TRUST VCC_25-MC1</name>
        <lei>N/A</lei>
        <title>VELOCITY COMMERCIAL CAPITAL LOAN TRUST VCC_25-MC1</title>
        <cusip>91825JAB6</cusip>
        <identifiers>
          <isin value="US91825JAB61"/>
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        <balance>5214000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5192480.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Visio 2019-2 Trust</name>
        <lei>N/A</lei>
        <title>Visio 2019-2 Trust</title>
        <cusip>92837DAE7</cusip>
        <identifiers>
          <isin value="US92837DAE76"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1188064.92000000</valUSD>
        <pctVal>0.044597324765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.91000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Freddie Mac - STACR</name>
        <lei>5493000IT1PBTE7DAT80</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA1</title>
        <cusip>35564KBE8</cusip>
        <identifiers>
          <isin value="US35564KBE82"/>
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        <balance>14000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15679490.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.42000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHNGE MORTGAGE TRUST CHNGE_23-2</name>
        <lei>N/A</lei>
        <title>CHNGE MORTGAGE TRUST CHNGE_23-2</title>
        <cusip>169926AF9</cusip>
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          <isin value="US169926AF98"/>
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        <balance>4942000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 2YR NOTE JUN 26</title>
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          <other otherDesc="Internal Identifier" value="TUM6C26"/>
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        <balance>-207.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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                <indexName>CBOT 2 Year U.S. Treasury Notes Futures</indexName>
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      <invstOrSec>
        <name>Upstart Securitization Trust</name>
        <lei>N/A</lei>
        <title>Upstart Securitization Trust 2025-1</title>
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          <isin value="US91684PAC05"/>
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        <balance>10850000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION FNMA_25-86</name>
        <lei>N/A</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION FNMA_25-86</title>
        <cusip>3136BXPP3</cusip>
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          <isin value="US3136BXPP37"/>
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        <balance>24073838.50000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-142</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-142</title>
        <cusip>38382XSW6</cusip>
        <identifiers>
          <isin value="US38382XSW64"/>
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        <balance>53924103.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7837291.50000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.52000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800278TKDEXPH6140</lei>
        <title>Verus Securitization Trust 2021-5</title>
        <cusip>92538KAE3</cusip>
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          <isin value="US92538KAE38"/>
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        <balance>3800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2901450.48000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.04000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oaktown Re Ltd</name>
        <lei>N/A</lei>
        <title>Oaktown Re VI Ltd</title>
        <cusip>67401FAG5</cusip>
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          <isin value="US67401FAG54"/>
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        <balance>2373000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2388034.85000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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          <isin value="US38375AN914"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BDR42</cusip>
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          <isin value="US3136BDR422"/>
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        <balance>15141241.91000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT SELECTION TRUST PAID_25-R1</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT SELECTION TRUST PAID_25-R1</title>
        <cusip>69548DAA3</cusip>
        <identifiers>
          <isin value="US69548DAA37"/>
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        <balance>145221.99000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147345.12000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-42</title>
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          <isin value="US38382PZX31"/>
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        <balance>28084581.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3923283.98000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-20</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2024-HE1</title>
        <cusip>31684HAF7</cusip>
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          <isin value="US31684HAF73"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3511413.43000000</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>
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          <couponKind>Variable</couponKind>
          <annualizedRt>10.03000000</annualizedRt>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-160</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-160</title>
        <cusip>38382KG80</cusip>
        <identifiers>
          <isin value="US38382KG806"/>
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        <balance>15297661.86000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2230720.35000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>PRESTON RIDGE PARTNERS MORTGAGE TRUST PRPM_25-RCF4</name>
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        <title>PRESTON RIDGE PARTNERS MORTGAGE TRUST PRPM_25-RCF4</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
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        <balance>9500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Point Securitization Trust 2025-2</title>
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          <isin value="US73071PAA30"/>
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        <balance>9997936.09000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oaktown Re Ltd</name>
        <lei>N/A</lei>
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        <cusip>67401FAE0</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_14-6</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_14-6</title>
        <cusip>38378PQ84</cusip>
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          <isin value="US38378PQ844"/>
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        <balance>7341934.20000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
        <lei>N/A</lei>
        <title>TOORAK MORTGAGE TRUST TRK_24-RRTL2</title>
        <cusip>89055JAD7</cusip>
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          <isin value="US89055JAD72"/>
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        <balance>5375000.00000000</balance>
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        <valUSD>5410816.31000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>2549003MM0537Y3QHI22</lei>
        <title>Angel Oak Mortgage Trust 2019-6</title>
        <cusip>03464VAE4</cusip>
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        <balance>9450000.00000000</balance>
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        <valUSD>9158751.95000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.94000000</annualizedRt>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2024-RCF2 LLC</title>
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        <balance>11150000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE FNMA_20-38</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_20-38</title>
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          <isin value="US3136BACA02"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US69382HAB15"/>
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        <balance>4900000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pagaya Point of Sale Holdings Grantor Trust</name>
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          <isin value="US69549JAA97"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_5513</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-25</maturityDt>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_22-83</name>
        <lei>N/A</lei>
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        <cusip>38383RZG5</cusip>
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          <isin value="US38383RZG54"/>
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        <balance>20684692.66000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.37000000</annualizedRt>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Ally Bank Auto Credit-Linked Notes Series 2025-A</title>
        <cusip>02007G5K5</cusip>
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          <isin value="US02007G5K51"/>
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        <balance>4222075.36000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHNGE MORTGAGE TRUST CHNGE_23-1</name>
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          <isin value="US12547QAC15"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>MFRA Trust</name>
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        <balance>6250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>UPSTART SECURITIZATION TRUST UPST_24-1</name>
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        <name>VISTA POINT SECURITIZATION TRUST VSTA_25-CES1</name>
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        <title>VISTA POINT SECURITIZATION TRUST VSTA_25-CES1</title>
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          <isin value="US92842DAE04"/>
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      <invstOrSec>
        <name>CHNGE Mortgage Trust 2022-1</name>
        <lei>N/A</lei>
        <title>CHNGE Mortgage Trust 2022-1</title>
        <cusip>17030JAD8</cusip>
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          <isin value="US17030JAD81"/>
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        <balance>7431000.00000000</balance>
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      <invstOrSec>
        <name>OPORTUN FUNDING LLC OPTN_24-3</name>
        <lei>N/A</lei>
        <title>OPORTUN FUNDING LLC OPTN_24-3</title>
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          <isin value="US68377NAC56"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HHKD2</cusip>
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          <isin value="US3137HHKD21"/>
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        <balance>24538558.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Enact Mortgage Insurance Corporation</name>
        <lei>N/A</lei>
        <title>GENWORTH MORTGAGE INSURANCE CORPORATION TMIR_21-2</title>
        <cusip>89600GAD3</cusip>
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          <isin value="US89600GAD34"/>
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        <balance>6158417.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6229390.93000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.29000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2026-1 LLC</title>
        <cusip>74449BAB5</cusip>
        <identifiers>
          <isin value="US74449BAB53"/>
        </identifiers>
        <balance>9600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9599904.00000000</valUSD>
        <pctVal>0.360359126173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.47000000</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>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BU5N6</cusip>
        <identifiers>
          <isin value="US3136BU5N66"/>
        </identifiers>
        <balance>8252855.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8446758.72000000</valUSD>
        <pctVal>0.317072607323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.62000000</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>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC_14-USA</title>
        <cusip>12649AAS8</cusip>
        <identifiers>
          <isin value="US12649AAS87"/>
        </identifiers>
        <balance>15400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9841051.22000000</valUSD>
        <pctVal>0.369411258515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37000000</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>Genworth Mortgage Insurance Corporation</name>
        <lei>N/A</lei>
        <title>Triangle Re 2021-2 Ltd</title>
        <cusip>89600GAE1</cusip>
        <identifiers>
          <isin value="US89600GAE17"/>
        </identifiers>
        <balance>7100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7267746.02000000</valUSD>
        <pctVal>0.272815082840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.29000000</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>FANNIE MAE FHLMC_4620</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FHLMC_4620</title>
        <cusip>3137BSAF0</cusip>
        <identifiers>
          <isin value="US3137BSAF08"/>
        </identifiers>
        <balance>770009.10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81769.42000000</valUSD>
        <pctVal>0.003069442854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.03000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-122</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-122</title>
        <cusip>38382WAQ0</cusip>
        <identifiers>
          <isin value="US38382WAQ06"/>
        </identifiers>
        <balance>50878997.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7550509.31000000</valUSD>
        <pctVal>0.283429390243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.52000000</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>VCAT Asset Securitization, LLC</name>
        <lei>N/A</lei>
        <title>VCAT 2025 NPL2 LLC</title>
        <cusip>92243PAA6</cusip>
        <identifiers>
          <isin value="US92243PAA66"/>
        </identifiers>
        <balance>6522382.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6605955.36000000</valUSD>
        <pctVal>0.247972927757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.98000000</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>BHMS Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BHMS Commercial Mortgage Trust 2025-ATLS</title>
        <cusip>088928AC0</cusip>
        <identifiers>
          <isin value="US088928AC00"/>
        </identifiers>
        <balance>3800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3811915.66000000</valUSD>
        <pctVal>0.143090868021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.21000000</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>ASP WHCO PARTICIPATION LP ASPWP-29-1A</name>
        <lei>N/A</lei>
        <title>ASP WHCO PARTICIPATION LP ASPWP-29-1A</title>
        <cusip>04524YAA2</cusip>
        <identifiers>
          <isin value="US04524YAA29"/>
        </identifiers>
        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18000000.00000000</valUSD>
        <pctVal>0.675680118376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.71000000</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>SPLITERO TRUST SPLTO_25-1</name>
        <lei>N/A</lei>
        <title>SPLITERO TRUST SPLTO_25-1</title>
        <cusip>848948AB1</cusip>
        <identifiers>
          <isin value="US848948AB12"/>
        </identifiers>
        <balance>11500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11328099.15000000</valUSD>
        <pctVal>0.425231743036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-148</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-148</title>
        <cusip>38382KZY2</cusip>
        <identifiers>
          <isin value="US38382KZY27"/>
        </identifiers>
        <balance>17311449.21000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2598007.08000000</valUSD>
        <pctVal>0.097523429519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.52000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_25-39</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_25-39</title>
        <cusip>38385EZR8</cusip>
        <identifiers>
          <isin value="US38385EZR88"/>
        </identifiers>
        <balance>8928817.36000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9283440.52000000</valUSD>
        <pctVal>0.348479788305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.66000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-67</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-67</title>
        <cusip>38382FQZ0</cusip>
        <identifiers>
          <isin value="US38382FQZ08"/>
        </identifiers>
        <balance>16175044.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2134069.12000000</valUSD>
        <pctVal>0.080108226423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.17000000</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>GCAT</name>
        <lei>N/A</lei>
        <title>GCAT 2019-NQM3 Trust</title>
        <cusip>36167VAD6</cusip>
        <identifiers>
          <isin value="US36167VAD64"/>
        </identifiers>
        <balance>5650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5501589.76000000</valUSD>
        <pctVal>0.206517490016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.45000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-119</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-119</title>
        <cusip>38382UM24</cusip>
        <identifiers>
          <isin value="US38382UM241"/>
        </identifiers>
        <balance>23663616.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3619210.56000000</valUSD>
        <pctVal>0.135857145533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.52000000</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>Elmwood CLO 16 Ltd</name>
        <lei>N/A</lei>
        <title>Elmwood CLO 16 Ltd</title>
        <cusip>29003DAE7</cusip>
        <identifiers>
          <isin value="US29003DAE76"/>
        </identifiers>
        <balance>2750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2752211.00000000</valUSD>
        <pctVal>0.103311903015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.42000000</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>VISTA POINT SECURITIZATION TRUST VSTA_25-CES1</name>
        <lei>N/A</lei>
        <title>VISTA POINT SECURITIZATION TRUST VSTA_25-CES1</title>
        <cusip>92842DAF7</cusip>
        <identifiers>
          <isin value="US92842DAF78"/>
        </identifiers>
        <balance>2546000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2589082.65000000</valUSD>
        <pctVal>0.097188426191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.96000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_19-102</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_19-102</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_23-66</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_23-66</title>
        <cusip>38384AQY2</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>COLT Funding LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PRESTON RIDGE PARTNERS MORTGAGE TRUST PRPM_23-RCF1</name>
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        <cusip>69381AAE1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140W1VH3</cusip>
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          <isin value="US3140W1VH39"/>
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        <balance>27808636.14000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK MORTGAGE TRUST NYMT_24-CP1</name>
        <lei>N/A</lei>
        <title>NEW YORK MORTGAGE TRUST NYMT_24-CP1</title>
        <cusip>67118PAC6</cusip>
        <identifiers>
          <isin value="US67118PAC68"/>
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        <balance>2350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1889281.80000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.84000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust 2026-1</title>
        <cusip>30168HAG2</cusip>
        <identifiers>
          <isin value="US30168HAG20"/>
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        <balance>6500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6574149.40000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>EASY MORTGAGE LOAN TRUST EASY_25-RTL1</name>
        <lei>N/A</lei>
        <title>EASY MORTGAGE LOAN TRUST EASY_25-RTL1</title>
        <cusip>27786FAC3</cusip>
        <identifiers>
          <isin value="US27786FAC32"/>
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        <balance>3750000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALPHAFLOW TRANSITIONAL MORTGAGE TRUST AFLOW_21-WL1</name>
        <lei>N/A</lei>
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        <cusip>02079YAA5</cusip>
        <identifiers>
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      <invstOrSec>
        <name>RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST RPM_25-5</name>
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      <invstOrSec>
        <name>Citigroup Global Markets, Inc.</name>
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        <name>PRPM LLC PRPM_24-RCF1</name>
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        <name>RCO Mortgage LLC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>PAGAYA AI DEBT SELECTION TRUST PAID_24-9</name>
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        <valUSD>5914184.76000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>STRUCTURED AGENCY CREDIT RISK STACR_20-CS01</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE FNMA_20-22</name>
        <lei>N/A</lei>
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        <cusip>3136B9HD2</cusip>
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          <isin value="US3136B9HD27"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_25-RTL1</name>
        <lei>N/A</lei>
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        <cusip>26846FAC3</cusip>
        <identifiers>
          <isin value="US26846FAC32"/>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
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          <isin value="US01F0526313"/>
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        <balance>60000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIGROUP MORTGAGE LOAN TRUST IN</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST IN</title>
        <cusip>17323TAK6</cusip>
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          <isin value="US17323TAK60"/>
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        <balance>13217334.62000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP MORTGAGE LOAN TRUST IN</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST IN</title>
        <cusip>17323TAM2</cusip>
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          <isin value="US17323TAM27"/>
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        <balance>1312362.15000000</balance>
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        <curCd>USD</curCd>
        <valUSD>534653.72000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-197</name>
        <lei>N/A</lei>
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        <cusip>38385BEL0</cusip>
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          <isin value="US38385BEL09"/>
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        <balance>19340545.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1982479.38000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-19</name>
        <lei>N/A</lei>
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        <cusip>38380N3D9</cusip>
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          <isin value="US38380N3D99"/>
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        <balance>17065486.39000000</balance>
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        <curCd>USD</curCd>
        <valUSD>769435.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-12-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.72000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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          <isin value="US3132E0KZ44"/>
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        <balance>19914353.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20552343.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>N/A</lei>
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          <isin value="US3136AX4E23"/>
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        <balance>21413792.80000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-25</maturityDt>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_4097</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE FNMA_17-72</name>
        <lei>N/A</lei>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_17-163</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
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        <title>CSMC 2014-USA OA LLC</title>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-187</name>
        <lei>N/A</lei>
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        <issuerCat>USGA</issuerCat>
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          <maturityDt>2050-12-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.52000000</annualizedRt>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trust</name>
        <lei>2549000KHGUZMZ31N203</lei>
        <title>BRAVO Residential Funding Trust 2020-NQM1</title>
        <cusip>105699AE2</cusip>
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          <isin value="US105699AE23"/>
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        <balance>2200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2206389.46000000</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>2060-05-25</maturityDt>
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        <name>Upgrade Master Pass-Thru Trust</name>
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        <name>STACR_19-CS02</name>
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        <name>Verus Securitization Trust</name>
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        <name>Lendbuzz Securitization Trust</name>
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        <name>PAGAYA AI DEBT SELECTION TRUST PAID_22-5</name>
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        <name>Government National Mortgage Association</name>
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        <name>FANNIE MAE FNMA_18-3</name>
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        <name>FANNIE MAE FNMA_17-90</name>
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        <name>Pretium Mortgage Credit Partners LLC</name>
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        <name>NEW YORK MORTGAGE TRUST NYMT_24-CP1</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-191</name>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST GRADE_23-FIG4</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE FNMA_13-101</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_13-101</title>
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          <isin value="US3136AGA936"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>PRPM LLC PRPM_22-NQM1</name>
        <lei>N/A</lei>
        <title>PRPM LLC PRPM_22-NQM1</title>
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          <isin value="US69378KAE47"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Citigroup Global Markets, Inc.</name>
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        <title>CDS: (CMBX.NA.10.BBB-)</title>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>Citigroup Global Markets, Inc.</counterpartyName>
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                <indexName>CMBX.NA.10.BBB-</indexName>
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      <invstOrSec>
        <name>FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES STACR_20-CS</name>
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        <cusip>3137G0WW5</cusip>
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      <invstOrSec>
        <name>EASY MORTGAGE LOAN TRUST EASY_25-RTL1</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_23-113</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_23-113</title>
        <cusip>38384CZJ1</cusip>
        <identifiers>
          <isin value="US38384CZJ16"/>
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        <balance>46678210.87000000</balance>
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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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          <annualizedRt>2.27000000</annualizedRt>
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      <invstOrSec>
        <name>DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_25-CES1</name>
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        <title>DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_25-CES1</title>
        <cusip>24380WAH2</cusip>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
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        <cusip>31684GAF9</cusip>
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          <isin value="US31684GAF90"/>
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        <balance>1550000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>BRAVO RESIDENTIAL FUNDING TRUST BRAVO_20-NQM1</name>
        <lei>N/A</lei>
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        <cusip>105699AF9</cusip>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>213800ETGZN4SIG56R83</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2025-FIG6</title>
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          <isin value="US79582CAA18"/>
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      <invstOrSec>
        <name>UMBS, TBA</name>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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          <isin value="US3137HL3S91"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
        <lei>984500E3BD374F778L95</lei>
        <title>A&amp;D Mortgage Trust 2024-NQM1</title>
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      <invstOrSec>
        <name>RADNOR REESSENT RMIR_21-1</name>
        <lei>N/A</lei>
        <title>RADNOR REESSENT RMIR_21-1</title>
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      <invstOrSec>
        <name>PRPM LLC PRPM_24-RCF6</name>
        <lei>N/A</lei>
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        <balance>4088000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>213800ETGZN4SIG56R83</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Mortgage Residential Trust</name>
        <lei>N/A</lei>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-160</name>
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        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_24-RPL1</name>
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        <name>Government National Mortgage Association</name>
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        <name>BRAVO RESIDENTIAL FUNDING TRUST BRAVO_25-HE1</name>
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        <name>Lendbuzz Securitization Trust</name>
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        <name>Chicago Board of Trade</name>
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        <name>UPGRADE MASTER PASS-THRU TRUST UMPT_25-ST5</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Pagaya AI Debt Selection Trust</name>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST GRADE_22-INV1</name>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GITSIT Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>GITSIT Mortgage Loan Trust 2025-NPL1</title>
        <cusip>375926AA0</cusip>
        <identifiers>
          <isin value="US375926AA05"/>
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        <balance>2125909.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2128195.36000000</valUSD>
        <pctVal>0.079887738487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.28000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-24</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-24</title>
        <cusip>38382NPZ4</cusip>
        <identifiers>
          <isin value="US38382NPZ41"/>
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        <balance>13586991.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2241834.61000000</valUSD>
        <pctVal>0.084153504148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>CITIGROUP MORTGAGE LOAN TRUST CMLTI_18-RP3</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST CMLTI_18-RP3</title>
        <cusip>17327DAG6</cusip>
        <identifiers>
          <isin value="US17327DAG60"/>
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        <balance>10497650.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8274998.31000000</valUSD>
        <pctVal>0.310625102092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.25000000</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>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HPAM5</cusip>
        <identifiers>
          <isin value="US3137HPAM55"/>
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        <balance>75572938.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6632326.40000000</valUSD>
        <pctVal>0.248962838170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.88000000</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>Toorak Mortgage Corp.</name>
        <lei>25490023B58UP9CM5N96</lei>
        <title>Toorak Mortgage Trust 2024-RRTL1</title>
        <cusip>89054YAE3</cusip>
        <identifiers>
          <isin value="US89054YAE32"/>
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        <balance>6430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6439838.54000000</valUSD>
        <pctVal>0.241737270390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.33000000</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>Knock Issuer Trust 2025-1</name>
        <lei>N/A</lei>
        <title>Knock Issuer Trust 2025-1</title>
        <cusip>49917PAA1</cusip>
        <identifiers>
          <isin value="US49917PAA12"/>
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        <balance>17040000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17234008.92000000</valUSD>
        <pctVal>0.646926510398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12000000</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>Imperial Fund LLC</name>
        <lei>N/A</lei>
        <title>Imperial Fund Mortgage Trust 2022-NQM5</title>
        <cusip>45276QAF1</cusip>
        <identifiers>
          <isin value="US45276QAF19"/>
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        <balance>4944000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4929468.10000000</valUSD>
        <pctVal>0.185041310518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.25000000</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>WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_21-FCMT</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_21-FCMT</title>
        <cusip>95003EAJ5</cusip>
        <identifiers>
          <isin value="US95003EAJ55"/>
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        <balance>11600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11599778.44000000</valUSD>
        <pctVal>0.435429981637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.27000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-79</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-79</title>
        <cusip>38384PDH0</cusip>
        <identifiers>
          <isin value="US38384PDH01"/>
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        <balance>20926157.63000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3087562.48000000</valUSD>
        <pctVal>0.115900254554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.59000000</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>FIGURE LENDING FIGRE_23-HE3</name>
        <lei>N/A</lei>
        <title>FIGURE LENDING FIGRE_23-HE3</title>
        <cusip>31684CAD3</cusip>
        <identifiers>
          <isin value="US31684CAD39"/>
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        <balance>2653514.40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2764181.61000000</valUSD>
        <pctVal>0.103761253192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-7</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-7</title>
        <cusip>38382M5E5</cusip>
        <identifiers>
          <isin value="US38382M5E52"/>
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        <balance>26449645.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6072402.08000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRESTON RIDGE PARTNERS MORTGAGE TRUST PRPM_23-RCF2</name>
        <lei>N/A</lei>
        <title>PRESTON RIDGE PARTNERS MORTGAGE TRUST PRPM_23-RCF2</title>
        <cusip>69380RAE5</cusip>
        <identifiers>
          <isin value="US69380RAE53"/>
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        <balance>3688000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3539254.48000000</valUSD>
        <pctVal>0.132855771445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>MFRA Trust</name>
        <lei>254900XBKB8JES2BO797</lei>
        <title>MFA 2025-NQM4 Trust</title>
        <cusip>55287RAC2</cusip>
        <identifiers>
          <isin value="US55287RAC25"/>
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        <balance>11265491.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11362038.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.23000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_25-5563</name>
        <lei>N/A</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_25-5563</title>
        <cusip>3137HMER7</cusip>
        <identifiers>
          <isin value="US3137HMER75"/>
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        <balance>24276395.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24563721.01000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.02000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-97</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-97</title>
        <cusip>38384PRM4</cusip>
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          <isin value="US38384PRM40"/>
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        <balance>26836358.14000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3697924.02000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.64000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PRP ADVISORS LLC PRPM_24-RPL4</name>
        <lei>N/A</lei>
        <title>PRP ADVISORS LLC PRPM_24-RPL4</title>
        <cusip>74448MAE6</cusip>
        <identifiers>
          <isin value="US74448MAE66"/>
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        <balance>4408000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4289171.78000000</valUSD>
        <pctVal>0.161006005335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</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>LHOME MORTGAGE TRUST LHOME_24-RTL5</name>
        <lei>N/A</lei>
        <title>LHOME MORTGAGE TRUST LHOME_24-RTL5</title>
        <cusip>50205WAC1</cusip>
        <identifiers>
          <isin value="US50205WAC10"/>
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        <balance>4358000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4381815.16000000</valUSD>
        <pctVal>0.164483632556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>COLT MORTGAGE LOAN TRUST COLT_21-3</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HTAP Trust</name>
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        <name>Freddie Mac</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-44</name>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>RCO Mortgage LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Global Markets, Inc.</name>
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        <name>CITIGROUP MORTGAGE LOAN TRUST IN</name>
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        <name>Stanwich Mortgage Loan Trust</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_23-66</name>
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        <name>HTAP Trust</name>
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        <name>RCO Mortgage LLC</name>
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      <invstOrSec>
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        <cusip>69549BAC2</cusip>
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          <isin value="US69549BAC28"/>
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        <balance>6899364.11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6883374.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-94</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-94</title>
        <cusip>38380XSN8</cusip>
        <identifiers>
          <isin value="US38380XSN83"/>
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        <balance>5082304.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>818225.12000000</valUSD>
        <pctVal>0.030714358107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.42000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F032633</cusip>
        <identifiers>
          <isin value="US01F0326334"/>
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        <balance>150000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141342067.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IMPERIAL FUND MORTGAGE TRUST IMPRL_22-NQM3</name>
        <lei>N/A</lei>
        <title>IMPERIAL FUND MORTGAGE TRUST IMPRL_22-NQM3</title>
        <cusip>45276KAE7</cusip>
        <identifiers>
          <isin value="US45276KAE73"/>
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        <balance>4489000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3891316.58000000</valUSD>
        <pctVal>0.146071402634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.41000000</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>Freddie Mac - STACR</name>
        <lei>5493000ISONLNOUKGB71</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA6</title>
        <cusip>35564KLV9</cusip>
        <identifiers>
          <isin value="US35564KLV97"/>
        </identifiers>
        <balance>7450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7731487.08000000</valUSD>
        <pctVal>0.290222894746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.17000000</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>Cayuga Park CLO, Ltd.</name>
        <lei>549300SVH2QJEV4A2G21</lei>
        <title>Cayuga Park CLO Ltd</title>
        <cusip>149791BG9</cusip>
        <identifiers>
          <isin value="US149791BG90"/>
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        <balance>24500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24471016.50000000</valUSD>
        <pctVal>0.918587740306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.87000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000IT2BRJ2Q9YQ96</lei>
        <title>Freddie Mac STACR REMIC Trust 2020-HQA5</title>
        <cusip>35565TBE8</cusip>
        <identifiers>
          <isin value="US35565TBE82"/>
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        <balance>14200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17370882.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.07000000</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>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 5YR NOTE JUN 26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="FVM6C26"/>
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        <balance>3113.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>945947.31000000</valUSD>
        <pctVal>0.035508766133</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT 5 Year U.S. Treasury Notes Futures</indexName>
                <indexIdentifier>FVM6 Comdty</indexIdentifier>
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            <expDate>2026-06-30</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>945947.31000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2023-RCF2 LLC</title>
        <cusip>69380RAD7</cusip>
        <identifiers>
          <isin value="US69380RAD70"/>
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        <balance>1724000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1682933.98000000</valUSD>
        <pctVal>0.063173612823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</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 CORPORATION FHLMC_4926</name>
        <lei>N/A</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_4926</title>
        <cusip>3137FPNZ4</cusip>
        <identifiers>
          <isin value="US3137FPNZ40"/>
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        <balance>4933899.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>344314.66000000</valUSD>
        <pctVal>0.012924809457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.31000000</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>FANNIE MAE FNMA_14-93</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_14-93</title>
        <cusip>3136AMDR7</cusip>
        <identifiers>
          <isin value="US3136AMDR74"/>
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        <balance>909591.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>120553.11000000</valUSD>
        <pctVal>0.004525296646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.37000000</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>DailyPay Securitization Trust</name>
        <lei>N/A</lei>
        <title>DailyPay Securitization Trust 2025-1</title>
        <cusip>233824AA9</cusip>
        <identifiers>
          <isin value="US233824AA90"/>
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        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4531006.35000000</valUSD>
        <pctVal>0.170083939274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.63000000</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>
        <name>MPOWER Education Trust</name>
        <lei>N/A</lei>
        <title>MPOWER Education Trust 2025-1</title>
        <cusip>62477DAA3</cusip>
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          <isin value="US62477DAA37"/>
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        <balance>6396799.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6529388.98000000</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>2042-12-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>Citigroup Global Markets, Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>OTC (GENERIC) 1 YEAR</title>
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          <other otherDesc="Internal Identifier" value="BAXF4TPQ6"/>
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        <balance>300000000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1797840.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>Citigroup Global Markets, Inc.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                    <name>Citigroup Global Markets, Inc.</name>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
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      </invstOrSec>
      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM LLC PRPM_24-RCF1</title>
        <cusip>693581AD2</cusip>
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          <isin value="US693581AD20"/>
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        <balance>1850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1802397.65000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Home Owner Mortgage Enhanced Securuties Limited</name>
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        <curCd>USD</curCd>
        <valUSD>13734350.63000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-08-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM3</name>
        <lei>N/A</lei>
        <title>IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM3</title>
        <cusip>452762AE7</cusip>
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          <isin value="US452762AE70"/>
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        <balance>7384000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.11000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OWS Structured Asset Trust</name>
        <lei>N/A</lei>
        <title>OSAT 2021-RPL1 Trust</title>
        <cusip>67114HAB0</cusip>
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          <isin value="US67114HAB06"/>
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        <balance>5651066.14000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5763955.23000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.97000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>HTAP TRUST HTAP_24-2</name>
        <lei>N/A</lei>
        <title>HTAP TRUST HTAP_24-2</title>
        <cusip>40444WAB5</cusip>
        <identifiers>
          <isin value="US40444WAB54"/>
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        <balance>4700000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHNGE MORTGAGE TRUST CHNGE_23-3</name>
        <lei>N/A</lei>
        <title>CHNGE MORTGAGE TRUST CHNGE_23-3</title>
        <cusip>17030AAF2</cusip>
        <identifiers>
          <isin value="US17030AAF21"/>
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        <balance>3700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3715921.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.22000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-122</title>
        <cusip>38382WAW7</cusip>
        <identifiers>
          <isin value="US38382WAW73"/>
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        <balance>50137633.22000000</balance>
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        <curCd>USD</curCd>
        <valUSD>291735.85000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HTAP Trust</name>
        <lei>N/A</lei>
        <title>HTAP Issuer Trust 2024-2</title>
        <cusip>40444WAA7</cusip>
        <identifiers>
          <isin value="US40444WAA71"/>
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        <balance>13079534.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13103245.98000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>tvc mortgage trust</name>
        <lei>N/A</lei>
        <title>TVC Mortgage Trust 2026-RRTL1</title>
        <cusip>87306XAC9</cusip>
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          <isin value="US87306XAC92"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1005230.80000000</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>2040-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.34000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2025-RCF4 LLC</title>
        <cusip>69382WAF9</cusip>
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          <isin value="US69382WAF95"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1879796.40000000</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>2055-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_22-161</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_22-161</title>
        <cusip>38383YSS2</cusip>
        <identifiers>
          <isin value="US38383YSS27"/>
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        <balance>35510420.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2542546.07000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.69000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Knock Issuer Trust 2025-1</name>
        <lei>N/A</lei>
        <title>Knock Issuer Trust 2025-1</title>
        <cusip>49917PAB9</cusip>
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          <isin value="US49917PAB94"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1509405.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>254900ULYEY0HX0PKA54</lei>
        <title>Pagaya AI Debt Trust 2024-3</title>
        <cusip>69547XAC6</cusip>
        <identifiers>
          <isin value="US69547XAC65"/>
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        <balance>4854787.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4883234.45000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-160</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-160</title>
        <cusip>38382KG49</cusip>
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          <isin value="US38382KG491"/>
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        <balance>11024970.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1602781.50000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES STACR_19-CS</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES STACR_19-CS</title>
        <cusip>3137G0WF2</cusip>
        <identifiers>
          <isin value="US3137G0WF22"/>
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        <balance>7345104.23000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PAGAYA AI DEBT SELECTION TRUST PAID_20-3</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT SELECTION TRUST PAID_20-3</title>
        <cusip>69546T102</cusip>
        <identifiers>
          <isin value="US69546T1025"/>
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        <balance>23803550.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2025-RCF3 LLC</title>
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          <isin value="US69392PAF27"/>
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        <balance>2000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-85</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-85</title>
        <cusip>38382FWM2</cusip>
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          <isin value="US38382FWM21"/>
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        <balance>10602551.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2027263.04000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>TVC MORTGAGE TRUST TVC_24-RRTL1</name>
        <lei>N/A</lei>
        <title>TVC MORTGAGE TRUST TVC_24-RRTL1</title>
        <cusip>87306WAD9</cusip>
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          <isin value="US87306WAD92"/>
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        <balance>4560000.00000000</balance>
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        <name>MPOWR_25-1</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>A&amp;D MTG TR ADMT_24-NQM1</name>
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        <cusip>00039GAE9</cusip>
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        <balance>5600000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_25-CES1</name>
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        <balance>4800000.00000000</balance>
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      <invstOrSec>
        <name>FMC GMSR ISSUER TRUST</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>New York Mortgage Trust</name>
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        <balance>13146461.85000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.38000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-117</name>
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        <cusip>38382WEU7</cusip>
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          <isin value="US38382WEU71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2026-1</title>
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          <isin value="US694969AB22"/>
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        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_26-5</name>
        <lei>N/A</lei>
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          <isin value="US38385LBK35"/>
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        <balance>55687724.44000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-29</name>
        <lei>N/A</lei>
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        <cusip>38382NV46</cusip>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_4987</name>
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        <cusip>3137FTRP4</cusip>
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          <isin value="US3137FTRP44"/>
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        <balance>8161306.20000000</balance>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>254900WZRTR935QJJ709</lei>
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        <name>Freddie Mac</name>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-175</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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          <isin value="US3136BAHY33"/>
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      <invstOrSec>
        <name>STACR_19-CS02</name>
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          <isin value="US17030AAE55"/>
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        <name>Pagaya AI Debt Selection Trust</name>
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        <title>Pagaya AI Debt Trust 2024-3</title>
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        <name>Pagaya AI Debt Selection Trust</name>
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        <title>Pagaya AI Debt Grantor Trust 2026-1</title>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_23-173</name>
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        <name>Enact Mortgage Insurance Corporation</name>
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        <name>FANNIE MAE FNMA_15-29</name>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
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        <title>Toorak Mortgage Trust 2025-RRTL1</title>
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        <name>VISTA POINT SECURITIZATION TRUST VSTA_24-CES3</name>
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        <name>EDGEX Issuer Trust</name>
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        <name>COLT MORTGAGE LOAN TRUST COLT_25-7</name>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>BRAVO Residential Funding Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES STACR_20-CS</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES STACR_20-CS</title>
        <cusip>3137G0WX3</cusip>
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          <isin value="US3137G0WX38"/>
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        <curCd>USD</curCd>
        <valUSD>1132485.66000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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          <other otherDesc="Internal Identifier" value="BAXEZXLM9"/>
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        <curCd>USD</curCd>
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        <pctVal>0.000001076208</pctVal>
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        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <delta>XXXX</delta>
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        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2025-PF2</title>
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          <isin value="US316918AA90"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_19-5</title>
        <cusip>3136B3L40</cusip>
        <identifiers>
          <isin value="US3136B3L406"/>
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        <balance>27220814.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3133534.95000000</valUSD>
        <pctVal>0.117625959219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.32000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-161</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_21-161</title>
        <cusip>38383A6U3</cusip>
        <identifiers>
          <isin value="US38383A6U39"/>
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        <balance>33525349.14000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5010554.52000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.52000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000ITBQFEOXM0S98</lei>
        <title>Freddie Mac STACR REMIC Trust 2020-DNA6</title>
        <cusip>35566CBE4</cusip>
        <identifiers>
          <isin value="US35566CBE49"/>
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        <balance>15500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17839439.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.32000000</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>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2024-RCF3 LLC</title>
        <cusip>74390BAJ7</cusip>
        <identifiers>
          <isin value="US74390BAJ70"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2135965.73000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust 2025-NQM7</title>
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        <identifiers>
          <isin value="US61779KAA43"/>
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        <balance>15507695.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15579754.73000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHNGE Mortgage Trust 2022-1</name>
        <lei>N/A</lei>
        <title>CHNGE Mortgage Trust 2022-1</title>
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          <isin value="US17030JAB26"/>
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        <balance>4650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4123718.12000000</valUSD>
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        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION FNMA_25-1</name>
        <lei>N/A</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION FNMA_25-1</title>
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          <isin value="US3136BUE556"/>
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        <curCd>USD</curCd>
        <valUSD>15141227.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_5083</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-164</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-164</title>
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          <isin value="US38382LGD73"/>
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        <balance>13970092.86000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2233090.01000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE FNMA_20-38</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_20-38</title>
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          <isin value="US3136BACZ52"/>
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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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      <invstOrSec>
        <name>MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_24-SD1</name>
        <lei>N/A</lei>
        <title>MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_24-SD1</title>
        <cusip>58550DAE3</cusip>
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          <isin value="US58550DAE31"/>
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        <balance>5802000.00000000</balance>
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        <valUSD>5437570.58000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Citigroup Global Markets, Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>CDS: (CMBX.NA.10.BBB-)</title>
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        <valUSD>-525160.60000000</valUSD>
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        <title>BRAVO RESIDENTIAL FUNDING TRUST BRAVO_21-NQM2</title>
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        <name>Starwood Mortgage Residential Trust 2020-INV1</name>
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      <invstOrSec>
        <name>USASF Receivables LLC</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORPO</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>STRUCTURED AGENCY CREDIT RISK STACR_20-CS01</name>
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          <isin value="US3137G0WP04"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-40</name>
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        <cusip>38380V6B2</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Onslow Bay Financial LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LHOME MORTGAGE TRUST LHOME_24-RTL1</name>
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        <name>Freddie Mac - STACR</name>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <title>Ally Bank Auto Credit-Linked Notes Series 2025-B</title>
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        <name>Colony American Finance Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Mortgage Trust</name>
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        <name>FREDDIE_MAC FHLMC_304</name>
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      <invstOrSec>
        <name>COLT Funding LLC</name>
        <lei>213800S6EGXVNRKXHN58</lei>
        <title>COLT 2025-5 Mortgage Loan Trust</title>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Reach Financial LLC</name>
        <lei>N/A</lei>
        <title>Reach Abs Trust 2026-1</title>
        <cusip>75526XAA2</cusip>
        <identifiers>
          <isin value="US75526XAA28"/>
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        <balance>6783734.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6783160.56000000</valUSD>
        <pctVal>0.254624818341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>
      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST VERUS_21-5</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST VERUS_21-5</title>
        <cusip>92538KAF0</cusip>
        <identifiers>
          <isin value="US92538KAF03"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2822638.35000000</valUSD>
        <pctVal>0.105955589692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.94000000</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>FREDDIE MAC FHLMC_4606</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC FHLMC_4606</title>
        <cusip>3137BR5P6</cusip>
        <identifiers>
          <isin value="US3137BR5P68"/>
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        <balance>34187546.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3837124.69000000</valUSD>
        <pctVal>0.144037159153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.23000000</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>Onslow Bay Financial LLC</name>
        <lei>25490068H0VHV68K7086</lei>
        <title>OBX 2026-NQM1 Trust</title>
        <cusip>67123HAJ2</cusip>
        <identifiers>
          <isin value="US67123HAJ23"/>
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        <balance>8699381.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8720686.25000000</valUSD>
        <pctVal>0.327355239873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.07000000</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>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGURE LENDING FIGRE_24-HE4</title>
        <cusip>31684UAE1</cusip>
        <identifiers>
          <isin value="US31684UAE10"/>
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        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1948491.42000000</valUSD>
        <pctVal>0.073142050740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.81000000</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>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGURE LENDING FIGRE_24-HE5</title>
        <cusip>31684FAE4</cusip>
        <identifiers>
          <isin value="US31684FAE43"/>
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        <balance>3950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4078011.60000000</valUSD>
        <pctVal>0.153079520034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.01000000</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>Vista Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Vista Point Securitization Trust 2020-1</title>
        <cusip>92838WAE4</cusip>
        <identifiers>
          <isin value="US92838WAE49"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2012584.00000000</valUSD>
        <pctVal>0.075547944186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.38000000</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>CHNGE Mortgage Trust 2022-2</name>
        <lei>N/A</lei>
        <title>CHNGE MORTGAGE TRUST CHNGE_22-2</title>
        <cusip>12546YAC5</cusip>
        <identifiers>
          <isin value="US12546YAC57"/>
        </identifiers>
        <balance>4569000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4171788.50000000</valUSD>
        <pctVal>0.156599697084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.58000000</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>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2024-8 LLC</title>
        <cusip>74448KAB6</cusip>
        <identifiers>
          <isin value="US74448KAB61"/>
        </identifiers>
        <balance>6100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6106706.34000000</valUSD>
        <pctVal>0.229232225705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.84000000</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>Fannie Mae - CAS</name>
        <lei>549300Z5THZ1JXIHVK60</lei>
        <title>Fannie Mae Connecticut Avenue Securities</title>
        <cusip>20754KAJ0</cusip>
        <identifiers>
          <isin value="US20754KAJ07"/>
        </identifiers>
        <balance>11350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11715977.35000000</valUSD>
        <pctVal>0.439791831263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.87000000</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>SAIF SECURITIZATION TRUST SAIF_25-CES1</name>
        <lei>N/A</lei>
        <title>SAIF SECURITIZATION TRUST SAIF_25-CES1</title>
        <cusip>78438CAD3</cusip>
        <identifiers>
          <isin value="US78438CAD39"/>
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        <balance>2453220.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2496900.07000000</valUSD>
        <pctVal>0.093728096381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.24000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-63</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-63</title>
        <cusip>38380WWB1</cusip>
        <identifiers>
          <isin value="US38380WWB17"/>
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        <balance>6456088.07000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900746.95000000</valUSD>
        <pctVal>0.033812044766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.42000000</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>
        <name>FANNIE MAE REMICS</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_13-101</title>
        <cusip>3136AGZK1</cusip>
        <identifiers>
          <isin value="US3136AGZK16"/>
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        <balance>8395303.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1163836.73000000</valUSD>
        <pctVal>0.043687852194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.72000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HLEG3</cusip>
        <identifiers>
          <isin value="US3137HLEG38"/>
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        <balance>11346193.36000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11381047.73000000</valUSD>
        <pctVal>0.427219315414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.92000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>
      <invstOrSec>
        <name>Research-Driven Pagaya Motor Asset Trust I</name>
        <lei>N/A</lei>
        <title>Research-Driven Pagaya Motor Asset Trust IV</title>
        <cusip>76088LAA6</cusip>
        <identifiers>
          <isin value="US76088LAA61"/>
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        <balance>2144031.85000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2124553.75000000</valUSD>
        <pctVal>0.079751040516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>
      <invstOrSec>
        <name>FANNIE MAE FNMA_18-64</name>
        <lei>N/A</lei>
        <title>FANNIE MAE FNMA_18-64</title>
        <cusip>3136B23K6</cusip>
        <identifiers>
          <isin value="US3136B23K66"/>
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        <balance>19443760.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2639745.16000000</valUSD>
        <pctVal>0.099090184566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.42000000</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>MRQI_26-HI1A</name>
        <lei>N/A</lei>
        <title>MRQI_26-HI1A</title>
        <cusip>50625BAE5</cusip>
        <identifiers>
          <isin value="US50625BAE56"/>
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        <balance>3423000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3393026.84000000</valUSD>
        <pctVal>0.127366709828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-25</maturityDt>
          <couponKind>Fixed</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>Palmer Square CLO Ltd</name>
        <lei>549300EYS8N79JYSXL17</lei>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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      <invstOrSec>
        <name>Hilton USA Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA_18-155</name>
        <lei>N/A</lei>
        <title>GNMA_18-155</title>
        <cusip>38381A2N5</cusip>
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          <isin value="US38381A2N51"/>
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        <balance>6238807.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>728239.81000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Easy Street Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Easy Street Mortgage Loan Trust 2025-RTL2</title>
        <cusip>27786YAA6</cusip>
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          <isin value="US27786YAA64"/>
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        <balance>16700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16768409.88000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>529900XB146PHFHY2T23</lei>
        <title>LHOME Mortgage Trust 2025-RTL3</title>
        <cusip>50205YAC7</cusip>
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          <isin value="US50205YAC75"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.89000000</annualizedRt>
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      <invstOrSec>
        <name>COLT MORTGAGE LOAN TRUST COLT_23-1</name>
        <lei>N/A</lei>
        <title>COLT MORTGAGE LOAN TRUST COLT_23-1</title>
        <cusip>19688NAF5</cusip>
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          <isin value="US19688NAF50"/>
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        <balance>4546000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4541899.05000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CHNGE Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CHNGE Mortgage Trust 2022-NQM1</title>
        <cusip>12569CAD3</cusip>
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          <isin value="US12569CAD39"/>
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        <balance>3150000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-3</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_20-3</title>
        <cusip>38382BN66</cusip>
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          <isin value="US38382BN660"/>
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        <balance>17244420.32000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</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>
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      <invstOrSec>
        <name>TOORAK MORTGAGE TRUST TRK_24-RRT1</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EDGEX Issuer Trust</name>
        <lei>N/A</lei>
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        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HK4A9</cusip>
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          <isin value="US3137HK4A92"/>
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        <balance>11440003.08000000</balance>
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        <name>Fannie Mae - CAS</name>
        <lei>549300Z5THZ1JXIHVK60</lei>
        <title>Fannie Mae Connecticut Avenue Securities</title>
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        <name>FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES STACR_19-CS</name>
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        <title>FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES STACR_19-CS</title>
        <cusip>3137G0WG0</cusip>
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      <invstOrSec>
        <name>Pagaya Point of Sale Holdings Grantor Trust</name>
        <lei>N/A</lei>
        <title>Pagaya Point of Sale Holdings Grantor Trust 2025-1</title>
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        <name>Citigroup Global Markets, Inc.</name>
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                  </descRefInstrmnt>
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      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_5138</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>A&amp;D Mortgage Trust</name>
        <lei>9845006Y6D399D9E8O78</lei>
        <title>A&amp;D Mortgage Trust 2025-NQM4</title>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>Freddie Mac REMICS</title>
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        <balance>6740000.11000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-64</name>
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        <curCd>USD</curCd>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Elmwood CLO VIII Ltd</name>
        <lei>N/A</lei>
        <title>Elmwood CLO VIII Ltd</title>
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          <isin value="US290021AL80"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2416730.00000000</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>JP Morgan Mortgage Trust</name>
        <lei>529900371ZWA9WXVGB88</lei>
        <title>JP Morgan Mortgage Trust 2025-VIS3</title>
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          <isin value="US46594EAC84"/>
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        <balance>13431162.76000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13524250.12000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2025-HE3</title>
        <cusip>31684LAF8</cusip>
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          <isin value="US31684LAF85"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1629487.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-63</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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      <invstOrSec>
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        <title>FIGURE LENDING FIGRE_24-HE1</title>
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          <isin value="US31684HAE09"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>COLT MORTGAGE LOAN TRUST COLT_21-4</name>
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          <isin value="US19688GAE35"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Global Markets, Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_19-128</name>
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      <invstOrSec>
        <name>Home Partners of America Trust</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS OF AMERICA TRUST HPA_19-2</title>
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        <issuerCat>CORP</issuerCat>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1</name>
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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>Government National Mortgage Association</name>
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        <name>Citigroup Global Markets, Inc.</name>
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        <name>FREDDIE MAC FHLMC_4826</name>
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        <name>Freddie Mac - STACR</name>
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        <name>Pagaya AI Debt Selection Trust</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <name>ARES CLO Ltd</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>ALLY BANK AUTO CREDIT-LINKED NOTES ABCLN_25-B</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>9.94000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-78</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_18-78</title>
        <cusip>38380XHW0</cusip>
        <identifiers>
          <isin value="US38380XHW02"/>
        </identifiers>
        <balance>4429130.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>780186.50000000</valUSD>
        <pctVal>0.029286472593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Saluda Grade Alternative Mortgage Trust</name>
        <lei>213800ETGZN4SIG56R83</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2023-FIG3</title>
        <cusip>79582AAD9</cusip>
        <identifiers>
          <isin value="US79582AAD90"/>
        </identifiers>
        <balance>5573831.56000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8703995.03000000</valUSD>
        <pctVal>0.326728688456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.34000000</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>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2025-RCF3 LLC</title>
        <cusip>69392PAD7</cusip>
        <identifiers>
          <isin value="US69392PAD78"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1089703.56000000</valUSD>
        <pctVal>0.040905057245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</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>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F042632</cusip>
        <identifiers>
          <isin value="US01F0426324"/>
        </identifiers>
        <balance>483000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>477614641.77000000</valUSD>
        <pctVal>17.92859542719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>Visio 2019-2 Trust</name>
        <lei>N/A</lei>
        <title>Visio 2019-2 Trust</title>
        <cusip>92837DAD9</cusip>
        <identifiers>
          <isin value="US92837DAD93"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1383791.64000000</valUSD>
        <pctVal>0.051944472173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.26000000</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>GOVERNMENT NATIONAL MORTGAGE ASSOCIATiON GNMA_23-115</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATiON GNMA_23-115</title>
        <cusip>38384CL56</cusip>
        <identifiers>
          <isin value="US38384CL569"/>
        </identifiers>
        <balance>34282926.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2323127.63000000</valUSD>
        <pctVal>0.087205064002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.24000000</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>COREVEST AMERICAN FINANCE LTD CAFL_25-RRTL2 ISSUER LP</name>
        <lei>N/A</lei>
        <title>COREVEST AMERICAN FINANCE LTD CAFL_25-RRTL2 ISSUER LP</title>
        <cusip>12770JAC5</cusip>
        <identifiers>
          <isin value="US12770JAC53"/>
        </identifiers>
        <balance>6500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6526384.80000000</valUSD>
        <pctVal>0.244986025235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.84000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-31</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>