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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Boston Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enel Finance International NV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <title>General Motors Financial Co., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS Mortgage-Backed Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Met Tower Global Funding</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Daimler Truck Finance North America LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BRAVO Residential Funding Trust</name>
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        <name>Banco Santander SA</name>
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        <invCountry>ES</invCountry>
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        <name>Huntington National Bank (The)</name>
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        <name>Hyundai Auto Receivables Trust</name>
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        <name>Enbridge US, Inc.</name>
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        <title>Enbridge US, Inc.</title>
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        <name>American Honda Finance Corp.</name>
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        <name>BAE Systems plc</name>
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        <invCountry>GB</invCountry>
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        <name>Jefferies Financial Group, Inc.</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Starbucks Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
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        <name>Intesa Sanpaolo SpA</name>
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        <name>Constellation Energy Generation LLC</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Mizuho Markets Cayman LP</name>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>FHLMC</name>
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        <name>Svenska Handelsbanken AB</name>
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        <name>Bank of Montreal</name>
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        <name>Volkswagen Auto Loan Enhanced Trust</name>
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        <name>ONEOK, Inc.</name>
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        <name>Volkswagen Auto Loan Enhanced Trust</name>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Franklin Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Principal Life Global Funding II</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OBX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Extra Space Storage LP</name>
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        <name>Truist Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Penske Truck Leasing Co. LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <name>Bayer Corp.</name>
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        <title>Bayer Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <title>Sumitomo Mitsui Trust Bank Ltd.</title>
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        <invCountry>JP</invCountry>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <name>Cooperatieve Rabobank UA</name>
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        <title>Cooperatieve Rabobank UA</title>
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        <invCountry>NL</invCountry>
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        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
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        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>John Deere Capital Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imperial Fund Mortgage Trust</name>
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        <name>Wells Fargo &amp; Co.</name>
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      <invstOrSec>
        <name>GM Financial Consumer Automobile Receivables Trust</name>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
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      <invstOrSec>
        <name>Extra Space Storage LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BMW US Capital LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Starwood Mortgage Residential Trust</name>
        <lei>N/A</lei>
        <title>Starwood Mortgage Residential Trust, Series 2021-4, Class A1</title>
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        <name>Ellington Financial Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Structured Asset Securities Corp. Mortgage Loan Trust</name>
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        <name>Swedbank AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>Swedbank AB</title>
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        <invCountry>SE</invCountry>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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      <invstOrSec>
        <name>Carrington Mortgage Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US14454EAC57"/>
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      <invstOrSec>
        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
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      <invstOrSec>
        <name>Chevron USA, Inc.</name>
        <lei>VA8TZDWPEZYU430RZ444</lei>
        <title>Chevron USA, Inc.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-26</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Plains All American Pipeline LP</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline LP</title>
        <cusip>72650XB65</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1566784"/>
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        <balance>36700000.00000000</balance>
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        <valUSD>36673095.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
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        <name>Targa Resources Corp.</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <name>Bank of Nova Scotia (The)</name>
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        <name>Protective Life Global Funding</name>
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        <name>FHLMC</name>
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        <name>ERAC USA Finance LLC</name>
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        <name>Nissan Auto Receivables Owner Trust</name>
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        <name>CNO Global Funding</name>
        <lei>6354008GTNR4833ULD48</lei>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <name>Boston Properties LP</name>
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        <name>Marriott International, Inc.</name>
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        <name>American Honda Finance Corp.</name>
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        <name>NatWest Group plc</name>
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        <name>DTE Energy Co.</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <name>Hyatt Hotels Corp.</name>
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        <name>Netflix, Inc.</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Nationstar Home Equity Loan Trust</name>
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        <name>Long Beach Mortgage Loan Trust</name>
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        <name>Station Place Securitization Trust</name>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
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        <name>Royal Bank of Canada</name>
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        <name>Mondelez International, Inc.</name>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-22</maturityDt>
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        <name>Bank of Montreal</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <name>Boeing Co. (The)</name>
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        <title>Boeing Co. (The)</title>
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        <name>RTX Corp.</name>
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        <title>RTX Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Daimler Truck Finance North America LLC</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>Daimler Truck Finance North America LLC</title>
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        <invCountry>US</invCountry>

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        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp.</title>
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        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
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        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>MFA Trust</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <name>Caterpillar Financial Services Corp.</name>
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        <name>American Tower Corp.</name>
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        <name>Athene Global Funding</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Soundview Home Loan Trust</name>
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        <name>American Express Co.</name>
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        <name>Macquarie Group Ltd.</name>
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        <name>ING Groep NV</name>
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        <name>ING Groep NV</name>
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        <name>Svenska Handelsbanken AB</name>
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        <name>American Express Credit Account Master Trust</name>
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        <invCountry>CH</invCountry>
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        <name>Nationwide Building Society</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom, Inc.</name>
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          <couponKind>Fixed</couponKind>
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        <name>Credit Agricole SA</name>
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        <invCountry>FR</invCountry>
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        <name>BMW US Capital LLC</name>
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        <name>Intercontinental Exchange, Inc.</name>
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        <name>ING Groep NV</name>
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        <name>USB Auto Owner Trust</name>
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      <invstOrSec>
        <name>New York Life Global Funding</name>
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          <isin value="US64953BBL18"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GM Financial Consumer Automobile Receivables Trust</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
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        <title>Toyota Motor Credit Corp.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Athene Global Funding</name>
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          <isin value="US04685A4M05"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-06</maturityDt>
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          <annualizedRt>4.63048200</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
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        <title>Skandinaviska Enskilda Banken AB</title>
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          <isin value="US830505BA07"/>
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        <curCd>USD</curCd>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56152400</annualizedRt>
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      <invstOrSec>
        <name>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63400000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Imperial Fund Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US45290BAA70"/>
          <other otherDesc="Inhouse Asset ID" value="1293176"/>
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        <balance>7412024.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7394179.64000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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          <other otherDesc="Inhouse Asset ID" value="640147"/>
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        <curCd>USD</curCd>
        <valUSD>15138120.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
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          <other otherDesc="Inhouse Asset ID" value="1337665"/>
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        <balance>33674000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34122321.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13400000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Swedbank AB</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Illumina, Inc.</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>Illumina, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Penske Truck Leasing Co. LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <title>Skandinaviska Enskilda Banken AB</title>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Toronto-Dominion Bank (The)</name>
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        <title>Toronto-Dominion Bank (The)</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>World Omni Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>World Omni Auto Receivables Trust, Series 2024-A, Class A3</title>
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        <curCd>USD</curCd>
        <valUSD>10251474.27000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Protective Life Global Funding</name>
        <lei>635400EVYITCJYWL2I50</lei>
        <title>Protective Life Global Funding</title>
        <cusip>74368CBX1</cusip>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <name>Alimentation Couche-Tard, Inc.</name>
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        <name>Nationwide Building Society</name>
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        <name>Deutsche Bank AG</name>
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        <name>Societe Generale SA</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <name>Oracle Corp.</name>
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        <name>PNC Bank NA</name>
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        <name>Enel Finance America LLC</name>
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        <name>Bank of Nova Scotia (The)</name>
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        <name>Intesa Sanpaolo SpA</name>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <name>Wisconsin Electric Power Co.</name>
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        <name>American Express Co.</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>Commonwealth Bank of Australia</name>
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        <name>AvalonBay Communities, Inc.</name>
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        <name>Barclays plc</name>
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        <name>FNMA</name>
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        <name>Oracle Corp.</name>
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      <invstOrSec>
        <name>Lennar Corp.</name>
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      <invstOrSec>
        <name>ANZ New Zealand Int'l Ltd.</name>
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        <name>CNO Global Funding</name>
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        <name>BAT International Finance plc</name>
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        <name>BRAVO Residential Funding Trust</name>
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        <name>National Bank of Canada</name>
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        <name>Ellington Financial Mortgage Trust, Series 2024-INV1, Class A1A</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Volkswagen Group of America Finance LLC</name>
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        <name>Cargill, Inc.</name>
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        <name>UDR, Inc.</name>
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        <name>Lloyds Banking Group plc</name>
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        <name>Owens Corning</name>
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        <name>OBX Trust</name>
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        <name>BRAVO Residential Funding Trust</name>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>Mitsubishi UFJ Financial Group, Inc.</title>
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        <invCountry>JP</invCountry>
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        <name>Galton Funding Mortgage Trust</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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      <invstOrSec>
        <name>Mercedes-Benz Finance North America LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bank of Montreal</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UDR, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Intercontinental Exchange, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RAMP Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays plc</name>
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        <title>Barclays plc</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Phillips 66</name>
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        <title>Phillips 66</title>
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        <name>American Honda Finance Corp.</name>
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        <title>American Honda Finance Corp., Series A</title>
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        <name>Daimler Truck Finance North America LLC</name>
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        <name>Hyundai Auto Receivables Trust</name>
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        <name>Arrow Electronics, Inc.</name>
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        <title>Arrow Electronics, Inc.</title>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BofA Auto Trust</name>
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      <invstOrSec>
        <name>Realty Income Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Targa Resources Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <title>U.S. Treasury Notes</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ING Groep NV</name>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <issuerCat>USGSE</issuerCat>
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        <name>American Honda Finance Corp.</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>STAR Trust</name>
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          <isin value="US85573GAA04"/>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <invCountry>JP</invCountry>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <title>Eli Lilly &amp; Co.</title>
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        <name>Towd Point Mortgage Trust</name>
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        <name>BRAVO Residential Funding Trust</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-11</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>ABN AMRO Bank NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <name>Capital One Multi-Asset Execution Trust</name>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <name>Ameriquest Mortgage Securities, Inc.</name>
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        <name>Barclays plc</name>
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        <name>Athene Global Funding</name>
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        <title>Athene Global Funding</title>
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        <name>Mutual of Omaha Cos. Global Funding</name>
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        <title>Mutual of Omaha Cos. Global Funding</title>
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        <name>National Bank of Canada</name>
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        <name>Principal Life Global Funding II</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>ONEOK, Inc.</name>
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        <name>Public Storage Operating Co.</name>
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        <name>Royal Bank of Canada</name>
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        <name>Metropolitan Life Global Funding I</name>
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        <name>American Tower Corp.</name>
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        <name>Goldman Sachs Bank USA</name>
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        <name>GA Global Funding Trust</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Daimler Truck Finance North America LLC</name>
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        <name>GNMA</name>
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        <name>Hyundai Capital America</name>
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        <name>American Honda Finance Corp.</name>
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        <name>Phillips 66 Co.</name>
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        <name>ING Groep NV</name>
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        <name>National Bank of Canada</name>
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        <name>Ovintiv, Inc.</name>
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        <name>Lloyds Banking Group plc</name>
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        <name>FHLMC</name>
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        <name>Credit Agricole SA</name>
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        <name>ONEOK, Inc.</name>
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        <name>American Tower Corp.</name>
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        <name>Ameren Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ABN AMRO Bank NV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intesa Sanpaolo SpA</name>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ERAC USA Finance LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ameriquest Mortgage Securities, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US03072SRX52"/>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>Toyota Motor Credit Corp.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-07</maturityDt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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          <isin value="US225401AC20"/>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-09</maturityDt>
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      <invstOrSec>
        <name>Santander UK Group Holdings plc</name>
        <lei>549300F5XIFGNNW4CF72</lei>
        <title>Santander UK Group Holdings plc</title>
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        <balance>42000000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jackson National Life Short Term Funding LLC</name>
        <lei>N/A</lei>
        <title>Jackson National Life Short Term Funding LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-13</maturityDt>
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      <invstOrSec>
        <name>Amphenol Corp.</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>Amphenol Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSMC Trust</name>
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          <isin value="US12655VAA26"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander SA</name>
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        <title>Banco Santander SA</title>
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        <invCountry>ES</invCountry>
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        <name>NatWest Group plc</name>
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        <invCountry>GB</invCountry>
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        <name>Boston Properties LP</name>
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        <title>Boston Properties LP</title>
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        <invCountry>US</invCountry>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-22</maturityDt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>225401AV0</cusip>
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        <balance>9217000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-11</maturityDt>
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          <annualizedRt>6.44200000</annualizedRt>
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        <name>Toyota Auto Loan Extended Note Trust</name>
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        <name>Morgan Stanley</name>
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        <name>BPCE SA</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <name>Capital One Prime Auto Receivables Trust</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Met Tower Global Funding</name>
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        <name>Huntington Bancshares, Inc.</name>
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        <name>Sabine Pass Liquefaction LLC</name>
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        <name>Bunge Ltd. Finance Corp.</name>
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        <name>Royal Bank of Canada</name>
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        <name>American Express Co.</name>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>Hyundai Auto Receivables Trust</name>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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        <name>Long Beach Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Putnam Short Term Investment Fund</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GE HealthCare Technologies, Inc.</name>
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        <title>GE HealthCare Technologies, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kroger Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-12</maturityDt>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <title>UBS Group AG</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-22</maturityDt>
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      <invstOrSec>
        <name>RASC Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <name>Lloyds Banking Group plc</name>
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        <title>Lloyds Banking Group plc</title>
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        <name>Novartis Capital Corp.</name>
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        <title>Novartis Capital Corp.</title>
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        <name>Mid-America Apartments LP</name>
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        <name>Penske Truck Leasing Co. LP</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <title>General Motors Financial Co., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Life Global Funding</name>
        <lei>635400DPNHEAUHB7ZI15</lei>
        <title>New York Life Global Funding</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Owens Corning</name>
        <lei>JO5M6676RDJIZ2U8X907</lei>
        <title>Owens Corning</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>National Bank of Canada</name>
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        <name>Morgan Stanley</name>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <name>AEGON Funding Co. LLC</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <title>Cooperatieve Rabobank UA</title>
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        <invCountry>NL</invCountry>
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        <name>Bunge Ltd. Finance Corp.</name>
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        <name>Metropolitan Life Global Funding I</name>
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        <name>Caterpillar Financial Services Corp.</name>
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        <name>Georgia-Pacific LLC</name>
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        <name>Plains All American Pipeline LP</name>
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        <name>Northwestern Mutual Global Funding</name>
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        <name>Honda Auto Receivables Owner Trust</name>
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        <name>Eversource Energy</name>
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        <name>Mizuho Markets Cayman LP</name>
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        <invCountry>KY</invCountry>

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        <name>Capital One Prime Auto Receivables Trust</name>
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        <name>Chevron USA, Inc.</name>
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        <name>American Express Co.</name>
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        <name>Bank of America Corp.</name>
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        <name>BPCE SA</name>
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        <name>Marriott International, Inc.</name>
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        <name>CaixaBank SA</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Protective Life Global Funding</name>
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        <name>Nissan Auto Receivables Owner Trust</name>
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        <name>Air Lease Corp.</name>
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        <name>Target Corp.</name>
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        <title>Target Corp.</title>
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        <name>Morgan Stanley Bank NA</name>
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        <title>Morgan Stanley Bank NA</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Daimler Truck Finance North America LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
        <lei>N/A</lei>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp.</title>
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          <isin value="US06051GFL86"/>
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        <balance>8735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8756305.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc.</title>
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          <isin value="US571903BV42"/>
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        <balance>24299000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24387796.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
        <lei>N/A</lei>
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        <cusip>89240KAB4</cusip>
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          <isin value="US89240KAB44"/>
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        <balance>25153000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25170265.02000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37046UGH8</cusip>
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          <isin value="US37046UGH86"/>
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        <balance>9020000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8852216.27000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-17</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc.</title>
        <cusip>05348BBA2</cusip>
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          <isin value="US05348BBA26"/>
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        <balance>29130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29096115.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VCJ0</cusip>
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          <isin value="US29379VCJ08"/>
          <other otherDesc="Inhouse Asset ID" value="1496512"/>
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        <balance>10893000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10989393.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Volkswagen Auto Loan Enhanced Trust</name>
        <lei>N/A</lei>
        <title>Volkswagen Auto Loan Enhanced Trust, Series 2025-2, Class A2B</title>
        <cusip>92869QAC3</cusip>
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          <isin value="US92869QAC33"/>
          <other otherDesc="Inhouse Asset ID" value="1545911"/>
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        <balance>24148000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24176876.18000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.07300040</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65558RAF6</cusip>
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          <isin value="US65558RAF64"/>
          <other otherDesc="Inhouse Asset ID" value="1339566"/>
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        <balance>14242000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14298085.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.40610840</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABN AMRO Bank NV</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank NV</title>
        <cusip>00084DBB5</cusip>
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          <isin value="US00084DBB55"/>
          <other otherDesc="Inhouse Asset ID" value="1363614"/>
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        <balance>9300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9377380.00000000</valUSD>
        <pctVal>0.074562607990</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.44644000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206RDQ2</cusip>
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          <isin value="US00206RDQ20"/>
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        <balance>37606000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37722109.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>13607LWT6</cusip>
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          <isin value="US13607LWT69"/>
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        <balance>31583000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32022826.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.92600000</annualizedRt>
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      <invstOrSec>
        <name>Northwestern Mutual Global Funding</name>
        <lei>635400LZXFVELZDVP257</lei>
        <title>Northwestern Mutual Global Funding</title>
        <cusip>66815L2R9</cusip>
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          <isin value="US66815L2R98"/>
          <other otherDesc="Inhouse Asset ID" value="1340227"/>
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        <balance>14344000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14536958.21000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-25</maturityDt>
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          <annualizedRt>5.07000000</annualizedRt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <balance>40000000.00000000</balance>
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        <valUSD>39786211.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661ET0</cusip>
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          <isin value="US548661ET01"/>
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        <balance>24226000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24294811.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>MassMutual Global Funding II</name>
        <lei>549300K1IE3K7YU6VG29</lei>
        <title>MassMutual Global Funding II</title>
        <cusip>57629TBS5</cusip>
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          <isin value="US57629TBS50"/>
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        <balance>33620000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Bank</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BPCE SA</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-19</maturityDt>
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      <invstOrSec>
        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-11</maturityDt>
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          <annualizedRt>4.63100000</annualizedRt>
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      <invstOrSec>
        <name>Volkswagen Auto Loan Enhanced Trust</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Metropolitan Life Global Funding I</name>
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        <title>Metropolitan Life Global Funding I</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cooperatieve Rabobank UA</name>
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        <title>Cooperatieve Rabobank UA</title>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-21</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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        <name>Bank of Nova Scotia (The)</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
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        <invCountry>FR</invCountry>
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        <name>Nissan Auto Receivables Owner Trust</name>
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        <name>CaixaBank SA</name>
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        <title>CaixaBank SA</title>
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        <invCountry>ES</invCountry>
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        <name>ABN AMRO Bank NV</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank NV</title>
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        <invCountry>NL</invCountry>
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        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-05</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ING Groep NV</name>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Targa Resources Corp.</name>
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          <isin value="US87613LB654"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
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          <isin value="US13607PHU12"/>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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          <isin value="US05252ADS78"/>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Honda Auto Receivables Owner Trust</name>
        <lei>N/A</lei>
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          <isin value="US43814XAB91"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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          <isin value="US09659W3B86"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-09</maturityDt>
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      <invstOrSec>
        <name>Amphenol Corp.</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>Amphenol Corp.</title>
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          <isin value="US032095AV36"/>
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        <balance>6110000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
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      <invstOrSec>
        <name>Pacific Life Global Funding II</name>
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        <title>Pacific Life Global Funding II</title>
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          <isin value="US6944PL3A58"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-05</maturityDt>
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      <invstOrSec>
        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>Caterpillar Financial Services Corp.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Conagra Brands, Inc.</name>
        <lei>54930035UDEIH090K650</lei>
        <title>Conagra Brands, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Fifth Third Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Synopsys, Inc.</name>
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        <title>Synopsys, Inc.</title>
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        <name>Bayer Corp.</name>
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        <title>Bayer Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS AG</name>
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        <title>UBS AG</title>
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        <invCountry>CH</invCountry>
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        <name>Honda Auto Receivables Owner Trust</name>
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        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Siemens Funding BV</name>
        <lei>213800CCRGH2TO338X64</lei>
        <title>Siemens Funding BV</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Capital One Prime Auto Receivables Trust</name>
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        <name>Bank of America NA</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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        <name>Truist Bank</name>
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        <name>Amphenol Corp.</name>
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        <name>BNP Paribas SA</name>
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        <name>Volkswagen Group of America Finance LLC</name>
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        <name>Westpac Banking Corp.</name>
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        <name>National Australia Bank Ltd.</name>
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        <name>Duke Energy Corp.</name>
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        <title>Duke Energy Corp.</title>
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        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
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        <name>Ford Credit Auto Owner Trust</name>
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        <name>Realty Income Corp.</name>
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        <name>Hyundai Auto Receivables Trust</name>
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        <name>Boeing Co. (The)</name>
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        <name>UBS Group AG</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <name>Deutsche Bank AG</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <name>FHLMC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Boeing Co. (The)</name>
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        <title>Boeing Co. (The)</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Arroyo Mortgage Trust</name>
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          <isin value="US04285AAA34"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-22</maturityDt>
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        <name>Corebridge Global Funding</name>
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        <cusip>00138CAW8</cusip>
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          <isin value="US00138CAW82"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-25</maturityDt>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Mid-America Apartments LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Athene Global Funding</name>
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        <title>Athene Global Funding</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Boston Properties LP</name>
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        <title>Boston Properties LP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <title>Sumitomo Mitsui Financial Group, Inc.</title>
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        <invCountry>JP</invCountry>
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        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <invCountry>SE</invCountry>
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        <name>Sumitomo Mitsui Banking Corp.</name>
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        <title>Sumitomo Mitsui Banking Corp.</title>
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        <invCountry>JP</invCountry>
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        <name>UBS Group AG</name>
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        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <name>Svenska Handelsbanken AB</name>
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        <name>DTE Energy Co.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Danske Bank A/S</name>
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        <name>ING Groep NV</name>
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        <name>National Australia Bank Ltd.</name>
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        <name>American Express Co.</name>
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        <name>BAT Capital Corp.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Capital One Prime Auto Receivables Trust</name>
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        <name>Lloyds Banking Group plc</name>
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        <name>State Street Corp.</name>
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        <name>AES Corp. (The)</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
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        <name>Netflix, Inc.</name>
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        <name>AT&amp;T, Inc.</name>
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        <name>AvalonBay Communities, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Life Global Funding</name>
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        <name>Rio Tinto Finance USA plc</name>
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        <name>US Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mars, Inc.</name>
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        <name>Nationwide Building Society</name>
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        <name>Truist Financial Corp.</name>
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        <invCountry>KY</invCountry>

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        <name>Glencore Funding LLC</name>
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        <name>FNMA</name>
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        <name>AutoNation, Inc.</name>
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        <name>Toronto-Dominion Bank (The)</name>
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        <invCountry>CA</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc., Series R</title>
        <cusip>571903AS2</cusip>
        <identifiers>
          <isin value="US571903AS22"/>
          <other otherDesc="Inhouse Asset ID" value="636498"/>
        </identifiers>
        <balance>15266000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15222598.46000000</valUSD>
        <pctVal>0.121039847117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</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>Swedbank AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>Swedbank AB</title>
        <cusip>87020PAX5</cusip>
        <identifiers>
          <isin value="US87020PAX50"/>
          <other otherDesc="Inhouse Asset ID" value="1291540"/>
        </identifiers>
        <balance>26255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26601954.57000000</valUSD>
        <pctVal>0.211520820354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13600000</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>National Australia Bank Ltd.</name>
        <lei>549300E2IPL06NDXMZ63</lei>
        <title>National Australia Bank Ltd.</title>
        <cusip>632525CQ2</cusip>
        <identifiers>
          <isin value="US632525CQ20"/>
          <other otherDesc="Inhouse Asset ID" value="1560347"/>
        </identifiers>
        <balance>26045000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26060510.06000000</valUSD>
        <pctVal>0.207215618395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</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>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
        <cusip>639057AM0</cusip>
        <identifiers>
          <isin value="US639057AM01"/>
          <other otherDesc="Inhouse Asset ID" value="1360582"/>
        </identifiers>
        <balance>44560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44707439.24000000</valUSD>
        <pctVal>0.355483436343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.90338720</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>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd.</title>
        <cusip>05252ADM0</cusip>
        <identifiers>
          <isin value="US05252ADM09"/>
          <other otherDesc="Inhouse Asset ID" value="1397830"/>
        </identifiers>
        <balance>29090000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29209956.40000000</valUSD>
        <pctVal>0.232257893832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.32202680</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
