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          <maturityDt>2039-12-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>World Financial Network Credit Card Master Trust</name>
        <lei>N/A</lei>
        <title>World Financial Network Credit Card Master Trust, Series 2017-C, Class A</title>
        <cusip>981464GH7</cusip>
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          <isin value="US981464GH70"/>
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        <balance>2325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2335100.27000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.31000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Starwood Retail Property Trust</name>
        <lei>5493007115G809OI4R97</lei>
        <title>Starwood Retail Property Trust, Series 2014-STAR, Class A</title>
        <cusip>85571XAA5</cusip>
        <identifiers>
          <isin value="US85571XAA54"/>
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        <balance>4557485.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2828163.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.65475100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4350, Class KF</title>
        <cusip>3137BBHT0</cusip>
        <identifiers>
          <isin value="US3137BBHT04"/>
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        <balance>637660.91000000</balance>
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        <curCd>USD</curCd>
        <valUSD>632763.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.72013000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
        <cusip>91913YAX8</cusip>
        <identifiers>
          <isin value="US91913YAX85"/>
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        <balance>1570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1626906.22000000</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>2023-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796TD1</cusip>
        <identifiers>
          <isin value="US912796TD16"/>
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        <balance>48585000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48576915.46000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-13</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class AS</title>
        <cusip>17318UAF1</cusip>
        <identifiers>
          <isin value="US17318UAF12"/>
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        <balance>1910000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1940600.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.68300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BFLD</name>
        <lei>N/A</lei>
        <title>BFLD, Series 2019-DPLO, Class D</title>
        <cusip>054970AL2</cusip>
        <identifiers>
          <isin value="US054970AL24"/>
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        <balance>1107000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>987830.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.02475200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>N/A</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M2</title>
        <cusip>3137G0GT0</cusip>
        <identifiers>
          <isin value="US3137G0GT00"/>
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        <balance>68100.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68199.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.03450100</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>Mitsubishi UFJ Financial Group, Inc.</title>
        <cusip>606822BG8</cusip>
        <identifiers>
          <isin value="US606822BG84"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2604323.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.21800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>254900SCWI9IDKK5LV64</lei>
        <title>Bellemeade Re Ltd., Series 2019-3A, Class M1B</title>
        <cusip>07877GAB5</cusip>
        <identifiers>
          <isin value="BM07877GAB52"/>
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        <balance>1577484.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1528335.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.78449800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Radnor RE Ltd.</name>
        <lei>N/A</lei>
        <title>Radnor RE Ltd., Series 2020-1, Class M1A</title>
        <cusip>750493AA6</cusip>
        <identifiers>
          <isin value="US750493AA69"/>
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        <balance>889957.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>879628.96000000</valUSD>
        <pctVal>0.058039574882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.13450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS Mortgage Securities Corp. Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp. Trust, Series 2019-BOCA, Class A</title>
        <cusip>36256QAA5</cusip>
        <identifiers>
          <isin value="US36256QAA58"/>
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        <balance>3195119.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3043450.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.38475100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds, Series 2010-S1</title>
        <cusip>072024NT5</cusip>
        <identifiers>
          <isin value="US072024NT52"/>
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        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7659.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.79300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAMLL Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class AF</title>
        <cusip>054966AA4</cusip>
        <identifiers>
          <isin value="US054966AA49"/>
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        <balance>3005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2824877.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.18474900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>N/A</lei>
        <title>UMBS</title>
        <cusip>31346YA29</cusip>
        <identifiers>
          <isin value="US31346YA299"/>
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        <balance>1951129.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2107009.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>N/A</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA2, Class M3</title>
        <cusip>3137G0JU4</cusip>
        <identifiers>
          <isin value="US3137G0JU46"/>
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        <balance>354363.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>368861.80000000</valUSD>
        <pctVal>0.024338196030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.83450100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05964HAC9</cusip>
        <identifiers>
          <isin value="US05964HAC97"/>
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        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1660598.40000000</valUSD>
        <pctVal>0.109569408886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>San Diego County Water Authority</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <balance>30000000.00000000</balance>
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      <invstOrSec>
        <name>Iraq Government AID Bond</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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        <name>Marlette Funding Trust</name>
        <lei>549300JRCMNFIBT50883</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US31396X2G81"/>
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        <issuerCat>USGSE</issuerCat>
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          <maturityDt>2037-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828WC0</cusip>
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          <isin value="US912828WC06"/>
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        <balance>26354000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137BHVG9</cusip>
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          <isin value="US3137BHVG96"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2014-GC22, Class A5</title>
        <cusip>36253BAU7</cusip>
        <identifiers>
          <isin value="US36253BAU70"/>
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        <balance>2579377.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ukraine Government AID Bonds</name>
        <lei>N/A</lei>
        <title>Ukraine Government AID Bonds</title>
        <cusip>903724BL5</cusip>
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          <isin value="US903724BL53"/>
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        <balance>14700000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>UA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hertz Vehicle Financing II LP</name>
        <lei>549300FPK70TCB78NG05</lei>
        <title>Hertz Vehicle Financing II LP, Series 2017-1A, Class A</title>
        <cusip>428040CU1</cusip>
        <identifiers>
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        <balance>1333400.53000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-10-25</maturityDt>
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      <invstOrSec>
        <name>Massachusetts Clean Water Trust (The)</name>
        <lei>549300SYPEROLSQU0261</lei>
        <title>Massachusetts Water Pollution Abatement Trust, Revenue Bonds, Series 2010-15B</title>
        <cusip>57604P5P5</cusip>
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          <isin value="US57604P5P55"/>
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        <balance>45000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141EC23</cusip>
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          <isin value="US38141EC238"/>
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        <balance>2200000.00000000</balance>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2006-42, Class CF</title>
        <cusip>31395DVV8</cusip>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds, Series 2010-S1</title>
        <cusip>072024NV0</cusip>
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          <isin value="US072024NV09"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program LLC</name>
        <lei>549300O6TO32N91PEI50</lei>
        <title>SoFi Consumer Loan Program LLC, Series 2017-5, Class A2</title>
        <cusip>83405LAB6</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.78000000</annualizedRt>
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      <invstOrSec>
        <name>Elevation CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Elevation CLO Ltd., Series 2020-11A, Class C</title>
        <cusip>28621YAE5</cusip>
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          <isin value="US28621YAE59"/>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.52294900</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ING Bank NV</name>
        <lei>3TK20IVIUJ8J3ZU0QE75</lei>
        <title>ING Bank NV</title>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-01</maturityDt>
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      <invstOrSec>
        <name>US Bank NA</name>
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          <isin value="US90331HPC15"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>N/A</lei>
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          <isin value="US31339UZQ65"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>N/A</lei>
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        <cusip>3137G0NW5</cusip>
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          <isin value="US3137G0NW55"/>
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        <balance>523118.28000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-25</maturityDt>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>N/A</lei>
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        <cusip>3137G0DW6</cusip>
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          <isin value="US3137G0DW65"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mortgage Insurance-Linked Notes</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-26</maturityDt>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
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        <title>International Business Machines Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Note</title>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
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        <cusip>167593AM4</cusip>
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          <isin value="US167593AM46"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>FNMA</name>
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        <cusip>31397URA9</cusip>
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      <invstOrSec>
        <name>Natixis Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A</title>
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          <isin value="US63875FAA49"/>
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        <name>Exeter Automobile Receivables Trust</name>
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        <name>Dryden 78 CLO Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
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        <name>Connecticut Avenue Securities Trust</name>
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      <invstOrSec>
        <name>UBS-Barclays Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class B</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>UBS-Barclays Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Prime Money Market Fund, IM Shares</name>
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          <other otherDesc="CINS" value="741994511"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Magnetite XXVI Ltd.</name>
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      <invstOrSec>
        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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      <invstOrSec>
        <name>Central Puget Sound Regional Transit Authority</name>
        <lei>N/A</lei>
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        <balance>6000.00000000</balance>
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        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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        <name>Volkswagen Group of America Finance LLC</name>
        <lei>5493002SQ1AVQBY41K40</lei>
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        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FHLMC</name>
        <lei>5493005LAQ76UDHPEE03</lei>
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        <balance>85373.58000000</balance>
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        <name>BAMLL Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <cusip>05525BAL4</cusip>
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        <name>NCUA Guaranteed Notes Trust</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program Trust</name>
        <lei>5493000RZZ85L9YT5K31</lei>
        <title>SoFi Consumer Loan Program Trust, Series 2019-1, Class A</title>
        <cusip>78472CAA6</cusip>
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          <isin value="US78472CAA62"/>
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        <balance>985365.42000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.24000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program LLC</name>
        <lei>5493005OV0CN2WE8D396</lei>
        <title>SoFi Consumer Loan Program LLC, Series 2017-2, Class A</title>
        <cusip>83405PAA9</cusip>
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          <isin value="US83405PAA93"/>
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        <balance>187122.39000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.28000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <name>United States of America</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Ford Credit Floorplan Master Owner Trust A</name>
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        <name>Chicago O'Hare International Airport</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>Metropolitan Government of Nashville &amp; Davidson County Convention Center Authority</name>
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        <name>N/A</name>
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        <name>Los Angeles Community College District</name>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <balance>6000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>WFRBS Commercial Mortgage Trust</name>
        <lei>549300GADFYEKC4OLM57</lei>
        <title>WFRBS Commercial Mortgage Trust, Series 2013-C14, Class C</title>
        <cusip>92890PAJ3</cusip>
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          <isin value="US92890PAJ30"/>
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        <balance>2247689.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1942040.16000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.10640100</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4486, Class JN</title>
        <cusip>3137BJSS3</cusip>
        <identifiers>
          <isin value="US3137BJSS38"/>
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        <balance>4113676.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4182463.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2012-GCJ9, Class AS</title>
        <cusip>36192PAT3</cusip>
        <identifiers>
          <isin value="US36192PAT30"/>
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        <balance>3133190.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3223466.92000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEN5</cusip>
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          <isin value="US3137EAEN50"/>
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        <balance>2717000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2916738.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York State Urban Development Corp.</name>
        <lei>54930039Y2EMGXN6LM88</lei>
        <title>State of New York Urban Development Corp., Personal Income Tax, Revenue Bonds, Series 2009E</title>
        <cusip>650035TD0</cusip>
        <identifiers>
          <isin value="US650035TD05"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10156.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.77000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3130A0EN6</cusip>
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          <isin value="US3130A0EN63"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25949872.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KBQ2</cusip>
        <identifiers>
          <isin value="US65339KBQ22"/>
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        <balance>564000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>609787.49000000</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>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Revenue Bonds, Series 2010B</title>
        <cusip>646136XR7</cusip>
        <identifiers>
          <isin value="US646136XR74"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37414.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.56100000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2014-C04, Class 1M2</title>
        <cusip>30711XAP9</cusip>
        <identifiers>
          <isin value="US30711XAP96"/>
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        <balance>1939031.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1991159.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.08450000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NatWest Markets plc</name>
        <lei>RR3QWICWWIPCS8A4S074</lei>
        <title>NatWest Markets plc</title>
        <cusip>63906AAA8</cusip>
        <identifiers>
          <isin value="US63906AAA88"/>
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        <balance>4775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000692.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kayne CLO 7 Ltd.</name>
        <lei>N/A</lei>
        <title>Kayne CLO 7 Ltd., Series 2020-7A, Class C</title>
        <cusip>48661CAE2</cusip>
        <identifiers>
          <isin value="US48661CAE21"/>
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        <balance>970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>934913.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.40733900</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program Trust</name>
        <lei>N/A</lei>
        <title>SoFi Consumer Loan Program Trust, Series 2019-3, Class A</title>
        <cusip>83405TAA1</cusip>
        <identifiers>
          <isin value="US83405TAA16"/>
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        <balance>1473364.17000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1493326.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>2549002JVH34IWRT3X93</lei>
        <title>Bellemeade Re Ltd., Series 2018-2A, Class M1B</title>
        <cusip>07877DAB2</cusip>
        <identifiers>
          <isin value="US07877DAB29"/>
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        <balance>938019.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>932352.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.53450000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040HCD5</cusip>
        <identifiers>
          <isin value="US14040HCD52"/>
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        <balance>1368000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1428253.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corp.</title>
        <cusip>56585ABG6</cusip>
        <identifiers>
          <isin value="US56585ABG67"/>
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        <balance>2268000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2443240.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority, Revenue Bonds, Series 2010B-1</title>
        <cusip>59259YCA5</cusip>
        <identifiers>
          <isin value="US59259YCA55"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7471.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.54800000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>N/A</lei>
        <title>UMBS</title>
        <cusip>31339U5V8</cusip>
        <identifiers>
          <isin value="US31339U5V85"/>
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        <balance>1939181.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2074108.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>9128282Z2</cusip>
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        <name>Dryden 77 CLO Ltd.</name>
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        <name>Oaktown Re III Ltd.</name>
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        <name>FNMA</name>
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        <name>CGRBS Commercial Mortgage Trust</name>
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        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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        <name>Natixis Commercial Mortgage Securities Trust</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Los Angeles Community College District</name>
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        <name>World Financial Network Credit Card Master Trust</name>
        <lei>N/A</lei>
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        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.81000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Marlette Funding Trust</name>
        <lei>549300ICATMFOKQ20083</lei>
        <title>Marlette Funding Trust, Series 2018-3A, Class A</title>
        <cusip>57109FAA4</cusip>
        <identifiers>
          <isin value="US57109FAA49"/>
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        <balance>68741.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68758.75000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Flagship Credit Auto Trust</name>
        <lei>N/A</lei>
        <title>Flagship Credit Auto Trust, Series 2017-4, Class A</title>
        <cusip>33843RAA0</cusip>
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          <isin value="US33843RAA05"/>
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        <balance>5714.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5716.71000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.07000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796WY1</cusip>
        <identifiers>
          <isin value="US912796WY16"/>
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        <balance>5725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5724349.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05971KAE9</cusip>
        <identifiers>
          <isin value="US05971KAE91"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2896856.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.74600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>05578AAA6</cusip>
        <identifiers>
          <isin value="US05578AAA60"/>
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        <balance>3034000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3179344.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NCUA Guaranteed Notes Trust</name>
        <lei>N/A</lei>
        <title>NCUA Guaranteed Notes Trust, Series 2010-R3, Class 1A</title>
        <cusip>62888WAA4</cusip>
        <identifiers>
          <isin value="US62888WAA45"/>
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        <balance>3613683.59550000</balance>
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        <curCd>USD</curCd>
        <valUSD>3607131.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-12-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.73363000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ashford Hospitality Trust</name>
        <lei>N/A</lei>
        <title>Ashford Hospitality Trust, Series 2018-KEYS, Class A</title>
        <cusip>04410CAA7</cusip>
        <identifiers>
          <isin value="US04410CAA71"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2789543.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.18474900</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>313384ZK8</cusip>
        <identifiers>
          <isin value="US313384ZK83"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14999316.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3130AEWA4</cusip>
        <identifiers>
          <isin value="US3130AEWA43"/>
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        <balance>48010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48304661.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City &amp; County of Denver CO</name>
        <lei>MMTY7HA2MSCBUO4F7J71</lei>
        <title>City &amp; County of Denver, General Obligation Bonds, Series 2010B</title>
        <cusip>249164LJ1</cusip>
        <identifiers>
          <isin value="US249164LJ19"/>
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        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6020.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust, Series 2011-C1, Class D</title>
        <cusip>617458AS3</cusip>
        <identifiers>
          <isin value="US617458AS30"/>
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        <balance>2180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2202590.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.68431000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class C</title>
        <cusip>46638UAM8</cusip>
        <identifiers>
          <isin value="US46638UAM80"/>
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        <balance>3752000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2959502.94000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.77824400</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-65, Class FA</title>
        <cusip>3136A6YN8</cusip>
        <identifiers>
          <isin value="US3136A6YN86"/>
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        <balance>73847.52000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73889.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.63450000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>254900K56RF3Z7VQ3U81</lei>
        <title>Bellemeade Re Ltd., Series 2019-1A, Class M1B</title>
        <cusip>07876RAB2</cusip>
        <identifiers>
          <isin value="US07876RAB24"/>
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        <balance>2374800.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2210805.81000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.93450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>PMT Credit Risk Transfer Trust, Series 2019-1R, Class A</title>
        <cusip>73021CAA3</cusip>
        <identifiers>
          <isin value="US73021CAA36"/>
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        <balance>826266.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>813309.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.18363000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of New York NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York, General Obligation Bonds, Series 2009-A1</title>
        <cusip>64966HMV9</cusip>
        <identifiers>
          <isin value="US64966HMV95"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7497.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20600000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eagle RE Ltd.</name>
        <lei>254900SAV74IHXQ8XY35</lei>
        <title>Eagle RE Ltd., Series 2020-1, Class M1A</title>
        <cusip>26982LAA8</cusip>
        <identifiers>
          <isin value="US26982LAA89"/>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2660129.64000000</valUSD>
        <pctVal>0.175520361947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.08450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hashemite Kingdom of Jordan</name>
        <lei>5493000JZ4MYPVMBVN50</lei>
        <title>Hashemite Kingdom of Jordan</title>
        <cusip>418097AE1</cusip>
        <identifiers>
          <isin value="US418097AE10"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5211174.00000000</valUSD>
        <pctVal>0.343843071742</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>JO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.57800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>United States of America</name>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bills</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-10-30</maturityDt>
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      <invstOrSec>
        <name>WFRBS Commercial Mortgage Trust</name>
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        <name>Leidos, Inc.</name>
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          <maturityDt>2023-05-15</maturityDt>
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          <annualizedRt>2.95000000</annualizedRt>
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      <invstOrSec>
        <name>Chase Mortgage Reference Notes</name>
        <lei>N/A</lei>
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        <name>New York City Water &amp; Sewer System</name>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <name>FHLB</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <name>Flagship Credit Auto Trust</name>
        <lei>N/A</lei>
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        <name>Hertz Vehicle Financing II LP</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828S27</cusip>
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        <name>Manufacturers &amp; Traders Trust Co.</name>
        <lei>WWB2V0FCW3A0EE3ZJN75</lei>
        <title>Manufacturers &amp; Traders Trust Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New York City Water &amp; Sewer System</name>
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        <name>DBWF Mortgage Trust</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>Anglo American Capital plc</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Great Wolf Trust</name>
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      <invstOrSec>
        <name>Hertz Vehicle Financing II LP</name>
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          <maturityDt>2023-03-25</maturityDt>
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      <invstOrSec>
        <name>State of Washington</name>
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          <isin value="US93974CPM63"/>
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        <name>FNMA</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-05</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-09-30</maturityDt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEP0</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust, Series 2015-XLF2, Class SNMA</title>
        <cusip>61765VAA6</cusip>
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          <maturityDt>2026-11-15</maturityDt>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
        <cusip>961214DU4</cusip>
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          <isin value="US961214DU48"/>
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        <balance>5197000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>San Francisco Bay Area Toll Authority, Toll Bridge, Revenue Bonds, Series 2009-F2</title>
        <cusip>072024ND0</cusip>
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          <isin value="US072024ND01"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.26300000</annualizedRt>
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        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds, Series 2010-S1</title>
        <cusip>072024NU2</cusip>
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          <isin value="US072024NU26"/>
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        <balance>6000.00000000</balance>
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        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>PMT Credit Risk Transfer Trust, Series 2019-3R, Class A</title>
        <cusip>69349MAA4</cusip>
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          <isin value="US69349MAA45"/>
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        <balance>477682.69000000</balance>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>State of New York Dormitory Authority, Personal Income Tax, Revenue Bonds, Series 2010D</title>
        <cusip>649902T29</cusip>
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          <isin value="US649902T290"/>
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        <balance>6000.00000000</balance>
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        <valUSD>7449.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2011-GC5, Class AS</title>
        <cusip>36191YAE8</cusip>
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          <isin value="US36191YAE86"/>
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        <balance>4500000.00000000</balance>
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        <valUSD>4614816.15000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
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          <annualizedRt>5.20899800</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Radnor RE Ltd.</name>
        <lei>254900JBDDKUTX6TX151</lei>
        <title>Radnor RE Ltd., Series 2019-1, Class M1B</title>
        <cusip>75049SAB9</cusip>
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        <name>FHLMC</name>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>CLNY Trust</name>
        <lei>N/A</lei>
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          <isin value="US12564NAL64"/>
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        <curCd>USD</curCd>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FHLB</name>
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        <title>FHLB</title>
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        <balance>14835000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-17</maturityDt>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
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          <isin value="US61760RAJ14"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Dryden 78 CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Dryden 78 CLO Ltd., Series 2020-78A, Class D</title>
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        <identifiers>
          <isin value="US26253LAG77"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>753738.35000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.26700100</annualizedRt>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2012-GCJ7, Class AS</title>
        <cusip>36192KAV9</cusip>
        <identifiers>
          <isin value="US36192KAV98"/>
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        <balance>3230000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.08500000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206RCT7</cusip>
        <identifiers>
          <isin value="US00206RCT77"/>
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        <balance>2943000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Unified School District</name>
        <lei>N/A</lei>
        <title>County of Los Angeles Unified School District, General Obligation Bonds, Series 2009-KRY</title>
        <cusip>544646XY3</cusip>
        <identifiers>
          <isin value="US544646XY34"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3349, Class FE</title>
        <cusip>31397JV68</cusip>
        <identifiers>
          <isin value="US31397JV687"/>
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        <balance>1582088.36000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1588946.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.67475200</annualizedRt>
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      <invstOrSec>
        <name>Ohio State University (The)</name>
        <lei>JFC10ZULKO4X2E3HBY86</lei>
        <title>Ohio State University, Revenue Bonds, Series 2010C</title>
        <cusip>677632MV0</cusip>
        <identifiers>
          <isin value="US677632MV00"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8550.00000000</valUSD>
        <pctVal>0.000564145097</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
        <lei>549300KSCKXTOBY0IP86</lei>
        <title>Voya CLO Ltd., Series 2019-1A, Class DR</title>
        <cusip>92917NAS7</cusip>
        <identifiers>
          <isin value="US92917NAS71"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>706584.80000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.06887800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2019-R07, Class 1M1</title>
        <cusip>20753WAA4</cusip>
        <identifiers>
          <isin value="US20753WAA45"/>
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        <balance>499795.65000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499647.51000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.95450000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of Georgia</name>
        <lei>N/A</lei>
        <title>State of Georgia, General Obligation Bonds, Series 2009H</title>
        <cusip>373384NZ5</cusip>
        <identifiers>
          <isin value="US373384NZ50"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6609.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Stacr Remic Trust</name>
        <lei>N/A</lei>
        <title>FHLMC Stacr Remic Trust, Series 2020-HQA2, Class M1</title>
        <cusip>35565LAA4</cusip>
        <identifiers>
          <isin value="US35565LAA44"/>
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        <balance>2006214.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1997915.95000000</valUSD>
        <pctVal>0.131826255913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.28450200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd.</title>
        <cusip>052528AH9</cusip>
        <identifiers>
          <isin value="US052528AH96"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2169480.00000000</valUSD>
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        <name>FFCB</name>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JP Morgan Chase Commercial Mortgage Securities Trust</name>
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        <name>GS Mortgage Securities Corp. Trust</name>
        <lei>N/A</lei>
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        <name>WP Carey, Inc.</name>
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        <name>FHLMC</name>
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        <name>Sinopec Group Overseas Development 2018 Ltd.</name>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
        <cusip>31346YAV5</cusip>
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        <balance>2609929.34000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4483, Class A</title>
        <cusip>3137BJZ22</cusip>
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          <isin value="US3137BJZ222"/>
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        <balance>1802740.71000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2011-86, Class NF</title>
        <cusip>3136A0J65</cusip>
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          <annualizedRt>0.73450100</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2015-C01, Class 1M2</title>
        <cusip>30711XAT1</cusip>
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        <issuerCat>CORP</issuerCat>
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        <name>FFCB</name>
        <lei>N/A</lei>
        <title>FFCB</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>3135G0U35</cusip>
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        <balance>54575000.00000000</balance>
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        <name>Salt River Project Agricultural Improvement &amp; Power District</name>
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        <title>Arizona Salt River Project, Agricultural Improvement &amp; Power District, Revenue Bonds, Series 2010A</title>
        <cusip>79575DE63</cusip>
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        <issuerCat>MUN</issuerCat>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>3135G0U27</cusip>
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        <balance>54814000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2021-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Infor, Inc.</name>
        <lei>549300Q3IIYBYI4RHD64</lei>
        <title>Infor, Inc.</title>
        <cusip>45674CAB9</cusip>
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        <balance>933000.00000000</balance>
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      <invstOrSec>
        <name>FHLMC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Consumer Loan Underlying Bond Credit Trust</name>
        <lei>N/A</lei>
        <title>Consumer Loan Underlying Bond Credit Trust, Series 2018-P1, Class A</title>
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          <isin value="US21051TAA88"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-15</maturityDt>
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      <invstOrSec>
        <name>Ralph Lauren Corp.</name>
        <lei>HO1QNWM0IXBZ0QSMMO20</lei>
        <title>Ralph Lauren Corp.</title>
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          <isin value="US731572AA14"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <cusip>36191YAL2</cusip>
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          <isin value="US36191YAL20"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-10</maturityDt>
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      <invstOrSec>
        <name>World Financial Network Credit Card Master Trust</name>
        <lei>N/A</lei>
        <title>World Financial Network Credit Card Master Trust, Series 2018-A, Class A</title>
        <cusip>981464GL8</cusip>
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          <isin value="US981464GL82"/>
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        <balance>4400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4461486.04000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.07000000</annualizedRt>
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      <invstOrSec>
        <name>BHMS Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BHMS Mortgage Trust, Series 2018-ATLS, Class A</title>
        <cusip>05549GAA9</cusip>
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          <isin value="US05549GAA94"/>
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        <balance>2305875.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>1.43475100</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4459, Class CA</title>
        <cusip>3137BHTF4</cusip>
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          <isin value="US3137BHTF42"/>
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        <balance>1107464.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1217931.93000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967MQ1</cusip>
        <identifiers>
          <isin value="US172967MQ12"/>
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        <balance>2107000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2266860.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.10600100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2014-C04, Class 2M2</title>
        <cusip>30711XAR5</cusip>
        <identifiers>
          <isin value="US30711XAR52"/>
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        <balance>1346304.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1383037.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.18450000</annualizedRt>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>78015K7G3</cusip>
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          <isin value="US78015K7G34"/>
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        <balance>3459000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3542018.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.60000000</annualizedRt>
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      <invstOrSec>
        <name>Americredit Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Americredit Automobile Receivables Trust, Series 2019-1, Class A2A</title>
        <cusip>03066GAB5</cusip>
        <identifiers>
          <isin value="US03066GAB59"/>
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        <balance>1244930.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1247772.51000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.93000000</annualizedRt>
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      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3133XGAY0</cusip>
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          <isin value="US3133XGAY07"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828ZA1</cusip>
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          <isin value="US912828ZA13"/>
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        <balance>42010400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42681432.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class B</title>
        <cusip>17320DAQ1</cusip>
        <identifiers>
          <isin value="US17320DAQ16"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2057190.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.73200100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>World Financial Network Credit Card Master Trust</name>
        <lei>N/A</lei>
        <title>World Financial Network Credit Card Master Trust, Series 2019-B, Class M</title>
        <cusip>981464HD5</cusip>
        <identifiers>
          <isin value="US981464HD57"/>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2672911.71000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.04000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
        <title>State of California, Various Purposes, General Obligation Bonds, Series 2009</title>
        <cusip>13063BBU5</cusip>
        <identifiers>
          <isin value="US13063BBU52"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10093.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AmeriCredit Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>AmeriCredit Automobile Receivables Trust, Series 2020-1, Class A2A</title>
        <cusip>03067DAB1</cusip>
        <identifiers>
          <isin value="US03067DAB10"/>
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        <balance>5525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5541739.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>John Deere Capital Corp.</title>
        <cusip>24422EUQ0</cusip>
        <identifiers>
          <isin value="US24422EUQ06"/>
        </identifiers>
        <balance>1989000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2069831.17000000</valUSD>
        <pctVal>0.136571357525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</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>PNC Bank NA</name>
        <lei>AD6GFRVSDT01YPT1CS68</lei>
        <title>PNC Bank NA</title>
        <cusip>69353RFK9</cusip>
        <identifiers>
          <isin value="US69353RFK95"/>
        </identifiers>
        <balance>5200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5206589.44000000</valUSD>
        <pctVal>0.343540573842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.34763100</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>KeyBank NA</name>
        <lei>HUX2X73FUCYHUVH1BK78</lei>
        <title>KeyBank NA</title>
        <cusip>49327M2Q6</cusip>
        <identifiers>
          <isin value="US49327M2Q61"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4106228.80000000</valUSD>
        <pctVal>0.270936707135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>EQ Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Brian Walsh</ncom:signature>
      <ncom:signerName>Brian Walsh</ncom:signerName>
      <ncom:title>Chief Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
