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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Hertz Vehicle Financing II LP</name>
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        <valUSD>997708.93000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-09-25</maturityDt>
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          <annualizedRt>2.67000000</annualizedRt>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
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        <title>Valero Energy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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      <invstOrSec>
        <name>State of Washington</name>
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          <isin value="US93974CPM63"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
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          <isin value="US3137BBHT04"/>
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        <valUSD>525674.18000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <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 2018-3, Class A2</title>
        <cusip>83405XAB0</cusip>
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          <isin value="US83405XAB01"/>
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        <curCd>USD</curCd>
        <valUSD>675459.61000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.67000000</annualizedRt>
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      <invstOrSec>
        <name>Tobacco Settlement Finance Authority</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Finance Authority</title>
        <cusip>88880LAV5</cusip>
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          <isin value="US88880LAV53"/>
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        <balance>2095000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2109497.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Home RE Ltd.</name>
        <lei>N/A</lei>
        <title>Home RE Ltd., Series 2020-1, Class M1B</title>
        <cusip>43731WAB1</cusip>
        <identifiers>
          <isin value="US43731WAB19"/>
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        <balance>2125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2158953.89000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</maturityDt>
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          <annualizedRt>3.39513100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Puget Sound Regional Transit Authority</name>
        <lei>N/A</lei>
        <title>Central Puget Sound Regional Transit Authority, Revenue Bonds, Series 2009P-2T</title>
        <cusip>15504RET2</cusip>
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          <isin value="US15504RET23"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8810.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-01</maturityDt>
          <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>
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          <isin value="US428040CU15"/>
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        <balance>497171.86000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498096.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4029, Class LD</title>
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          <isin value="US3137APFR60"/>
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        <curCd>USD</curCd>
        <valUSD>2671377.42000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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        <name>CITIGROUP GLOBAL MARKETS LTD</name>
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        <title>Other Repurchase Agreement</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
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          <isin value="US46644ABK79"/>
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        <balance>1453948.00000000</balance>
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        <curCd>USD</curCd>
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        <name>City of New York</name>
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        <title>City of New York</title>
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        <balance>4755000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4779202.95000000</valUSD>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-15</maturityDt>
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          <annualizedRt>0.12500000</annualizedRt>
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        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
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        <balance>3034000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3170709.92000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-11</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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        <name>Traingle Re Ltd.</name>
        <lei>N/A</lei>
        <title>Traingle Re Ltd., Series 2020-1, Class M1A</title>
        <cusip>89600MAA6</cusip>
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          <isin value="US89600MAA62"/>
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        <balance>1570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1575788.75000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>3.15013000</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEV7</cusip>
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        <name>Anglo American Capital plc</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Flagship Credit Auto Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CommonSpirit Health</name>
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          <isin value="US20268JAE38"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
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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>
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          <isin value="US83405TAA16"/>
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        <balance>863477.59000000</balance>
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        <curCd>USD</curCd>
        <valUSD>872209.94000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
        <lei>549300KSCKXTOBY0IP86</lei>
        <title>Voya CLO Ltd., Series 2019-1A, Class DR</title>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
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        <cusip>072024NV0</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Ohio State University (The)</name>
        <lei>JFC10ZULKO4X2E3HBY86</lei>
        <title>Ohio State University, Revenue Bonds, Series 2010C</title>
        <cusip>677632MV0</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.91000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206RCT7</cusip>
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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>
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        <name>World Financial Network Credit Card Master Trust</name>
        <lei>N/A</lei>
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          <maturityDt>2026-04-15</maturityDt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2014-C04, Class 2M2</title>
        <cusip>30711XAR5</cusip>
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        <balance>933381.51000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-25</maturityDt>
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      <invstOrSec>
        <name>BAMLL Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>BAMLL Commercial Mortgage Securities Trust, Series 2013-WBRK, Class D</title>
        <cusip>05525BAL4</cusip>
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          <isin value="US05525BAL45"/>
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        <balance>1250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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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>
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          <isin value="US17320DAQ16"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-04-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2019-3A, Class B</title>
        <cusip>30167EAB1</cusip>
        <identifiers>
          <isin value="US30167EAB11"/>
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        <balance>3106263.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.58000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Infor, Inc.</name>
        <lei>549300Q3IIYBYI4RHD64</lei>
        <title>Infor, Inc.</title>
        <cusip>45674CAB9</cusip>
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        <name>PMT Credit Risk Transfer Trust</name>
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        <name>SoFi Consumer Loan Program Trust</name>
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      <invstOrSec>
        <name>Massachusetts Clean Water Trust (The)</name>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <name>Ashford Hospitality Trust</name>
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        <name>Radnor RE Ltd.</name>
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        <name>OCP CLO Ltd.</name>
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        <name>FNMA</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Starwood Retail Property Trust</name>
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        <name>City of New York NY</name>
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        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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        <name>Dryden 77 CLO Ltd.</name>
        <lei>N/A</lei>
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        <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>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-65, Class FA</title>
        <cusip>3136A6YN8</cusip>
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        <balance>48707.54000000</balance>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Floating</couponKind>
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        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>313376C94</cusip>
        <identifiers>
          <isin value="US313376C942"/>
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        <balance>15000000.00000000</balance>
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        <valUSD>15348816.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</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>544646XZ0</cusip>
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        <balance>7000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BBCMS Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
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      <invstOrSec>
        <name>Goldentree Loan Management US CLO 7 Ltd.</name>
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        <name>Hashemite Kingdom of Jordan</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Danske Bank A/S</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-20</maturityDt>
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        <name>Metropolitan Life Global Funding I</name>
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      <invstOrSec>
        <name>Flagship Credit Auto Trust</name>
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          <maturityDt>2025-11-17</maturityDt>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2010-39, Class FT</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>World Financial Network Credit Card Master Trust</name>
        <lei>N/A</lei>
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          <maturityDt>2024-12-16</maturityDt>
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        <name>Southwest Airlines Co.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <issuerCat>UST</issuerCat>
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        <name>Los Angeles Community College District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Hardee's Funding LLC</name>
        <lei>N/A</lei>
        <title>Hardee's Funding LLC, Series 2018-1A, Class A23</title>
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          <maturityDt>2048-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.71000000</annualizedRt>
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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>
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        <balance>2374800.00000000</balance>
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        <invCountry>BM</invCountry>
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      <invstOrSec>
        <name>Hertz Vehicle Financing II LP</name>
        <lei>549300FPK70TCB78NG05</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority, Revenue Bonds, Series 2010B-1</title>
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          <isin value="US59259YCA55"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US912828YZ72"/>
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        <balance>38215000.00000000</balance>
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        <valUSD>38786826.33000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAT International Finance plc</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>BAT International Finance plc</title>
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          <isin value="US05530QAN07"/>
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        <balance>4662000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4751905.27000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>Commonwealth of Massachusetts, General Obligation Bonds, Series 2009E</title>
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          <isin value="US57582PUE86"/>
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        <curCd>USD</curCd>
        <valUSD>10317.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45600000</annualizedRt>
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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 2014-GC22, Class A5</title>
        <cusip>36253BAU7</cusip>
        <identifiers>
          <isin value="US36253BAU70"/>
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        <balance>2579377.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2830702.21000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Westlake Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Westlake Automobile Receivables Trust, Series 2020-3A, Class C</title>
        <cusip>96042QAJ9</cusip>
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          <isin value="US96042QAJ94"/>
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        <balance>4108000.00000000</balance>
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        <curCd>USD</curCd>
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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>2025-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.24000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2016-C06, Class 1M2</title>
        <cusip>30711XDS0</cusip>
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          <isin value="US30711XDS09"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.39512800</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="FVH1COS"/>
          <other otherDesc="Future Ticker" value="FVH1 Comdty"/>
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        <balance>-572.00000000</balance>
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        <assetCat>DIR</assetCat>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>BHMS Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05549GAA94"/>
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        <name>DEUTSCHE BANK SECURITIES INC.</name>
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        <title>Treasury Repurchase Agreement</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2016-C03, Class 2M2</title>
        <cusip>30711XCT9</cusip>
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        <name>FFCB</name>
        <lei>N/A</lei>
        <title>FFCB</title>
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          <isin value="US3133EKCS34"/>
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        <balance>65000000.00000000</balance>
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        <issuerCat>USGA</issuerCat>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CAG6</cusip>
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          <isin value="US91282CAG69"/>
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        <balance>78328000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>3135G0U35</cusip>
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          <isin value="US3135G0U359"/>
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        <balance>54575000.00000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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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      <invstOrSec>
        <name>FHLMC STACR REMIC Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>WFRBS Commercial Mortgage Trust</name>
        <lei>549300GADFYEKC4OLM57</lei>
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          <isin value="US92890PAJ30"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sinopec Group Overseas Development 2018 Ltd.</name>
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        <title>Sinopec Group Overseas Development 2018 Ltd.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
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        <cusip>646136XR7</cusip>
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          <isin value="US646136XR74"/>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-15</maturityDt>
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          <annualizedRt>6.56100000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust, Series 2019-BPR, Class C</title>
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        <identifiers>
          <isin value="US61769GAJ67"/>
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        <balance>2220000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.20900000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3017, Class CF</title>
        <cusip>31395XZ81</cusip>
        <identifiers>
          <isin value="US31395XZ816"/>
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        <balance>4730.99840000</balance>
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        <curCd>USD</curCd>
        <valUSD>4723.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.45862900</annualizedRt>
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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>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12400000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority, Revenue Bonds, Series 2010A</title>
        <cusip>59259YBY4</cusip>
        <identifiers>
          <isin value="US59259YBY41"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10441.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.66800000</annualizedRt>
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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>3218658.30000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3275325.68000000</valUSD>
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        <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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      <invstOrSec>
        <name>Aviation Capital Group LLC</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
        <cusip>05369AAH4</cusip>
        <identifiers>
          <isin value="US05369AAH41"/>
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        <balance>388000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>428369.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>State of Washington Motor Vehicle Fuel Tax, Revenue Bonds, Series 2010F</title>
        <cusip>93974CRE2</cusip>
        <identifiers>
          <isin value="US93974CRE20"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8423.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.14000000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05971KAE9</cusip>
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          <isin value="US05971KAE91"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2987974.36000000</valUSD>
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        <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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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust, Series 2011-C3, Class C</title>
        <cusip>61760RAJ1</cusip>
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          <isin value="US61760RAJ14"/>
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        <balance>1700000.00000000</balance>
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        <valUSD>1585688.43000000</valUSD>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.24428200</annualizedRt>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2012-GC6, Class B</title>
        <cusip>36192BAG2</cusip>
        <identifiers>
          <isin value="US36192BAG23"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2660804.12000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2045-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.65057800</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141EC23</cusip>
        <identifiers>
          <isin value="US38141EC238"/>
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        <balance>2200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2420667.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>949746SK8</cusip>
        <identifiers>
          <isin value="US949746SK86"/>
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        <balance>3081000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3166305.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.06900000</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>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Revenue Bonds, Series 2010B</title>
        <cusip>709223A27</cusip>
        <identifiers>
          <isin value="US709223A272"/>
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        <balance>9000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Chase Auto Credit Linked Notes</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>Chase Auto Credit Linked Notes, Series 2020-1, Class C</title>
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          <isin value="US46591HAP55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-25</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mortgage Insurance-Linked Notes</name>
        <lei>N/A</lei>
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          <isin value="US89600TAA16"/>
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        <balance>2017372.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Prime Money Market Fund, IM Shares</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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        <cusip>3137G0RL5</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</maturityDt>
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        <name>United States of America</name>
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        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CAX92"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Mello Warehouse Securitization Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-25</maturityDt>
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      <invstOrSec>
        <name>Marlette Funding Trust</name>
        <lei>549300JRCMNFIBT50883</lei>
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          <isin value="US57109GAA22"/>
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        <balance>179363.03000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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        <name>Banco Santander SA</name>
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        <curCd>USD</curCd>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>FHLB</name>
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        <title>FHLB</title>
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        <balance>35635000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Upstart Securitization Trust</name>
        <lei>N/A</lei>
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          <isin value="US91680EAA38"/>
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        <name>Elevation CLO Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US28621YAE59"/>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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        <cusip>69345WAA6</cusip>
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          <isin value="US69345WAA62"/>
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        <balance>1264756.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1216395.43000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2023-05-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.89513100</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2015-72, Class PC</title>
        <cusip>3136AQAP5</cusip>
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          <isin value="US3136AQAP59"/>
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        <balance>382061.05000000</balance>
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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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        <name>FFCB</name>
        <lei>N/A</lei>
        <title>FFCB</title>
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          <isin value="US3133EKFP67"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6032477.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.23000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York City Water &amp; Sewer System</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>City of New York Municipal Water Finance Authority, Water &amp; Sewer System, Revenue Bonds, Series 2010EE</title>
        <cusip>64972FL20</cusip>
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          <isin value="US64972FL207"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9534.54000000</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>2042-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.01100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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>1555298.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1595386.43000000</valUSD>
        <pctVal>0.100524456383</pctVal>
        <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>5.04513000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>3195119.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3171283.09000000</valUSD>
        <pctVal>0.199820872652</pctVal>
        <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>1.35862900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>City of Chicago, International Airport, Revenue Bonds, Series 2010B</title>
        <cusip>167593AN2</cusip>
        <identifiers>
          <isin value="US167593AN29"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9038.04000000</valUSD>
        <pctVal>0.000569482127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.39500000</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>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>
        <identifiers>
          <isin value="US072024ND01"/>
        </identifiers>
        <balance>7000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12057.99000000</valUSD>
        <pctVal>0.000759767581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.26300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828S27</cusip>
        <identifiers>
          <isin value="US912828S273"/>
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        <balance>11653000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11712683.17000000</valUSD>
        <pctVal>0.738009980725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2015-C01, Class 1M2</title>
        <cusip>30711XAT1</cusip>
        <identifiers>
          <isin value="US30711XAT19"/>
        </identifiers>
        <balance>741204.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>755477.79000000</valUSD>
        <pctVal>0.047602256557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.44512900</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>San Diego County Water Authority</name>
        <lei>549300Y0QN5OFKA1G520</lei>
        <title>County of San Diego Regional Airport Authority, Revenue Bonds, Series 2010B</title>
        <cusip>79741TAR5</cusip>
        <identifiers>
          <isin value="US79741TAR59"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9377.58000000</valUSD>
        <pctVal>0.000590876363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2011-86, Class KF</title>
        <cusip>3136A0K48</cusip>
        <identifiers>
          <isin value="US3136A0K488"/>
        </identifiers>
        <balance>228153.73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>231715.03000000</valUSD>
        <pctVal>0.014600241664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.69800000</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>Collateralized Mortgage Obligation</name>
        <lei>N/A</lei>
        <title>Collateralized Mtge Obligation or Global CMO</title>
        <cusip>40422GAE0</cusip>
        <identifiers>
          <other otherDesc="CINS" value="40422GAE0"/>
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        <balance>2920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3042365.52000000</valUSD>
        <pctVal>0.191697844651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.64699100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>9128285F3</cusip>
        <identifiers>
          <isin value="US9128285F31"/>
        </identifiers>
        <balance>19524200.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19944112.83000000</valUSD>
        <pctVal>1.256668016339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-15</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>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>3005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2868109.03000000</valUSD>
        <pctVal>0.180718035246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>1.15863100</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>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>649902T37</cusip>
        <identifiers>
          <isin value="US649902T373"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8376.96000000</valUSD>
        <pctVal>0.000527827825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</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</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3927, Class FH</title>
        <cusip>3137AFEP3</cusip>
        <identifiers>
          <isin value="US3137AFEP32"/>
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        <balance>51469.65890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51981.30000000</valUSD>
        <pctVal>0.003275314260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.60863000</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>California Earthquake Authority</name>
        <lei>N/A</lei>
        <title>California Earthquake Authority</title>
        <cusip>13017HAG1</cusip>
        <identifiers>
          <isin value="US13017HAG11"/>
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        <balance>2625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2625000.00000000</valUSD>
        <pctVal>0.165399863659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12700000</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</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3807, Class FM</title>
        <cusip>3137A6NJ7</cusip>
        <identifiers>
          <isin value="US3137A6NJ75"/>
        </identifiers>
        <balance>47578.42200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47002.50000000</valUSD>
        <pctVal>0.002961602701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.65863100</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>CGRBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A</title>
        <cusip>125354AA8</cusip>
        <identifiers>
          <isin value="US125354AA88"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2096725.80000000</valUSD>
        <pctVal>0.132113585314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.36900000</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 5013, Class JI</title>
        <cusip>3137FW3Q1</cusip>
        <identifiers>
          <isin value="US3137FW3Q11"/>
        </identifiers>
        <balance>21511452.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2755483.72000000</valUSD>
        <pctVal>0.173621573944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>254900SCWI9IDKK5LV64</lei>
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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 2020-NNN, Class EFL</title>
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        <name>N/A</name>
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        <name>First Investors Auto Owner Trust</name>
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        <name>United States of America</name>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>WP Carey, Inc.</name>
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        <title>WP Carey, Inc.</title>
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        <name>Natixis Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <name>Kayne CLO 7 Ltd.</name>
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        <name>FHLMC</name>
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        <cusip>31397GTA8</cusip>
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        <name>Ralph Lauren Corp.</name>
        <lei>HO1QNWM0IXBZ0QSMMO20</lei>
        <title>Ralph Lauren Corp.</title>
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        <name>FHLMC</name>
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        <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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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <curCd>USD</curCd>
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        <name>Bay Area Toll Authority</name>
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        <name>Emirate of Abu Dhabi United Arab Emirates</name>
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        <title>United Arab Emirates Government Bond</title>
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        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>State of Georgia</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137FTBB2</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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        <cusip>072024NU2</cusip>
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        <name>FHLMC</name>
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        <name>CLNY Trust</name>
        <lei>N/A</lei>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
        <lei>N/A</lei>
        <title>City of New York Transitional Finance Authority, Future Tax Secured Bonds, Revenue Bonds, Series 2011A</title>
        <cusip>64971M4P4</cusip>
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        <balance>7000.00000000</balance>
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        <assetCat>DBT</assetCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50800000</annualizedRt>
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        <name>Chase Auto Credit Linked Notes</name>
        <lei>N/A</lei>
        <title>Chase Auto Credit Linked Notes, Series 2020-2, Class D</title>
        <cusip>46591HAY6</cusip>
        <identifiers>
          <isin value="US46591HAY62"/>
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        <balance>1550000.00000000</balance>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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        <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>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75500000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2011-86, Class NF</title>
        <cusip>3136A0J65</cusip>
        <identifiers>
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        <balance>108053.97000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <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>332378.36000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.84513000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>42500379.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-28</maturityDt>
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          <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-SMP, Class A</title>
        <cusip>36259NAA9</cusip>
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          <isin value="US36259NAA90"/>
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        <balance>1550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1516055.31000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-15</maturityDt>
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          <annualizedRt>1.30862900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3130AHSR5</cusip>
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          <isin value="US3130AHSR54"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5073235.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2007-109, Class GF</title>
        <cusip>31396X2G8</cusip>
        <identifiers>
          <isin value="US31396X2G81"/>
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        <balance>109619.74710000</balance>
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        <curCd>USD</curCd>
        <valUSD>112049.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.82800000</annualizedRt>
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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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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>UA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.47100000</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States of America Bills</title>
        <cusip>912796A58</cusip>
        <identifiers>
          <isin value="US912796A585"/>
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        <balance>372737800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>372737166.35000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Salt River Project Agricultural Improvement &amp; Power District</name>
        <lei>SHB8HO6GKXJ83RX5OV39</lei>
        <title>Arizona Salt River Project, Agricultural Improvement &amp; Power District, Revenue Bonds, Series 2010A</title>
        <cusip>79575DE63</cusip>
        <identifiers>
          <isin value="US79575DE631"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25117.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.83900000</annualizedRt>
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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>
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        <curCd>USD</curCd>
        <valUSD>1967530.73000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.68300000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Los Angeles Community College District</name>
        <lei>N/A</lei>
        <title>County of Los Angeles Community College District, General Obligation Bonds, Series 2008-E</title>
        <cusip>54438CNZ1</cusip>
        <identifiers>
          <isin value="US54438CNZ13"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51236.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>N/A</lei>
        <title>UMBS</title>
        <cusip>31346YAV5</cusip>
        <identifiers>
          <isin value="US31346YAV56"/>
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        <balance>2185732.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2349952.35000000</valUSD>
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        <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>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS-Barclays Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A3</title>
        <cusip>90270RBC7</cusip>
        <identifiers>
          <isin value="US90270RBC79"/>
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        <balance>3762419.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3780905.85000000</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>2045-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.53280000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2006-42, Class CF</title>
        <cusip>31395DVV8</cusip>
        <identifiers>
          <isin value="US31395DVV80"/>
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        <balance>69943.19900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70494.92000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.59800000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1432669.74000000</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4457, Class BA</title>
        <cusip>3137BHVG9</cusip>
        <identifiers>
          <isin value="US3137BHVG96"/>
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        <balance>4962281.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5351291.08000000</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>2039-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
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          <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>
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        <curCd>USD</curCd>
        <valUSD>2200996.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WFRBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>WFRBS Commercial Mortgage Trust, Series 2011-C3, Class C</title>
        <cusip>92935VAQ1</cusip>
        <identifiers>
          <isin value="US92935VAQ14"/>
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        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1649883.49000000</valUSD>
        <pctVal>0.103958287352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.33499800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBWF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DBWF Mortgage Trust, Series 2018-GLKS, Class A</title>
        <cusip>23307GAA4</cusip>
        <identifiers>
          <isin value="US23307GAA40"/>
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        <balance>2537354.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2505759.38000000</valUSD>
        <pctVal>0.157886575167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.18163200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3130AJ7E3</cusip>
        <identifiers>
          <isin value="US3130AJ7E30"/>
        </identifiers>
        <balance>14835000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15206058.95000000</valUSD>
        <pctVal>0.958125743668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2689863.39000000</valUSD>
        <pctVal>0.169486871607</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>1.04513000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chase Mortgage Reference Notes</name>
        <lei>N/A</lei>
        <title>Chase Mortgage Reference Notes, Series 2019-CL1, Class M3</title>
        <cusip>46591HAC4</cusip>
        <identifiers>
          <isin value="US46591HAC43"/>
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        <balance>609986.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>616332.14000000</valUSD>
        <pctVal>0.038834762638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.24512900</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>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2020-3A, Class C</title>
        <cusip>30166NAE6</cusip>
        <identifiers>
          <isin value="US30166NAE67"/>
        </identifiers>
        <balance>3009000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3019459.28000000</valUSD>
        <pctVal>0.190254534566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.32000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia (The)</title>
        <cusip>064159KT2</cusip>
        <identifiers>
          <isin value="US064159KT26"/>
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        <balance>3055000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3055569.15000000</valUSD>
        <pctVal>0.192529798404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-08</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>
      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bellemeade Re Ltd., Series 2020-3A, Class M1B</title>
        <cusip>07877KAC4</cusip>
        <identifiers>
          <isin value="US07877KAC45"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>852160.62000000</valUSD>
        <pctVal>0.053694190614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.99513200</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>Great Wolf Trust</name>
        <lei>N/A</lei>
        <title>Great Wolf Trust, Series 2019-WOLF, Class A</title>
        <cusip>39152TAA8</cusip>
        <identifiers>
          <isin value="US39152TAA88"/>
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        <balance>3950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3867334.80000000</valUSD>
        <pctVal>0.243678723293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.19263000</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>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group plc</title>
        <cusip>539439AS8</cusip>
        <identifiers>
          <isin value="US539439AS89"/>
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        <balance>1505000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1638220.34000000</valUSD>
        <pctVal>0.103223398430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</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>Radnor RE Ltd.</name>
        <lei>254900JBDDKUTX6TX151</lei>
        <title>Radnor RE Ltd., Series 2019-2, Class M1B</title>
        <cusip>75049TAB7</cusip>
        <identifiers>
          <isin value="US75049TAB70"/>
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        <balance>1957825.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1951175.44000000</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>2029-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.90013000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2011-GC5, Class AS</title>
        <cusip>36191YAE8</cusip>
        <identifiers>
          <isin value="US36191YAE86"/>
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        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4553045.10000000</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>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.20899800</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>1644477.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1786017.90000000</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>
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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>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>
        <identifiers>
          <isin value="US649902T290"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7356.06000000</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>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>BP Capital Markets America, Inc.</name>
        <lei>5493009NTB34VXE1T760</lei>
        <title>BP Capital Markets America, Inc.</title>
        <cusip>10373QBH2</cusip>
        <identifiers>
          <isin value="US10373QBH20"/>
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        <balance>2808000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2961735.47000000</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>2023-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.93700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828T34</cusip>
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          <isin value="US912828T347"/>
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        <balance>7223000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7277735.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DEUTSCHE BANK AG, LONDON BRANCH</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Other Repurchase Agreement</title>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>900000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
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          <maturityDt>2021-01-04</maturityDt>
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              <collateralVal>918003.21888700</collateralVal>
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              <invstCat>AMBS</invstCat>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="900000.00000000" isCashCollateral="Y"/>
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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>9965.64000000</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Oaktown Re V Ltd.</name>
        <lei>N/A</lei>
        <title>Oaktown Re V Ltd., Series 2020-2A, Class M1A</title>
        <cusip>67401JAA0</cusip>
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          <isin value="US67401JAA07"/>
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        <balance>1070000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1071384.26000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.54513200</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4087, Class FB</title>
        <cusip>3137AS4Q4</cusip>
        <identifiers>
          <isin value="US3137AS4Q43"/>
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        <balance>1364248.08000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1374119.78000000</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>2042-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.62862800</annualizedRt>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
        <cusip>517834AH0</cusip>
        <identifiers>
          <isin value="US517834AH06"/>
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        <balance>2462000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2567086.53000000</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>2025-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York City Water &amp; Sewer System</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>City of New York Municipal Water Finance Authority, Water &amp; Sewer System, Revenue Bonds, Series 2010GG</title>
        <cusip>64972FT30</cusip>
        <identifiers>
          <isin value="US64972FT309"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12292.88000000</valUSD>
        <pctVal>0.000774567876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.72400000</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>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3133XGAY0</cusip>
        <identifiers>
          <isin value="US3133XGAY07"/>
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        <balance>12000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18506.80000000</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>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CPS Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>CPS Auto Receivables Trust, Series 2020-C, Class B</title>
        <cusip>12597TAB6</cusip>
        <identifiers>
          <isin value="US12597TAB61"/>
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        <balance>3801000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3797332.04000000</valUSD>
        <pctVal>0.239267886356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.01000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>3135G0U27</cusip>
        <identifiers>
          <isin value="US3135G0U276"/>
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        <balance>54814000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55178567.91000000</valUSD>
        <pctVal>3.476772422568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Affirm Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>Affirm Asset Securitization Trust, Series 2020-A, Class A</title>
        <cusip>00833LAA4</cusip>
        <identifiers>
          <isin value="US00833LAA44"/>
        </identifiers>
        <balance>1749000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1758129.26000000</valUSD>
        <pctVal>0.110778796152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</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>Dryden 78 CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Dryden 78 CLO Ltd., Series 2020-78A, Class D</title>
        <cusip>26253LAG7</cusip>
        <identifiers>
          <isin value="US26253LAG77"/>
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        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>838567.50000000</valUSD>
        <pctVal>0.052837695302</pctVal>
        <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>3.21774800</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEN5</cusip>
        <identifiers>
          <isin value="US3137EAEN50"/>
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        <balance>2717000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2890676.62000000</valUSD>
        <pctVal>0.182140007174</pctVal>
        <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>
          <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>Leidos, Inc.</name>
        <lei>5493006I78VIN6J1BQ95</lei>
        <title>Leidos, Inc.</title>
        <cusip>52532XAA3</cusip>
        <identifiers>
          <isin value="US52532XAA37"/>
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        <balance>813000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>855113.40000000</valUSD>
        <pctVal>0.053880243723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</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>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2011-GC5, Class D</title>
        <cusip>36191YAL2</cusip>
        <identifiers>
          <isin value="US36191YAL20"/>
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        <balance>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>216641.62000000</valUSD>
        <pctVal>0.013650474061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.38809800</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>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>3648702.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3658865.88000000</valUSD>
        <pctVal>0.230543206743</pctVal>
        <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>
        <name>Aviation Capital Group LLC</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
        <cusip>05369AAC5</cusip>
        <identifiers>
          <isin value="US05369AAC53"/>
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        <balance>1343000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1400931.78000000</valUSD>
        <pctVal>0.088271971584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>Dryden 78 CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Dryden 78 CLO Ltd., Series 2020-78A, Class C</title>
        <cusip>26253LAE2</cusip>
        <identifiers>
          <isin value="US26253LAE20"/>
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        <balance>2120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2121358.92000000</valUSD>
        <pctVal>0.133665705196</pctVal>
        <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>2.16775100</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>Radnor RE Ltd.</name>
        <lei>254900YVLP8CB4GC2O97</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>888891.54000000</valUSD>
        <pctVal>0.056008586485</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>1.09513100</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>City of San Francisco CA Public Utilities Commission Water Revenue</name>
        <lei>N/A</lei>
        <title>City &amp; County of San Francisco Public Utilities Commission, Revenue Bonds, Series 2010E</title>
        <cusip>79765RTK5</cusip>
        <identifiers>
          <isin value="US79765RTK58"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11394.40000000</valUSD>
        <pctVal>0.000717955126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>World Financial Network Credit Card Master Trust</name>
        <lei>N/A</lei>
        <title>World Financial Network Credit Card Master Trust, Series 2018-B, Class M</title>
        <cusip>981464GT1</cusip>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US9128287A26"/>
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        <fairValLevel>2</fairValLevel>
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        <name>UPMC</name>
        <lei>5493001YCBUGKVU74S74</lei>
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        <cusip>90320WAD5</cusip>
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          <isin value="US90320WAD56"/>
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        <balance>4600000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>Iraq Government AID Bond</name>
        <lei>N/A</lei>
        <title>Iraq Government AID Bond</title>
        <cusip>462652AD0</cusip>
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          <isin value="US462652AD08"/>
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        <curCd>USD</curCd>
        <valUSD>10497516.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>IQ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.14900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>State of Washington Motor Vehicle Fuel Tax, Revenue Bonds, Series 2010F</title>
        <cusip>93974CRF9</cusip>
        <identifiers>
          <isin value="US93974CRF94"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7856.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.09000000</annualizedRt>
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        <name>Magnetite XXVI Ltd.</name>
        <lei>549300F7COUCG1RROP29</lei>
        <title>Magnetite XXVI Ltd., Series 2020-26A, Class A</title>
        <cusip>55954YAA3</cusip>
        <identifiers>
          <isin value="US55954YAA38"/>
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        <balance>4063790.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4076985.13000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.98688000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEP0</cusip>
        <identifiers>
          <isin value="US3137EAEP09"/>
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        <balance>25500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26727220.65000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>N/A</lei>
        <title>UMBS</title>
        <cusip>31339UZQ6</cusip>
        <identifiers>
          <isin value="US31339UZQ65"/>
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        <balance>1892217.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2071637.98000000</valUSD>
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        <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>
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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>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class AS</title>
        <cusip>17320DAN8</cusip>
        <identifiers>
          <isin value="US17320DAN84"/>
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        <balance>4720249.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4962204.24000000</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>Fixed</couponKind>
          <annualizedRt>3.42200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Revenue Bonds, Series 2010B</title>
        <cusip>709223ZZ7</cusip>
        <identifiers>
          <isin value="US709223ZZ72"/>
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        <balance>7000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10898.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.56100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3130A0EN6</cusip>
        <identifiers>
          <isin value="US3130A0EN63"/>
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        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25646832.50000000</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>
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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>Freddie Mac STACR REMIC Trust 2020-DNA5</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR REMIC Trust 2020-DNA5, Class M1</title>
        <cusip>35566AAA7</cusip>
        <identifiers>
          <isin value="US35566AAA79"/>
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        <balance>1180380.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1182680.44000000</valUSD>
        <pctVal>0.074520069915</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.38166900</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority System, Revenue Bonds, Series 2009B</title>
        <cusip>66285WFB7</cusip>
        <identifiers>
          <isin value="US66285WFB72"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13873.12000000</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>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.71800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <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 2015-XLF2, Class SNMA</title>
        <cusip>61765VAA6</cusip>
        <identifiers>
          <isin value="US61765VAA61"/>
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        <balance>1155083.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1027678.06000000</valUSD>
        <pctVal>0.064753451813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.10863200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4286, Class VF</title>
        <cusip>3137B6VQ1</cusip>
        <identifiers>
          <isin value="US3137B6VQ17"/>
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        <balance>1132569.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1140039.46000000</valUSD>
        <pctVal>0.071833284285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.60863000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2300525.42000000</valUSD>
        <pctVal>0.144954891738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
        <cusip>517834AG2</cusip>
        <identifiers>
          <isin value="US517834AG23"/>
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        <balance>1453000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1532398.17000000</valUSD>
        <pctVal>0.096555599386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</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>Metropolitan Government of Nashville &amp; Davidson County Convention Center Authority</name>
        <lei>N/A</lei>
        <title>County of Nashville &amp; Davidson Convention Center Authority, Revenue Bonds, Series 2010B</title>
        <cusip>592125AM0</cusip>
        <identifiers>
          <isin value="US592125AM00"/>
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        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9094.02000000</valUSD>
        <pctVal>0.000573009397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.73100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NatWest Markets plc</name>
        <lei>RR3QWICWWIPCS8A4S074</lei>
        <title>NatWest Markets plc</title>
        <cusip>63906AAA8</cusip>
        <identifiers>
          <isin value="US63906AAA88"/>
        </identifiers>
        <balance>4775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5029618.76000000</valUSD>
        <pctVal>0.316913621776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2654429.09000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-02-01</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>
