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        <name>Viking Cruises Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander Holdings USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CVR Partners LP</name>
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        <name>GNMA</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Allied Universal Holdco LLC</name>
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        <name>Nexstar Media, Inc.</name>
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        <name>GNMA</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CitiMortgage Alternative Loan Trust</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-25</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Kronos Acquisition Holdings, Inc.</name>
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        <title>Kronos Acquisition Holdings, Inc.</title>
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        <name>Raytheon Technologies Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>Raytheon Technologies Corp.</title>
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        <name>Constellation Brands, Inc.</name>
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        <invCountry>US</invCountry>
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        <name>Alphabet, Inc.</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>PayPal Holdings, Inc.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
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        <name>Royalty Pharma plc</name>
        <lei>549300FGFN7VOK8BZR03</lei>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-15</maturityDt>
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        <name>AMETEK, Inc.</name>
        <lei>549300WZDEF9KKE40E98</lei>
        <title>AMETEK, Inc.</title>
        <cusip>031100100</cusip>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
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        <name>Crown Castle International Corp.</name>
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        <name>Invitation Homes Operating Partnership LP</name>
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        <name>FNMA</name>
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        <name>EQM Midstream Partners LP</name>
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        <name>Ortho-Clinical Diagnostics, Inc.</name>
        <lei>N/A</lei>
        <title>Ortho-Clinical Diagnostics, Inc.</title>
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        <name>Anheuser-Busch Cos. LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-01</maturityDt>
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        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Amazon.com, Inc.</title>
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        <name>BioMarin Pharmaceutical, Inc.</name>
        <lei>NSLL8ITTRR0J5HEMR848</lei>
        <title>BioMarin Pharmaceutical, Inc.</title>
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        <assetCat>EC</assetCat>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796G45</cusip>
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          <isin value="US912796G459"/>
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        <balance>1500000.00000000</balance>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Navient Corp.</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp.</title>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
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        <invCountry>US</invCountry>
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        <name>nVent Electric plc</name>
        <lei>N/A</lei>
        <title>nVent Electric plc</title>
        <cusip>N/A</cusip>
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        <balance>10105.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GCI LLC</name>
        <lei>549300N3IE9H88Q20221</lei>
        <title>GCI LLC</title>
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        <balance>20000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284VAN1</cusip>
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        <balance>15000.00000000</balance>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>Exelon Corp.</name>
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        <name>McGraw-Hill Education, Inc.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>Boston Scientific Corp.</name>
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        <name>Boyne USA, Inc.</name>
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        <name>News Corp.</name>
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        <name>Sysco Corp.</name>
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        <name>Constellation Brands, Inc.</name>
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        <name>Sunoco LP</name>
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        <name>United States of America</name>
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        <name>Live Nation Entertainment, Inc.</name>
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        <title>Occidental Petroleum Corp.</title>
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        <name>FHLMC Pool</name>
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      <invstOrSec>
        <name>Roche Holding AG</name>
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        <name>NESCO Holdings II, Inc.</name>
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      <invstOrSec>
        <name>Calpine Corp.</name>
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        <title>Calpine Corp.</title>
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        <name>Mattamy Group Corp.</name>
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        <title>Mattamy Group Corp.</title>
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        <name>ASP Unifrax Holdings, Inc.</name>
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        <name>RALI Trust</name>
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        <name>United States of America</name>
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        <title>U.S. Treasury Notes</title>
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        <name>Thermo Fisher Scientific, Inc.</name>
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        <name>Lumen Technologies, Inc.</name>
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        <name>Sunoco LP</name>
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        <name>United States of America</name>
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        <name>United States of America</name>
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        <name>Kinder Morgan Energy Partners LP</name>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <name>US Foods, Inc.</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
        <title>US Foods, Inc.</title>
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        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
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        <balance>55000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-22</maturityDt>
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          <annualizedRt>3.40000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US38382L2B68"/>
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        <curCd>USD</curCd>
        <valUSD>19255.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-20</maturityDt>
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      <invstOrSec>
        <name>Kronos Acquisition Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Kronos Acquisition Holdings, Inc.</title>
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          <isin value="US50106GAE26"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-31</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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          <isin value="US893647BE67"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56482.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
        <cusip>071734AK3</cusip>
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          <isin value="US071734AK34"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16513.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Scientific Games Holdings LP</name>
        <lei>N/A</lei>
        <title>Scientific Games Holdings LP</title>
        <cusip>80874DAA4</cusip>
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          <isin value="US80874DAA46"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39280.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Select Medical Corp.</name>
        <lei>549300X05KS0JKR8CB50</lei>
        <title>Select Medical Corp.</title>
        <cusip>816196AT6</cusip>
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          <isin value="US816196AT67"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82424.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
        <cusip>12543DBJ8</cusip>
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          <isin value="US12543DBJ81"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29475.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RBG3</cusip>
        <identifiers>
          <isin value="US29273RBG39"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51947.37000000</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>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
        <cusip>694308JG3</cusip>
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          <isin value="US694308JG36"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51285.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>NuStar Logistics LP</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics LP</title>
        <cusip>67059TAH8</cusip>
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          <isin value="US67059TAH86"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25240.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-164</title>
        <cusip>38381DT91</cusip>
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          <isin value="US38381DT913"/>
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        <balance>153698.72000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12988.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-10-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.96662160</annualizedRt>
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        <name>EverArc Escrow Sarl</name>
        <lei>N/A</lei>
        <title>EverArc Escrow Sarl</title>
        <cusip>29977LAA9</cusip>
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          <isin value="US29977LAA98"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40950.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NDG3</cusip>
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          <isin value="US20030NDG34"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55216.57000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320AY8</cusip>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>3.90500000</annualizedRt>
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      <invstOrSec>
        <name>Antero Midstream Partners LP</name>
        <lei>N/A</lei>
        <title>Antero Midstream Partners LP</title>
        <cusip>03690AAD8</cusip>
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          <isin value="US03690AAD81"/>
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        <balance>13000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-03-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Legacy LifePoint Health LLC</name>
        <lei>N/A</lei>
        <title>Legacy LifePoint Health LLC</title>
        <cusip>53219LAS8</cusip>
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          <isin value="US53219LAS88"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24187.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-02-15</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>United Airlines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>United Airlines, Inc.</title>
        <cusip>90932LAH0</cusip>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19050.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TD0</cusip>
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          <isin value="US912810TD00"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>421712.72000000</valUSD>
        <pctVal>0.571536198444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-02-15</maturityDt>
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      <invstOrSec>
        <name>Victoria's Secret &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEUTSCHE BANK SECURITIES INC.</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <securityLending>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Adobe, Inc.</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>Adobe, Inc.</title>
        <cusip>00724F101</cusip>
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          <isin value="US00724F1012"/>
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        <balance>683.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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          <isin value="US94974BGE48"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53051.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-04</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>J.P. Morgan Mortgage Acquisition Corp.</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Mortgage Acquisition Corp., Series 2005-WMC1, Class M4</title>
        <cusip>46626LBL3</cusip>
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          <isin value="US46626LBL36"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>381824.16000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.35657000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Owens Corning</name>
        <lei>JO5M6676RDJIZ2U8X907</lei>
        <title>Owens Corning</title>
        <cusip>690742AH4</cusip>
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          <isin value="US690742AH44"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49821.24000000</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>2048-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Primo Water Holdings, Inc.</name>
        <lei>9845008F9A5F2E1D4832</lei>
        <title>Primo Water Holdings, Inc.</title>
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          <isin value="US74168LAA44"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-30</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Duke Energy Carolinas LLC</name>
        <lei>MWIUSDMN17TCR56VW396</lei>
        <title>Duke Energy Carolinas LLC</title>
        <cusip>26442CBH6</cusip>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
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          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>Dollar General Corp.</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
        <title>Dollar General Corp.</title>
        <cusip>256677105</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sysco Corp.</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp.</title>
        <cusip>871829107</cusip>
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        <balance>2859.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SWF Escrow Issuer Corp.</name>
        <lei>N/A</lei>
        <title>SWF Escrow Issuer Corp.</title>
        <cusip>78500AAA6</cusip>
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          <isin value="US78500AAA60"/>
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        <balance>30000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cigna Corp.</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Corp.</title>
        <cusip>125523AK6</cusip>
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          <isin value="US125523AK66"/>
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        <balance>90000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-15</maturityDt>
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        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>Weatherford International Ltd.</title>
        <cusip>947075AT4</cusip>
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          <isin value="US947075AT41"/>
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        <balance>20000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Caesars Entertainment, Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment, Inc.</title>
        <cusip>12769GAA8</cusip>
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        <balance>20000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
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      <invstOrSec>
        <name>WR Grace Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Anthem, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Anthem, Inc.</title>
        <cusip>036752AJ2</cusip>
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          <isin value="US036752AJ29"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58956.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC</title>
        <cusip>1248EPCQ4</cusip>
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          <isin value="US1248EPCQ45"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>Uber Technologies, Inc.</name>
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        <name>Brooklyn Union Gas Co. (The)</name>
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        <name>Patterson-UTI Energy, Inc.</name>
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        <name>Splunk, Inc.</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <name>Western Midstream Operating LP</name>
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        <name>Washington Mutural WMABS</name>
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        <name>AstraZeneca plc</name>
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        <invCountry>GB</invCountry>
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        <name>WRKCo., Inc.</name>
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        <name>Verus Securitization Trust</name>
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        <name>GNMA</name>
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        <name>Realogy Group LLC</name>
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        <name>Bayview Opportunity Master Fund IVa Trust</name>
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        <name>Herc Holdings, Inc.</name>
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        <name>AmWINS Group, Inc.</name>
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        <name>Fortive Corp.</name>
        <lei>549300MU9YQJYHDQEF63</lei>
        <title>Fortive Corp.</title>
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        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
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        <name>Chesapeake Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp.</title>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alcon, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>Glencore Funding LLC</name>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
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        <name>Community Health Systems, Inc.</name>
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        <title>Community Health Systems, Inc.</title>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Transocean, Inc.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean, Inc.</title>
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        <balance>9000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.50000000</annualizedRt>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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        <name>Lumen Technologies, Inc.</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>Lumen Technologies, Inc.</title>
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        <balance>25000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
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        <name>DIRECTV Holdings LLC</name>
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        <name>DoubleLine Global Bond Fund</name>
        <lei>N/A</lei>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
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          <isin value="US7181721090"/>
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        <balance>3255.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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      <invstOrSec>
        <name>Markel Corp.</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Corp.</title>
        <cusip>570535104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ABR5</cusip>
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          <isin value="US87264ABR59"/>
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        <balance>55000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
        <cusip>428104AA1</cusip>
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          <isin value="US428104AA14"/>
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        <balance>30000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
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      <invstOrSec>
        <name>Uber Technologies, Inc.</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>Uber Technologies, Inc.</title>
        <cusip>90353TAK6</cusip>
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        <balance>20000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RASC Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Comcast Corp.</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Clarivate Science Holdings Corp.</name>
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        <name>Qorvo, Inc.</name>
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        <name>Sabine Pass Liquefaction LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Motorola Solutions, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
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        <invCountry>CA</invCountry>

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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tenet Healthcare Corp.</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp.</title>
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        <balance>40000.00000000</balance>
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      <invstOrSec>
        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <name>Alternative Loan Trust</name>
        <lei>N/A</lei>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Staples, Inc.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>Staples, Inc.</title>
        <cusip>855030AN2</cusip>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14526.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp.</title>
        <cusip>00914AAM4</cusip>
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          <isin value="US00914AAM45"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
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        <name>Scripps Escrow, Inc.</name>
        <lei>N/A</lei>
        <title>Scripps Escrow, Inc.</title>
        <cusip>81104PAA7</cusip>
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        <name>Energizer Holdings, Inc.</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>Energizer Holdings, Inc.</title>
        <cusip>29272WAC3</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
        <cusip>15135BAW1</cusip>
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        <balance>15000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650CZ1</cusip>
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        <name>FNMA</name>
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        <name>CNX Resources Corp.</name>
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        <name>Option Care Health, Inc.</name>
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        <name>TotalEnergies Capital International SA</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Endo Luxembourg Finance Co. I SARL</name>
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        <name>Griffon Corp.</name>
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        <name>PMT Credit Risk Transfer Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clarios Global LP</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Vertex Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Analog Devices, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States of America</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-15</maturityDt>
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          <annualizedRt>2.37500000</annualizedRt>
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        <name>HSI Asset Securitization Corp. Trust</name>
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        <cusip>44328AAA8</cusip>
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          <isin value="US44328AAA88"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-25</maturityDt>
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        <name>BP Capital Markets America, Inc.</name>
        <lei>5493009NTB34VXE1T760</lei>
        <title>BP Capital Markets America, Inc.</title>
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          <isin value="US10373QBP46"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-04</maturityDt>
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        <name>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>Santander Holdings USA, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-06</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>At Home Group, Inc.</name>
        <lei>549300LGPR0P05O30I24</lei>
        <title>At Home Group, Inc.</title>
        <cusip>04650YAB6</cusip>
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          <isin value="US04650YAB65"/>
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        <balance>15000.00000000</balance>
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        <valUSD>12975.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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          <annualizedRt>7.12500000</annualizedRt>
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        <name>Legacy LifePoint Health LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>Coty, Inc.</name>
        <lei>549300BO9IWPF3S48F93</lei>
        <title>Coty, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
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        <name>USA Compression Partners LP</name>
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        <balance>40000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-01</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>DISH DBS Corp.</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp.</title>
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          <isin value="US25470XBF15"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>Mastr Asset-Backed Securities Trust</name>
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        <cusip>55275RAE2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-25</maturityDt>
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          <annualizedRt>0.87657120</annualizedRt>
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        <name>International Flavors &amp; Fragrances, Inc.</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>International Flavors &amp; Fragrances, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37045XDP8</cusip>
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        <balance>60000.00000000</balance>
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        <name>Smithfield Foods, Inc.</name>
        <lei>CVTIPZRZJC0JQEZLL598</lei>
        <title>Smithfield Foods, Inc.</title>
        <cusip>832248AZ1</cusip>
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        <name>Willis North America, Inc.</name>
        <lei>5493004KVU1HWZCP0C66</lei>
        <title>Willis North America, Inc.</title>
        <cusip>970648AG6</cusip>
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        <balance>55000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119BX6</cusip>
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        <balance>55000.00000000</balance>
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        <valUSD>56092.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Michaels Cos., Inc. (The)</name>
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        <name>Suburban Propane Partners LP</name>
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        <name>PG&amp;E Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.48199840</annualizedRt>
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        <name>NGL Energy Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
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        <name>Avaya, Inc.</name>
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        <title>Avaya, Inc.</title>
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          <isin value="US053499AL36"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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        <name>Park Intermediate Holdings LLC</name>
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          <isin value="US70052LAC72"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
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          <isin value="US8085131055"/>
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        <balance>5128.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
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        <name>RP Escrow Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US91282CEG24"/>
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        <name>Cengage Learning, Inc.</name>
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        <name>C-BASS TRUST</name>
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          <maturityDt>2037-01-25</maturityDt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <maturityDt>2023-03-31</maturityDt>
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          <annualizedRt>0.12500000</annualizedRt>
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        <name>First Student Bidco, Inc.</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Expedia Group, Inc.</name>
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      <invstOrSec>
        <name>DuPont de Nemours, Inc.</name>
        <lei>5493004JF0SDFLM8GD76</lei>
        <title>DuPont de Nemours, Inc.</title>
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        <name>Carnival Corp.</name>
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        <name>Magallanes, Inc.</name>
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        <name>FNMA</name>
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        <name>NRG Energy, Inc.</name>
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        <name>FNMA</name>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <name>Scientific Games International, Inc.</name>
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        <name>Glencore Funding LLC</name>
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        <name>Truist Financial Corp.</name>
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        <name>Arches Buyer, Inc.</name>
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        <name>Nationstar Mortgage Holdings, Inc.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>Frontier Communications Holdings LLC</name>
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        <name>Realogy Group LLC</name>
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        <name>GNMA</name>
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        <name>Hilcorp Energy I LP</name>
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        <name>Wells Fargo Alternative Loan Trust</name>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</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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        <name>United States of America</name>
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          <isin value="US91282CCN92"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp.</name>
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          <isin value="US5949181045"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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          <isin value="US69349MAA45"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-27</maturityDt>
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        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Glatfelter Corp.</name>
        <lei>549300LDQLQBT38QDY28</lei>
        <title>Glatfelter Corp.</title>
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          <isin value="US377320AA45"/>
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        <balance>45000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
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          <isin value="US961214EX77"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-18</maturityDt>
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        <name>Western Union Co. (The)</name>
        <lei>28ID94QU1140NC23S047</lei>
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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>2031-03-15</maturityDt>
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        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
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        <balance>300000.00000000</balance>
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          <maturityDt>2060-05-25</maturityDt>
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        <name>Icahn Enterprises LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Madison IAQ LLC</name>
        <lei>549300IXDNBXNHUPBU73</lei>
        <title>Madison IAQ LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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          <maturityDt>2032-02-12</maturityDt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <name>Midwest Gaming Borrower LLC</name>
        <lei>N/A</lei>
        <title>Midwest Gaming Borrower LLC</title>
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        <invCountry>US</invCountry>
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        <name>Arconic Corp.</name>
        <lei>549300B4YFWH3U74B152</lei>
        <title>Arconic Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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        <name>Broadcom, Inc.</name>
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      <invstOrSec>
        <name>Boeing Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Metis Merger Sub LLC</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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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Monongahela Power Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-12-15</maturityDt>
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      <invstOrSec>
        <name>DISH DBS Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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        <name>Garda World Security Corp.</name>
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        <title>Garda World Security Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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      <invstOrSec>
        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Southwestern Energy Co.</name>
        <lei>EFWMP121W54QV9MGOP87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <name>GNMA</name>
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        <name>DoubleLine Floating Rate Fund</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Pike Corp.</name>
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        <title>Pike Corp.</title>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SRS Distribution, Inc.</name>
        <lei>549300ZQ3XP75BCYM468</lei>
        <title>SRS Distribution, Inc.</title>
        <cusip>78471RAB2</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Dick's Sporting Goods, Inc.</name>
        <lei>529900SSBV5I4LWSK313</lei>
        <title>Dick's Sporting Goods, Inc.</title>
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        <balance>60000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC STACR Remic Trust</name>
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        <name>Diamond Sports Group LLC</name>
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        <name>FHLMC</name>
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        <name>Madison IAQ LLC</name>
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        <name>Radiology Partners, Inc.</name>
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        <name>STRU JPM-3156</name>
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        <name>NFP Corp.</name>
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        <name>FNMA</name>
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        <name>Transocean Poseidon Ltd.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>GNMA</name>
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        <name>Southwestern Energy Co.</name>
        <lei>EFWMP121W54QV9MGOP87</lei>
        <title>Southwestern Energy Co.</title>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
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        <name>NXP BV</name>
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        <name>PennyMac Financial Services, Inc.</name>
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        <name>Visa, Inc.</name>
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        <name>GNMA</name>
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        <name>McDonald's Corp.</name>
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        <name>AbbVie, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-14</maturityDt>
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        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-19</maturityDt>
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        <name>Fertitta Entertainment LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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        <name>Aflac, Inc.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>FHLMC</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Packaging Corp. of America</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Rattler Midstream LP</name>
        <lei>549300I45NRVEEN9M219</lei>
        <title>Rattler Midstream LP</title>
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        <balance>10000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pioneer Natural Resources Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Minerva Merger Sub, Inc.</name>
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      <invstOrSec>
        <name>Cedar Fair LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Consolidated Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lam Research Corp.</name>
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        <title>Lam Research Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of Montreal</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-15</maturityDt>
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        <name>Alliant Holdings Intermediate LLC</name>
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        <valUSD>19800.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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        <name>GTCR AP Finance, Inc.</name>
        <lei>N/A</lei>
        <title>GTCR AP Finance, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Ferrellgas Escrow LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796R27</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp.</title>
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        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
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        <name>Mozart Debt Merger Sub, Inc.</name>
        <lei>N/A</lei>
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        <name>United States of America</name>
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        <name>Southern Co. (The)</name>
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        <name>American Airlines, Inc.</name>
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        <name>Frontier Communications Corp.</name>
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        <name>MEG Energy Corp.</name>
        <lei>5493002WXPTG5ZC1T326</lei>
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      <invstOrSec>
        <name>Frontier Communications Holdings LLC</name>
        <lei>N/A</lei>
        <title>Frontier Communications Holdings LLC</title>
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        <name>Penske Truck Leasing Co. LP</name>
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        <name>Fidelity National Information Services, Inc.</name>
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        <name>United Natural Foods, Inc.</name>
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        <name>Citigroup, Inc.</name>
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        <name>United States of America</name>
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          <maturityDt>2027-03-31</maturityDt>
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        <name>Hilcorp Energy I LP</name>
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        <name>Premier Entertainment Sub LLC</name>
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        <name>Essential Utilities, Inc.</name>
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        <name>GCAT LLC</name>
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          <maturityDt>2025-09-25</maturityDt>
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        <name>United States of America</name>
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        <name>Marriott International, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Zoetis, Inc.</name>
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        <name>NCL Corp. Ltd.</name>
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        <name>Premier Entertainment Sub LLC</name>
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        <name>Acrisure LLC</name>
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        <name>Ares Capital Corp.</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>Ares Capital Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Hess Midstream Operations LP</name>
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        <title>Hess Midstream Operations LP</title>
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        <valUSD>37662.00000000</valUSD>
        <pctVal>0.051042321668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CED9</cusip>
        <identifiers>
          <isin value="US91282CED92"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>587906.40000000</valUSD>
        <pctVal>0.796774137847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-05-02</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>
  <documents>XXXX</documents>
</edgarSubmission>
