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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4350, Class KF</title>
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          <isin value="US3137BBHT04"/>
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        <balance>310153.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301293.16000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Settlement Finance Authority</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Finance Authority</title>
        <cusip>88880LAV5</cusip>
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          <isin value="US88880LAV53"/>
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        <balance>1537161.29000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2021-1A, Class C</title>
        <cusip>30166RAE7</cusip>
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          <isin value="US30166RAE71"/>
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        <balance>3332000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.74000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Puget Sound Regional Transit Authority</name>
        <lei>N/A</lei>
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          <isin value="US15504RET23"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6292.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.49100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LAD Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>LAD Auto Receivables Trust, Series 2022-1A, Class A</title>
        <cusip>501687AA5</cusip>
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          <isin value="US501687AA54"/>
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        <balance>1917712.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1901318.50000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.21000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Affirm Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>Affirm Asset Securitization Trust, Series 2021-Z1, Class A</title>
        <cusip>00834CAA3</cusip>
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          <isin value="US00834CAA36"/>
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        <balance>683049.78000000</balance>
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        <curCd>USD</curCd>
        <valUSD>662596.54000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.07000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4029, Class LD</title>
        <cusip>3137APFR6</cusip>
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          <isin value="US3137APFR60"/>
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        <balance>949729.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>921881.56000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brex Commercial Charge Card Master Trust</name>
        <lei>N/A</lei>
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        <cusip>05601DAC7</cusip>
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          <isin value="US05601DAC74"/>
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        <balance>2436000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2386811.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Carvana Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust, Series 2021-N2, Class B</title>
        <cusip>14686KAC1</cusip>
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          <isin value="US14686KAC18"/>
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        <balance>303320.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>282996.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Ireland Group plc</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group plc</title>
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          <isin value="US06279JAC36"/>
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        <balance>424000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415081.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.25299840</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Carvana Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust, Series 2021-N1, Class C</title>
        <cusip>14687DAC6</cusip>
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          <isin value="US14687DAC65"/>
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        <balance>1598076.37000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1522551.92000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.30000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Warnermedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Warnermedia Holdings, Inc.</title>
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          <isin value="US55903VAU70"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>CNH Industrial Capital LLC</name>
        <lei>549300PNSJ5B81UMVO28</lei>
        <title>CNH Industrial Capital LLC</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-05-23</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CEW73"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEV7</cusip>
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        <balance>13000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12547108.60000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chase Auto Credit Linked Notes</name>
        <lei>N/A</lei>
        <title>Chase Auto Credit Linked Notes, Series 2021-1, Class B</title>
        <cusip>46591HBR0</cusip>
        <identifiers>
          <isin value="US46591HBR03"/>
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        <balance>2113726.08000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2060102.12000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEZ8</cusip>
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          <isin value="US3137EAEZ80"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47843910.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Flagship Credit Auto Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Voya CLO Ltd.</name>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ohio State University (The)</name>
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        <title>Ohio State University (The)</title>
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          <isin value="US677632MV00"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Brex Commercial Charge Card Master 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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BHG Securitization Trust</name>
        <lei>N/A</lei>
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          <isin value="US054977AA12"/>
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        <balance>336925.28000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2014-C04, Class 2M2</title>
        <cusip>30711XAR5</cusip>
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          <isin value="US30711XAR52"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GCT Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>GCT Commercial Mortgage Trust, Series 2021-GCT, Class B</title>
        <cusip>36167RAC7</cusip>
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          <isin value="US36167RAC79"/>
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        <balance>2996618.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.06800000</annualizedRt>
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      <invstOrSec>
        <name>BAMLL Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>BAMLL Commercial Mortgage Securities Trust, Series 2013-WBRK, Class D</title>
        <cusip>05525BAL4</cusip>
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          <isin value="US05525BAL45"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-03-10</maturityDt>
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          <annualizedRt>3.65211000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class B</title>
        <cusip>17320DAQ1</cusip>
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          <isin value="US17320DAQ16"/>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
        <cusip>87165BAS2</cusip>
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        <balance>995000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB</title>
        <cusip>3133EMSS2</cusip>
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          <isin value="US3133EMSS26"/>
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        <balance>50000000.00000000</balance>
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        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB</title>
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        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB</title>
        <cusip>3133ENKS8</cusip>
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        <balance>7000000.00000000</balance>
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      <invstOrSec>
        <name>Donlen Fleet Lease Funding LLC</name>
        <lei>549300ZWUQETU54FDP26</lei>
        <title>Donlen Fleet Lease Funding LLC, Series 2021-2, Class C</title>
        <cusip>257812AF4</cusip>
        <identifiers>
          <isin value="US257812AF49"/>
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        <balance>1678000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>1.20000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="TYZ2COS"/>
          <other otherDesc="Future Ticker" value="TYZ2 Comdty"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse Group AG</name>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Massachusetts Clean Water Trust (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hertz Vehicle Financing III LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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          <isin value="US592643AA80"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC STACR REMIC Trust</name>
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        <name>Amur Equipment Finance Receivables XI LLC</name>
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        <name>ACM Auto Trust</name>
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        <name>Ashford Hospitality Trust</name>
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        <name>Radnor RE Ltd.</name>
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        <name>FHF Trust</name>
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        <name>Carvana Auto Receivables Trust</name>
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        <name>FNMA</name>
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        <name>CPS Auto Receivables Trust</name>
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        <name>City of New York NY</name>
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        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
        <title>Georgia Municipal Electric Authority, Revenue Bonds, Series 2010A</title>
        <cusip>626207YF5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.63700000</annualizedRt>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1</title>
        <cusip>20754DAA5</cusip>
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        <balance>741727.79000000</balance>
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        <name>FNMA</name>
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        <name>Federation des Caisses Desjardins du Quebec</name>
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      <invstOrSec>
        <name>Los Angeles Unified School District</name>
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      <invstOrSec>
        <name>First Investors Auto Owner Trust</name>
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        <name>BBCMS Mortgage Trust</name>
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        <name>HSBC Holdings plc</name>
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        <name>Standard Chartered plc</name>
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        <title>Standard Chartered plc</title>
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        <name>FHLB</name>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <title>Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class D</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>DEUTSCHE BANK SECURITIES INC.</name>
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        <title>Treasury Repurchase Agreement</title>
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        <name>Synchrony Financial</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>Southwest Airlines Co.</name>
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        <name>Aviation Capital Group LLC</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
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        <name>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>Santander Holdings USA, Inc.</title>
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        <name>Los Angeles Community College District</name>
        <lei>N/A</lei>
        <title>County of Los Angeles Community College District, General Obligation Bonds, Series 2008-E</title>
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        <balance>6000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hardee's Funding LLC</name>
        <lei>N/A</lei>
        <title>Hardee's Funding LLC, Series 2018-1A, Class A23</title>
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          <isin value="US411707AF99"/>
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        <balance>1354226.90000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.71000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>254900K56RF3Z7VQ3U81</lei>
        <title>Bellemeade Re Ltd., Series 2019-1A, Class M1B</title>
        <cusip>07876RAB2</cusip>
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          <isin value="US07876RAB24"/>
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        <balance>376744.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>376260.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.83400080</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DT Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>DT Auto Owner Trust, Series 2021-2A, Class C</title>
        <cusip>23345EAE5</cusip>
        <identifiers>
          <isin value="US23345EAE59"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001566.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority, Revenue Bonds, Series 2010B-1</title>
        <cusip>59259YCA5</cusip>
        <identifiers>
          <isin value="US59259YCA55"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6171.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.54800000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61747YET82"/>
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        <balance>598000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>586485.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.67899920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>Commonwealth of Massachusetts, General Obligation Bonds, Series 2009E</title>
        <cusip>57582PUE8</cusip>
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          <isin value="US57582PUE86"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7200.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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        <balance>689000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>662372.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.30399880</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CEA5</cusip>
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          <isin value="US91282CEA53"/>
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        <balance>35079600.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>METROPOLITAN LIFE INSURANCE COMPANY</name>
        <lei>549300H7EXFMRS487544</lei>
        <title>Treasury Repurchase Agreement</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Custodian Internal ID" value="220930024"/>
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        <balance>29325.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2013-121, Class FA</title>
        <cusip>3136AHEU0</cusip>
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          <isin value="US3136AHEU00"/>
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        <balance>498474.72000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Parker-Hannifin Corp.</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>Parker-Hannifin Corp.</title>
        <cusip>701094AQ7</cusip>
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          <isin value="US701094AQ75"/>
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        <balance>1641000.00000000</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>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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      <invstOrSec>
        <name>UBS-Barclays Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class B</title>
        <cusip>90270YAG4</cusip>
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          <isin value="US90270YAG44"/>
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        <balance>2414356.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2384250.67000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.64870080</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
        <cusip>63861VAF4</cusip>
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          <isin value="US63861VAF40"/>
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        <balance>1611000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1392950.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.97200160</annualizedRt>
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      <invstOrSec>
        <name>Affirm Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>Affirm Asset Securitization Trust, Series 2021-A, Class A</title>
        <cusip>00833MAA2</cusip>
        <identifiers>
          <isin value="US00833MAA27"/>
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        <balance>707898.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>703037.13000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.88000000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Revenue Bonds, Series 2010B</title>
        <cusip>646136XR7</cusip>
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          <isin value="US646136XR74"/>
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        <balance>31000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33248.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.56100000</annualizedRt>
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      <invstOrSec>
        <name>Go Mortgage LLC</name>
        <lei>25490018IFQOT83Q7H49</lei>
        <title>Go Mortgage LLC</title>
        <cusip>36261CAA9</cusip>
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          <isin value="US36261CAA99"/>
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        <balance>1025594.08000000</balance>
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        <curCd>USD</curCd>
        <valUSD>950312.30000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.43280000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United Auto Credit Securitization Trust</name>
        <lei>N/A</lei>
        <title>United Auto Credit Securitization Trust, Series 2022-2, Class A</title>
        <cusip>90944KAA3</cusip>
        <identifiers>
          <isin value="US90944KAA34"/>
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        <balance>1888032.24000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Go Mortgage LLC</name>
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        <name>Morgan Stanley Capital I Trust</name>
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        <name>Encina Equipment Finance LLC</name>
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        <name>HSBC Holdings plc</name>
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        <name>JPMorgan Chase Bank NA-CACLN</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>HP, Inc.</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>FHLMC</name>
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        <name>Aviation Capital Group LLC</name>
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        <name>Mission Lane Credit Card Master Trust</name>
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        <name>State of Washington</name>
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        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>23636ABD2</cusip>
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        <invCountry>DK</invCountry>
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        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Revenue Bonds, Series 2010B</title>
        <cusip>709223A27</cusip>
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        <balance>9000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>31339U5V8</cusip>
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          <isin value="US31339U5V85"/>
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        <balance>1322943.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1204400.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2011-53, Class FT</title>
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          <isin value="US31397URA96"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>JPMorgan Prime Money Market Fund, IM Shares</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="CINS" value="741994511"/>
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        <curCd>USD</curCd>
        <valUSD>0.16000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CAX92"/>
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        <balance>46978100.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
        <cusip>03027XBV1</cusip>
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          <isin value="US03027XBV10"/>
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        <balance>1138000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Upstart Securitization Trust</name>
        <lei>N/A</lei>
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          <isin value="US91680EAA38"/>
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        <balance>139839.54000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2030-11-20</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>Elevation CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Elevation CLO Ltd., Series 2020-11A, Class C</title>
        <cusip>28621YAE5</cusip>
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          <isin value="US28621YAE59"/>
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        <balance>1870000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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        <cusip>69345WAA6</cusip>
        <identifiers>
          <isin value="US69345WAA62"/>
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        <balance>545617.84480000</balance>
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        <curCd>USD</curCd>
        <valUSD>523622.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.86314000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Neighborly Issuer LLC</name>
        <lei>N/A</lei>
        <title>Neighborly Issuer LLC, Series 2021-1A, Class A2</title>
        <cusip>64016NAA5</cusip>
        <identifiers>
          <isin value="US64016NAA54"/>
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        <balance>1317884.92500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1095340.55000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.58400000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>City of New York Municipal Water Finance Authority, Water &amp; Sewer System, Revenue Bonds, Series 2010EE</title>
        <cusip>64972FL20</cusip>
        <identifiers>
          <isin value="US64972FL207"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6602.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.01100000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2014-C04, Class 1M2</title>
        <cusip>30711XAP9</cusip>
        <identifiers>
          <isin value="US30711XAP96"/>
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        <balance>731355.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>755816.49000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.98400080</annualizedRt>
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      <invstOrSec>
        <name>Carmax Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>Carmax Auto Owner Trust, Series 2021-1, Class C</title>
        <cusip>14316NAF6</cusip>
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          <isin value="US14316NAF69"/>
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        <balance>1177000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1069600.63000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.94000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGL CLO 12 Ltd.</name>
        <lei>54930005OE1IFBESDA27</lei>
        <title>AGL CLO 12 Ltd., Series 2021-12A, Class A1</title>
        <cusip>00120BAA8</cusip>
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          <isin value="US00120BAA89"/>
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        <balance>3900765.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3730129.94000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.86985960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>City of Chicago, International Airport, Revenue Bonds, Series 2010B</title>
        <cusip>167593AN2</cusip>
        <identifiers>
          <isin value="US167593AN29"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6761.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.39500000</annualizedRt>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>Bay Area Toll Authority</title>
        <cusip>072024ND0</cusip>
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          <isin value="US072024ND01"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7967.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.26300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2015-C01, Class 1M2</title>
        <cusip>30711XAT1</cusip>
        <identifiers>
          <isin value="US30711XAT19"/>
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        <balance>251915.33000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257073.57000000</valUSD>
        <pctVal>0.024743125982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.38399960</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Diego County Water Authority</name>
        <lei>549300Y0QN5OFKA1G520</lei>
        <title>San Diego County Water Authority</title>
        <cusip>79741TAR5</cusip>
        <identifiers>
          <isin value="US79741TAR59"/>
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        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6760.85000000</valUSD>
        <pctVal>0.000650726417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Owner Trust, Series 2021-1, Class C</title>
        <cusip>345340AC7</cusip>
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        <balance>1168000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
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        <cusip>30166QAB5</cusip>
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          <isin value="US30166QAB59"/>
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        <balance>2070871.17000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2062511.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.19000000</annualizedRt>
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      <invstOrSec>
        <name>HFX Funding Issuer LLC</name>
        <lei>N/A</lei>
        <title>HFX Funding Issuer LLC</title>
        <cusip>40422GAE0</cusip>
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          <isin value="US40422GAE08"/>
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        <balance>2920000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040HCS2</cusip>
        <identifiers>
          <isin value="US14040HCS22"/>
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        <balance>803000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>762530.17000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.92699960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>State of New York Dormitory Authority, Personal Income Tax, Revenue Bonds, Series 2010D</title>
        <cusip>649902T37</cusip>
        <identifiers>
          <isin value="US649902T373"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6244.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TSMC Arizona Corp.</name>
        <lei>2549005GOBWLCSY63Q97</lei>
        <title>TSMC Arizona Corp.</title>
        <cusip>872898AF8</cusip>
        <identifiers>
          <isin value="US872898AF83"/>
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        <balance>931000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>886973.01000000</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>2027-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3927, Class FH</title>
        <cusip>3137AFEP3</cusip>
        <identifiers>
          <isin value="US3137AFEP32"/>
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        <balance>33503.40890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33202.33000000</valUSD>
        <pctVal>0.003195697768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.26770920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3130ALRG1</cusip>
        <identifiers>
          <isin value="US3130ALRG11"/>
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        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29503392.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3807, Class FM</title>
        <cusip>3137A6NJ7</cusip>
        <identifiers>
          <isin value="US3137A6NJ75"/>
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        <balance>30665.50200000</balance>
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        <curCd>USD</curCd>
        <valUSD>30466.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.31770960</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Avant Loans Funding Trust</name>
        <lei>N/A</lei>
        <title>Avant Loans Funding Trust, Series 2021-REV1, Class A</title>
        <cusip>05353LAA3</cusip>
        <identifiers>
          <isin value="US05353LAA35"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4255470.90000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.21000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>254900SCWI9IDKK5LV64</lei>
        <title>Bellemeade Re Ltd., Series 2019-3A, Class M1B</title>
        <cusip>07877GAB5</cusip>
        <identifiers>
          <isin value="BM07877GAB52"/>
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        <balance>391854.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>391490.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.68399960</annualizedRt>
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      <invstOrSec>
        <name>Affirm Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>Affirm Asset Securitization Trust, Series 2022-X1, Class A</title>
        <cusip>00834HAA2</cusip>
        <identifiers>
          <isin value="US00834HAA23"/>
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        <balance>1480882.83000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1448397.59000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CEG2</cusip>
        <identifiers>
          <isin value="US91282CEG24"/>
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        <balance>40703500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39480803.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CPS Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>CPS Auto Receivables Trust, Series 2022-A, Class B</title>
        <cusip>12659WAC2</cusip>
        <identifiers>
          <isin value="US12659WAC29"/>
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        <balance>2195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2123210.99000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>3135G0V34</cusip>
        <identifiers>
          <isin value="US3135G0V340"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4881956.00000000</valUSD>
        <pctVal>0.469884369485</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB</title>
        <cusip>3133EMDA7</cusip>
        <identifiers>
          <isin value="US3133EMDA72"/>
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        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39968336.00000000</valUSD>
        <pctVal>3.846920447615</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.16000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Rad CLO 2 Ltd.</name>
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        <name>FHLMC</name>
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        <name>Bay Area Toll Authority</name>
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        <name>State of Georgia</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>Los Angeles Unified School District</name>
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        <name>FNMA</name>
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        <issuerCat>USGA</issuerCat>
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        <name>PMT Credit Risk Transfer Trust</name>
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        <name>GoldenTree Loan Management US CLO 7 Ltd.</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>
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        <name>Salt River Project Agricultural Improvement &amp; Power District</name>
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        <name>Los Angeles Community College District</name>
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        <name>Bank of America Corp.</name>
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        <name>Morgan Stanley</name>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CDR9</cusip>
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        <name>Eagle RE Ltd.</name>
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        <name>Bellemeade Re Ltd.</name>
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        <name>Drive Auto Receivables Trust</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>Radnor RE Ltd.</name>
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        <name>FHLMC</name>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <name>New York State Dormitory Authority</name>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-24</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>State of California</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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          <isin value="US517834AH06"/>
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        <balance>2462000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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        <name>Crossroads Asset Trust</name>
        <lei>N/A</lei>
        <title>Crossroads Asset Trust, Series 2021-A, Class B</title>
        <cusip>22767CAC4</cusip>
        <identifiers>
          <isin value="US22767CAC47"/>
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        <balance>1058000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1030743.28000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040HCM5</cusip>
        <identifiers>
          <isin value="US14040HCM51"/>
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        <balance>2229000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2066842.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.63599920</annualizedRt>
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      <invstOrSec>
        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>City of New York, Municipal Water Finance Authority, Water &amp; Sewer System, Revenue Bonds, Series 2010GG</title>
        <cusip>64972FT30</cusip>
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          <isin value="US64972FT309"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8524.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC STACR REMIC Trust</name>
        <lei>N/A</lei>
        <title>FHLMC STACR REMIC Trust, Series 2022-DNA6, Class M1A</title>
        <cusip>35564KH36</cusip>
        <identifiers>
          <isin value="US35564KH362"/>
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        <balance>1129158.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1122450.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.43502000</annualizedRt>
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      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
        <cusip>3133XGAY0</cusip>
        <identifiers>
          <isin value="US3133XGAY07"/>
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        <balance>12000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13388.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Workday, Inc.</name>
        <lei>549300J0DYC0N31V7G13</lei>
        <title>Workday, Inc.</title>
        <cusip>98138HAG6</cusip>
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          <isin value="US98138HAG65"/>
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        <balance>1138000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dryden 78 CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Dryden 78 CLO Ltd., Series 2020-78A, Class D</title>
        <cusip>26253LAG7</cusip>
        <identifiers>
          <isin value="US26253LAG77"/>
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        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751614.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.74029000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEN5</cusip>
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          <isin value="US3137EAEN50"/>
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        <balance>2717000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2689413.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2011-GC5, Class D</title>
        <cusip>36191YAL2</cusip>
        <identifiers>
          <isin value="US36191YAL20"/>
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        <balance>49051.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22103.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.30222040</annualizedRt>
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      <invstOrSec>
        <name>Dryden 78 CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Dryden 78 CLO Ltd., Series 2020-78A, Class C</title>
        <cusip>26253LAE2</cusip>
        <identifiers>
          <isin value="US26253LAE20"/>
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        <balance>2120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1940109.52000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.69028880</annualizedRt>
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      <invstOrSec>
        <name>Radnor RE Ltd.</name>
        <lei>254900YVLP8CB4GC2O97</lei>
        <title>Radnor RE Ltd., Series 2020-1, Class M1A</title>
        <cusip>750493AA6</cusip>
        <identifiers>
          <isin value="US750493AA69"/>
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        <balance>448247.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>446843.23000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.03400160</annualizedRt>
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      <invstOrSec>
        <name>City of San Francisco CA Public Utilities Commission Water Revenue</name>
        <lei>N/A</lei>
        <title>City &amp; County of San Francisco Public Utilities Commission, Revenue Bonds, Series 2010E</title>
        <cusip>79765RTK5</cusip>
        <identifiers>
          <isin value="US79765RTK58"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8633.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
        <lei>N/A</lei>
        <title>Nelnet Student Loan Trust, Series 2021-CA, Class AFX</title>
        <cusip>64035GAB5</cusip>
        <identifiers>
          <isin value="US64035GAB59"/>
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        <balance>2393545.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2143234.87000000</valUSD>
        <pctVal>0.206284646061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.32000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BFLD Trust</name>
        <lei>N/A</lei>
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        <cusip>05554BAA2</cusip>
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          <isin value="US05554BAA26"/>
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        <balance>4795000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4617883.25000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.41799920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>State of Washington Motor Vehicle Fuel Tax, Revenue Bonds, Series 2010F</title>
        <cusip>93974CRF9</cusip>
        <identifiers>
          <isin value="US93974CRF94"/>
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        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6071.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.09000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796T33</cusip>
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          <isin value="US912796T338"/>
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        <balance>1127200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1111454.26000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PDG8</cusip>
        <identifiers>
          <isin value="US46647PDG81"/>
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        <balance>2091000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2009451.42000000</valUSD>
        <pctVal>0.193408095750</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.85100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Research-Driven Pagaya Motor Asset Trust VII</name>
        <lei>N/A</lei>
        <title>Research-Driven Pagaya Motor Asset Trust VII, Series 2022-3A, Class A</title>
        <cusip>76088TAA9</cusip>
        <identifiers>
          <isin value="US76088TAA97"/>
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        <balance>2078049.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2050889.32000000</valUSD>
        <pctVal>0.197396460560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEP0</cusip>
        <identifiers>
          <isin value="US3137EAEP09"/>
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        <balance>25500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23930985.00000000</valUSD>
        <pctVal>2.303338210729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>31339UZQ6</cusip>
        <identifiers>
          <isin value="US31339UZQ65"/>
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        <balance>1299710.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1186904.80000000</valUSD>
        <pctVal>0.114238639919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Revenue Bonds, Series 2010B</title>
        <cusip>709223ZZ7</cusip>
        <identifiers>
          <isin value="US709223ZZ72"/>
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        <balance>7000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7387.71000000</valUSD>
        <pctVal>0.000711061192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.56100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority</title>
        <cusip>66285WFB7</cusip>
        <identifiers>
          <isin value="US66285WFB72"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9488.34000000</valUSD>
        <pctVal>0.000913245153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.71800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>456837BB8</cusip>
        <identifiers>
          <isin value="US456837BB82"/>
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        <balance>708000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>646015.66000000</valUSD>
        <pctVal>0.062178491792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.01699880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Consumer Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Santander Consumer Auto Receivables Trust, Series 2021-BA, Class B</title>
        <cusip>802824AB8</cusip>
        <identifiers>
          <isin value="US802824AB83"/>
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        <balance>1863622.35000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1830842.72000000</valUSD>
        <pctVal>0.176217150895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4286, Class VF</title>
        <cusip>3137B6VQ1</cusip>
        <identifiers>
          <isin value="US3137B6VQ17"/>
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        <balance>649101.40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>642038.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.26770920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OCP CLO Ltd.</name>
        <lei>254900MN6N176YEZLX15</lei>
        <title>OCP CLO Ltd., Series 2020-18A, Class AR</title>
        <cusip>671078AN3</cusip>
        <identifiers>
          <isin value="US671078AN32"/>
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        <balance>3424000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3308905.66000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.79986120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
        <cusip>517834AG2</cusip>
        <identifiers>
          <isin value="US517834AG23"/>
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        <balance>1453000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1364755.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Government of Nashville &amp; Davidson County Convention Center Authority</name>
        <lei>N/A</lei>
        <title>County of Nashville &amp; Davidson Convention Center Authority, Revenue Bonds, Series 2010B</title>
        <cusip>592125AM0</cusip>
        <identifiers>
          <isin value="US592125AM00"/>
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        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6817.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.73100000</annualizedRt>
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      <invstOrSec>
        <name>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
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        <cusip>80290CAX2</cusip>
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        <balance>2275033.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2278334.98000000</valUSD>
        <pctVal>0.219287923847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.72100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-10-31</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>
