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

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.48100000</annualizedRt>
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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>
        <cusip>3137BBHT0</cusip>
        <identifiers>
          <isin value="US3137BBHT04"/>
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        <balance>250121.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>242573.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.84568640</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing LLC, Series 2023-2, Class A2</title>
        <cusip>29375NAB1</cusip>
        <identifiers>
          <isin value="US29375NAB10"/>
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        <balance>2498000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2505051.60000000</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>2030-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.56000000</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>
      <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>
        <identifiers>
          <isin value="US30166RAE71"/>
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        <balance>53445.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53345.58000000</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>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.74000000</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>Central Puget Sound Regional Transit Authority</name>
        <lei>N/A</lei>
        <title>Central Puget Sound Regional Transit Authority</title>
        <cusip>15504RET2</cusip>
        <identifiers>
          <isin value="US15504RET23"/>
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        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6417.52000000</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>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.49100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LAD Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>LAD Auto Receivables Trust, Series 2022-1A, Class A</title>
        <cusip>501687AA5</cusip>
        <identifiers>
          <isin value="US501687AA54"/>
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        <balance>916127.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>911364.60000000</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>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.21000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>
        <identifiers>
          <isin value="US00834CAA36"/>
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        <balance>127538.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125979.62000000</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>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.07000000</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 4029, Class LD</title>
        <cusip>3137APFR6</cusip>
        <identifiers>
          <isin value="US3137APFR60"/>
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        <balance>354608.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>347099.96000000</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>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brex Commercial Charge Card Master Trust</name>
        <lei>N/A</lei>
        <title>Brex Commercial Charge Card Master Trust, Series 2022-1, Class A</title>
        <cusip>05601DAC7</cusip>
        <identifiers>
          <isin value="US05601DAC74"/>
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        <balance>2436000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2401549.84000000</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>
          <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>Carvana Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust, Series 2021-N2, Class B</title>
        <cusip>14686KAC1</cusip>
        <identifiers>
          <isin value="US14686KAC18"/>
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        <balance>181967.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>170548.74000000</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>
          <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>Bank of Ireland Group plc</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group plc</title>
        <cusip>06279JAC3</cusip>
        <identifiers>
          <isin value="US06279JAC36"/>
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        <balance>424000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>428561.73000000</valUSD>
        <pctVal>0.046881069786</pctVal>
        <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>6.25300000</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>Carvana Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust, Series 2021-N1, Class C</title>
        <cusip>14687DAC6</cusip>
        <identifiers>
          <isin value="US14687DAC65"/>
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        <balance>875866.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>826671.47000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.30000000</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>Thermo Fisher Scientific, Inc.</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific, Inc.</title>
        <cusip>883556CV2</cusip>
        <identifiers>
          <isin value="US883556CV24"/>
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        <balance>1442000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1460807.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crown Castle, Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle, Inc.</title>
        <cusip>22822VBD2</cusip>
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          <isin value="US22822VBD29"/>
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        <balance>599000.00000000</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>CNH Industrial Capital LLC</name>
        <lei>549300PNSJ5B81UMVO28</lei>
        <title>CNH Industrial Capital LLC</title>
        <cusip>12592BAN4</cusip>
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          <isin value="US12592BAN47"/>
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        <balance>1680000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1650025.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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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>
        <cusip>91282CEW7</cusip>
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          <isin value="US91282CEW73"/>
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        <balance>7594100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7423232.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <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>91282CJF9</cusip>
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          <isin value="US91282CJF95"/>
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        <balance>2083000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2175921.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>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>515389.85000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506146.13000000</valUSD>
        <pctVal>0.055368154414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>San Francisco Bay Area Toll Authority</name>
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        <name>Ohio State University (The)</name>
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        <name>Donlen Fleet Lease Funding LLC</name>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <name>Massachusetts Clean Water Trust (The)</name>
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        <name>FHLMC</name>
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        <name>Amur Equipment Finance Receivables XI LLC</name>
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        <name>United States of America</name>
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        <name>FHF Trust</name>
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        <name>Carvana Auto Receivables Trust</name>
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        <name>FHLMC</name>
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        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2023-DNA2, Class M1A</title>
        <cusip>35564KT58</cusip>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>City of New York NY</name>
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          <maturityDt>2031-10-01</maturityDt>
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        <name>Georgia Municipal Electric Authority</name>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <valUSD>564219.29000000</valUSD>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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        <cusip>20754DAA5</cusip>
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        <name>Kubota Credit Owner Trust</name>
        <lei>N/A</lei>
        <title>Kubota Credit Owner Trust, Series 2023-1A, Class A2</title>
        <cusip>50117KAB6</cusip>
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          <annualizedRt>5.40000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-65, Class FA</title>
        <cusip>3136A6YN8</cusip>
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        <balance>24611.75000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>County of Los Angeles Unified School District</name>
        <lei>N/A</lei>
        <title>County of Los Angeles Unified School District, General Obligation Bonds, Series 2009-KRY</title>
        <cusip>544646XZ0</cusip>
        <identifiers>
          <isin value="US544646XZ09"/>
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        <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>FHLB</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>FNMA</name>
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        <name>Synchrony Financial</name>
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        <name>Aviation Capital Group LLC</name>
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        <name>Santander Bank Auto Credit-Linked Notes</name>
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        <name>FFCB</name>
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        <name>Barclays plc</name>
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        <name>Exeter Automobile Receivables Trust</name>
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        <name>County of 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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        <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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        <name>Metropolitan Transportation Authority</name>
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        <name>Commonwealth of Massachusetts</name>
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        <name>United States of America</name>
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        <name>Warnermedia Holdings, Inc.</name>
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        <name>FNMA</name>
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        <name>N/A</name>
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        <name>Parker-Hannifin Corp.</name>
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        <name>UBS-Barclays Commercial Mortgage Trust</name>
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        <name>Nationwide Building Society</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Harley-Davidson Financial Services, Inc.</name>
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        <name>Morgan Stanley Capital I Trust</name>
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        <name>Chase Auto Credit Linked Notes</name>
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        <name>Standard Chartered plc</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>FHLMC</name>
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        <name>FHLMC</name>
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        <name>Aviation Capital Group LLC</name>
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          <couponKind>Fixed</couponKind>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 2 Year Note</title>
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          <other otherDesc="Inhouse Sedol" value="TUH4COM"/>
          <other otherDesc="Future Ticker" value="TUH4 Comdty"/>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="WNH4COS"/>
          <other otherDesc="Future Ticker" value="WNH4 Comdty"/>
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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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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <couponKind>Floating</couponKind>
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        <name>World Omni Select Auto Trust</name>
        <lei>N/A</lei>
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        <cusip>98163UAB6</cusip>
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      <invstOrSec>
        <name>McKesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp.</title>
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          <isin value="US581557BT10"/>
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        <balance>942000.00000000</balance>
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        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB</title>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>PMT Credit Risk Transfer Trust, Series 2019-2R, Class A</title>
        <cusip>69345WAA6</cusip>
        <identifiers>
          <isin value="US69345WAA62"/>
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        <balance>467380.11480000</balance>
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        <curCd>USD</curCd>
        <valUSD>467652.74000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.22142160</annualizedRt>
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      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group plc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Neighborly Issuer LLC</name>
        <lei>N/A</lei>
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        <cusip>64016NAA5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>City of New York Municipal Water Finance Authority</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-25</maturityDt>
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        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
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          <isin value="US025816DG18"/>
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        <balance>749000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>756757.47000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-28</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>CarMax Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>CarMax Auto Owner Trust, Series 2021-1, Class C</title>
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          <isin value="US14316NAF69"/>
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        <balance>1177000.00000000</balance>
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        <curCd>USD</curCd>
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        <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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          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US167593AN29"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Bay Area Toll Authority</name>
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        <title>Bay Area Toll Authority</title>
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        <curCd>USD</curCd>
        <valUSD>8136.97000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>30711XAT1</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>San Diego County Water Authority</name>
        <lei>549300Y0QN5OFKA1G520</lei>
        <title>San Diego County Water Authority</title>
        <cusip>79741TAR5</cusip>
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          <isin value="US79741TAR59"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6733.75000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>6.00190920</annualizedRt>
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        <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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          <isin value="US345340AC79"/>
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        <balance>1168000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <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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          <couponKind>Variable</couponKind>
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        <name>State of New York Dormitory Authority</name>
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        <cusip>649902T37</cusip>
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          <isin value="US649902T373"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3137AFEP32"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3807, Class FM</title>
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          <isin value="US3137A6NJ75"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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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>1367132.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1358123.84000000</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>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.21000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>140719.49000000</balance>
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        <curCd>USD</curCd>
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        <name>FNMA</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>Rad CLO 7 Ltd.</name>
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        <name>FHLMC</name>
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        <name>FHLMC</name>
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        <name>FNMA</name>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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        <name>Foursight Capital Automobile Receivables Trust</name>
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        <name>Rad CLO 2 Ltd.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137BHTF4</cusip>
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      <invstOrSec>
        <name>San Francisco Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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        <cusip>072024NT5</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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      <invstOrSec>
        <name>FHLMC</name>
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        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2023-HQA2, Class M1A</title>
        <cusip>35564K2F5</cusip>
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          <isin value="US35564K2F54"/>
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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="US91282CJA09"/>
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        <balance>4286400.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-30</maturityDt>
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        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
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          <isin value="US639057AG33"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-10</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>State of Georgia</name>
        <lei>N/A</lei>
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          <isin value="US373384NZ50"/>
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        <balance>1000.00000000</balance>
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          <maturityDt>2025-11-01</maturityDt>
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        <name>San Francisco Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds, Series 2010-S1</title>
        <cusip>072024NU2</cusip>
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          <isin value="US072024NU26"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEX3</cusip>
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          <isin value="US3137EAEX33"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-23</maturityDt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3349, Class FE</title>
        <cusip>31397JV68</cusip>
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        <balance>770206.37000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>CLNY Trust</name>
        <lei>N/A</lei>
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        <cusip>12564NAL6</cusip>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Floating</couponKind>
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        <name>City of New York Transitional Finance Authority</name>
        <lei>N/A</lei>
        <title>City of New York Transitional Finance Authority, Future Tax Secured Bonds, Revenue Bonds, Series 2011A</title>
        <cusip>64971M4P4</cusip>
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        <balance>7000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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        <cusip>207942AA1</cusip>
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          <isin value="US207942AA18"/>
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        <balance>1941204.89000000</balance>
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        <valUSD>1954977.74000000</valUSD>
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          <maturityDt>2043-06-25</maturityDt>
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        <name>County of Los Angeles Unified School District</name>
        <lei>N/A</lei>
        <title>County of Los Angeles Unified School District, General Obligation Bonds, Series 2009-KRY</title>
        <cusip>544646XY3</cusip>
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        <balance>6000.00000000</balance>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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          <isin value="US404280DF39"/>
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        <balance>1051000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.75500000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2011-86, Class NF</title>
        <cusip>3136A0J65</cusip>
        <identifiers>
          <isin value="US3136A0J654"/>
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        <balance>55267.34000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>PMT Credit Risk Transfer Trust, Series 2019-3R, Class A</title>
        <cusip>69349MAA4</cusip>
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          <isin value="US69349MAA45"/>
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        <balance>85719.85860000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-27</maturityDt>
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          <annualizedRt>9.15252840</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Goldentree Loan Management US CLO 7 Ltd.</name>
        <lei>549300DO8S88M0JNL340</lei>
        <title>Goldentree Loan Management US CLO 7 Ltd., Series 2020-7A, Class AR</title>
        <cusip>38138LAL2</cusip>
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          <isin value="US38138LAL27"/>
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        <balance>2550000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.74742960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>Morgan Stanley</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Chase Mortgage Finance Corp.</name>
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        <name>Kyndryl Holdings, Inc.</name>
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        <name>FHLB</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>GS Mortgage Securities Trust</name>
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        <name>FHLMC</name>
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        <name>FHLMC Pool</name>
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        <name>State of New York Dormitory Authority</name>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>State of California</name>
        <lei>N/A</lei>
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        <cusip>13063BBU5</cusip>
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        <name>CNH Equipment Trust</name>
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        <name>FHLMC</name>
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        <name>City of New York Municipal Water Finance Authority</name>
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        <cusip>64972FT30</cusip>
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        <name>FHLB</name>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bills</title>
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        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>Caterpillar Financial Services Corp.</title>
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        <name>GS Mortgage Securities Trust</name>
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        <title>GS Mortgage Securities Trust, Series 2011-GC5, Class D</title>
        <cusip>36191YAL2</cusip>
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          <isin value="US36191YAL20"/>
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        <name>Dryden 78 CLO Ltd.</name>
        <lei>N/A</lei>
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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>
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        <balance>8000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Philip Morris International, Inc.</name>
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          <isin value="US718172CY31"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BFLD Trust</name>
        <lei>N/A</lei>
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          <isin value="US05554BAA26"/>
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        <balance>4795000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Tower Corp.</name>
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        <title>American Tower Corp.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>DT Auto Owner Trust</name>
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          <isin value="US23346KAA88"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CJL63"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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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>
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          <isin value="US93974CRF94"/>
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        <curCd>USD</curCd>
        <valUSD>6198.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.09000000</annualizedRt>
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        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
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        <cusip>3130ATT31</cusip>
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          <isin value="US3130ATT312"/>
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        <curCd>USD</curCd>
        <valUSD>44833680.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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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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        <curCd>USD</curCd>
        <valUSD>1167996.84000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-25</maturityDt>
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          <annualizedRt>5.38000000</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3137EAEP0</cusip>
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          <isin value="US3137EAEP09"/>
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        <balance>25500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24627866.85000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
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          <isin value="US3130AUZC14"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CFQ9</cusip>
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          <isin value="US91282CFQ96"/>
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        <balance>16335300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16263194.35000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>31339UZQ6</cusip>
        <identifiers>
          <isin value="US31339UZQ65"/>
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        <balance>1237212.96000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1155365.88000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>7542.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.56100000</annualizedRt>
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      <invstOrSec>
        <name>Westlake Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Westlake Automobile Receivables Trust, Series 2023-2A, Class A2A</title>
        <cusip>959926AB2</cusip>
        <identifiers>
          <isin value="US959926AB21"/>
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        <balance>1759791.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1761022.16000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87000000</annualizedRt>
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        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority</title>
        <cusip>66285WFB7</cusip>
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          <isin value="US66285WFB72"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9870.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.71800000</annualizedRt>
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      <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>253030.16000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252101.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4286, Class VF</title>
        <cusip>3137B6VQ1</cusip>
        <identifiers>
          <isin value="US3137B6VQ17"/>
        </identifiers>
        <balance>563972.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551333.90000000</valUSD>
        <pctVal>0.060311318608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.90292000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCP CLO Ltd.</name>
        <lei>254900MN6N176YEZLX15</lei>
        <title>OCP CLO Ltd., Series 2020-18A, Class AR</title>
        <cusip>671078AN3</cusip>
        <identifiers>
          <isin value="US671078AN32"/>
        </identifiers>
        <balance>3424000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3422476.32000000</valUSD>
        <pctVal>0.374390291918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>6.76743120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
        <cusip>517834AG2</cusip>
        <identifiers>
          <isin value="US517834AG23"/>
        </identifiers>
        <balance>1453000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1426645.63000000</valUSD>
        <pctVal>0.156063102835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>County of Nashville &amp; Davidson 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"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6839.39000000</valUSD>
        <pctVal>0.000748172077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.73100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class B</title>
        <cusip>80290CAX2</cusip>
        <identifiers>
          <isin value="US80290CAX20"/>
        </identifiers>
        <balance>825234.42000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>819559.20000000</valUSD>
        <pctVal>0.089652923627</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>EQ Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Brian Walsh</ncom:signature>
      <ncom:signerName>Brian Walsh</ncom:signerName>
      <ncom:title>Chief Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
