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        <name>Affirm Asset Securitization Trust</name>
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        <name>Amur Equipment Finance Receivables XI LLC</name>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-24</maturityDt>
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          <annualizedRt>4.17500000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>406484.64000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-14</maturityDt>
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          <annualizedRt>5.55200000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05964HBF1</cusip>
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          <isin value="US05964HBF10"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.36500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal, Series f2f</title>
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          <isin value="US06368L8K50"/>
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        <balance>1466000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1471717.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.56700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banque Federative du Credit Mutuel SA</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel SA</title>
        <cusip>06675DCR1</cusip>
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          <isin value="US06675DCR17"/>
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        <balance>1293000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1307180.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.59100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738ECP8</cusip>
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          <isin value="US06738ECP88"/>
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        <balance>372000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>378729.48000000</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>2028-03-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.67400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>Baxter International, Inc.</title>
        <cusip>071813DC0</cusip>
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          <isin value="US071813DC01"/>
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        <balance>742000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>744171.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>Bay Area Toll Authority</title>
        <cusip>072024ND0</cusip>
        <identifiers>
          <isin value="US072024ND01"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7384.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.26300000</annualizedRt>
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      <invstOrSec>
        <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>
        <identifiers>
          <isin value="US072024NU26"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1134.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.91800000</annualizedRt>
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      <invstOrSec>
        <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>072024NV0</cusip>
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          <isin value="US072024NV09"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
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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>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.04300000</annualizedRt>
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      <invstOrSec>
        <name>BHMS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class A</title>
        <cusip>088928AA4</cusip>
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          <isin value="US088928AA44"/>
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        <balance>1475000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
        <cusip>097023DB8</cusip>
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          <isin value="US097023DB86"/>
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        <balance>1743000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FBZ3</cusip>
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          <isin value="US11135FBZ36"/>
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        <balance>530000.00000000</balance>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FCA7</cusip>
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          <isin value="US11135FCA75"/>
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        <valUSD>212675.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>CLNY Trust</name>
        <lei>N/A</lei>
        <title>CLNY Trust, Series 2019-IKPR, Class D</title>
        <cusip>12564NAL6</cusip>
        <identifiers>
          <isin value="US12564NAL64"/>
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        <balance>1232000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1158083.08000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-15</maturityDt>
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          <annualizedRt>6.17400000</annualizedRt>
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      <invstOrSec>
        <name>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
        <cusip>12803RAK0</cusip>
        <identifiers>
          <isin value="US12803RAK05"/>
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        <balance>1297000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1309165.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.63400000</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>State of California</name>
        <lei>9845007J7054602FF597</lei>
        <title>State of California, Various Purposes, General Obligation Bonds, Series 2009</title>
        <cusip>13063BBU5</cusip>
        <identifiers>
          <isin value="US13063BBU52"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7012.37000000</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>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.35000000</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>Campbell's Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cargill, Inc.</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
        <title>Cargill, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Carvana Auto Receivables Trust</name>
        <lei>N/A</lei>
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          <isin value="US14686KAC18"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-10</maturityDt>
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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>
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          <isin value="US14687DAC65"/>
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        <balance>268524.47000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Carvana Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust, Series 2021-N3, Class C</title>
        <cusip>14687GAD7</cusip>
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          <isin value="US14687GAD79"/>
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        <balance>114735.40000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.02000000</annualizedRt>
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      <invstOrSec>
        <name>Cenovus Energy, Inc.</name>
        <lei>549300F4XPHJ7NOSP309</lei>
        <title>Cenovus Energy, Inc.</title>
        <cusip>15135UBA6</cusip>
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          <isin value="US15135UBA60"/>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
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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>
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          <isin value="US15504RET23"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6166.96000000</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>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>6668.25000000</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>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967PZ8</cusip>
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          <isin value="US172967PZ83"/>
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        <balance>1299000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1308749.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.64300000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2025-R05, Class 2M1</title>
        <cusip>20753CAB6</cusip>
        <identifiers>
          <isin value="US20753CAB63"/>
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        <balance>1833969.67000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1</title>
        <cusip>20753GAB7</cusip>
        <identifiers>
          <isin value="US20753GAB77"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-25</maturityDt>
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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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          <isin value="US20754DAA54"/>
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        <balance>87565.37000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1</title>
        <cusip>20754GAA8</cusip>
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          <isin value="US20754GAA85"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1</title>
        <cusip>20754TAB8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2025-R03, Class 2M1</title>
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          <maturityDt>2045-03-25</maturityDt>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1</title>
        <cusip>20754XAB9</cusip>
        <identifiers>
          <isin value="US20754XAB91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-25</maturityDt>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2025-R06, Class 1A1</title>
        <cusip>20754YAA9</cusip>
        <identifiers>
          <isin value="US20754YAA91"/>
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        <balance>701845.55000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-25</maturityDt>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2025-R06, Class 1M1</title>
        <cusip>20754YAB7</cusip>
        <identifiers>
          <isin value="US20754YAB74"/>
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        <balance>921376.91000000</balance>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-06-25</maturityDt>
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      <invstOrSec>
        <name>Continental Resources, Inc.</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cooperatieve Rabobank UA</name>
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        <title>Cooperatieve Rabobank UA</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CPS Auto Receivables Trust</name>
        <lei>N/A</lei>
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        <balance>82796.12000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>John Deere Capital Corp., Series I</title>
        <cusip>24422EYE3</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.55000000</annualizedRt>
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        <name>Dell International LLC</name>
        <lei>N/A</lei>
        <title>Dell International LLC</title>
        <cusip>24703DBP5</cusip>
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        <balance>1407000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
        <cusip>25160PAN7</cusip>
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        <balance>542000.00000000</balance>
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        <valUSD>550114.23000000</valUSD>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
        <cusip>25160PAQ0</cusip>
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        <balance>231000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.37300000</annualizedRt>
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        <name>Enel Finance International NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
        <cusip>29278GBF4</cusip>
        <identifiers>
          <isin value="US29278GBF46"/>
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        <balance>413000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412077.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
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      <invstOrSec>
        <name>Equify ABS LLC</name>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLB</name>
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        <name>FHLB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLB</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-09</maturityDt>
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        <name>FHLB</name>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <name>FHLMC Pool</name>
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        <name>FFCB</name>
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        <name>FFCB</name>
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        <name>FFCB</name>
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        <name>FFCB</name>
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        <title>FFCB</title>
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        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
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        <curCd>USD</curCd>
        <valUSD>25360230.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-28</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
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        <curCd>USD</curCd>
        <valUSD>13152.52000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
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        <curCd>USD</curCd>
        <valUSD>504307.79000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <balance>756506.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>710859.99000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5423315.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>31359MGK3</cusip>
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          <isin value="US31359MGK36"/>
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        <balance>26550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29955826.04000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
        <cusip>3135G05Y5</cusip>
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          <isin value="US3135G05Y50"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4767711.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-08</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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      <invstOrSec>
        <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>37470.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37339.71000000</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>2041-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.53867120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2011-86, Class KF</title>
        <cusip>3136A0K48</cusip>
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        <balance>96571.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96156.56000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.53867120</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-65, Class FA</title>
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        <identifiers>
          <isin value="US3136A6YN86"/>
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        <balance>20934.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20710.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.43867040</annualizedRt>
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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>
        <identifiers>
          <isin value="US3136AHEU00"/>
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        <balance>299048.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296514.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.38867000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2014-49, Class AF</title>
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          <isin value="US3136AKWD12"/>
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        <balance>884608.40000000</balance>
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        <curCd>USD</curCd>
        <valUSD>864741.78000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.64302080</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3807, Class FM</title>
        <cusip>3137A6NJ7</cusip>
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          <isin value="US3137A6NJ75"/>
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        <balance>19703.66200000</balance>
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        <curCd>USD</curCd>
        <valUSD>19601.73000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.59833040</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.54833000</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4087, Class FB</title>
        <cusip>3137AS4Q4</cusip>
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        <curCd>USD</curCd>
        <valUSD>549094.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56833160</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4286, Class VF</title>
        <cusip>3137B6VQ1</cusip>
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          <isin value="US3137B6VQ17"/>
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        <curCd>USD</curCd>
        <valUSD>448181.21000000</valUSD>
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        <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>4.54833000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4350, Class KF</title>
        <cusip>3137BBHT0</cusip>
        <identifiers>
          <isin value="US3137BBHT04"/>
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        <balance>137076.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>133660.31000000</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>4.67301960</annualizedRt>
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          <areIntrstPmntsInArrs>Y</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 4459, Class CA</title>
        <cusip>3137BHTF4</cusip>
        <identifiers>
          <isin value="US3137BHTF42"/>
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        <balance>125664.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127948.03000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137BHVG9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <debtSec>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust, Series 2025-HE7, Class A</title>
        <cusip>31684RAA6</cusip>
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        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>First Investors Auto Owner Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Flagship Credit Auto Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
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          <isin value="US345340AC79"/>
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      <invstOrSec>
        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000KIGZAWUOW4E32</lei>
        <title>FHLMC STACR REMIC Trust, Series 2023-HQA2, Class M1A</title>
        <cusip>35564K2F5</cusip>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000IRUQLXTG4SV18</lei>
        <title>FHLMC STACR REMIC Trust, Series 2022-DNA7, Class M1A</title>
        <cusip>35564KL31</cusip>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000IRILHAKSCHN59</lei>
        <title>FHLMC STACR REMIC Trust, Series 2023-DNA1, Class M1A</title>
        <cusip>35564KP37</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000IRI80KQJUNK40</lei>
        <title>FHLMC STACR REMIC Trust, Series 2023-DNA2, Class M1A</title>
        <cusip>35564KT58</cusip>
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      <invstOrSec>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>Go Mortgage LLC</name>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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        <name>Glencore Funding LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Glencore Funding LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
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        <title>Global Payments, Inc.</title>
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          <isin value="US37940XAV47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>GLS Auto Select Receivables Trust</name>
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          <isin value="US379924AC72"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
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          <isin value="US38141GC779"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.93700000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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          <isin value="US404280DF39"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.75500000</annualizedRt>
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      <invstOrSec>
        <name>Hardee's Funding LLC</name>
        <lei>N/A</lei>
        <title>Hardee's Funding LLC, Series 2018-1A, Class A23</title>
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          <isin value="US411707AF99"/>
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        <balance>1308380.71000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>ING Groep NV</name>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-10</maturityDt>
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      <invstOrSec>
        <name>Chase Mortgage Finance Corp.</name>
        <lei>N/A</lei>
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          <isin value="US46591HAC43"/>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.04000000</annualizedRt>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900FDW9QWEZPAFE21</lei>
        <title>JP Morgan Mortgage Trust, Series 2025-HE3, Class A1</title>
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          <isin value="US46660CAA53"/>
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        <name>Keurig Dr Pepper, Inc.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper, Inc.</title>
        <cusip>49271VAT7</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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      <invstOrSec>
        <name>Lendbuzz Securitization Trust</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust, Series 2025-1A, Class A2</title>
        <cusip>525938AC0</cusip>
        <identifiers>
          <isin value="US525938AC09"/>
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        <balance>1591151.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1592859.22000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Eli Lilly &amp; Co.</name>
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        <title>Eli Lilly &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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          <isin value="US539439AX74"/>
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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>2029-03-06</maturityDt>
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        <name>Lloyds Banking Group plc</name>
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          <isin value="US53944YBC66"/>
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        <curCd>USD</curCd>
        <valUSD>578374.69000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-26</maturityDt>
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          <annualizedRt>5.08700000</annualizedRt>
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      <invstOrSec>
        <name>Lobel Automobile Receivables Trust</name>
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          <isin value="US53948RAA23"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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        <name>Los Angeles Community College District</name>
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          <isin value="US54438CNZ13"/>
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        <curCd>USD</curCd>
        <valUSD>33591.98000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
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        <name>County of Los Angeles Community College District</name>
        <lei>N/A</lei>
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          <isin value="US54438CPA44"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
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        <curCd>USD</curCd>
        <valUSD>7153.06000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-01</maturityDt>
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        <name>Massachusetts Clean Water Trust (The)</name>
        <lei>549300SYPEROLSQU0261</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-17</maturityDt>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Met Tower Global Funding</name>
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        <name>County of Nashville &amp; Davidson Convention Center Authority</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>Metropolitan Washington Airports Authority</name>
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        <name>Mission Lane Credit Card Master Trust</name>
        <lei>N/A</lei>
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        <name>Mission Lane Credit Card Master Trust</name>
        <lei>N/A</lei>
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        <name>Morgan Stanley Bank NA</name>
        <lei>G1MLHIS0N32I3QPILB75</lei>
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        <balance>467000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61747YFP51"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-13</maturityDt>
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      <invstOrSec>
        <name>Georgia Municipal Electric Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.63700000</annualizedRt>
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        <name>NMEF Funding LLC</name>
        <lei>N/A</lei>
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          <isin value="US62919UAB98"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-15</maturityDt>
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          <annualizedRt>5.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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          <isin value="US629377DA71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-10</maturityDt>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-16</maturityDt>
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          <annualizedRt>2.97200000</annualizedRt>
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        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-14</maturityDt>
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          <annualizedRt>4.64900000</annualizedRt>
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        <name>NatWest Group plc</name>
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        <title>NatWest Group plc</title>
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        <balance>691000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-02</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.84700000</annualizedRt>
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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>
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        <balance>1008715.50000000</balance>
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          <maturityDt>2062-04-20</maturityDt>
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          <annualizedRt>1.32000000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
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        <cusip>646136XR7</cusip>
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        <balance>31000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>City of New York Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <cusip>64972FL20</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-15</maturityDt>
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        <name>City of New York Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>State of New York Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <cusip>649902T29</cusip>
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          <isin value="US649902T290"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>State of New York Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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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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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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        <name>State of New York Urban Development Corp.</name>
        <lei>54930039Y2EMGXN6LM88</lei>
        <title>State of New York Urban Development Corp., Personal Income Tax, Revenue Bonds, Series 2009E</title>
        <cusip>650035TD0</cusip>
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        <balance>8000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.77000000</annualizedRt>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KCL2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nomura Holdings, Inc.</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>Nomura Holdings, Inc.</title>
        <cusip>65535HBG3</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Novartis Capital Corp.</name>
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        <name>OCCU Auto Receivables Trust</name>
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        <name>Ohio State University (The)</name>
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        <name>Pagaya AI Debt Trust</name>
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        <name>Pagaya AI Debt Grantor Trust</name>
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        <name>Pagaya AI Debt Grantor Trust</name>
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        <name>Pagaya AI Debt Grantor Trust</name>
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        <name>Pennsylvania Turnpike Commission</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
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        <name>Pfizer, Inc.</name>
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        <name>Prestige Auto Receivables Trust</name>
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        <name>Republic Services, Inc.</name>
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        <name>Research-Driven Pagaya Motor Trust</name>
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        <name>Roche Holdings, Inc.</name>
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        <name>Arizona Salt River Project Agricultural Improvement &amp; Power District</name>
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        <name>San Diego County Water Authority</name>
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        <name>Santander Holdings USA, Inc.</name>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <name>Societe Generale SA</name>
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        <name>SoFi Consumer Loan Program Trust</name>
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        <name>Southwest Airlines Co.</name>
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        <name>Standard Chartered plc</name>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <title>Sumitomo Mitsui Trust Bank Ltd.</title>
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        <name>Synchrony Financial</name>
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        <title>Synchrony Financial</title>
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        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
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        <name>Tesla Auto Lease Trust</name>
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        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
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        <name>United States of America</name>
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        <name>Wheels Fleet Lease Funding LLC</name>
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      <invstOrSec>
        <name>Wisconsin Electric Power Co.</name>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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      <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>
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</edgarSubmission>
