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      <invstOrSec>
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      <invstOrSec>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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      <invstOrSec>
        <name>CMFA Special Finance Agency VIII</name>
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        <name>CSCDA Community Improvement Authority</name>
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      <invstOrSec>
        <name>California Community Housing Agency</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>California Educational Facilities Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Enterprise Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <cusip>13081CAB4</cusip>
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        <name>Central Valley Energy Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Compton Community Redevelopment Agency Successor Agency</name>
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      <invstOrSec>
        <name>Contra Costa Transportation Authority Sales Tax Revenue</name>
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        <cusip>21221MFF2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Coronado Community Development Agency Successor Agency</name>
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          <isin value="US21977AAJ16"/>
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        <balance>675000.00000000</balance>
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        <name>East County Advanced Water Purification Joint Powers Authority</name>
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        <name>Fannie Mae - CAS</name>
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        <name>Fannie Mae - CAS</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US30711XCB82"/>
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        <curCd>USD</curCd>
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          <maturityDt>2028-09-25</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac Multifamily</name>
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        <title>Freddie Mac Multifamily ML Certificates</title>
        <cusip>3137H9JM2</cusip>
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          <isin value="US3137H9JM29"/>
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        <curCd>USD</curCd>
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          <maturityDt>2036-07-25</maturityDt>
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        <name>Freddie Mac Multifamily</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily ML Certificates</title>
        <cusip>3137H9JP5</cusip>
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          <isin value="US3137H9JP59"/>
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        <name>Fontana Redevelopment Agency Successor Agency</name>
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        <cusip>34461CAP9</cusip>
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        <name>Foothill-De Anza Community College District</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>City of Fort Wayne IN</name>
        <lei>N/A</lei>
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        <name>City of Fremont CA Community Facilities District No 1</name>
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        <name>Fremont Union High School District</name>
        <lei>N/A</lei>
        <title>FREMONT CA UNION HIGH SCH DIST SANTA CLARA CNTY</title>
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        <name>Freddie Mac Multifamily</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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          <isin value="US38122ND823"/>
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        <name>Golden State Tobacco Securitization Corp</name>
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          <isin value="US38122NZX38"/>
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      <invstOrSec>
        <name>Antonio B Won Pat International Airport Authority</name>
        <lei>N/A</lei>
        <title>GUAM INTERNATIONAL ARPT AUTH</title>
        <cusip>40064REE5</cusip>
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          <isin value="US40064REE53"/>
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          <couponKind>Fixed</couponKind>
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        <name>Antonio B Won Pat International Airport Authority</name>
        <lei>N/A</lei>
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        <cusip>40064REX3</cusip>
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          <isin value="US40064REX35"/>
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          <maturityDt>2028-10-01</maturityDt>
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        <name>Antonio B Won Pat International Airport Authority</name>
        <lei>N/A</lei>
        <title>GUAM INTERNATIONAL ARPT AUTH</title>
        <cusip>40064RFC8</cusip>
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        <name>Antonio B Won Pat International Airport Authority</name>
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          <isin value="US40064RFF10"/>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Guam Education Financing Foundation</name>
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        <name>Guam Power Authority</name>
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        <name>Territory of Guam</name>
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      <invstOrSec>
        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Territory of Guam</name>
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        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Territory of Guam</name>
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          <isin value="US40065KAT07"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Howard Bend Levee District</name>
        <lei>N/A</lei>
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        <name>Illinois Finance Authority</name>
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        <name>Illinois Finance Authority</name>
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        <name>Irvine Ranch Water District</name>
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      <invstOrSec>
        <name>Kentucky Economic Development Finance Authority</name>
        <lei>N/A</lei>
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        <name>Lendbuzz Securitization Trust</name>
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      <invstOrSec>
        <name>City of Los Angeles CA Wastewater System Revenue</name>
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        <name>Long Beach Bond Finance Authority</name>
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          <maturityDt>2034-11-01</maturityDt>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Middle Fork Project Finance Authority</name>
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          <isin value="US59572CAP23"/>
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        <invCountry>US</invCountry>
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        <name>New York Transportation Development Corp</name>
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      <invstOrSec>
        <name>Northern California Energy Authority</name>
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      <invstOrSec>
        <name>Nuveen California AMT-Free Quality Municipal Income Fund</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-01</maturityDt>
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      <invstOrSec>
        <name>Municipal Water District Of Orange County Water Facilities Corp</name>
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          <isin value="US684421CB49"/>
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        <curCd>USD</curCd>
        <valUSD>3000000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Osceola FL Transportation Revenue</name>
        <lei>N/A</lei>
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          <isin value="US688031EK56"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124427.55000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Osceola FL Transportation Revenue</name>
        <lei>N/A</lei>
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        <cusip>688031EL3</cusip>
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          <isin value="US688031EL30"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Osceola FL Transportation Revenue</name>
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          <isin value="US688031EM13"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Osceola FL Transportation Revenue</name>
        <lei>N/A</lei>
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        <cusip>688031EN9</cusip>
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          <isin value="US688031EN95"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>County of Osceola FL Transportation Revenue</name>
        <lei>N/A</lei>
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        <cusip>688031EP4</cusip>
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          <isin value="US688031EP44"/>
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        <balance>270000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>PUBLIC FIN AUTH WI REVENUE</title>
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          <isin value="US74442PMP70"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>Public Finance Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
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      <invstOrSec>
        <name>River Islands Public Financing Authority</name>
        <lei>N/A</lei>
        <title>RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX</title>
        <cusip>76827QHC0</cusip>
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          <isin value="US76827QHC06"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>River Islands Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US76827QHD88"/>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>County of Riverside CA</name>
        <lei>254900CB5HEOBAVTY629</lei>
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          <isin value="US76914CAD02"/>
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        <balance>2780000.00000000</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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      <invstOrSec>
        <name>City of Roseville CA</name>
        <lei>549300OH100KESVPND17</lei>
        <title>ROSEVILLE CA SPL TAX</title>
        <cusip>777870WD4</cusip>
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          <isin value="US777870WD41"/>
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        <balance>995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006569.46000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Roseville CA</name>
        <lei>549300OH100KESVPND17</lei>
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          <isin value="US777870XQ45"/>
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        <balance>1010000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Roseville CA</name>
        <lei>549300OH100KESVPND17</lei>
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          <isin value="US777870XS01"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US786107RS39"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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          <isin value="US786107WJ74"/>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US786107WV03"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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          <isin value="US786107WY42"/>
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        <name>County of Sacramento CA Airport System Revenue</name>
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      <invstOrSec>
        <name>Sacramento County Water Financing Authority</name>
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          <isin value="US78615RCV33"/>
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        <name>San Diego Community College District</name>
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        <name>San Diego Unified School District/CA</name>
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        <name>San Diego County Regional Airport Authority</name>
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      <invstOrSec>
        <name>San Diego County Regional Airport Authority</name>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <curCd>USD</curCd>
        <valUSD>1370644.96000000</valUSD>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US840058WJ60"/>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
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          <isin value="US842469AL20"/>
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          <isin value="US842469AM03"/>
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        <valUSD>2244307.00000000</valUSD>
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        <valUSD>2211178.00000000</valUSD>
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        <name>Southern California Public Power Authority</name>
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        <title>WASHINGTON TWP CA HLTH CARE DIST</title>
        <cusip>940642GB1</cusip>
        <identifiers>
          <isin value="US940642GB10"/>
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        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>281584.52000000</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>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Washington Township Health Care District</name>
        <lei>N/A</lei>
        <title>WASHINGTON TWP CA HLTH CARE DIST</title>
        <cusip>940642GC9</cusip>
        <identifiers>
          <isin value="US940642GC92"/>
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        <balance>370000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>378785.95000000</valUSD>
        <pctVal>0.034492920378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Yucaipa Valley Water District Financing Authority</name>
        <lei>N/A</lei>
        <title>YUCAIPA VLY WTR DIST FING AUTH REVENUE</title>
        <cusip>98840BBG7</cusip>
        <identifiers>
          <isin value="US98840BBG77"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10058708.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Intercontinental Exchange, Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Long: BS377E9   CDS USD R V 03MEVENT IS377F0 CCPCDX / Short: BS377E9   CDS USD P F  5.00000 IS377E9 CCPCDX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS377E9"/>
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        <balance>7600000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-641410.68000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>Intercontinental Exchange, Inc.</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.HY.S45</indexName>
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            <upfrontRcpt>-567893.26000000</upfrontRcpt>
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            <notionalAmt>7600000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-73517.42000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS37802   IRS USD R F  3.71700 IS37802 CCPOIS / Short: SS37802   IRS USD P V 00MSOFR IS37813 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS37802"/>
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        <balance>13500000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>210555.85000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
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                  <other otherDesc="N/A" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="252291.38000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.71700000"/>
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            <terminationDt>2032-06-01</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>13500000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1462.55000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS377Q1   IRS USD R V 12MUSCPI IS377R2 CCPINFLATIONZERO / Short: BS377Q1   IRS USD P F  2.49900 IS377Q1 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS377Q1"/>
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        <balance>13412000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>11396.71000000</valUSD>
        <pctVal>0.001037804624</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.49900000"/>
            <terminationDt>2029-10-15</terminationDt>
            <upfrontPmnt>102525.16000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>13412000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-91128.45000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS377Y9   IRS USD R V 12MUSCPI IS377Z0 CCPINFLATIONZERO / Short: BS377Y9   IRS USD P F  2.45125 IS377Y9 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS377Y9"/>
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        <balance>13413000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>42518.67000000</valUSD>
        <pctVal>0.003871825496</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.45100000"/>
            <terminationDt>2029-10-15</terminationDt>
            <upfrontPmnt>132195.98000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>13413000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-89677.31000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS377S3   IRS USD R F  2.53125 IS377S3 CCPINFLATIONZERO / Short: SS377S3   IRS USD P V 12MUSCPI IS377T4 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS377S3"/>
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        <balance>20620000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>51190.80000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.53100000"/>
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            <upfrontRcpt>-105634.31000000</upfrontRcpt>
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            <notionalAmt>20620000.00000000</notionalAmt>
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            <unrealizedAppr>156825.11000000</unrealizedAppr>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS377W7   IRS USD R V 12MUSCPI IS377X8 CCPINFLATIONZERO / Short: BS377W7   IRS USD P F  2.48500 IS377W7 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="IS377W7"/>
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        <balance>17250000.00000000</balance>
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        <curCd>USD</curCd>
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              <otherRefInst>
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                  <other otherDesc="N/A" value="N/A"/>
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            <swapFlag>Y</swapFlag>
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            <notionalAmt>17250000.00000000</notionalAmt>
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            <unrealizedAppr>-116655.86000000</unrealizedAppr>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS377M7   IRS USD R V 00MSOFR IS377N8 CCPOIS / Short: BS377M7   IRS USD P F  3.54300 IS377M7 CCPOIS</title>
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          <other otherDesc="Internal Identifier" value="IS377M7"/>
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        <balance>6200000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Ltd.</counterpartyName>
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              <otherRefInst>
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                  <other otherDesc="N/A" value="N/A"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="123035.17000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>6200000.00000000</notionalAmt>
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      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS377U5   IRS USD R V 00MSOFR IS377V6 CCPOIS / Short: BS377U5   IRS USD P F  3.54500 IS377U5 CCPOIS</title>
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          <other otherDesc="Internal Identifier" value="IS377U5"/>
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        <curCd>USD</curCd>
        <valUSD>22856.02000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <other otherDesc="N/A" value="N/A"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="138770.72000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>-5616.47000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS377O9   IRS USD R V 12MUSCPI IS377P0 CCPINFLATIONZERO / Short: BS377O9   IRS USD P F  2.51600 IS377O9 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS377O9"/>
        </identifiers>
        <balance>13425000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>304.08000000</valUSD>
        <pctVal>0.000027690064</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.51600000"/>
            <terminationDt>2029-10-15</terminationDt>
            <upfrontPmnt>92041.01000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>13425000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-91736.93000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS377K5   IRS USD R F  4.09150 IS377K5 CCPOIS / Short: SS377K5   IRS USD P V 00MSOFR IS377L6 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS377K5"/>
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        <balance>2000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>70831.74000000</valUSD>
        <pctVal>0.006450063863</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>LCH Ltd.</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="10683.36000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.09200000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="-10659.48000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2030-10-15</terminationDt>
            <upfrontPmnt>65753.32000000</upfrontPmnt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5078.42000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS377I3   IRS USD R F  2.56500 IS377I3 CCPINFLATIONZERO / Short: SS377I3   IRS USD P V 12MUSCPI IS377J4 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS377I3"/>
        </identifiers>
        <balance>19630000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1942.98000000</valUSD>
        <pctVal>0.000176931204</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.56500000"/>
            <otherPmntDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherPmntDesc>
            <terminationDt>2028-10-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-116378.58000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>19630000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>118321.56000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS377G1   IRS USD R V 00MSOFR IS377H2 CCPOIS / Short: BS377G1   IRS USD P F  3.27150 IS377G1 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS377G1"/>
        </identifiers>
        <balance>3670000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>86059.47000000</valUSD>
        <pctVal>0.007836727963</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="46298.95000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-36019.22000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.27200000"/>
            <terminationDt>2034-08-15</terminationDt>
            <upfrontPmnt>84529.31000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>3670000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1530.16000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS37846   IRS USD R V 12MUSCPI IS37857 CCPINFLATIONZERO / Short: BS37846   IRS USD P F  2.56880 IS37846 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS37846"/>
        </identifiers>
        <balance>17750000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-45257.00000000</valUSD>
        <pctVal>-0.00412118268</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.56900000"/>
            <terminationDt>2029-10-15</terminationDt>
            <upfrontPmnt>78172.76000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>17750000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-123429.76000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS37868   IRS USD R V 00MSOFR IS37879 CCPOIS / Short: BS37868   IRS USD P F  3.89300 IS37868 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS37868"/>
        </identifiers>
        <balance>3900000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-92233.22000000</valUSD>
        <pctVal>-0.00839892058</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="76929.80000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-70430.85000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.89300000"/>
            <terminationDt>2035-02-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-88830.90000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>3900000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3402.32000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS37880   IRS USD R V 00MSOFR IS37891 CCPOIS / Short: BS37880   IRS USD P F  3.58700 IS37880 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS37880"/>
        </identifiers>
        <balance>15600000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>34899.52000000</valUSD>
        <pctVal>0.003178012185</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="124474.45000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-108805.67000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.58700000"/>
            <terminationDt>2035-09-25</terminationDt>
            <upfrontPmnt>52242.77000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>15600000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-17343.25000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS37824   IRS USD R F  4.05300 IS37824 CCPOIS / Short: SS37824   IRS USD P V 00MSOFR IS37835 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS37824"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>355335.86000000</valUSD>
        <pctVal>0.032357513594</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="121590.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.05300000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="-126155.24000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2031-08-15</terminationDt>
            <upfrontPmnt>331557.18000000</upfrontPmnt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>10000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>23778.68000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS37JR6   IRS USD R V 00MSOFR IS37JS7 CCPOIS / Short: BS37JR6   IRS USD P F  3.52100 IS37JR6 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS37JR6"/>
        </identifiers>
        <balance>11700000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>88237.70000000</valUSD>
        <pctVal>0.008035081450</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="48672.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-42340.03000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.52100000"/>
            <terminationDt>2035-10-25</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>11700000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>88237.70000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS37T10   IRS USD R F  3.51550 IS37T10 CCPOIS / Short: SS37T10   IRS USD P V 00MSOFR IS37T21 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS37T10"/>
        </identifiers>
        <balance>12400000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>69228.88000000</valUSD>
        <pctVal>0.006304104589</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="31483.26000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.51600000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="-35467.45000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2032-11-05</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>12400000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>69228.88000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-07</ncom:dateSigned>
      <ncom:nameOfApplicant>AB Active ETFs, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Stephen Woetzel</ncom:signature>
      <ncom:signerName>Stephen Woetzel</ncom:signerName>
      <ncom:title>Controller</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
