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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2020-555 </title>
        <cusip>17328EAQ1</cusip>
        <identifiers>
          <isin value="US17328EAQ17"/>
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        <balance>72000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1985479.20000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.74057400</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool </title>
        <cusip>3132DQWL6</cusip>
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          <isin value="US3132DQWL66"/>
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        <balance>2758683.67000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2771296.56000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fremf 2012 Kf01 Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2016-K59 Mortgage Trust </title>
        <cusip>30295RAN1</cusip>
        <identifiers>
          <isin value="US30295RAN17"/>
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        <balance>267348418.89000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114425.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
        <cusip>3140XRLD5</cusip>
        <identifiers>
          <isin value="US3140XRLD56"/>
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        <balance>7516312.68000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7709826.09000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2010-C1 Mortgage Trust </title>
        <cusip>12622DAK0</cusip>
        <identifiers>
          <isin value="US12622DAK00"/>
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        <balance>6461559.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6406024.82000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.77413720</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38380RQU7</cusip>
        <identifiers>
          <isin value="US38380RQU76"/>
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        <balance>48760308.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3718880.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-05-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.98654040</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
        <cusip>3140W0AN5</cusip>
        <identifiers>
          <isin value="US3140W0AN52"/>
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        <balance>933216.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>961771.12000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Exchange Place Advisors Trust</name>
        <lei>549300K2CKCXH4E67T58</lei>
        <title>North Square RCIM Tax-Advantaged Preferred and Income Securities ETF</title>
        <cusip>301471108</cusip>
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          <isin value="US3014711085"/>
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        <balance>271501.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6946027.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corporation </title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
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        <balance>241515.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6788986.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Long Beach Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Long Beach Mortgage Loan Trust 2005-1 </title>
        <cusip>542514KC7</cusip>
        <identifiers>
          <isin value="US542514KC79"/>
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        <balance>590181.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>585843.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool </title>
        <cusip>36179WTY4</cusip>
        <identifiers>
          <isin value="US36179WTY48"/>
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        <balance>7147976.90000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool SD3662</title>
        <cusip>3132E0B76</cusip>
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        <balance>2514411.25000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ameriquest Mortgage Securities Inc Asset Backed Pass-Through Certificates Series 2005-R7</name>
        <lei>N/A</lei>
        <title>Asset-Backed Pass-Through Certs Series 2004-R2 </title>
        <cusip>03072SPH2</cusip>
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          <isin value="US03072SPH21"/>
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        <balance>24749.48000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38380RL57</cusip>
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          <isin value="US38380RL573"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-10-16</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association Agncy CMBS - IO</title>
        <cusip>38380PW83</cusip>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
        <cusip>3137FTG43</cusip>
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          <isin value="US3137FTG438"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool </title>
        <cusip>3132DNGZ0</cusip>
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        <balance>7291995.31000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>3140NCTZ2</cusip>
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        <balance>2027871.09000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Dominion Energy Inc</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>NRG Energy, Inc.</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <title>Fannie Mae Pool </title>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage A </title>
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        <name>Citizens Financial Group Inc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <name>Government National Mortgage Association</name>
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        <title>Ginnie Mae II Pool </title>
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        <name>Lyra Music Assets Del LP</name>
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        <name>Government National Mortgage Association</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>Vistra Corp</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool </title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>DATABANK ISSUER II LLC</name>
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      <invstOrSec>
        <name>Southern Co.</name>
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          <isin value="US842587EB90"/>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
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      <invstOrSec>
        <name>Aegis Asset Backed Securities Trust Mortgage Pass Through Certificates Series 2003 3</name>
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        <title>Aegis Asset Backed Securities Trust 2005-2 </title>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Chicago Board of Trade</name>
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        <name>American Electric Power Co, Inc.</name>
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        <title>American Electric Power Co Inc </title>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <name>HSBC Holdings PLC</name>
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        <name>Olympic Tower Mortgage Trust</name>
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        <name>Citigroup Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Bx Trust 2017-Appl</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae-Aces </title>
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        <name>Energy Transfer LP</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Truist Financial Corp.</name>
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        <name>Telus Corp.</name>
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        <name>South Bow Canadian Infrastructure Holdings Ltd.</name>
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        <name>United States Treasury Notes</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Freddie Mac Pool pool # SD6956</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <title>Freddie Mac Multifamily Structured  Pass Through Certificates</title>
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      <invstOrSec>
        <name>Newmont Corporation</name>
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        <title>Newmont Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Impac CMB Trust</name>
        <lei>N/A</lei>
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        <name>KAPITUS ASSET SECURITIZATION IV LLC</name>
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      <invstOrSec>
        <name>Impac CMB Trust</name>
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      <invstOrSec>
        <name>CYRUSONE DATA CENTERS ISSUER I LLC</name>
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        <title>CyrusOne Data Centers Issuer I LLC </title>
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      <invstOrSec>
        <name>J P Morgan Mortgage Acquisition Corporation</name>
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        <title>JP Morgan Mortgage Acquisition Trust 2006-CH1 </title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association </title>
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      <invstOrSec>
        <name>Comm 2015-CCRE23 Mortgage Trust</name>
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        <title>COMM 2015-CCRE23 Mortgage Trust </title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
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        <name>Centerpoint Energy Inc</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy Inc </title>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through </title>
        <cusip>3137FEBS8</cusip>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust 2012-Lc5</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2017-SMP </title>
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        <name>Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5</name>
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        <name>Federal National Mortgage Association</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Telus Corp.</name>
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        <name>Chicago Board of Trade</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Morgan Stanley Capital I Trust 2011-C2</name>
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        <name>Federal National Mortgage Association</name>
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        <name>American Electric Power Co, Inc.</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Banks</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TransCanada Trust</name>
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        <title>Transcanada Trust </title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NiSource Inc.</name>
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        <title>NiSource Inc </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Royal Bank of Canada</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
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          <isin value="US3140W2CS87"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>New Gold, Inc.</name>
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        <title>New Gold, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Mortgage Backed Securities 2006 Ar2 Trust</name>
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        <title>Wells Fargo Commercial Mortgage Trust 2014-LC18 </title>
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      <invstOrSec>
        <name>Federal Home Loan Banks</name>
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        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <name>GS Mortgage Securities Trust 2015-Gs1</name>
        <lei>549300WZ62L3Y22NOZ64</lei>
        <title>GS Mortgage Securities Trust 2015-GC32 </title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through </title>
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        <name>Wells Fargo Commercial Mortgage</name>
        <lei>549300NYO16WLNMVJJ46</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2015-C29 </title>
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        <name>Altagas Ltd</name>
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        <title>AltaGas Ltd </title>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc </title>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc </title>
        <cusip>29250NBC8</cusip>
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        <balance>4000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>FMC Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Nordea Bank ABP</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>CHICAGO MERCANTILE EXCHANGE (FLOOR)</name>
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      <invstOrSec>
        <name>Phillips 66 Co.</name>
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        <name>Phillips 66 Co.</name>
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        <name>Mexico (United Mexican States)</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Freddie Mac Pool </title>
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        <name>Federal National Mortgage Association</name>
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        <title>Fannie Mae Pool </title>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Banks</name>
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        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <name>Government National Mortgage Association</name>
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        <title>Ginnie Mae II Pool </title>
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        <name>Government National Mortgage Association</name>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38379RWL3</cusip>
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          <isin value="US38379RWL31"/>
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        <balance>1210594.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55794.86000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.74337120</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <title>CBOT 10 Year US Treasury Note 2026-03-20</title>
        <cusip>N/A</cusip>
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          <ticker value="TYH6 COMDTY"/>
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        <curCd>USD</curCd>
        <valUSD>-38718.45000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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                <issuerName>CBOT 10 Year US Treasury Note 2026-03-20</issuerName>
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      <invstOrSec>
        <name>Applebees's Funding LLC / IHOP Funding LLC</name>
        <lei>N/A</lei>
        <title>Applebee's Funding LLC / IHOP Funding LLC </title>
        <cusip>03789XAH1</cusip>
        <identifiers>
          <isin value="US03789XAH17"/>
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        <balance>5720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5770501.88000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-07</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38381DW22</cusip>
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          <isin value="US38381DW222"/>
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        <balance>42525663.15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3159754.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-05-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.99330840</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamos Gold Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc. </title>
        <cusip>011532108</cusip>
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          <isin value="CA0115321089"/>
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        <balance>184573.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6921487.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool CB6725</title>
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          <isin value="US3140XJKB83"/>
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        <balance>3565127.09000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDX.NA.IG SERIES 45</title>
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          <ticker value="CDXIG545"/>
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        <balance>375000000</balance>
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        <curCd>N/A</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>Wells Fargo &amp; Co.</counterpartyName>
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            <descRefInstrmnt>
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        <securityLending>
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      <invstOrSec>
        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp </title>
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          <isin value="US125896BU39"/>
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        <balance>4721000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4621770.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.74999924</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orla Mining Ltd New</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd. </title>
        <cusip>68634K106</cusip>
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          <isin value="CA68634K1066"/>
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        <balance>212526.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multiclass Certs Series 2015-P001 </title>
        <cusip>3137FQXU2</cusip>
        <identifiers>
          <isin value="US3137FQXU26"/>
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        <balance>7690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>292130.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Homebanc Mortgage Trust 2006 1</name>
        <lei>N/A</lei>
        <title>HomeBanc Mortgage Trust 2005-3 </title>
        <cusip>43739EBP1</cusip>
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          <isin value="US43739EBP16"/>
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        <balance>4485352.09000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2013-CCRE7 Mortgage Trust </title>
        <cusip>12625FBC9</cusip>
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          <isin value="US12625FBC95"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38381LYP1</cusip>
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          <isin value="US38381LYP11"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Exelon Corp.</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp </title>
        <cusip>30161NBQ3</cusip>
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          <isin value="US30161NBQ34"/>
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        <balance>9700000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH </title>
        <cusip>446150BG8</cusip>
        <identifiers>
          <isin value="US446150BG87"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5924176.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.35080604</annualizedRt>
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      <invstOrSec>
        <name>FBR Securitization Trust</name>
        <lei>N/A</lei>
        <title>FBR Securitization Trust </title>
        <cusip>30246QCQ4</cusip>
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          <isin value="US30246QCQ47"/>
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        <balance>484633.99000000</balance>
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        <curCd>USD</curCd>
        <valUSD>482164.44000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-26</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc </title>
        <cusip>65473PAY1</cusip>
        <identifiers>
          <isin value="US65473PAY16"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3036162.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.74999838</annualizedRt>
          <isDefault>N</isDefault>
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        <name>The Charles Schwab Corporation</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Freddie Mac Pool </title>
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        <name>Paramount Global</name>
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      <invstOrSec>
        <name>Renaissance Mortgage Acceptance Corp.</name>
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      <invstOrSec>
        <name>JP Morgan Acceptance Corp. 2007 Ch3</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <title>Fannie Mae Pool </title>
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      <invstOrSec>
        <name>Morgan Stanley Bank Of America Merrill Lynch Trust</name>
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        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Exchange Place Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Zachary Richmond</ncom:signature>
      <ncom:signerName>Zachary Richmond</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
