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      <regFileNumber>811-03459</regFileNumber>
      <regCik>0000702340</regCik>
      <regLei>549300GLJSCMRCVZWX45</regLei>
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      <seriesName>Penn Series Limited Maturity Bond Fund</seriesName>
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      </invstOrSec>
      <invstOrSec>
        <name>CARGILL INC</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
        <title>Cargill Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PARK AEROSPACE HOLDINGS</name>
        <lei>635400CPI3EOIFF6OC33</lei>
        <title>Park Aerospace Holdings Ltd</title>
        <cusip>70014LAD2</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Owner Trust 2017-A</title>
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          <isin value="US34531EAE68"/>
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        <balance>4462000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4467033.14000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-15</maturityDt>
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          <annualizedRt>1.92000000</annualizedRt>
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      <invstOrSec>
        <name>CIGNA CORP</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Corp</title>
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          <isin value="US125523AD24"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2503665.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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      <invstOrSec>
        <name>PENSKE AUTOMOTIVE GROUP</name>
        <lei>549300W7UTQ0M4C7LB15</lei>
        <title>Penske Automotive Group Inc</title>
        <cusip>70959WAH6</cusip>
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          <isin value="US70959WAH60"/>
          <other otherDesc="Sedol" value="BF22PL4"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1458750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>LENNAR CORP</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp</title>
        <cusip>526057CC6</cusip>
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          <isin value="US526057CC67"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>975000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KEURIG DR PEPPER INC</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper Inc</title>
        <cusip>49271VAE0</cusip>
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          <isin value="US49271VAE02"/>
          <other otherDesc="Sedol" value="BJYHK87"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1517595.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55100000</annualizedRt>
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      <invstOrSec>
        <name>NZCG Funding Ltd</name>
        <lei>549300VKPCTKDCMB5721</lei>
        <title>NZCG Funding Ltd</title>
        <cusip>62951CAP7</cusip>
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        <balance>3350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3042738.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-26</maturityDt>
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      <invstOrSec>
        <name>PHILLIPS 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
        <cusip>718546AS3</cusip>
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          <isin value="US718546AS30"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1870864.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-02-26</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MARRIOTT INTERNATIONAL</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International Inc/MD</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-08</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2014-K714 Mortgage Trust</title>
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          <isin value="US30291UAN81"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2014-K716 Mortgage Trust</title>
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        <name>NEW YORK NY</name>
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        <title>City of New York NY</title>
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        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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        <name>HUMANA INC</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>Humana Inc</title>
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        <name>ZOETIS INC</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>OCTAGON INVESTMENT PARTNERS XI</name>
        <lei>2549008P71BPJX6F5757</lei>
        <title>Octagon Investment Partners XIX Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.93125000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust 2010-C1</title>
        <cusip>36249KAG5</cusip>
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          <isin value="US36249KAG58"/>
          <other otherDesc="Sedol" value="B4THZP9"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2020939.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WESTINGHOUSE AIR BRAKE</name>
        <lei>06BTX5UWZD0GQ5N5Y745</lei>
        <title>Westinghouse Air Brake Technologies Corp</title>
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          <isin value="US960386AP59"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>970671.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.04050000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VMWARE INC</name>
        <lei>549300BUDHS3LRWBE814</lei>
        <title>VMware Inc</title>
        <cusip>928563AA3</cusip>
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          <isin value="US928563AA33"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1978684.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VBG4</cusip>
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          <isin value="US55336VBG41"/>
          <other otherDesc="SEDOL" value="BJDSY90"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1889870.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.89888000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Trestles CLO LTD</name>
        <lei>254900QSBDX181YYBH38</lei>
        <title>TRESTLES CLO 2017-1 Ltd</title>
        <cusip>89531FAA5</cusip>
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          <isin value="US89531FAA57"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1189553.75000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.08413000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ABB FINANCE USA INC</name>
        <lei>5493002Y01YAFV45F528</lei>
        <title>ABB Finance USA Inc</title>
        <cusip>00037BAD4</cusip>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1500005.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CONSTELLATION BRANDS INC</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands Inc</title>
        <cusip>21036PAV0</cusip>
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          <isin value="US21036PAV04"/>
          <other otherDesc="Sedol" value="BYWVDC1"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1988771.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2013-K713 Mortgage Trust</title>
        <cusip>30261UAJ3</cusip>
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          <isin value="US30261UAJ34"/>
          <other otherDesc="Sedol" value="BYT43T0"/>
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        <balance>325806.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>325032.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.49209300</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp Trust 2018-HULA</title>
        <cusip>36259AAJ8</cusip>
        <identifiers>
          <isin value="US36259AAJ88"/>
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        <balance>1973122.72000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1515608.64000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Benefit Street Partners CLO Lt</name>
        <lei>549300D98ZLKNSI8CN63</lei>
        <title>Benefit Street Partners CLO VIII Ltd</title>
        <cusip>08180XAN2</cusip>
        <identifiers>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Assurant CLO</name>
        <lei>6354003JXBM4LA5YCP98</lei>
        <title>ASSURANT CLO II LTD</title>
        <cusip>04623TAA3</cusip>
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          <isin value="US04623TAA34"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOC AVIATION LTD</name>
        <lei>254900H06V5RMEB3KE72</lei>
        <title>BOC Aviation Ltd</title>
        <cusip>09681LAG5</cusip>
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          <isin value="US09681LAG59"/>
          <other otherDesc="Sedol" value="BYVXXY0"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>CHICAGO BOARD OF TRADE</name>
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        <title>US 2 YEAR TREASURY NOTE</title>
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          <ticker value="TUM0"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00QB9KLK9"/>
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        <curCd>USD</curCd>
        <valUSD>620160.36000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>US TREASURY N/B</issuerName>
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      <invstOrSec>
        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <title>Bristol-Myers Squibb Co</title>
        <cusip>110122BE7</cusip>
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          <isin value="US110122BE78"/>
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        <balance>1500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia/The</title>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-20</maturityDt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31417YPQ4</cusip>
        <identifiers>
          <isin value="US31417YPQ43"/>
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        <balance>991.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1041.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LENNAR CORP</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp</title>
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        <name>CITIBANK NA</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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      <invstOrSec>
        <name>FAMILY DOLLAR STORES INC</name>
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        <name>ACTIVISION BLIZZARD</name>
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        <title>Activision Blizzard Inc</title>
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        <name>Verizon Owner Trust</name>
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        <name>BANK OF MONTREAL</name>
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        <title>Bank of Montreal</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MITSUBISHI UFJ FIN GRP</name>
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        <title>Mitsubishi UFJ Financial Group Inc</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2014-K717 Mortgage Trust</title>
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        <name>CHARTER COMM OPT LLC/CAP</name>
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        <name>AIR CANADA 2013-1B PTT</name>
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        <name>NRG ENERGY INC</name>
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        <name>SMB Private Education Loan Tru</name>
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        <name>MARRIOTT INTERNATIONAL</name>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>MGM RESORTS INTL</name>
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        <title>MGM Resorts International</title>
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        <name>SPRINT SPECTRUM / SPEC I</name>
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          <maturityDt>2021-09-20</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TJX COS INC</name>
        <lei>V167QI9I69W364E2DY52</lei>
        <title>TJX Cos Inc/The</title>
        <cusip>872540AU3</cusip>
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          <isin value="US872540AU37"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2403585.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sound Point CLO LTD</name>
        <lei>549300UPX3H8ENJXHI23</lei>
        <title>Sound Point CLO V-R LTD</title>
        <cusip>83607EAC6</cusip>
        <identifiers>
          <isin value="US83607EAC66"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1693426.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-18</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FOX CORP</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp</title>
        <cusip>35137LAA3</cusip>
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          <isin value="US35137LAA35"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1532265.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912828N89</cusip>
        <identifiers>
          <isin value="US912828N894"/>
          <other otherDesc="Sedol" value="BDHLRB6"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4043750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elm CLO Ltd</name>
        <lei>N/A</lei>
        <title>Elm CLO 2014-1 Ltd</title>
        <cusip>289247AY4</cusip>
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          <isin value="US289247AY44"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1862138.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.58613000</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>ECMC Group Student Loan Trust</name>
        <lei>N/A</lei>
        <title>ECMC Group Student Loan Trust</title>
        <cusip>26829XAA9</cusip>
        <identifiers>
          <isin value="US26829XAA90"/>
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        <balance>2146352.46000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2193723.53000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.72000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PNC CAPITAL TRUST C</name>
        <lei>N/A</lei>
        <title>PNC Capital Trust C</title>
        <cusip>69349AAA0</cusip>
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          <isin value="US69349AAA07"/>
          <other otherDesc="Sedol" value="BYM6NC6"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>802022.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.15038000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc</title>
        <cusip>11135FAA9</cusip>
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          <isin value="US11135FAA93"/>
          <other otherDesc="Sedol" value="BGQ0M09"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1978220.98000000</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>2021-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KRAFT HEINZ FOODS CO</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>Kraft Heinz Foods Co</title>
        <cusip>50077LAS5</cusip>
        <identifiers>
          <isin value="US50077LAS51"/>
          <other otherDesc="Sedol" value="BG1ZZ22"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1515683.70000000</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>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIFC Funding Ltd</name>
        <lei>549300O8WGQU5B6HEB94</lei>
        <title>CIFC Funding 2014-II-R Ltd</title>
        <cusip>12548RAB0</cusip>
        <identifiers>
          <isin value="US12548RAB06"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1900194.00000000</valUSD>
        <pctVal>0.850416275209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.85088000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HONDA FINANCE</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp</title>
        <cusip>02665WDG3</cusip>
        <identifiers>
          <isin value="US02665WDG33"/>
          <other otherDesc="SEDOL" value="BKMFPJ6"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1383330.30000000</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>2023-05-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.10413000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Limerock CLO</name>
        <lei>N/A</lei>
        <title>Limerock CLO III LLC</title>
        <cusip>532619AL7</cusip>
        <identifiers>
          <isin value="US532619AL75"/>
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        <balance>704373.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>692744.18000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.01913000</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>ROYAL CARIBBEAN CRUISES</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd</title>
        <cusip>780153AX0</cusip>
        <identifiers>
          <isin value="US780153AX03"/>
          <other otherDesc="Sedol" value="BF2RBM2"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1350815.12000000</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>2020-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Crestline Denali CLO XVI, Ltd.</name>
        <lei>2549008AB2W065F6TK51</lei>
        <title>Crestline Denali CLO XVI Ltd</title>
        <cusip>22615EAA8</cusip>
        <identifiers>
          <isin value="US22615EAA82"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2776002.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.93913000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Verizon Owner Trust</name>
        <lei>N/A</lei>
        <title>Verizon Owner Trust 2017-2</title>
        <cusip>92348PAB8</cusip>
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          <isin value="US92348PAB85"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1995836.80000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.22000000</annualizedRt>
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      <invstOrSec>
        <name>CENTRAL FIDELITY CAP I</name>
        <lei>N/A</lei>
        <title>Central Fidelity Capital Trust I</title>
        <cusip>15346WAC4</cusip>
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          <isin value="US15346WAC47"/>
          <other otherDesc="Sedol" value="2493653"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1470000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.83125000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XCH7</cusip>
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          <isin value="US37045XCH70"/>
          <other otherDesc="Sedol" value="BFY9018"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>900265.67000000</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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      </invstOrSec>
      <invstOrSec>
        <name>Hawaii Hotel Trust 2019-MAUI</name>
        <lei>N/A</lei>
        <title>Hawaii Hotel Trust 2019-MAUI</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLACKROCK LIQUIDITY FUNDS FEDFUND PORTFOLIO</name>
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          <ticker value="TFDXX"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ocean Trails CLO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONTL AIRLINES 2012-B</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INTERPUBLIC GROUP COS</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-10-01</maturityDt>
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      <invstOrSec>
        <name>MARINER CLO LLC</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2011-K14 Mortgage Trust</title>
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          <isin value="US30263BAL80"/>
          <other otherDesc="Sedol" value="B7R6QB2"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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          <isin value="US46625HHA14"/>
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        <balance>1022000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>DELTA AIR LINES INC</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>Delta Air Lines Inc</title>
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          <isin value="US247361ZM39"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>910526.49000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-04-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>ZIMMER BIOMET HOLDINGS</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings Inc</title>
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        <balance>2000000.00000000</balance>
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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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        <name>CIT GROUP INC</name>
        <lei>N8O96ZZJQRFYQUJY7K79</lei>
        <title>CIT Group Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>D.R. HORTON INC</name>
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        <title>DR Horton Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VULCAN MATERIALS CO</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Co</title>
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        <invCountry>US</invCountry>
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        <name>SPRINT CORP</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>Sprint Corp</title>
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        <balance>1500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>SYSCO CORPORATION</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp</title>
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        <name>SAN DIEGO G &amp; E</name>
        <lei>KNIRVXKVNJJ4P8OTMS63</lei>
        <title>San Diego Gas &amp; Electric Co</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-01</maturityDt>
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        <name>Halcyon Loan Advisors Funding</name>
        <lei>5493006GMMSBMRMTK635</lei>
        <title>Halcyon Loan Advisors Funding 2015-2 Ltd</title>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
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        <name>THERMO FISHER SCIENTIFIC</name>
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        <name>IBM CREDIT LLC</name>
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      <invstOrSec>
        <name>WF-RBS COMMERCIAL MORTGAGE TRU</name>
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        <name>USAA CAPITAL CORP</name>
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        <name>Toyota Auto Receivables Owner</name>
        <lei>N/A</lei>
        <title>Toyota Auto Receivables 2018-D Owner Trust</title>
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        <name>ABBVIE INC</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BAYER US FINANCE II LLC</name>
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        <title>Bayer US Finance II LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BECTON DICKINSON AND CO</name>
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        <name>INTL FLAVOR &amp; FRAGRANCES</name>
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        <name>Babson CLO Ltd</name>
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        <invCountry>KY</invCountry>
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        <name>UAL 2007 PASS TRUST</name>
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        <name>EDISON INTERNATIONAL</name>
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        <name>TRANSOCEAN INC</name>
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        <title>Transocean Inc</title>
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        <name>AMER AIRLN 13-2 B PTT</name>
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        <name>INGERSOLL-RAND GL HLD CO</name>
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        <title>Ingersoll-Rand Global Holding Co Ltd</title>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured P</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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          <isin value="US3137AUPE33"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-25</maturityDt>
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      <invstOrSec>
        <name>GEORGIA POWER CO</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co</title>
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          <isin value="US373334KM26"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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      <invstOrSec>
        <name>HP ENTERPRISE CO</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co</title>
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          <isin value="US42824CBD02"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HONEYWELL INTERNATIONAL</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>Honeywell International Inc</title>
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          <isin value="US438516BV76"/>
          <other otherDesc="SEDOL" value="BK1NL26"/>
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        <balance>1500000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENTERPOINT ENERGY INC</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy Inc</title>
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          <isin value="US15189TAT43"/>
          <other otherDesc="Sedol" value="BF5B2Z1"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WELLS FARGO BANK NA</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>Wells Fargo Bank NA</title>
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          <isin value="US94988J5P84"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1502507.88000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.32500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SERVICE CORP INTL</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>Service Corp International/US</title>
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          <isin value="US817565BU72"/>
          <other otherDesc="Sedol" value="B5NRXX6"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <title>Bristol-Myers Squibb Co</title>
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          <isin value="US110122BY33"/>
          <other otherDesc="Sedol" value="BK62V51"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-05-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WR GRACE &amp; CO-CONN</name>
        <lei>549300GJVOEHHLSO6K25</lei>
        <title>WR Grace &amp; Co-Conn</title>
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          <isin value="US383909AE89"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELANCO ANIMAL HEALTH INC</name>
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        <title>Elanco Animal Health Inc</title>
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          <isin value="US28414HAE36"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <name>UNITEDHEALTH GROUP INC</name>
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        <title>UnitedHealth Group Inc</title>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>SEMPRA ENERGY</name>
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        <name>Entergy Arkansas Restoration F</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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            <unrealizedAppr>586264.25000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US AIRWAYS 2012-2B PTT</name>
        <lei>N/A</lei>
        <title>US Airways 2012-2 Class B Pass Through Trust</title>
        <cusip>90345WAE4</cusip>
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          <isin value="US90345WAE49"/>
          <other otherDesc="Sedol" value="B9B9FY7"/>
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        <balance>2185708.27573800</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>N/A</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137FMPV8</cusip>
        <identifiers>
          <isin value="US3137FMPV86"/>
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        <balance>3697084.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3844472.44000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured P</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137ASNK6</cusip>
        <identifiers>
          <isin value="US3137ASNK64"/>
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        <balance>25643930.13000000</balance>
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        <curCd>USD</curCd>
        <valUSD>672512.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Babson CLO Ltd</name>
        <lei>549300SCEOLR3BTPYX35</lei>
        <title>Babson CLO Ltd 2014-I</title>
        <cusip>05618DAG9</cusip>
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          <isin value="US05618DAG97"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1337119.50000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26913000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GE CAPITAL INTL FUNDING</name>
        <lei>549300G6UZOB126GBY72</lei>
        <title>GE Capital International Funding Co Unlimited Co</title>
        <cusip>36164QMS4</cusip>
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          <isin value="US36164QMS48"/>
          <other otherDesc="Sedol" value="BYNKFH6"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1966371.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.34200000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BRITISH AIR 13-1 B PTT</name>
        <lei>N/A</lei>
        <title>British Airways 2013-1 Class B Pass Through Trust</title>
        <cusip>11042BAA0</cusip>
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          <isin value="US11042BAA08"/>
          <other otherDesc="Sedol" value="BBS4HX2"/>
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        <balance>151123.67740000</balance>
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        <curCd>USD</curCd>
        <valUSD>150006.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>54930094LU45XF2CP718</lei>
        <title>Navient Private Education Loan Trust 2014-A</title>
        <cusip>63939CAD9</cusip>
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          <isin value="US63939CAD92"/>
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        <balance>1499000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1430706.46000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CATERPILLAR FINL SERVICE</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>Caterpillar Financial Services Corp</title>
        <cusip>14913Q2N8</cusip>
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          <isin value="US14913Q2N89"/>
          <other otherDesc="Sedol" value="BG0K8P2"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1527505.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JOHN DEERE CAPITAL CORP</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>John Deere Capital Corp</title>
        <cusip>24422EUC1</cusip>
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          <isin value="US24422EUC10"/>
          <other otherDesc="Sedol" value="BFZWW65"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1942220.98000000</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>2021-03-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.02413000</annualizedRt>
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      <invstOrSec>
        <name>CONTL AIRLINES 2000-2</name>
        <lei>N/A</lei>
        <title>Continental Airlines 2000-2 Class A-1 Pass Through Trust</title>
        <cusip>210805DD6</cusip>
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          <isin value="US210805DD61"/>
          <other otherDesc="Sedol" value="B097G47"/>
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        <balance>123135.61280000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>First Eagle BSL CLO LLC</name>
        <lei>N/A</lei>
        <title>First Eagle BSL CLO 2019-1 Ltd</title>
        <cusip>32010FAA5</cusip>
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          <isin value="US32010FAA57"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1204486.50000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured P</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FHQ48</cusip>
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          <isin value="US3137FHQ481"/>
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        <balance>14500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
        <cusip>00774MAH8</cusip>
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          <isin value="US00774MAH88"/>
          <other otherDesc="Sedol" value="BJ791B0"/>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALBERTSONS COS/SAFEWAY</name>
        <lei>N/A</lei>
        <title>Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-15</maturityDt>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2011-K11 Mortgage Trust</title>
        <cusip>30262BAL9</cusip>
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          <isin value="US30262BAL99"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38380YBV6</cusip>
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          <isin value="US38380YBV65"/>
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        <balance>1604816.08000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1621779.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALTRIA GROUP INC</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group Inc</title>
        <cusip>02209SBA0</cusip>
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          <isin value="US02209SBA06"/>
          <other otherDesc="Sedol" value="BJ2W9V0"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1534485.66000000</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>2022-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.49000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLM Student Loan Trust</name>
        <lei>N/A</lei>
        <title>SLM Student Loan Trust 2014-2</title>
        <cusip>78448GAC4</cusip>
        <identifiers>
          <isin value="US78448GAC42"/>
        </identifiers>
        <balance>3641326.65000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3435701.30000000</valUSD>
        <pctVal>1.537620002104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.53663000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2019-XL</title>
        <cusip>056054AE9</cusip>
        <identifiers>
          <isin value="US056054AE92"/>
        </identifiers>
        <balance>1433100.81000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1343408.76000000</valUSD>
        <pctVal>0.601231597280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.78463000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELTA AIR LINES 2007-1 B</name>
        <lei>N/A</lei>
        <title>Delta Air Lines 2007-1 Class B Pass Through Trust</title>
        <cusip>247367BJ3</cusip>
        <identifiers>
          <isin value="US247367BJ36"/>
          <other otherDesc="Sedol" value="B2QZSH5"/>
        </identifiers>
        <balance>666753.53800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>683151.41000000</valUSD>
        <pctVal>0.305738823244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.02100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES CA DEPT WTR &amp; PWR</name>
        <lei>N/A</lei>
        <title>Los Angeles Department of Water &amp; Power Power System Revenue</title>
        <cusip>544495UH5</cusip>
        <identifiers>
          <isin value="US544495UH55"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2016840.00000000</valUSD>
        <pctVal>0.902620237982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.16600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bluemountain CLO Ltd</name>
        <lei>549300CBYHI3C2Y5HE76</lei>
        <title>BlueMountain CLO 2015-1 Ltd</title>
        <cusip>09627XAU5</cusip>
        <identifiers>
          <isin value="US09627XAU54"/>
        </identifiers>
        <balance>669160.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>662877.39000000</valUSD>
        <pctVal>0.296665351498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.17788000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Recette CLO LLC</name>
        <lei>549300392I5L5XOJ0016</lei>
        <title>Recette Clo Ltd</title>
        <cusip>75620TAU2</cusip>
        <identifiers>
          <isin value="US75620TAU25"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1671950.00000000</valUSD>
        <pctVal>0.748267540754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56913000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EOG RESOURCES INC</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources Inc</title>
        <cusip>26875PAL5</cusip>
        <identifiers>
          <isin value="US26875PAL58"/>
          <other otherDesc="Sedol" value="BKY7XV8"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
        <pctVal>0.895083633786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Penn Series Funds Inc</ncom:nameOfApplicant>
      <ncom:signature>Steve Viola</ncom:signature>
      <ncom:signerName>Steve Viola</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
