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        <name>NEW YORK CITY NY TRANSITIONAL</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority Future Tax Secured Revenue</title>
        <cusip>64971XPG7</cusip>
        <identifiers>
          <isin value="US64971XPG78"/>
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        <balance>985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1014756.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.58000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHWEST AIRLINES CO</name>
        <lei>UDTZ87G0STFETI6HGH41</lei>
        <title>Southwest Airlines Co</title>
        <cusip>844741BK3</cusip>
        <identifiers>
          <isin value="US844741BK34"/>
          <other otherDesc="SEDOL" value="BMBWVT4"/>
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        <balance>3100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3687805.79000000</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>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage-Backed Securities</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Corp Trust 2020-PJ3</title>
        <cusip>36258WAS1</cusip>
        <identifiers>
          <isin value="US36258WAS17"/>
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        <balance>804413.73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>826240.69000000</valUSD>
        <pctVal>0.430566259260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tricon American Homes</name>
        <lei>N/A</lei>
        <title>Tricon American Homes 2020-SFR1</title>
        <cusip>89613GAA4</cusip>
        <identifiers>
          <isin value="US89613GAA40"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1414916.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.49900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Private Education Refi Loan Trust 2020-D</title>
        <cusip>63941HAA0</cusip>
        <identifiers>
          <isin value="US63941HAA05"/>
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        <balance>1592081.80000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1622239.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.69000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMDB Commercial Mortgage Secu</name>
        <lei>N/A</lei>
        <title>JPMDB Commercial Mortgage Securities Trust 2017-C5</title>
        <cusip>46590TAE5</cusip>
        <identifiers>
          <isin value="US46590TAE55"/>
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        <balance>1496000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1705790.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.69390000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
        <cusip>00774MAG0</cusip>
        <identifiers>
          <isin value="US00774MAG06"/>
          <other otherDesc="SEDOL" value="BGHJW27"/>
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        <balance>4040000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4500063.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured P</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FRUV1</cusip>
        <identifiers>
          <isin value="US3137FRUV19"/>
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        <balance>15983836.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1706279.30000000</valUSD>
        <pctVal>0.889167411321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.35477700</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VB-S1 Issuer LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 Issuer LLC</title>
        <cusip>91823AAN1</cusip>
        <identifiers>
          <isin value="US91823AAN19"/>
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        <balance>775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>811916.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.03100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Retail Auto Lease Tr</name>
        <lei>N/A</lei>
        <title>Santander Retail Auto Lease Trust 2019-A</title>
        <cusip>80285JAC0</cusip>
        <identifiers>
          <isin value="US80285JAC09"/>
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        <balance>320086.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>320709.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.72000000</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>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2015-K720 Mortgage Trust</title>
        <cusip>357081AE8</cusip>
        <identifiers>
          <isin value="US357081AE83"/>
          <other otherDesc="SEDOL" value="BDHDY99"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2583461.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.39338800</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CF Hippolyta Issuer LLC</name>
        <lei>N/A</lei>
        <title>CF Hippolyta LLC</title>
        <cusip>12530MAC9</cusip>
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          <isin value="US12530MAC91"/>
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        <balance>2242790.27000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2277484.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.28000000</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>SMB Private Education Loan Tru</name>
        <lei>549300NWENTZ8X7JUC78</lei>
        <title>SMB Private Education Loan Trust 2017-B</title>
        <cusip>83189DAC4</cusip>
        <identifiers>
          <isin value="US83189DAC48"/>
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        <balance>1706011.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1705633.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.90863000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Santander Retail Auto Lease Tr</name>
        <lei>N/A</lei>
        <title>Santander Retail Auto Lease Trust 2019-B</title>
        <cusip>80281GAB2</cusip>
        <identifiers>
          <isin value="US80281GAB23"/>
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        <balance>746992.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>751243.29000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.29000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>RKWYUSIDZTWNAX1D9U96</lei>
        <title>Enterprise Fleet Financing LLC</title>
        <cusip>29373EAC1</cusip>
        <identifiers>
          <isin value="US29373EAC12"/>
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        <balance>712855.89000000</balance>
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        <curCd>USD</curCd>
        <valUSD>719020.10000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.36000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GENERAL ELECTRIC CO</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>General Electric Co</title>
        <cusip>369604BQ5</cusip>
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          <isin value="US369604BQ57"/>
          <other otherDesc="SEDOL" value="BYZLD06"/>
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        <balance>3010000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2800052.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>STORE Master Funding LLC</name>
        <lei>N/A</lei>
        <title>Store Master Funding I-VII</title>
        <cusip>86212VAD6</cusip>
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          <isin value="US86212VAD64"/>
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        <balance>1435515.87000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1499651.99000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.96000000</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>HAWAII ST</name>
        <lei>N/A</lei>
        <title>State of Hawaii</title>
        <cusip>419792ZZ2</cusip>
        <identifiers>
          <isin value="US419792ZZ20"/>
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        <balance>2240000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CROWN CASTLE INTL CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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          <maturityDt>2036-10-15</maturityDt>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
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          <isin value="US46650RAA41"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ENERGY TRANSFER OPERATNG</name>
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        <balance>3920000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>TAMPA-HILLSBOROUGH CNTY FL EXP</name>
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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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BOOKING HOLDINGS INC</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>VERIZON COMMUNICATIONS</name>
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        <title>Verizon Communications Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vantage Data Centers LLC</name>
        <lei>5493000RL8X7WTQ7HO20</lei>
        <title>Vantage Data Centers LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA INC</name>
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        <title>HCA Inc</title>
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        <name>HAWAII ST</name>
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        <title>State of Hawaii</title>
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        <name>CAMDEN PROPERTY TRUST</name>
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        <title>Camden Property Trust</title>
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        <name>VISA INC</name>
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        <name>Nelnet Student Loan Trust</name>
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        <name>Credit Suisse Mortgage Trust</name>
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        <title>CSMC Trust 2013-7</title>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2018-H3</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Acceptance Auto Loan Tr</name>
        <lei>549300J9CNONESCISQ91</lei>
        <title>Credit Acceptance Auto Loan Trust 2018-1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AIR LEASE CORP</name>
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        <title>Air Lease Corp</title>
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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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      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
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        <title>American Tower Corp</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
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      <invstOrSec>
        <name>Toyota Auto Loan Extended Note</name>
        <lei>549300XP7ILZSI1BWP36</lei>
        <title>Toyota Auto Loan Extended Note Trust 2020-1</title>
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          <isin value="US89237JAA43"/>
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        <balance>2500000.00000000</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>
        <debtSec>
          <maturityDt>2033-05-25</maturityDt>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust 2017-C7</title>
        <cusip>90276WAS6</cusip>
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          <isin value="US90276WAS61"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1148984.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Credit Acceptance Auto Loan Tr</name>
        <lei>N/A</lei>
        <title>Credit Acceptance Auto Loan Trust 2020-3</title>
        <cusip>22536BAA0</cusip>
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          <isin value="US22536BAA08"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1617757.12000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.24000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2020-CNP</title>
        <cusip>61770YAA3</cusip>
        <identifiers>
          <isin value="US61770YAA38"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1054648.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.42760000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>GM Financial Consumer Automobi</name>
        <lei>N/A</lei>
        <title>GM Financial Consumer Automobile Receivables Trust 2020-2</title>
        <cusip>36258VAE4</cusip>
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          <isin value="US36258VAE48"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1555138.20000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.74000000</annualizedRt>
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      <invstOrSec>
        <name>VOLKSWAGEN GROUP AMERICA</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Finance LLC</title>
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          <other otherDesc="SEDOL" value="BMZ79K2"/>
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        <balance>2150000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35000000</annualizedRt>
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      <invstOrSec>
        <name>Invitation Homes Trust</name>
        <lei>N/A</lei>
        <title>Invitation Homes 2017-SFR2 Trust</title>
        <cusip>46187BAA1</cusip>
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          <isin value="US46187BAA17"/>
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        <balance>1799122.61000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-17</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2014-K715 Mortgage Trust</title>
        <cusip>30291XAE2</cusip>
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          <isin value="US30291XAE22"/>
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        <balance>465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>464570.06000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>OWL ROCK TECHNOLOGY FINA</name>
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        <title>Owl Rock Technology Finance Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-17</maturityDt>
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        <name>AT&amp;T INC</name>
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        <title>AT&amp;T Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
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      <invstOrSec>
        <name>WILLIAMS COMPANIES INC</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos Inc/The</title>
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        <balance>3300000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
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        <name>ALIBABA GROUP HOLDING</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd</title>
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        <balance>4670000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Social Professional Loan Progr</name>
        <lei>N/A</lei>
        <title>Sofi Professional Loan Program 2018-B Trust</title>
        <cusip>83404RAB4</cusip>
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          <isin value="US83404RAB42"/>
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        <balance>482422.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496530.45000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.34000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TENCENT HOLDINGS LTD</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd</title>
        <cusip>88032WAN6</cusip>
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        <balance>3230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3680203.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Social Professional Loan Progr</name>
        <lei>N/A</lei>
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          <isin value="US83401BAB27"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tricon American Homes</name>
        <lei>N/A</lei>
        <title>Tricon American Homes 2017-SFR2 Trust</title>
        <cusip>89613FAA6</cusip>
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          <isin value="US89613FAA66"/>
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        <balance>1239681.16000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>iShares Broad USD Investment Grade Corporate Bond ETF</name>
        <lei>5493004QFMCNV0WLX398</lei>
        <title>iShares Broad USD Investment Grade Corporate Bond ETF</title>
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          <isin value="US4642886208"/>
          <ticker value="USIG"/>
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        <balance>87415.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASHTEAD CAPITAL INC</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital Inc</title>
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          <isin value="US045054AJ25"/>
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        <curCd>USD</curCd>
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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>2028-05-01</maturityDt>
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      <invstOrSec>
        <name>Goodgreen Trust</name>
        <lei>N/A</lei>
        <title>Goodgreen 2020-1 Trust</title>
        <cusip>38217TAA3</cusip>
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          <isin value="US38217TAA34"/>
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        <balance>1269807.35000000</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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          <maturityDt>2055-04-15</maturityDt>
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      <invstOrSec>
        <name>BOOKING HOLDINGS INC</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc</title>
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          <isin value="US741503AZ91"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Credit Suisse Mortgage Capital Certificates</title>
        <cusip>12646LAA6</cusip>
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          <isin value="US12646LAA61"/>
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        <balance>606139.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>620272.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CF Hippolyta Issuer LLC</name>
        <lei>N/A</lei>
        <title>CF Hippolyta LLC</title>
        <cusip>12530MAB1</cusip>
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          <isin value="US12530MAB19"/>
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        <balance>712778.68000000</balance>
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        <curCd>USD</curCd>
        <valUSD>721879.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.99000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dell Equipment Finance Trust</name>
        <lei>N/A</lei>
        <title>Dell Equipment Finance Trust 2020-1</title>
        <cusip>24703NAC3</cusip>
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          <isin value="US24703NAC39"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2055278.60000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.24000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential 2020-SFR2 Trust</title>
        <cusip>74333LAA4</cusip>
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          <isin value="US74333LAA44"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.07800000</annualizedRt>
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        <name>EXPEDIA GROUP INC</name>
        <lei>N/A</lei>
        <title>Expedia Group Inc</title>
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          <isin value="US30212PAS48"/>
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        <balance>1620000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <name>SOUTH CAROLINA ST PUBLIC SVC A</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
        <title>South Carolina Public Service Authority</title>
        <cusip>837151XH7</cusip>
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        <balance>1355000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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        <name>SABINE PASS LIQUEFACTION</name>
        <lei>549300KJYBG7C6WJYZ11</lei>
        <title>Sabine Pass Liquefaction LLC</title>
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          <isin value="US785592AV86"/>
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        <balance>4050000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-30</maturityDt>
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        <name>PFIZER INC</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc</title>
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          <isin value="US717081EW90"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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        <name>COMCAST CORP</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DOMINION ENERGY INC</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc</title>
        <cusip>25746UDG1</cusip>
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          <isin value="US25746UDG13"/>
          <other otherDesc="SEDOL" value="BM6KKK7"/>
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        <balance>2460000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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      <invstOrSec>
        <name>Oxford Finance Funding Trust</name>
        <lei>N/A</lei>
        <title>Oxford Finance Funding 2019-1 LLC</title>
        <cusip>69145AAB4</cusip>
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          <isin value="US69145AAB44"/>
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        <balance>1600000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>KINDER MORGAN ENER PART</name>
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      <invstOrSec>
        <name>SLM Student Loan Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NIKE INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SMB Private Education Loan Tru</name>
        <lei>549300NWENTZ8X7JUC78</lei>
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          <isin value="US83189DAB64"/>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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          <isin value="US46647PBP09"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2017-6</title>
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          <isin value="US46649HAE27"/>
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      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Student Loan Trust 2017-2</title>
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          <isin value="US63939RAA23"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>549300671OK77JNRLK28</lei>
        <title>Sequoia Mortgage Trust 2013-5</title>
        <cusip>81745AAA5</cusip>
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          <isin value="US81745AAA51"/>
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        <balance>1077672.50000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-25</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley BAML Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19</title>
        <cusip>61764PBU5</cusip>
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          <isin value="US61764PBU57"/>
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        <balance>965361.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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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>3137FEBQ2</cusip>
        <identifiers>
          <isin value="US3137FEBQ22"/>
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        <balance>1000000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-25</maturityDt>
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      <invstOrSec>
        <name>SBA TOWER TRUST</name>
        <lei>N/A</lei>
        <title>SBA TOWER TRUST</title>
        <cusip>78403DAR1</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <balance>2940000.00000000</balance>
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        <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 2015-K43 Mortgage Trust</title>
        <cusip>30286XAN9</cusip>
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          <isin value="US30286XAN93"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMSR Trust</name>
        <lei>N/A</lei>
        <title>AMSR 2020-SFR4 Trust</title>
        <cusip>66981FAA8</cusip>
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        <name>EXPEDIA GROUP INC</name>
        <lei>N/A</lei>
        <title>Expedia Group Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>AIR LEASE CORP</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp</title>
        <cusip>00912XAV6</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-01</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>AVOLON HOLDINGS FNDG LTD</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd</title>
        <cusip>05401AAG6</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>SLM Student Loan Trust</name>
        <lei>549300GQO6PBOYVGSS10</lei>
        <title>SLM Student Loan Trust 2011-2</title>
        <cusip>78446JAB2</cusip>
        <identifiers>
          <isin value="US78446JAB26"/>
        </identifiers>
        <balance>880000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>893067.74000000</valUSD>
        <pctVal>0.465390824649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.34800000</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>CROWN CASTLE INTL CORP</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle International Corp</title>
        <cusip>22822VAK7</cusip>
        <identifiers>
          <isin value="US22822VAK70"/>
          <other otherDesc="SEDOL" value="BFWK3V4"/>
        </identifiers>
        <balance>3120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3595883.62000000</valUSD>
        <pctVal>1.873868205402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-02-18</ncom:dateSigned>
      <ncom:nameOfApplicant>Manning &amp; Napier Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Troy M. Statczar</ncom:signature>
      <ncom:signerName>Troy M. Statczar</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
