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      <invstOrSec>
        <name>CNH Industrial Capital LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AMUR EQUIPMENT FINANCE RECEIVABLES XIII LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Home Loan Banks</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELMWOOD CLO 38 LTD</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HILTON GRAND VACATIONS TRUST 2020-A</name>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-02-25</maturityDt>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
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          <isin value="US31418ERJ19"/>
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        <name>Trinity Rail Leasing 2019 Llc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ING Groep N.V.</name>
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        <name>DXC Technology Company</name>
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        <name>Federal Farm Credit Banks</name>
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        <issuerCat>USGSE</issuerCat>
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        <name>Air Canada</name>
        <lei>4B4HI3CGXMBDC0G6BM51</lei>
        <title>Air Canada Pass Through Trust </title>
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        <name>Wipro IT Services, LLC.</name>
        <lei>549300S6XZZ65F0EJS98</lei>
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        <name>Antares Holdings LP</name>
        <lei>5493008EAIGV4283RM42</lei>
        <title>Antares Holdings LP </title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
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        <name>Duke Energy Corp</name>
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        <name>Fnma Pass-Thru I</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>UMBS Freddie Mac Pool </title>
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      <invstOrSec>
        <name>ENEL Finance International N.V.</name>
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        <title>Enel Finance International NV </title>
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        <name>General Motors Financial Company  Inc</name>
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        <name>Federal Home Loan Banks</name>
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        <title>Federal Home Loan Banks </title>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Freddie Mac Pool </title>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>UMBS Freddie Mac Pool </title>
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      <invstOrSec>
        <name>OCTANE RECEIVABLES TRUST 2023-3</name>
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      <invstOrSec>
        <name>Federal Home Loan Banks</name>
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        <title>Federal Home Loan Banks </title>
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        <name>Principal Life Global Funding II</name>
        <lei>635400WSLKBQWSOIIT41</lei>
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        <name>Vontier Corporation</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Citigroup Inc.</name>
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        <name>Nomura Holdings Inc.</name>
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        <name>Federal Home Loan Banks</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>Federal Home Loan Banks </title>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Freddie Mac Pool </title>
        <cusip>3132DP5B0</cusip>
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          <isin value="US3132DP5B08"/>
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        <balance>858054.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>862344.82000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>3140QKNP9</cusip>
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          <isin value="US3140QKNP98"/>
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        <balance>621880.11000000</balance>
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        <curCd>USD</curCd>
        <valUSD>543331.12000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International </title>
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          <isin value="US281020AU14"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498963.49000000</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>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>Federal Farm Credit Banks</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>Federal Farm Credit Banks Funding Corp. </title>
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          <isin value="US3133ERJF92"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-27</maturityDt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>31418EHJ2</cusip>
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          <isin value="US31418EHJ29"/>
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        <balance>848091.62000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Jabil Inc</name>
        <lei>5493000CGCQY2OQU7669</lei>
        <title>Jabil, Inc. </title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Eaton Vance CLO 2022-16 Ltd.</name>
        <lei>549300KKM8KBPSSG4L10</lei>
        <title>Morgan Stanley Eaton Vance 2022-16</title>
        <cusip>61774JAC8</cusip>
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          <isin value="US61774JAC80"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>996881.00000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-15</maturityDt>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc./The </title>
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          <isin value="US38141GXX77"/>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-09</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Ashtead Capital Inc.</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital, Inc. </title>
        <cusip>045054AN3</cusip>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-12</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Georgia Power Company</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co </title>
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        <balance>1000000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>31418DPH9</cusip>
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          <isin value="US31418DPH97"/>
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        <issuerCat>USGSE</issuerCat>
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        <name>Berry Global Inc</name>
        <lei>549300AP2Q7ERHX6RI89</lei>
        <title>Berry Global, Inc. </title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>UMBS Freddie Mac Pool </title>
        <cusip>3133CMUT9</cusip>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Freddie Mac Pool </title>
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      <invstOrSec>
        <name>KUBOTA CREDIT OWNER TRUST 2024-1</name>
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        <title>Kubota Credit Owner Trust </title>
        <cusip>50117BAD2</cusip>
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          <isin value="US50117BAD29"/>
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        <balance>1000000.00000000</balance>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>31418EHK9</cusip>
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          <isin value="US31418EHK91"/>
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        <balance>830873.73000000</balance>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>American Airlines, Inc.</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>American Airlines Pass Through Trust </title>
        <cusip>02377AAA6</cusip>
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        <balance>1460153.17000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>FIRST INVESTORS AUTO OWNER TRUST</name>
        <lei>N/A</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Banks</name>
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        <title>Federal Home Loan Banks </title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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          <isin value="US3132DWKV45"/>
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      <invstOrSec>
        <name>HPEFS EQUIPMENT TRUST 2024-2</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Air Lease Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SMB Private Education Loan Trust 2017-A</name>
        <lei>5493000RGRVHYZAIY180</lei>
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        <balance>6676.71000000</balance>
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      <invstOrSec>
        <name>Federal Home Loan Banks</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>Federal Home Loan Banks </title>
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        <name>United States Treasury Notes</name>
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        <name>CARLYLE US CLO 2020-2 LTD</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Freddie Mac Pool </title>
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        <name>VERDANT RECEIVBALES 2024-1 LLC</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>SLM Private Education Loan Trust 2012-E</name>
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        <title>SLM Private Credit Student Loan Trust </title>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Freddie Mac Pool </title>
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        <name>Liberty Utilities Co. (Delaware)</name>
        <lei>549300UN1FEYPC5BKW09</lei>
        <title>Liberty Utilities Co. </title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Mars Inc.</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>Federal National Mortgage Association</name>
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        <name>OCTANE RECEIVABLES TRUST 2023-3</name>
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        <name>DLLAD 2024-1 LLC</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <name>American Tower Corporation</name>
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        <name>Carvana Auto Receivables Trust 2022- P2</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>UMBS Freddie Mac Pool </title>
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        <name>Sealed Air Corp.</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>Mileage Plus Hldgs Llc / Mileage Plus Intellectual Property Assets Ltd</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>TRINITY RAIL LEASING 2021 LLC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool </title>
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        <name>Lloyds Banking Group PLC</name>
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        <name>Societe Generale S.A.</name>
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        <name>POST ROAD EQUIPMENT 2025-1 LLC</name>
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        <name>Federal Home Loan Banks</name>
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        <name>GCI FUNDING I LLC</name>
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        <name>Fnma Pass-Thru I</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>UMBS Freddie Mac Pool </title>
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        <name>MADISON PARK FUNDING XXI LTD</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Triton Container International Ltd.</name>
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        <name>McDonald's Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>UMBS Freddie Mac Pool </title>
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        <name>Ford Motor Credit Company LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co., LLC </title>
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        <name>US Airways Group Inc.</name>
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        <name>Nissan Motor Co Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>Nissan Motor Co. Ltd. </title>
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        <name>FIRST INVESTORS AUTO OWNER TRUST</name>
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        <name>NAVIENT PRIVATE EDUCATION LOAN TRUST</name>
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        <balance>9867.45000000</balance>
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      <invstOrSec>
        <name>Marvell Technology Inc</name>
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      <invstOrSec>
        <name>OAKTREE CLO 2019-3 LTD</name>
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        <name>Ameren Corp.</name>
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        <name>Fnma Pass-Thru I</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Air Canada</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc</name>
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        <invCountry>LU</invCountry>

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        <name>Federal National Mortgage Association</name>
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        <name>Fnma Pass-Thru I</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <name>Federal Farm Credit Banks</name>
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        <name>BENEFIT STREET PARTNERS CLO XXV LTD</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Fnma Pass-Thru I</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Icg Us Clo 2014-1 Ltd</name>
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        <name>Federal National Mortgage Association</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
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          <isin value="US3140XMM529"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Cno Global Funding</name>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-07</maturityDt>
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      <invstOrSec>
        <name>Banco Santander, S.A.</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-18</maturityDt>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140QDT469"/>
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        <balance>693243.14000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Leidos Inc</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
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        <balance>200344.01000000</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>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>31418EQP8</cusip>
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          <isin value="US31418EQP87"/>
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        <balance>775695.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>774217.45000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Smbc Aviation Capital Finance</name>
        <lei>549300OD7VKRVNWB2J98</lei>
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          <isin value="US78448TAG76"/>
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        <curCd>USD</curCd>
        <valUSD>960314.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America </title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>979915.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Federal Farm Credit Banks</name>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>998188.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co. </title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1004044.74000000</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>2028-02-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.54000040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Sherwin-Williams Company</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>Sherwin-Williams Co./The </title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Tyson Foods, Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
        <title>Tyson Foods, Inc. </title>
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        <invCountry>US</invCountry>

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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>Federal Home Loan Banks</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>Federal Home Loan Banks </title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.40000000</annualizedRt>
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        <name>GREATAMERICA LEASING RECEIVABLES FUNDING LLC</name>
        <lei>549300JFP7GIDD4UWO79</lei>
        <title>GreatAmerica Leasing Receivables Funding </title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp. </title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>EXETER AUTOMOBILE RECEIVABLES TRUST 2023-1</name>
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        <title>Exeter Automobile Receivables Trust </title>
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        <balance>1020000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.69000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Banks</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>Federal Home Loan Banks </title>
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          <isin value="US3130B56K96"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1026296.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-02-27</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>3140XGSS9</cusip>
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          <isin value="US3140XGSS97"/>
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        <balance>1548194.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1442265.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>31418EN97</cusip>
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          <isin value="US31418EN978"/>
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        <balance>635222.52000000</balance>
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        <curCd>USD</curCd>
        <valUSD>639230.15000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITED AIRLINES PASS THROUGH TRUSTS</name>
        <lei>N/A</lei>
        <title>United Airlines Pass Through Trust </title>
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          <isin value="US90932VAA35"/>
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        <balance>332237.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>330637.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alcoa Nederland Holding B.V.</name>
        <lei>5493000UL1QLQLT1VQ42</lei>
        <title>Alcoa Nederland Holding BV </title>
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          <isin value="US013822AE11"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>USQ Rail I LLC</name>
        <lei>N/A</lei>
        <title>ITE Rail Fund Levered LP </title>
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          <isin value="US90352WAD65"/>
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        <balance>410979.01000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-28</maturityDt>
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      <invstOrSec>
        <name>United Air Lines, Inc.</name>
        <lei>N/A</lei>
        <title>United Airlines Pass Through Trust </title>
        <cusip>90931MAA4</cusip>
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          <isin value="US90931MAA45"/>
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        <balance>604258.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>567265.38000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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      <invstOrSec>
        <name>SCF EQUIPMENT LEASING 2025-1 LLC</name>
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        <title>SCF Equipment Leasing LLC </title>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>509442.20000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
        <cusip>31418FKN6</cusip>
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          <isin value="US31418FKN68"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1495936.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>NSTAR Electric Company</name>
        <lei>54930080R72Y2Z31UR68</lei>
        <title>NSTAR Electric Co. </title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>Caterpillar Financial Services Corp </title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Freddie Mac Pool </title>
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          <isin value="US3132DNF405"/>
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        <issuerCat>USGA</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>31418EW30</cusip>
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          <isin value="US31418EW300"/>
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        <issuerCat>USGSE</issuerCat>
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        <name>Air Canada Pass Through Trust 2017-1</name>
        <lei>N/A</lei>
        <title>Air Canada Pass Through Trust 2017-1 Class B</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Sound Point CLO VIII-R Ltd/Llc</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OCTANE RECEIVABLES TRUST 2024-RVM1</name>
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        <title>Octane Receivables Trust </title>
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        <name>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
        <lei>549300ZX07JYMI8GHQ39</lei>
        <title>Penske Truck Leasing Co. LP/ PTL Finance Corp.</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Airlines Pass Through Trust 2020-1A</name>
        <lei>N/A</lei>
        <title>United Airlines 2020-1 Class A Pass Through Trust</title>
        <cusip>90931GAA7</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jackson National Life Global Funding</name>
        <lei>635400PQXLYXWJI5QD78</lei>
        <title>Jackson National Life Global Funding </title>
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          <isin value="US46849LVB43"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>993806.35000000</valUSD>
        <pctVal>0.545573229176</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</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>POST ROAD EQUIPMENT FINANCE 2024-1 LLC</name>
        <lei>N/A</lei>
        <title>Post Road Equipment Finance 2024-1 LLC </title>
        <cusip>737473AB4</cusip>
        <identifiers>
          <isin value="US737473AB44"/>
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        <balance>184671.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>186313.78000000</valUSD>
        <pctVal>0.102281305200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.59000000</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>Aviation Capital Group LLC</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC </title>
        <cusip>05369AAK7</cusip>
        <identifiers>
          <isin value="US05369AAK79"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>977494.28000000</valUSD>
        <pctVal>0.536618337004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Freddie Mac Pool </title>
        <cusip>3132DWLA9</cusip>
        <identifiers>
          <isin value="US3132DWLA98"/>
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        <balance>836121.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>847883.16000000</valUSD>
        <pctVal>0.465465282613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC </title>
        <cusip>404280BW8</cusip>
        <identifiers>
          <isin value="US404280BW89"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1505017.74000000</valUSD>
        <pctVal>0.826214672889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.94036000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Farm Credit Banks</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>Federal Farm Credit Banks Funding Corp. </title>
        <cusip>3133ERUN9</cusip>
        <identifiers>
          <isin value="US3133ERUN97"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002883.66000000</valUSD>
        <pctVal>0.550556430712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.49000000</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>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Freddie Mac Pool </title>
        <cusip>3132DQB21</cusip>
        <identifiers>
          <isin value="US3132DQB217"/>
        </identifiers>
        <balance>853639.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>839546.08000000</valUSD>
        <pctVal>0.460888447642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>American Pension Investors Trust</ncom:nameOfApplicant>
      <ncom:signature>Gregory Knoth</ncom:signature>
      <ncom:signerName>Gregory Knoth</ncom:signerName>
      <ncom:title>SVP, Mutual Fund Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
