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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Dell International L.L.C. and EMC Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal Home Loan Mortgage Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Honeywell International Inc.</name>
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        <name>Nissan Motor Acceptance Co LLC</name>
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        <name>Standard Chartered PLC</name>
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        <title>Standard Chartered PLC </title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Federal Home Loan Banks</name>
        <lei>2549001DPIFGXC1TOL40</lei>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <title>Lloyds Banking Group PLC </title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Freddie Mac Pool </title>
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        <name>ING Groep N.V.</name>
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        <title>ING Groep NV </title>
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        <fairValLevel>2</fairValLevel>
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        <name>US AUTO FUNDING TRUST 2021-1</name>
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        <title>US Auto Funding </title>
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        <name>Berry Global Inc</name>
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        <name>SBL Holdings Inc.</name>
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        <name>Regatta Funding Limited/Corp</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>SCF EQUIPMENT LEASING 2025-1 LLC</name>
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        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc. </title>
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        <name>GATX Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

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        <name>Pacific Lifecorp</name>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <name>Performance Food Group Inc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kentucky Utilities Company</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Air Canada</name>
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        <name>HSBC Holdings PLC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Banks</name>
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        <name>BENEFIT STREET PARTNERS CLO XXIX LTD</name>
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        <name>Bank of Nova Scotia</name>
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        <name>Kyndryl Holdings Inc</name>
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        <name>Duke Energy Ohio Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <name>FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Citigroup Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>UNITED AIRLINES PASS THROUGH TRUSTS</name>
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        <name>SBA Communications Corp.</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Canpack SA And Canpack US LLC</name>
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        <name>Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>TOWD POINT ASSET TRUST 2021-SL1</name>
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        <name>Broadcom Inc</name>
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        <name>Southern California Edison Company</name>
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        <name>AECOM</name>
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        <name>AMUR EQUIPMENT FINANCE RECEIVABLES XI LLC</name>
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      <invstOrSec>
        <name>United Air Lines, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Iron Mountain Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Service Corporation International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale S.A.</name>
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          <maturityDt>N/A</maturityDt>
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        <name>UniCredit S.p.A.</name>
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        <name>Brighthouse Financial Inc.</name>
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        <name>Federal Agricultural Mortgage Corporation</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Pilgrims Pride Corporation</name>
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        <invCountry>US</invCountry>

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        <name>State Street Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Constellation Brands, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Union Electric Company</name>
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        <name>Barclays PLC</name>
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        <invCountry>GB</invCountry>

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        <name>Prosus NV</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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        <name>AEP Texas Inc</name>
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        <name>Federal Farm Credit Banks</name>
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        <title>Federal Farm Credit Banks Funding Corp. </title>
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        <issuerCat>USGSE</issuerCat>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria SA </title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>Kraft Heinz Foods Co. </title>
        <cusip>50076QAC0</cusip>
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        <name>Federal National Mortgage Association</name>
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        <name>HPEFS EQUIPMENT TRUST 2024-2</name>
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        <name>ING Groep N.V.</name>
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        <title>ING Groep NV </title>
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        <name>Federal National Mortgage Association</name>
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        <name>Fednat Holding Company</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>3140XGSS9</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Banks</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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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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          <isin value="US3132DWE664"/>
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        <balance>841285.04000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>MADISON PARK FUNDING XXI LTD</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Home Depot Inc.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc./The </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-15</maturityDt>
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        <name>ENCINA EQUIPMENT FINANCE 2022-1 LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
        <cusip>31418FJS7</cusip>
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          <isin value="US31418FJS74"/>
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        <balance>996400.55000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc </title>
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        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp. </title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

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          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Berry Global Inc</name>
        <lei>549300AP2Q7ERHX6RI89</lei>
        <title>Berry Global, Inc. </title>
        <cusip>08576BAB8</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>5.80000000</annualizedRt>
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        <name>Molson Coors Beverage Company</name>
        <lei>54930073LBBH6ZCBE225</lei>
        <title>Molson Coors Beverage Co. </title>
        <cusip>60871RAH3</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2046-07-15</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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        <name>Federal Farm Credit Banks</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>Federal Farm Credit Banks Funding Corp </title>
        <cusip>3133ERYX3</cusip>
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        <balance>2000000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-28</maturityDt>
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      <invstOrSec>
        <name>Nationwide Mutual Insurance Co.</name>
        <lei>Z7LVXXWM8HZPKF5T2355</lei>
        <title>Nationwide Mutual Insurance Co. </title>
        <cusip>638671AN7</cusip>
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        <name>Lowes Companies, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Land O'Lakes Inc.</name>
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        <name>Target Corp.</name>
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        <name>Leidos Inc</name>
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        <name>Amcor Flexibles North America Inc</name>
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        <title>Bemis Co., Inc. </title>
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        <name>Union Pacific Corporation</name>
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        <name>State Street Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital 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>MGM Resorts International</name>
        <lei>54930066VBP7DZEGGJ87</lei>
        <title>MGM Resorts International </title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Fnma Pass-Thru I</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Textainer Marine Containers Ltd</name>
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        <name>The Toronto-Dominion Bank</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 Company</name>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST</name>
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        <title>Exeter Automobile Receivables Trust </title>
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        <name>Union Pacific Corporation</name>
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        <name>PALMER SQUARE CLO 2022-1 LTD</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Hilton Worldwide Finance LLC</name>
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        <name>Nordea Bank ABP</name>
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        <name>General Motors Financial Company  Inc</name>
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        <name>UniCredit S.p.A.</name>
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        <name>GE Capital International Funding Company Unlimited Company</name>
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        <name>Ford Motor Credit Company LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

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      <invstOrSec>
        <name>GCI FUNDING I LLC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>SBL Holdings Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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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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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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      <invstOrSec>
        <name>Tegna Inc</name>
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        <title>TEGNA Inc </title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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          <isin value="US3132DWFG33"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <cusip>3133KNWE9</cusip>
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          <isin value="US3133KNWE92"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>United Rentals (North America), Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
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        <name>Broadcom Inc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Iron Mountain Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Univision Communications Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
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        <name>PAGAYA AI DEBT GRANTOR TRUST 2025-1</name>
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        <title>Pagaya AI Debt Grantor Trust 2025-1 </title>
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        <name>Benefit Street Partners Clo X</name>
        <lei>549300MYLNCW81S1Y182</lei>
        <title>Benefit Street Partners CLO Ltd. </title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Pacific Gas and Electric Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PPL Electric Utilities Corporation</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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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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        <name>Ford Motor Credit Company LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal Farm Credit Banks</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Triton Container International Limited / TAL International Container Corporation</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Nordea Bank ABP</name>
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        <fairValLevel>2</fairValLevel>
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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>DELL EQUIPMENT FINANCE TRUST 2024-2</name>
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        <name>AMUR EQUIPMENT FINANCE RECEIVABLES XIV LLC</name>
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        <title>Amur Equipment Finance Receivables XIII LLC </title>
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        <name>Barclays PLC</name>
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        <name>Duke Energy Carolinas  LLC</name>
        <lei>MWIUSDMN17TCR56VW396</lei>
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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>Nissan Motor Co Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>Nissan Motor Co. Ltd. </title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <name>Intesa Sanpaolo S.p.A.</name>
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        <title>Intesa Sanpaolo SpA </title>
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        <invCountry>IT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool </title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-04-01</maturityDt>
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        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co. </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Duke Energy Progress LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Southern Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENTERPRISE FLEET FINANCING 2024-3 LLC</name>
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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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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS Freddie Mac Pool </title>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc. </title>
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        <name>Federal Farm Credit Banks</name>
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        <issuerCat>USGSE</issuerCat>
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        <name>Federal National Mortgage Association</name>
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        <title>UMBS Fannie Mae Pool </title>
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        <name>Royal Bank of Canada</name>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG </title>
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        <invCountry>CH</invCountry>

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        <name>Pacific Lifecorp</name>
        <lei>VFN8KLUEIK7XMVX1JM30</lei>
        <title>Pacific LifeCorp. </title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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        <name>Coca-Cola Co (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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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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        <name>Fnma Pass-Thru I</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HPEFS EQUIPMENT TRUST 2024-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Global Atlantic Finance Co.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Carlyle Us Clo 2018-2 LLC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
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        <name>Fnma Pass-Thru I</name>
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        <name>Credit Agricole S.A.</name>
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        <name>Burlington Northern Santa Fe 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>Union Electric Company</name>
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        <title>Union Electric Co. </title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BBVA Mexico SA</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>DT AUTO OWNER TRUST 2022-1</name>
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        <name>USQ RAIL II LLC</name>
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      <invstOrSec>
        <name>GLS AUTO RECEIVABLES ISSUER TRUST 2022-1</name>
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        <name>NRG Energy, Inc.</name>
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        <name>MADISON PARK FUNDING LXVII</name>
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        <isRestrictedSec>Y</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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      <invstOrSec>
        <name>Crown Amers Llc / Crown Amers Cap Corp Vi</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Farm Credit Banks</name>
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        <issuerCat>USGSE</issuerCat>
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        <name>Pepsico Inc</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>AAdvantage Loyalty IP Ltd/ American Airlines Inc</name>
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        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp. </title>
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        <invCountry>LU</invCountry>

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        <name>VMED O2 UK Financing I PLC</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>Vmed OC UK Financing PLC </title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA </title>
        <cusip>83371GAA9</cusip>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Assurant Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Air Lines, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Seagate HDD Cayman</name>
        <lei>529900BD50TRWEG1SF63</lei>
        <title>Seagate HDD Cayman </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Juniper Networks, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CARVANA AUTO RECEIVABLES TRUST 2022-N1</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-01</maturityDt>
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      <invstOrSec>
        <name>Federal Home Loan Banks</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VENTURE 31 CLO LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HILTON GRAND VACATIONS TRUST 2024-3</name>
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        <title>Hilton Grand Vacations Trust 2024-3 </title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Air Canada</name>
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        <title>Air Canada </title>
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      <invstOrSec>
        <name>Sound Point CLO VIII-R Ltd/Llc</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Broadcom Inc</name>
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        <title>Broadcom, Inc. </title>
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      <invstOrSec>
        <name>CSX Corporation</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp. </title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc. </title>
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        <name>Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc</name>
        <lei>RB8RC03FUD8DSX57C193</lei>
        <title>JBS USA LUX SA/JBS USA Food Co./ JBS USA Finance, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>POST ROAD EQUIPMENT FINANCE 2024-1 LLC</name>
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        <title>Post Road Equipment Finance 2024-1 LLC </title>
        <cusip>737473AD0</cusip>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>Macquarie Bank Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Humana Inc.</name>
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        <name>American Express Company</name>
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        <name>Western Digital Corp.</name>
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        <name>Juniper Networks, Inc.</name>
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        <name>Dell International L.L.C. and EMC Corporation</name>
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        <name>Federal Home Loan Mortgage Corp.</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 Home Loan Mortgage Corp.</name>
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        <title>UMBS Freddie Mac Pool </title>
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        <name>Federal Farm Credit Banks</name>
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        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd. </title>
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        <name>Constellation Brands, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Citadel Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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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>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <title>Lloyds Banking Group PLC </title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BENEFIT STREET PARTNERS CLO XXV LTD</name>
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        <title>Benefit Street Partners CLO XXV Ltd </title>
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          <maturityDt>2035-01-15</maturityDt>
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        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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        <balance>1000000.00000000</balance>
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        <valUSD>980220.20000000</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>N/A</maturityDt>
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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="US3132DWMB62"/>
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        <balance>903600.53000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>OCTANE RECEIVABLES TRUST 2023-3</name>
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        <title>Octane Receivables Trust </title>
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        <curCd>USD</curCd>
        <valUSD>1020172.90000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Massachusetts Mutual Life Insurance Co.</name>
        <lei>R6ZXK5P01NP6HXSY1S07</lei>
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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>Union Pacific Corporation</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co </title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.62500127</annualizedRt>
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        <name>Rockford Tower Clo 2019-2 Ltd / Llc</name>
        <lei>549300IG5M07NI4QKK80</lei>
        <title>Rockford Tower CLO 2019-2 Ltd. </title>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <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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          <maturityDt>2044-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Home Depot Inc.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc./The </title>
        <cusip>437076DF6</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The </title>
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        <balance>1000000.00000000</balance>
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        <valUSD>1036085.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <valUSD>1966924.03000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Nustar Logistics, L.P.</name>
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          <isin value="US67059TAE55"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1995384.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN AIRLINES PASS THROUGH TRUST</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note </title>
        <cusip>91282CJF9</cusip>
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          <isin value="US91282CJF95"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3121875.00000000</valUSD>
        <pctVal>0.875160541054</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>3140LPN81</cusip>
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          <isin value="US3140LPN814"/>
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        <balance>527291.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>438893.59000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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          <isin value="US68389XCT00"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>952008.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA </title>
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          <isin value="US05602XDJ46"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2070018.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000090</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS Fannie Mae Pool </title>
        <cusip>3140QENZ1</cusip>
        <identifiers>
          <isin value="US3140QENZ11"/>
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        <balance>853762.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>722903.05000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>3133BSZQ8</cusip>
        <identifiers>
          <isin value="US3133BSZQ83"/>
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        <balance>815617.60000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>815972.12000000</valUSD>
        <pctVal>0.228742855503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>Kraft Heinz Foods Co. </title>
        <cusip>50077LAB2</cusip>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>810739.50000000</valUSD>
        <pctVal>0.227275986217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>
